穩定幣 3.0：AUSD 計畫如何應對實用性和接受度的挑戰

Agora 預計數位美元將從歐洲美元市場開始成為全球主導貨幣。

Agora, a digital dollar company led by Nick van Eck, the son of asset management giant VanEck, is set to launch a new stablecoin pegged to the US dollar on the Ethereum network in June. This move marks the introduction of Stablecoin 3.0, aiming to revolutionize the digital dollar market.

由資產管理巨頭 VanEck 之子 Nick van Eck 領導的數位美元公司 Agora 將於 6 月在以太坊網路上推出一種與美元掛鉤的新穩定幣。此舉標誌著穩定幣3.0的推出，旨在徹底改變數位美元市場。

Agora envisions digital dollars becoming the dominant currency globally, starting with the Eurodollar market. In a recent blog post, Van Eck projects Agora’s AUSD model to lead this transformation by 2030, with the stablecoin market expected to grow from $150 billion to $3 trillion.

Agora 預計數位美元將從歐洲美元市場開始成為全球主導貨幣。在最近的一篇部落格文章中，Van Eck 預計 Agora 的 AUSD 模型將在 2030 年引領這一轉型，穩定幣市場預計將從 1500 億美元增長到 3 兆美元。

According to van Eck, stablecoins have evolved significantly over the past decade. Stablecoin 1.0 began with Tether (USDT), which introduced centralized digital dollars.

範埃克認為，穩定幣在過去十年中發生了顯著發展。穩定幣 1.0 始於 Tether (USDT)，它引入了中心化數位美元。

Following this, the era of Stablecoin 2.0 came, represented by USDC and BUSD. They offered greater transparency and licensing but retained a single-partner distribution model. However, this model often led to conflicts of interest, as substantial economic benefits were shared with major competitors.

隨之而來的是以USDC、BUSD為代表的穩定幣2.0時代。他們提供了更大的透明度和許可，但保留了單一合作夥伴的分銷模式。然而，這種模式經常導致利益衝突，因為大量的經濟利益與主要競爭對手分享。

Stablecoin 2.0 issuers benefited from rising interest rates, but the advent of “yield-bearing stablecoins” presented new challenges. Many jurisdictions classify these products as securities, limiting their utility, acceptance, and liquidity. They also struggle to sustain business models and develop ecosystems due to insufficient margins.

穩定幣2.0發行人受益於利率上升，但「收益穩定幣」的出現帶來了新的挑戰。許多司法管轄區將這些產品歸類為證券，限制了它們的效用、接受度和流動性。由於利潤不足，他們也難以維持商業模式和開發生態系統。

“Despite being dollar-denominated, these products are essentially yield products. They may attempt to brand themselves as stablecoins or to be used as a means of payment or trading, but they are unlikely to achieve substantial demand in these areas. Substantial demand being subjectively defined as being used by traditional corporates, financial service firms, and $25 – $50 billion of circulating supply,” van Eck noted.

「儘管以美元計價，但這些產品本質上是收益產品。他們可能試圖將自己打造成穩定幣，或用作支付或交易手段，但他們不太可能在這些領域實現大量需求。大量需求被主觀地定義為由傳統企業、金融服務公司和 25 至 500 億美元的流通供應所使用，」van Eck 指出。

Van Eck emphasized that businesses are the real drivers of utility and liquidity for stablecoins. Agora’s AUSD represents Stablecoin 3.0, designed to compensate businesses for their contributions, such as listing tokens, providing liquidity, marketing, and accepting AUSD as payment or collateral. This equitable approach aligns economic interests with businesses, offering substantial recurring revenue and fostering growth through enhanced services for users.

Van Eck 強調，企業是穩定幣效用和流動性的真正驅動力。 Agora 的 AUSD 代表了穩定幣 3.0，旨在補償企業的貢獻，例如上幣、提供流動性、行銷以及接受 AUSD 作為支付或抵押品。這種公平的方法使經濟利益與企業保持一致，提供可觀的經常性收入，並透過增強為用戶提供的服務來促進成長。

Agora's revenue-sharing model ensures that businesses can reinvest in development, marketing, security, and user acquisition, creating a mutually beneficial ecosystem. While individual holders of AUSD do not directly receive any yield or income generated by Agora, the model ensures that businesses driving liquidity and utility receive adequate compensation.

Agora 的收入共享模式確保企業可以在開發、行銷、安全和用戶獲取方面進行再投資，從而創建一個互惠互利的生態系統。雖然 AUSD 的個人持有者不會直接獲得 Agora 產生的任何收益或收入，但該模型確保推動流動性和效用的企業獲得足夠的補償。

Moreover, AUSD will be fully backed by cash, US Treasury bills, and overnight repurchase agreements. VanEck will manage funds for Agora's reserves, ensuring that AUSD remains stable and trustworthy.

此外，澳元美元將得到現金、美國國庫券和隔夜回購協議的充分支持。 VanEck 將管理 Agora 的儲備資金，確保 AUSD 保持穩定和值得信賴。

In April, Agora successfully raised $12 million in a seed funding round led by Dragonfly, a digital-asset venture firm. General Catalyst and Robot Ventures also participated in the round.

4 月，聲網在數位資產創投公司 Dragonfly 領投的種子輪融資中成功籌集 1,200 萬美元。 General Catalyst 和 Robot Ventures 也參與了本輪融資。