万事达卡押注稳定币及其如何改变金钱的移动方式

在今天的鳍片中，我们解释了为什么万事达卡押注稳定币以及它如何改变金钱的发展方式。

If we were to picture crypto and traditional finance in the same room, we’d probably imagine two neighbours who awkwardly avoid eye contact. One is all about rules, audits and centralised control while the other one is about decentralisation, anonymity and big price swings.

如果我们想在同一房间里想象加密货币和传统金融，我们可能会想象两个邻居尴尬地避免眼神交流。一个是关于规则，审计和集中控制的全部，而另一个是关于权力下放，匿名和大价波动的。

But that’s changing. Because now Mastercard has decided to open its doors to stablecoins. Yes, the same Mastercard sitting quietly on your debit or credit cards and handling over 170 billion card transactions a year.

但这正在改变。因为现在万事达卡已决定打开稳定的门。是的，同一万事达卡静静地坐在您的借记卡或信用卡上，每年处理超过1700亿张卡的交易。

It’s partnered with some big crypto companies — OKX, MetaMask, Binance, Crypto.com. These are nothing but cryptocurrency wallets and exchanges used by millions. And through Mastercard’s new partnerships, users of these platforms will be able to spend stablecoins at any of the 150 million merchants that accept Mastercard globally. Merchants don’t have to convert those coins to dollars or rupees. They can choose to settle directly in stablecoins.

它与一些大型加密公司合作 - OKX，MetAmask，Binance，Crypto.com。这些不过是数百万使用的加密货币钱包和交换。通过万事达卡的新合作伙伴关系，这些平台的用户将能够在接受全球万事达卡的1.5亿商人中的任何一个。商人不必将这些硬币转换为美元或卢比。他们可以选择直接定居在稳定中。

And for someone new to this and nervous about sending money to a scary crypto address like 0x9A81cD12d6Ff... (the way crypto fund transfers work), Mastercard came up with a simpler solution called Crypto Credential. You know, like @monish.eth or @suman.matic. Much easier.

对于这个新手，对将钱汇给诸如0x9A81CD12D6FF的可怕加密地址...（加密基金转移工作的方式）之类的可怕加密地址感到紧张，万事达卡提出了一个更简单的解决方案，称为Crypto Credential。您知道，例如 @monish.eth或 @suman.matic。容易得多。

And just like that, a deeply traditional payments company has now decided to go full on stablecoins.

就这样，一家深厚的传统付款公司现在决定全力以赴。

Which begs the question… Why now?

哪个提出了问题……为什么现在？

Let’s take it from the top.

让我们从顶部拿走它。

First, let’s talk about stablecoins. These are digital tokens pegged to a real-world currency — typically the US dollar. The deal is simple: 1 stablecoin = 1 dollar. You give the issuer a dollar, they give you a stablecoin token. This could be anything from Tether (USDT), Circle (USDC), Ethena (USDE), etc. And when you return the token, they give you the dollar back.

首先，让我们谈谈稳定币。这些是数字代币固定在现实世界中的货币 - 通常是美元。这笔交易很简单：1个稳定= 1美元。您给发行人一美元，他们给您一个稳定的令牌。这可能是Tether（USDT），Circle（USDC），Ethena（USDE）等。当您返回令牌时，它们会给您美元。

So unlike Bitcoin, which can swing 10% in an hour, stablecoins are... stable. One coin equals one dollar. Always. And that makes them perfect for things like sending money, paying bills or settling trades. An easy way to understand them is to imagine a token that behaves like crypto (borderless, anonymous, decentralised, fast), but feels like cash.

因此，与比特币可以在一个小时内摆动10％的比特币不同，Stablecoins是...稳定的。一枚硬币等于一美元。总是。这使它们非常适合汇款，支付账单或结算交易。理解它们的一种简单方法是想象一个像加密（无边框，匿名，分散，快速）这样的表现出的令牌，但感觉就像现金。

And they’re catching on fast. Total stablecoin supply has grown from 2 billion in 2019 to over 200 billion in 2025. In 2024, the total transfer volume of stablecoins reached over $27 trillion. That’s more than Visa and Mastercard combined!

他们正在快速赶上。 Stablecoin供应总额已从2019年的20亿增加到2025年的超过2000亿。2024年，稳定的总转移量达到了27万亿美元以上。这不仅仅是签证和万事达卡的总和！

And it’s not just utility that’s driving this boom. It’s also the money behind the money.

不仅仅是实用程序，也在推动这一繁荣。这也是钱背后的钱。

See, when you buy a stablecoin, the issuer doesn’t stash your dollar under a mattress. They usually invest it in US Treasuries — safe government bonds that currently yield around 4%. So when a company like Circle (which runs the USDC stablecoin) is sitting on tens of billions of dollars in customer funds, that interest adds up fast. In fact, Circle made $1.6 billion last year. Just by parking customer funds in Treasuries. And today, stablecoin issuers like Circle and Tether are among the top 20 holders of US government debt.

看，当您购买稳定的股份时，发行人不会将您的美元藏在床垫下。他们通常将其投资于美国国债 - 目前产生约4％的安全政府债券。因此，当像Circle（经营USDC Stablecoin）这样的公司坐在数百亿美元的客户资金上时，这种兴趣会很快。实际上，去年圈子赚了16亿美元。仅通过停车客户资金。如今，像Circle和Tether这样的Stablecoin发行人已成为美国政府债务的前20名持有人之一。

And if all that wasn’t enough, the rules are catching up too.

而且，如果一切还不够，规则也会赶上。

Governments are bringing stablecoins under formal supervision. The US is working on legislation that would require issuers to be fully licensed, regularly audited and maintain 100% cash-equivalent reserves. Thailand’s SEC has even approved USDC and USDT for trading on local exchanges.

政府正在正式监督下将稳定的人带来。美国正在制定要求发行人获得充分许可，定期审核并维护100％现金等效储量的立法。泰国的SEC甚至批准了USDC和USDT进行当地交易的交易。

So there’s utility, regulation, momentum and a whole lot of money.

因此，有公用事业，法规，动力和大量的钱。

That’s the reason why Mastercard doesn’t want to miss this bus.

这就是万事达卡不想错过这辆公共汽车的原因。

And it’s not alone. PayPal jumped in last year with its own stablecoin — PYUSD, and baked it into Venmo, PayPal checkout, and so on. But PayPal’s model is a bit of a walled garden. Everything happens within its own ecosystem.

这并不孤单。去年，贝宝（Paypal）与自己的稳定蛋白（Pyusd）一起跳入，并将其烘烤到Venmo，Paypal Checkout等。但是贝宝的模型有点像围墙的花园。一切都发生在其自己的生态系统中。

Mastercard, on the other hand, is playing the role of the connector. It doesn’t want to issue a coin. It just wants to let you spend whatever stablecoin you already hold (like USDC, USDT, PYUSD) wherever you want.

另一方面，万事达卡正在扮演连接器的角色。它不想发行硬币。它只想让您在任何需要的地方花费您已经持有的任何稳定的（例如USDC，USDT，PYUSD）。

And that seems like a clever move. Because you see, at its core, Mastercard is a payments facilitator. And stablecoins offer faster, cheaper, borderless payments — the kind that legacy systems just can’t match. If it doesn’t embrace this shift, it risks becoming irrelevant, especially with its competitor Visa working on its own stablecoin platform.

这似乎是一个聪明的举动。因为您看到万事达卡是付款的主持人。 Stablecoins提供更快，更便宜，无边界的付款，这是传统系统无法匹配的那种。如果它不包含这种转变，它可能会变得无关紧要，尤其是与竞争对手签证在自己的Stablecoin平台上工作。

So yeah, it changes how money moves.

是的，它改变了金钱的移动。

Then, this stablecoin shift also changes Mastercard’s fundamental architecture.

然后，这种稳定的转变也改变了万事达卡的基本架构。

For decades, Mastercard has run on a closed payments network. You swipe your

几十年来，万事达卡一直在封闭的付款网络上运行。你滑动你的