定义货币未来的竞赛正在加快 - 据行业领导人称，稳定的竞赛正好在中心。

金钱的演变远非理论。根据梅洛（Mello）的说法，跨支付网络，保管人和金融服务提供商的行业参与者正在奠定基础

The race to define the future of money is speeding up—and according to industry leaders, stablecoins are right at the center.

定义货币未来的竞赛正在加快 - 据行业领导者称，稳定的竞赛正好在中心。

“It's clear that the most important item on our roadmap is understanding how quickly we can move, and it's obvious that the next three years are the fastest we will ever see in the development of digital assets,” said Sergio Mello, head of stablecoins at Anchorage Digital during Paxos’ Global Dollar Network event in New York City.

“很明显，我们路线图上最重要的项目是了解我们能够迅速移动，而且很明显，未来三年是我们在数字资产开发中最快看到的，” Paxos Digital在纽约市的全球美元网络活动期间，在PAXOS Digital的Stablecoins负责人Sergio Mello说。

“2025 will have clarity here, 2026 will have clarity elsewhere, and 2027 is when it’s all going to happen.”

“ 2025年将在这里清楚，2026年将在其他地方清晰，而2027年就会发生。”

Mello wasn’t speaking in hypotheticals. From his vantage point inside one of the first federally chartered crypto banks in the U.S., he sees stablecoins not as niche financial instruments but as a foundational upgrade to the global monetary system.

梅洛不是在假设中说的。从他在美国第一个联邦特许的加密货币银行之一内的有利位置，他认为Stablecoins并非是利基金融工具，而是对全球货币体系的基础升级。

“Stablecoins are a better representation of fiat, a better way to transfer fiat, but it's really just money that you're moving,” he said. “We’re merging the transport layer and the value layer into the same instrument.”

他说：“稳定的人是菲亚特的更好代表，这是一种更好的转移菲亚特的方式，但实际上您正在搬家。” “我们将传输层和价值层合并为同一仪器。”

This evolution of money is far from theoretical.

金钱的演变远非理论。

According to Mello, industry players across payment networks, custodians, and financial service providers are laying the groundwork for what he called a “critical mass” of institutional adoption — something he predicted will hit within the next 12 to 24 months, especially in payments. “That’s where the money is going,” he said.

梅洛（Mello）表示，跨支付网络，保管人和金融服务提供商的行业参与者为他所谓的“临界质量”采用了基础，他预测这将在未来12到24个月内发生，尤其是在付款中。他说：“那是钱的去向。”

From experiment to infrastructure

从实验到基础设施

Stablecoins were once seen as tools for crypto speculators or offshore arbitrageurs. However, according to Raj Dhamodharan, EVP at Mastercard, that perception is shifting fast.

稳定币曾经被视为加密投机者或离岸套利者的工具。但是，根据万事达卡的EVP Raj Dhamodharan的说法，这种看法正在快速转移。

Stablecoins now function as the “money movement layer” across increasingly mainstream use cases, he said, adding that cross-border remittances, B2B payments, and even retail spending are already seeing traction.

他说，Stablecoins现在充当越来越多主流用例的“货币运动层”，并补充说，跨境汇款，B2B付款甚至零售支出已经在看到牵引力。

For example, Mastercard is enabling cards where users can choose which currency — fiat or stablecoin — they want to spend, while merchants can choose what they want to receive. “We’ve started doing that with cards. We’ve started doing that with remittances,” Dhamodharan said.

例如，万事达卡正在启用卡，用户可以在其中选择哪种货币 - 法定或稳定的货币 - 他们想花费，而商人可以选择他们想要收到的东西。 “我们已经开始用卡片来做到这一点。我们已经开始通过汇款来做到这一点，”达莫达兰说。

Ahmed Zifzaf of Worldpay echoed this, describing how their customers use stablecoins for real-time treasury management. “You can start to see how you accelerate all of these payment and financial flows,” he said, noting that Worldpay is focused on working with “battle-tested” blockchains like Solana to scale those efforts.

WorldPay的Ahmed Zifzaf呼应了这一点，描述了他们的客户如何使用Stablecoins进行实时财政管理。他说：“您可以开始了解如何加速所有这些付款和财务流动。”他指出，WorldPay专注于与Solana这样的“战斗测试”区块链合作以扩展这些努力。

The bankers’ dilemma

银行家的困境

Still, not every financial institution is rushing in.

尽管如此，并非每个金融机构都在涌入。

“What constraints do you have because you are a bank?” asked Luca Cosentino of Cross River. The barriers are real, he said — legacy tech stacks, compliance risk, and cultural resistance all slow the pace of innovation. But the split in strategy is becoming clear.

“因为您是银行，您有什么限制？”克罗斯河的卢卡·科斯蒂诺问。他说，障碍是真实的 - 传统技术堆栈，合规风险和文化抵抗都放缓了创新的步伐。但是策略的分歧变得越来越清楚。

“Certain banks are not going to touch crypto [...] some others will focus on custody [...] some others are going to be focused on money movements,” he said. “But I have very little doubt that a huge portion of the banks [...] is going to go into crypto one way or another.”

他说：“某些银行不会碰到加密货币[...]其他一些银行会专注于监护权[...]其他一些人将专注于货币运动。” “但是我毫不怀疑，很大一部分银行会以一种或另一种方式进入加密货币。”

Sunil Sachdev from Fiserv noted the same divide. “We had about 12 banks ready to go,” he said, describing how new rules under SAB 121 effectively froze many of those plans. “Then everything, in just one day, kind of closed shop.” But the interest hasn’t gone away, particularly among smaller banks.

Fiserv的Sunil Sachdev指出了同样的鸿沟。他说：“我们已经准备好了约12家银行。”他描述了SAB 121下的新规则如何有效地冻结了许多计划。 “然后，一切，仅仅一天，有点关闭商店。”但是兴趣并没有消失，尤其是在较小的银行中。

“The bigger guys seem to be cautious,” he said. “The smaller banks are much more aggressive because they're looking to use this as an opportunity to bring in low-cost deposits. They're looking at this as an opportunity to differentiate themselves.”

他说：“更大的人似乎谨慎。” “较小的银行更具侵略性，因为他们希望将其用作招募低成本存款的机会。他们认为这是使自己区分的机会。”

He painted a vivid picture of how a small-town bank might evolve: three branches, deep community ties, and now a road map to become a “trusted node” in a global blockchain network, offering tokenized financial products not available elsewhere.

他生动地描绘了一个小镇银行如何发展：三个分支机构，深厚的社区联系，现在是在全球区块链网络中成为“值得信赖的节点”的路线图，提供了其他地方无法提供的标记金融产品。

Better than Fiat

比法定更好

While many in the industry assume institutions will lead adoption, Kraken’s Mark Greenberg isn’t so sure. “Americans might be actually some of the last groups to adopt a global dollar,” he said. But outside the U.S., demand is strong.

尽管行业中的许多人都认为机构将领导采用，但克雷肯的马克·格林伯格（Mark Greenberg）并不确定。他说：“美国人实际上可能是最后一些采用全球美元的团体。”但是在美国以外，需求很强劲。

“I do believe a global dollar is better than holding fiat, and we're going to see it,” he said, adding that this is more important in countries where inflation erodes value and yield is scarce.

他说：“我确实相信全球美元比持有菲亚特的美元要好，我们将看到它。”他补充说，这在通货膨胀侵蚀价值和收益率的国家中更为重要。

And it won’t just be used for savings. “You save your money there; you use a card there. At some point, you transfer to your friends, you pay your bills,” he said. “And maybe you buy a meme coin or a stock.”

而且它不仅用于储蓄。他说：“您在那里省钱；您在那里使用一张卡。在某个时候，您转移给朋友，付账单。” “也许您购买了模因硬币或股票。”

Mike Dudas of 6th Man Ventures suggested the app layer will drive consumer behavior. Stablecoins “is the fundamental thing that people need to be able to store value in,”

第六人冒险的迈克·杜达斯（Mike Dudas）建议，应用程序层将推动消费者行为。 Stablecoins“是人们需要能够存储价值的基本事物，”