專家表示，穩定幣有望在 2025 年取得突破

自 2014 年第一個穩定幣 BitUSD 出現以來，穩定幣的名單已增加到至少 195 種。

As 2025 begins to unfold, some experts are beginning to think the year could see a breakthrough for stablecoins, the digital currency generated by a blockchain but with a value tied to a national currency, such as the dollar. That link allows users to deploy digital dollars, for example, without fearing the wild swings in value that Bitcoin and other cryptocurrencies are subject to.

隨著 2025 年的到來，一些專家開始認為穩定幣可能會在這一年取得突破，穩定幣是一種由區塊鏈產生的數位貨幣，但其價值與美元等本國貨幣掛鉤。例如，該連結允許用戶部署數位美元，而不必擔心比特幣和其他加密貨幣的價值劇烈波動。

The roster of stablecoins has grown to at least 195 since the first such token, BitUSD, emerged in 2014. That’s the number of coins ranked by Coinmarketcap, an online reference on digital currencies. More are coming soon, experts say.

自 2014 年第一個穩定幣 BitUSD 出現以來，穩定幣的名單已增加到至少 195 種。專家表示，更多的產品即將推出。

“I’ve noticed a uptick in interest in the past year,” says Aaron McPherson, a payments consultant who follows cryptocurrency. And major payments platforms are jumping into the game. The most recent example is the PYUSD token launched by PayPal.

「我注意到過去一年人們的興趣有所上升，」關注加密貨幣的支付顧問亞倫·麥克弗森 (Aaron McPherson) 說。各大支付平台也紛紛加入其中。最近的例子是 PayPal 推出的 PYUSD 代幣。

Even traditional financial institutions are starting to get into the game. “There’s work being done by major banks on deposit tokens,” says McPherson. “If you have money on deposit, you create a token and put it on the blockchain. It can be traded, mediated on the blockchain.”

就連傳統金融機構也開始涉足這一領域。 「各大銀行正在進行存款代幣方面的工作，」麥克弗森說。 「如果你有存款，你可以創建一個代幣並將其放在區塊鏈上。它可以在區塊鏈上進行交易和調解。

Crypto platforms like Circle Internet Group, meanwhile, are putting out digital guides to buying, managing, and selling stablecoins. Circle’s entry, USDC, ranks second among stablecoins, with a market capitalization of $45.8 billion, according to Coinmarketcap. The top coin, Tether, is way ahead at $137 billion.

同時，Circle Internet Group 等加密貨幣平台正在推出購買、管理和銷售穩定幣的數位指南。根據 Coinmarketcap 的數據，Circle 旗下的 USDC 在穩定幣中排名第二，市值為 458 億美元。排名第一的代幣 Tether 以 1,370 億美元遙遙領先。

And Ripple, an early exponent of stablecoins, is expected to issue Wednesday a new coin, ripple USD, after months of legal wrangling with the Securities and Exchange Commission over a prior coin, XRP.

Ripple 是穩定幣的早期代表，在與美國證券交易委員會就先前的貨幣 XRP 進行了數月的法律爭論後，預計將於週三發行新的貨幣 Ripple USD。

“Ripple has been reinvigorated, they’re well-positioned,” noted McPherson.

「Ripple 已經重新煥發活力，他們處於有利位置，」麥克弗森指出。

Looming in the background, meanwhile, is a new administration that many view as more open to cryptocurrency than the outgoing Biden administration. “There’s an expectation that a new administration coming in will be much more friendly to crypto,” says McPherson. “We can expect a more permissive regulatory environment.”

同時，新政府的出現，許多人認為新政府比即將卸任的拜登政府對加密貨幣更加開放。麥克弗森表示：“人們預計新政府的上任將對加密貨幣更加友好。” “我們可以期待一個更加寬鬆的監管環境。”

But there may be a few clouds on the horizon for stablecoins. Competition from established players like Circle and the increasing capital demands the market is likely to generate will put pressure on lesser coins, observers say. “We’ve got a profusion of stablecoins now, which means a shakeout at some point,” warns McPherson.

但穩定幣的前景可能會出現一些烏雲。觀察人士表示，來自 Circle 等老牌參與者的競爭以及市場可能產生的不斷增長的資本需求將為較小的代幣帶來壓力。麥克弗森警告說：“我們現在擁有大量的穩定幣，這意味著在某個時候會發生洗牌。”

And in the United States, at least, where the national government has looked at the potential for a form of federally issued stablecoin called a US digital dollar (USDC), not all federal officials are enthusiastic about private-sector stablecoins. The coins “could pose significant risks to financial stability, monetary policy, and the U.S. payments system,” a Fed official noted at a conference in 2023.

至少在美國，國家政府已經研究了聯邦發行的一種名為「美元數位美元」(USDC) 的穩定幣的潛力，但並非所有聯邦官員都對私營部門的穩定幣充滿熱情。一位聯準會官員在 2023 年的一次會議上指出，這些硬幣「可能對金融穩定、貨幣政策和美國支付系統構成重大風險」。