探索穩定幣的變革潛力，它們可能引發的貨幣革命以及它們對更廣泛的數字資產格局的影響。

Stablecoins, Monetary Revolution, and Digital Assets: A New Era?

Stablecoins，貨幣革命和數字資產：一個新時代？

Are we on the cusp of a monetary revolution fueled by stablecoins and digital assets? It sure looks that way. Financial innovation, especially in decentralized finance (DeFi), is laying the groundwork for a potential shift to 'narrow banking,' impacting global finance, economic development, and geopolitics. Here's the lowdown.

我們是否在由穩定幣和數字資產推動的貨幣革命的風口浪尖？它肯定是這樣的。金融創新，尤其是在權力下放的金融（DEFI）中，為潛在轉向“狹窄的銀行業”的基礎為全球金融，經濟發展和地緣政治奠定了基礎。這是低點。

The Rise of Stablecoins

穩定的興起

Stablecoins, those decentralized 'digital dollars' (or euros, yen, you name it), are making waves. Unlike central bank digital currencies (CBDCs), stablecoins are privately created digital tokens, leveraging blockchain technology for secure and transparent transactions. Think of them as a bridge between traditional fiat money and the DeFi world.

穩定的“數字美元”（或歐元，Yen，您為其命名）的那些分散的“數字美元”正在浪費。與中央銀行數字貨幣（CBDC）不同，Stablecoins是私人創建的數字代幣，利用區塊鏈技術進行安全和透明的交易。將它們視為傳統菲亞特貨幣與菲迪世界之間的橋樑。

The numbers don't lie: stablecoin annual transaction volumes hit a whopping $35 trillion recently, more than doubling the previous year. User numbers are up over 50%, reaching over 30 million, and the total value of stablecoins is sitting pretty at around $250 billion.

數字沒有說明：Stablecoin年度交易量最近達到了35萬億美元，上一年增加了一倍以上。用戶數量上漲了50％以上，達到3000萬以上，穩定幣的總價值約為2500億美元。

Narrow Banking and the Chicago Plan

狹窄的銀行業務和芝加哥計劃

This concept isn't new. The Chicago Plan, conceived by economists at the University of Chicago, aims to separate the functions of money creation and payments from credit creation. 'Narrow' banks would hold deposits backed one-to-one with safe assets, while 'broad' or 'merchant' banks would handle lending, funded by equity or long-term bonds. This setup eliminates deposit runs and stabilizes the payment system.

這個概念並不新鮮。芝加哥大學經濟學家構想的芝加哥計劃旨在將創造貨幣創造和付款的職能與信貸創造分開。 “狹窄”銀行將持有以安全資產為一對一的存款，而“廣泛”或“商人”銀行將處理貸款，由股權或長期債券資助。此設置消除了存款運行並穩定付款系統。

Why Now? Shifting Political and Economic Sands

為什麼現在？轉移政治和經濟沙子

So, why is this gaining traction now? Several factors are at play. First, bipartisan frustration with traditional banks hasn't gone away since the 2008 financial crisis. The Fed's monetary policy hasn't helped either.

那麼，為什麼現在要受到關注呢？有幾個因素在起作用。首先，自2008年金融危機以來，兩黨對傳統銀行的挫敗感並沒有消失。美聯儲的貨幣政策也沒有幫助。

Second, the crypto space has generated massive wealth, creating a powerful counterweight to traditional banking lobbies. Even institutional asset managers are eyeing the opportunities in DeFi.

其次，加密貨幣空間產生了巨大的財富，為傳統的銀行大廳創造了強大的配重。即使是機構資產經理也正在關注Defi的機會。

Third, the U.S. has a compelling national interest in developing stablecoins. They offer an alternative to payment systems controlled by rivals, like China, and could become major buyers of U.S. T-bills. Treasury Secretary Scott Bessent keeps mentioning this.

第三，美國對發展穩定的人具有令人信服的國家興趣。他們提供了由中國等競爭對手控制的支付系統的替代方案，並可能成為美國T-Bills的主要買家。財政部長斯科特·貝斯特（Scott Bessent）不斷提及這一點。

Fiserv, PayPal, and Interoperability

Fiserv，PayPal和互操作性

The collaboration between Fiserv and PayPal to build interoperability between FIUSD and PayPal USD (PYUSD) is a huge step. This will allow consumers and businesses to move funds domestically and internationally, expanding the use of stablecoins and programmable payments globally.

Fiserv與PayPal之間建立Fiusd和PayPal USD（PYUSD）之間互操作性的合作是巨大的一步。這將使消費者和企業能夠在國內和國際上遷移資金，從而擴大了全球範圍內使用Stablecoins和可編程付款的使用。

Bitcoin's

比特幣的