贝莱德，稳定币和机构基础设施：纽约的观点

分析贝莱德在稳定市场中的战略举动及其对机构基础设施的影响。

BlackRock's strategic embrace of stablecoins and institutional infrastructure is reshaping finance. As of mid-2025, the stablecoin sector has exploded to $250 billion, with projections hitting $2 trillion by 2028. Let's dive into how BlackRock is leading this charge.

贝莱德（BlackRock）对稳定币和机构基础设施的战略拥抱正在重塑财务。截至2025年中期，Stablecoin行业已经爆炸到2500亿美元，预计到2028年达到2万亿美元。让我们深入了解贝莱克的领导方式。

BlackRock's Dual-Engine Strategy: Tokenization and Regulatory Influence

贝莱德的双引擎策略：令牌化和监管影响

BlackRock isn't just dipping its toes; it's diving headfirst into the stablecoin market with a two-pronged approach. First, it's building the infrastructure. Second, it's leveraging its regulatory clout to shape the rules. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024, is a $2.9 billion tokenized fund investing in U.S. Treasuries and cash. It's a big deal, serving as collateral for stablecoins like frxUSD and being accepted on major exchanges.

贝莱德不仅浸入脚趾；它首先以两管齐下的方法跳入Stablecoin市场。首先，它正在建设基础设施。其次，它利用其监管影响力来塑造规则。 2024年3月启动的BlackRock USD机构数字流动性基金（BUIDL）是29亿美元的代币基金投资于美国国债和现金。这是一件大事，是Frxusd这样的稳定币的抵押品，并在大型交流中被接受。

Tokenizing its $150 billion Treasury Trust Fund via BNY Mellon further cements BlackRock's role as a bridge between traditional finance and blockchain. This move, driven by CEO Larry Fink's vision, enables near-instant clearing and fractional ownership.

通过BNY Mellon，将其1500亿美元的美国国库信托基金（BNY MELLON）带到了贝克洛克（Blackrock）作为传统金融与区块链之间的桥梁的作用。这一举动是由首席执行官拉里·芬克（Larry Fink）的愿景驱动的，可以实现近乎即时的清算和部分所有权。

Regulatory Tailwinds and Market Domination

监管方风和市场统治

BlackRock's influence goes beyond product design. The firm is actively shaping the regulatory environment to align with its business model. The U.S. GENIUS Act, mandating stablecoins to be fully backed by cash and safe assets, is tailor-made for BlackRock's BUIDL. This not only legitimizes stablecoins but also positions BlackRock, with its reserve management expertise, to dominate the sector.

贝莱德的影响力超出了产品设计。该公司正在积极塑造监管环境，以与其业务模型保持一致。 《美国天才法案》（美国天才法案）要求稳定的人得到现金和安全资产的全部支持，是为贝莱德（BlackRock）的Buidl量身定制的。这不仅使Stablecoins合法化，而且还可以将BlackRock定位为其储备管理专业知识，以主导该行业。

The partnership with Circle, issuer of USDC, is another strategic masterstroke. BlackRock manages the government money market fund backing 90% of USDC's reserves and holds a 10% stake in Circle's IPO. This dual role—custodian and investor—allows BlackRock to profit from USDC's growth and the broader acceptance of stablecoin-backed products.

USDC的发行人Circle的合作伙伴关系是另一种战略掌握。 BlackRock管理政府货币市场基金，支持USDC的90％的储备金，并持有Circle IPO的10％股份。这种双重角色（custodian and Investor）使贝莱德（BlackRock）从USDC的增长和更广泛接受Stablecoin支持的产品中获利。

Institutional Partnerships and DeFi Integration

机构合作伙伴关系和Fefi集成

BlackRock's collaborations with DeFi protocols like Frax Finance and major exchanges highlight its ability to integrate decentralized and institutional ecosystems. The frxUSD stablecoin, backed by BUIDL, offers seamless fiat on/off-ramping, crucial for mainstream adoption. These partnerships expand BlackRock's market share and validate its infrastructure.

BlackRock与Frax Finance和Major交流等FEFI协议的合作突出了其整合分散和机构生态系统的能力。由Buidl支持的Frxusd Stablecoin提供/外升级的无缝法，对于主流采用至关重要。这些伙伴关系扩大了贝莱德的市场份额并验证其基础设施。

Meanwhile, the tokenized Treasury Trust Fund signals that tokenization of traditional assets is no longer a pipe dream. With JPMorgan and State Street following suit, BlackRock's early-mover advantage is significant.

同时，令牌化的财政信托基金信号表明，传统资产的令牌不再是一个梦想。随着摩根大通和州立街的效仿，贝莱德的早期推动力优势很大。

Nigeria's Regulatory Nod to Stablecoins

尼日利亚的监管点头

In a parallel development, Nigeria's Securities and Exchange Commission (SEC) is embracing stablecoin innovation under the Investment and Securities Act 2025 (ISA 2025). This makes Nigeria the first African nation to formalize a framework for stablecoins, balancing market growth with investor protection. This move highlights the global momentum behind stablecoin adoption.

在平行的发展中，尼日利亚的证券交易委员会（SEC）正在根据《 2025年投资和证券法》（ISA 2025）采用Stablecoin创新。这使得尼日利亚成为第一个为稳定币框架形式化的非洲国家，将市场增长与投资者的保护平衡。这一举动突出了稳定采用的全球动力。

Market Projections and Investment Implications

市场预测和投资影响

The stablecoin market's projected growth to $2 trillion by 2028 isn't just about technology; it's about regulatory confidence. BlackRock's role is multifaceted:

到2028年，Stablecoin市场预计增长到2万亿美元，不仅仅是技术。这是关于监管信心。贝莱德的角色是多方面的：

1. Collateral Provider: BUIDL becomes a standard for regulated collateral.
2. Regulatory Advocate: Shaping rules that favor institutional-grade infrastructure.
3. Equity Investor: Profiting from Circle's market leadership.

For investors, BlackRock's stablecoin ventures are central to its long-term strategy. The firm's ability to navigate regulatory complexity and scale institutional solutions makes it a rare hybrid: a traditional asset manager with a blockchain-first mindset.

对于投资者而言，贝莱德的Stablecoin Ventures是其长期战略的核心。该公司驾驶法规复杂性和规模机构解决方案的能力使其成为罕见的混合动力：具有区块链优先思维方式的传统资产经理。

A Former BlackRock Exec's Bold Move

前贝莱克高管的大胆举动

Joseph Chalom, who spearheaded BlackRock's Bitcoin and Ethereum ETFs, has become co-CEO of SharpLink Gaming, now an Ethereum treasury entity. This move underscores a shift from passive crypto investment to active protocol development. SharpLink, holding a massive 360,807 ETH, aims to leverage its stake through staking and yield optimization. Chalom's expertise is expected to accelerate Ethereum's integration into traditional finance.

率领贝莱德（Blackrock）的比特币和以太坊ETF的约瑟夫·查洛姆（Joseph Chalom）已成为Sharplink Gaming的联合首席执行官，现在是一个以太坊财政部实体。这一举动强调了从被动加密投资转变为主动协议开发。 Sharplink持有大量的360,807 ETH，旨在通过股权和收益优化来利用其股份。预计Chalom的专业知识将加速以太坊融入传统金融。

Final Thoughts

最后的想法

BlackRock's dominance in the stablecoin space is a testament to its foresight. As the market matures, its infrastructure and partnerships will likely drive exponential growth. For investors, this represents a compelling opportunity to bet on an institution actively shaping the digital asset revolution.

贝莱德在Stablecoin空间中的主导地位证明了其远见。随着市场的成熟，其基础设施和合作伙伴关系可能会推动指数增长。对于投资者而言，这是一个令人信服的机会，可以积极塑造数字资产革命的机构。

So, what does this all mean? BlackRock is playing chess while everyone else is playing checkers. They're not just adapting to the future of finance; they're building it. And that, my friends, is something to watch.

那么，这全是什么意思？贝莱德在其他所有人都在打跳棋时下棋。他们不仅适应财务的未来；他们正在建造它。我的朋友们，那是值得关注的东西。