全世界政府正在努力削减稳定的人

这可能会促使某些用户转向所谓的“黑暗”或私人稳定。他们提供无可判断性的转移，但风险很高

Governments across the globe are clamping down on stablecoins. That might push some users to turn to so-called “dark” or private stablecoins. They offer uncensorable transfers but come with high risks and uncertain practical application.

全球各地的政府正在努力抓住稳定的股币。这可能会促使某些用户转向所谓的“黑暗”或私人稳定。它们提供了无法拒绝的转移，但具有高风险和不确定的实际应用。

Tighter Rules Might Spook Users Away

更严格的规则可能会吓到用户

Stablecoins from a country could soon have the same regulations as banks, says CryptoQuant CEO Ki Young Ju. Transfers could even automatically initiate tax collection via smart contracts.

CryptoQuant首席执行官Ki Young Ju说，来自一个国家的Stablecoin很快就会制定与银行相同的法规。转移甚至可以通过智能合约自动征收税收。

Wallets may even be frozen or need additional paperwork. That’s prompting some traders to seek alternatives. They seek tokens that can’t be traced or halted by governments.

钱包甚至可能被冻结或需要其他文书工作。这促使一些交易者寻求替代方案。他们寻求无法追踪或停止政府的令牌。

Dark stablecoins are likely to emerge in the future.#Bitcoin was created by the cypherpunk community to be censorship-resistant and belongs to no one, making it impossible to control.

深色稳定的人可能会在将来出现。＃比特币是由Cypherpunk社区创建的，是对审查制度的耐药性，并且不属于任何人，因此无法控制。

Stablecoins, however, act as a bridge between the internet and the real world, so they need to be ruled by someone. In the future, each stablecoin from a country may have the same regulations as banks.

然而，稳定币充当互联网与现实世界之间的桥梁，因此需要由某人统治。将来，一个来自一个国家的每个稳定币可能与银行具有相同的法规。

— Ki Young Ju (@ki_young_ju) May 11, 2025

-Ki Young Ju（@ki_young_ju）2025年5月11日

Algorithmic stablecoins face risks. One concept is an algorithmic stablecoin that maintains its peg through code instead of holding dollars or gold. It might track the price of a regulated coin such as USDC via oracles from Chainlink.

算法稳定的稳定性面临风险。一个概念是一种算法stablecoin，它通过代码而不是持有美元或黄金来维持其钉子。它可能会跟踪受监管的硬币的价格，例如来自Chainlink的Oracles等受访者。

However, history shows these designs can fail. In 2022, the UST peg collapsed in a few hours. A market shock or an oracle failure might leave holders with tokens trading at a few cents. It’s difficult to regain trust once it’s lost.

但是，历史显示这些设计可能会失败。 2022年，Ust钉在几个小时后倒塌。市场冲击或甲骨文故障可能会使持有人以几美分的价格交易。一旦丢失，很难重新获得信任。

Privacy Coins Already In Circulation

隐私硬币已经流通

Privacy tech isn’t new to cryptocurrency. Cryptocurrencies like Zcash and Monero allow users to conceal transaction values and sender addresses. They’ve existed for years but are often subject to additional verification on exchanges.

隐私技术对加密货币并不陌生。诸如Zcash和Monero之类的加密货币允许用户隐藏交易值和发件人地址。它们已经存在多年了，但经常对交流进行额外的验证。

Newer initiatives like Zephyr Protocol, a fork of Monero, will perform stablecoin transactions on the blockchain in a manner invisible to the naked eye. PARScoin also aims to conceal identities and associations with previous transfers. Their success will hinge on discovering secure methods to exchange tokens for normal currency.

诸如Zephyr协议（Monero的叉子）之类的较新计划将以肉眼看不见的方式在区块链上执行Stablecoin交易。 Parsoin还旨在掩盖与先前转移的身份和关联。他们的成功将取决于发现安全代币以换成普通货币的方法。

Stablecoin Market Continues To Expand

Stablecoin市场继续扩展

According to Citigroup reports, the market capitalization of US dollar-denominated stablecoins exceeded $230 billion in April, an over 50% increase from last year.

根据花旗集团的报告，以美元计价的稳定股的市值超过了23,300亿美元，比去年增长了50％以上。

Tether and USDC account for about 90% of that amount. Total stablecoin volumes reached nearly $28 trillion in 2024, almost 8% more than Visa and Mastercard combined.

系绳和USDC约占该金额的90％。 2024年，稳定的稳定量达到了近28万亿美元，比Visa和Mastercard总和多了8％。

Privacy Vs. Compliance

隐私与遵守

Regulated stablecoins increasingly provide proof-of-reserves dashboards and transparent licensing under regimes such as the EU’s Markets in Crypto-Assets (MiCA) framework. Those are preferred by most businesses and institutions. They require a token they can insure, deposit, and audit.

受监管的稳定币越来越多地提供居住的仪表板和透明许可，例如欧盟市场中的加密资产（MICA）框架。这些是大多数企业和机构都喜欢的。他们需要一个令牌，可以保证，存款和审核。

Dark stablecoins might carve out a niche for cross-border transactions where censorship is the primary concern. But broad adoption will be beyond reach without transparent means of legal compliance.

深色稳定的人可能会为审查制度是主要问题的跨境交易的利基市场。但是，如果没有透明的法律合规手段，广泛的采用将无法实现。

Ultimately, the stablecoin world stands at a crossroads. There will be users who pursue privacy no matter what. And there will be those who opt for coins that play by the rules.

最终，Stablecoin世界站在十字路口。无论如何，都会有一些用户追求隐私。会有那些选择按规则发挥作用的硬币。

If algorithmic concepts can remain firm, or if privacy tokens will secure a foothold in the mainstream, that remains to be seen. But the tug-of-war between control and uncontrollable money has just begun.

如果算法概念可以保持牢固，或者隐私令牌将在主流中保持立足点，这还有待观察。但是，控制和无法控制的钱之间的拔河刚刚开始。