波纹在美国财政市场中成为战略竞争者

随着美国稳定蛋白周围的监管清晰度的形成，波纹正在成为一个行业的战略竞争者，很快就会发挥巨大影响

As the U.S. grapples with regulating stablecoins, a new contender is emerging in an industry that could soon hold immense sway over the U.S. Treasury market.

随着美国与规范稳定的人抗争，一个新的竞争者正在一个行业中出现，该行业可能很快在美国财政市场上占据了巨大的影响。

> Related: Troubled Tether faces new probe as U.S. mulls stricter crypto rules

>相关：陷入困境的系绳面对新的调查，因为我们提出了更严格的加密规则

With the launch of its stablecoin and reported acquisition efforts targeting Circle, the issuer of USDC, Ripple could be positioning itself to become a dominant holder of U.S. government debt.

随着其稳定币的推出并报告了针对Circle的收购工作，USDC的发行人可能会定位自己成为美国政府债务的主要持有人。

Ripple’s Growing Interest in Stablecoins

涟漪对稳定的兴趣日益兴趣

Late last year, Ripple made its official entrance into the stablecoin ecosystem with the launch of RLUSD, a dollar-backed token structured similarly to its top competitors.

去年年底，Ripple正式进入了Stablecoin生态系统，Rlusd的推出，这是一美元支持的代币，其结构与顶级竞争对手类似。

The backing model for RLUSD includes U.S. Treasury securities, fiat dollar reserves, and near-cash instruments—mirroring the practices of leading stablecoin issuers such as Tether and Circle.

RLUSD的支持模型包括美国国库券，菲亚特美元储备和近现金仪器 - 培训领先的Stablecoin发行人（例如Tether and Circle）的做法。

Within just half a year, RLUSD has already amassed a circulating supply valued at over $321 million, placing it in the top tier of global stablecoins. But Ripple’s ambitions seem to extend far beyond just launching a token—it is seeking to broaden its stablecoin reach dramatically.

在短短的半年内，RLUSD已经积累了一个价值超过3.21亿美元的循环供应，将其置于全球stablecoins的顶级。但是，Ripple的野心似乎远远超出了一个令牌，它正在寻求巨大的稳定范围。

Strategic Ambitions: Ripple’s Bid for Circle

战略野心：Ripple竞标圈子

As per previous report by Times Tabloid, Ripple extended a $4–5 billion offer to acquire Circle, the company behind USDC, the second-largest stablecoin by market capitalization.

根据Times Tableoid的先前报告，Ripple扩大了4-5亿美元的报价，以收购Circle，这是USDC背后的公司，这是市值第二大的Stablecoin。

Though Circle ultimately declined the offer, the bid underscores Ripple’s desire to expand its footprint within the digital dollar ecosystem.

尽管Circle最终拒绝了这一报价，但出价强调了Ripple在数字美元生态系统中扩大其足迹的愿望。

Circle, which filed for a $5 billion IPO in April, has also held separate discussions with Coinbase, a company with which it shares governance rights and revenue from USDC. While Coinbase appears to be a more natural acquirer, Ripple’s substantial reserves—including an estimated $13 billion worth of XRP and access to an additional $86 billion held in escrow—give it the financial power to pursue major acquisitions.

Circle于4月份提交了50亿美元的IPO，还与Coinbase进行了单独的讨论，Coinbase与该公司共享了USDC的治理权利和收入。尽管Coinbase似乎是一个更自然的收购方，但Ripple的大量储备（包括估计价值130亿美元的XRP，并获得了托管中额外的860亿美元的访问权），这是进行重大批准的财务能力。

U.S. Legislation Sets the Stage for Stablecoin-Backed Treasuries

美国立法为稳定支持的国债奠定了基础

The evolving regulatory landscape is a key catalyst for Ripple’s strategic moves.

不断发展的监管格局是波纹战略行动的关键催化剂。

The GENIUS Act, which has made significant progress in the Senate with bipartisan backing, proposes a comprehensive legal framework for stablecoin issuance in the United States.

《天才法》在参议院以两党的支持取得了重大进展，它提出了一个全面的法律框架，以在美国发行Stablecoin。

With a 66–32 procedural vote moving it toward the Senate floor, the bill represents a major turning point for digital asset regulation. If passed, it could legitimize stablecoins as mainstream financial instruments, requiring issuers to maintain robust reserves, likely composed heavily of U.S. Treasury bills.

该法案以66-32的程序投票向参议院的地板移动，代表了数字资产法规的主要转折点。如果通过，它可能会使Stablecoins合法化为主流金融工具，要求发行人保持强大的储备，这可能是由美国国库账单组成的。

U.S. Treasuries: The New Battleground for Stablecoin Dominance

美国国债：Stablecoin主导地位的新战场

According to Senator Bill Hagerty, stablecoin issuers are on track to become some of the largest holders of U.S. government debt by the end of the decade. Citing insights from Citibank, Hagerty pointed out that as stablecoins grow in market share, so too will their Treasury holdings—echoing the way money market funds operate today.

根据参议员比尔·哈格蒂（Bill Hagerty）的说法，在本十年末，Stablecoin发行人有望成为美国政府债务的一些最大持有人。 Hagerty引用了花旗银行的见解，指出，随着稳定的市场份额的增长，他们的财政部持有的股份也将与货币市场基金今天的运作方式相关联。

Stablecoin issuers will be the largest holders of U.S. treasuries in the world. pic.twitter.com/Z8uoYdhmcs

Stablecoin发行人将成为世界上最大的持有人。 pic.twitter.com/z8uoydhmcs

— Senator Bill Hagerty (@SenatorHagerty) May 19, 2025

- 参议员比尔·哈格蒂（Bill Bill Hagerty）（@SenatorHagerty）2025年5月19日

At present, issuers like Tether and Circle collectively hold approximately $150 billion in U.S. debt instruments. Yet with industry forecasts predicting a $2 trillion stablecoin market by 2028, the demand for Treasuries could skyrocket. Citibank projects that stablecoin entities could soon surpass the Treasury holdings of any single foreign country.

目前，Tether和Circle这样的发行人共同持有约1500亿美元的美国债务工具。然而，随着行业预测预测到2028年将有2万亿美元的稳定市场，对国库的需求可能会激增。花旗银行的项目，即Stablecoin实体可能很快就会超过任何一个外国的财政部持有。

We are on twitter, follow us to connect with us :- @TimesTabloid1

我们在Twitter上，关注我们与我们联系： - @timestabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

- 时间赛车（@timestabloid1）2023年7月15日

Ripple’s Potential Trajectory as a Treasury Powerhouse

波纹作为国库的潜在轨迹

Should Ripple succeed in scaling RLUSD and eventually securing ownership or influence over USDC, it would be in a position to control reserve pools worth tens—if not hundreds—of billions of dollars. These reserves, largely held in short-term U.S. Treasuries, would be necessary to ensure price stability, regulatory compliance, and user confidence.

如果Ripple成功地扩展了RLUSD并最终确保对USDC的所有权或影响力，那么它将可以控制价值数十亿美元（如果不是数百美元）的预备役池。这些储备金主要在美国短期纪念品中持有，对于确保价格稳定，监管合规性和用户信心是必要的。

While Tether is currently the leading private holder of U.S. government securities, Ripple’s regulatory posture and deep financial resources could make it a preferred issuer in the eyes of both lawmakers and institutions, especially under stricter legal frameworks.

尽管Tether目前是美国政府证券的领先私人持有人，但Ripple的监管姿势和深厚的财务资源可以使其成为立法者和机构眼中的首选发行人，尤其是在更严格的法律框架下。

A Quiet Revolution in Treasury Markets

国库市场的安静革命

Ripple’s evolving role in the stablecoin industry could dramatically reshape the landscape of U.S. debt markets. With regulation aligning and the company aggressively expanding its influence, Ripple may well become one of the largest private holders of U.S. Treasuries, not just to support RLUSD but as a cornerstone in a rapidly digitizing financial system.

Ripple在Stablecoin行业不断发展的作用可能会显着重塑美国债务市场的景观。随着法规的一致性和公司积极扩大其影响力，Ripple很可能会成为美国国库中最大的私人持有人之一，不仅是为了支持RLUSD，而且是快速数字化金融体系中的基石。

As digital dollars become globally sought-after assets, Ripple’s strategic moves today could translate into unprecedented financial clout tomorrow, anchored

随着数字美元成为全球备受追捧的资产，Ripple的战略举动今天可以转化为前所未有的财务影响力，明天锚定