隨著Stablecoin競爭的加熱，隨著迫在眉睫的規定

隨著穩定的競爭在美國迫在眉睫的法規中加熱，傳統的金融機構正在引起注意，這極度出於擔心失去

Traditional finance institutions are massively interested in entering the stablecoin space, largely driven by fear of being left behind by the burgeoning digital dollar movement, according to Ben Reynolds, managing director of stablecoins at BitGo.

Bitgo的Stablecoins董事總經理Ben Reynolds表示，傳統的金融機構對進入Stablecoin空間非常感興趣，這在很大程度上是由於擔心被迅速發展的數字美元運動所拋棄。

Speaking at Consensus 2025 in Toronto, Reynolds said that since BitGo launched its stablecoin-as-a-service offering earlier this year, there’s been “incredible inbound” interest from both U.S. and foreign banks looking to tokenize deposits or issue stablecoins.

雷諾茲（Reynolds）在多倫多的2025年共識上發表講話時說，Bitgo於今年早些時候推出了其穩定的AS-Service產品，因此美國和外國銀行希望將押金或發行Stablecoins發行。

A handful of yield-bearing stablecoins and tokenized money market funds have seen rapid growth in recent months, though they still make up only a fraction of the $230 billion stablecoin market.

近幾個月來，少數承重的穩定股幣和令牌化的貨幣市場基金已經迅速增長，儘管它們仍然僅佔2300億美元的Stablecoin市場的一小部分。

Sam Broner, partner at a16z, said that while yield-bearing stablecoins are a promising market segment, the primary use case for stablecoins is still in payments and transactions, where users don't really care about yields. Still, a near-term killer use case could be “collateral mobility”—the ability to instantly move money to meet obligations across different platforms.

A16Z的合夥人Sam Broner說，儘管承重的穩定股蛋白是一個有前途的市場領域，但Stablecoins的主要用例仍在付款和交易中，用戶並不真正關心收益率。儘管如此，近期的殺手用例可能是“附帶機動性”，即立即付款以履行不同平台義務的能力。

"You can’t do a lot of things with a share of a money market fund," Broner said. “It’s got lock-up periods, business-hour settlement, and contracts that have to be manually reviewed. Crypto gives you programmatic, permissionless flexibility.”

布羅納說：“您不能用貨幣市場基金的份額做很多事情。” “它有鎖定期限，企業小時和解和必須手動審查的合同。加密貨幣為您提供了程序化，無許可的靈活性。”

Yield-bearing stablecoins could also be attractive for institutions, said Matt Kunke, crypto product strategist at BlackRock. "If you're a DAO, protocol, or market maker, moving between crypto holdings on an exchange and your brokerage account is slow and full of friction," he said. "Stablecoins that carry yield just reduce that drag.”

BlackRock的加密產品策略師Matt Kunke說，承擔屈服的穩定劑也可能對機構有吸引力。他說：“如果您是DAO，協議或做市商，則在交易所的加密貨幣持有和經紀帳戶之間移動緩慢且充滿摩擦。” “攜帶屈服的穩定劑只會減少阻力。”

However, Kunke said that regulatory distinctions will shape the market. “A tokenized Treasury fund is a security, and an actual stablecoin is not,” he explained. “They deserve fundamentally different markets."

但是，昆克說，監管區別將影響市場。他解釋說：“象徵性的財政基金是一種安全，而實際的穩定幣不是。” “他們應該得到根本不同的市場。”

Joseph Saldana, chief financial officer of the Wyoming Stable Token Commission, pointed out that yield–generating tokens have the power to broaden investors' access compared to mutual funds that often have minimum limits of investment that "lock out a lot of people."

懷俄明州馬stable代幣委員會首席財務官約瑟夫·薩爾達娜（Joseph Saldana）指出，與通常具有最低投資限制的共同基金相比，收益率的代幣有權擴大投資者的訪問權限，而這些基金通常具有“鎖定很多人”。

"We want to service the underbanked and give broader access to instruments the rest of us enjoy every day," Saldana said.

薩爾達娜說：“我們希望為賬單提供服務，並為我們其他人每天享受的樂器提供更廣泛的訪問。”