链链令牌完全由T-Bills和现金储备支持，Stablecoins出现了，作为对比特币等资产波动的答案

输入：链上代币完全由T-Bills和现金储备支持，Stablecoins出现了，作为对比特币等资产波动的答案

On-chain tokens fully backed by T-bills and cash reserves, stablecoins emerged as an answer to the volatility of assets like Bitcoin, giving investors an opportunity to escape price instability without cashing out altogether.

链链令牌得到了t-bills和现金储备的全部支持，Stablecoins出现了，这是对比特币等资产波动的答案，这使投资者有机会避免价格不稳定，而无需完全兑现。

Over the last decade, it’s fair to say ‘crypto dollars’ have become a much-needed bridge between the worlds of TradFi and Web3, as well as an efficient way of locking in profits amid the continual flux and flow of the crypto market.

在过去的十年中，可以说“加密美元”已成为Tradfi和Web3世界之间急需的桥梁，并且在加密市场的持续通量和流动中，有效地锁定利润的有效方式。

Which is why it wasn’t exactly surprising when, last month, the market cap of stablecoins hit an all-time high of $238 billion following 19 months of consecutive gains. Indeed, the market grew by 2.12% in April alone. As reported by CoinDesk Data, non-USD fiat stablecoins were one of the biggest winners, rising 30% to a $533 million market cap.

这就是为什么在上个月连续19个月后，稳定币的市值达到了2380亿美元的历史最高点时，这并不奇怪。确实，仅在4月，市场就会增长2.12％。据Coindesk数据报道，非USD Fiat Stablecoins是最大的赢家之一，上升了30％，达到5.33亿美元的市值。

$238 billion is a huge figure, to be sure. But it’s still a fraction of the overall crypto market capitalization of $3.2 trillion. Now, the US Treasury is estimating that stablecoins could reach $2 trillion within the next three years, driving demand for short-term treasuries.

可以肯定的是，2380亿美元是一个巨大的数字。但这仍然是加密货币市值3.2万亿美元的一小部分。现在，美国财政部估计，稳定币在未来三年内可以达到2万亿美元，这推动了对短期财政部的需求。

Why stablecoins?

为什么要stablecoins？

The utility of stablecoins is easy to appreciate given the hegemony of the US dollar, which is the fiat asset to which most stables are pegged. One of the best use-cases for crypto dollars is for cross-border payments, where both sender and receiver enjoy rapid settlement, low fees, and 24/7 availability.

鉴于美元的霸权，稳定币的实用性很容易欣赏，这是大多数马s的菲亚特资产。加密货币的最佳用例之一是用于跨境支付，发件人和接收者都可以快速解决，低费用和24/7的可用性。

Some days, stablecoins settle more value than PayPal and Western Union. During the first quarter of this year, the total volume of transactions involving stables also exceeded the total of payments facilitated by Visa. We are not talking about a niche offshoot of the crypto world here.

有时候，斯塔布雷金斯（Stablecoins）的价值比贝宝（Paypal）和西部联盟（Paypal）和西联汇款（Paypal）和西联汇款（Paypal）更高。在今年的第一季度，涉及Stable的交易总量也超过了Visa促进的付款总额。我们不是在谈论这里的加密世界的利基分支。

The use of stablecoins in a TradFi context has certainly accelerated their growth. Recently, Mastercard teamed up with OKX and Nuvei to expand stablecoin payment capabilities, aiming to make it easier for consumers to spend them and merchants to receive them. Dutch bank ING, meanwhile, is developing its own stablecoin project in tandem with a few other unnamed banks.

在Tradfi环境中使用Stablecoins肯定会加速其增长。最近，万事达卡与OKX和Nuvei合作，扩大了Stablecoin的付款能力，旨在使消费者更容易将它们花费和商人接收。同时，荷兰银行正在与其他一些不愿透露姓名的银行共同开发自己的Stablecoin项目。

Against this backdrop, is it any wonder the Treasury’s recent 18-page report into stablecoins suggests it will be a $2 trillion market cap by 2028? The document cites growing institutional interest, improving regulatory frameworks, and a diversity of on-chain use cases as key drivers.

在这种背景下，这是否奇怪，财政部最近对Stablecoins的18页报告表明，到2028年，这将是2万亿美元的市值？该文件引用了日益增长的机构兴趣，改善了监管框架，以及各种链上用例的多样性作为关键驱动因素。

USD isn’t the only show in town

美元不是镇上唯一的表演

Although most stablecoins remain pegged to the US dollar, concerns about dollar dependence have been voiced by some. Boris Bohrer-Bilowitzki, for one: the CEO of Layer-1 blockchain Concordium has stressed the need for multi-currency diversification, warning that excessive dollar dependence could destabilize the entire crypto market.

尽管大多数稳定币仍然与美元挂钩，但某些人对美元依赖的担忧已经表达了。 Boris Bohrer-Bilowi​​tzki，其中一个：第1层区块链Concordium的首席执行官强调需要多货币多元化，警告说，过度的美元依赖可能会破坏整个加密货币市场的稳定。

An enterprise-focused platform, Concordium has carved out a niche in stablecoin issuance with its built-in trust and compliance. Powered by zero-knowledge proof (ZKP) technology, it boasts a unique identity layer that ensures verified yet private user interactions. Uniquely, it also lets institutions issue stablecoins natively at the protocol level without smart contracts – reducing risks seen on networks like Ethereum.

Concordium是一个以企业为中心的平台，它以内置的信任和合规性划定了Stablecoin发行的利基市场。它由零知识证明（ZKP）技术提供支持，拥有一个唯一的身份层，可确保经过验证但私人用户的交互。独特的是，它还可以使机构在没有智能合约的情况下在协议级别发行稳定币，从而降低了在以太坊等网络上看到的风险。

Those stablecoins aren’t all USD-pegged either; Concordium handles issuance for projects whose stablecoins are backed by fiat currencies like British pound sterling and the UAE Dirham. What’s more, the permissionless chain supports advanced PayFi features like time releases and secure ID-based geofencing for cross-border transactions.

那些稳定的人也不是全部。 Concordium处理签发的项目，其稳定的货币由英镑斯特林和阿联酋迪拉姆等法定货币提供支持。更重要的是，无许可的链条支持高级Payfi功能，例如时间发布和安全基于ID的地理申请，用于跨境交易。

The approach of this regulator-friendly platform reflects a growing trend toward safer, more compliant fintech solutions. In Europe, a clear regulatory picture has helped in this regard: the EU’s Markets in Crypto Assets Regulation (MiCA) governs digital currencies in the bloc, and the breakaway UK government has just released draft legislation for regulating crypto assets within its own borders.

这个监管机构友好型平台的方法反映了朝着更安全，更合规的金融科技解决方案的增长趋势。在欧洲，在这方面有明确的监管情况有所帮助：欧盟的加密资产法规（MICA）的市场管理集团数字货币，而英国脱离的英国政府刚刚发布了法律草案，以规范其自己边界内的加密资产。

Little by little, we are seeing closer integration of TradFi and Web3, at least where regulation is concerned. The number of global financial institutions holding stablecoins as assets under management (AUM) is also on the rise.

至少在监管方面，我们逐渐看到了Tradfi和Web3的更紧密整合。持有Stablecoins作为管理资产（AUM）的全球金融机构的数量也在增加。

As adoption and legislation continue to evolve, stablecoins – whether pegged to the greenback, fiat, gold or some other dependable commodity – will surely command a progressively bigger piece of the overall crypto market, straddling the worlds of TradFi and DeFi with aplomb.

随着收养和立法的继续发展，Stablecoins（无论是固定在绿背，菲亚特，黄金还是其他可靠的商品）上，肯定会逐渐占据整体加密市场的逐渐更大的部分，跨越Tradfi和Defi的世界。