经过多年的怀疑，传统的财务不仅仅是将脚趾浸入加密货币中。它可能只是准备游泳。

这就是新闻周四（5月22日）所暗示的，美国几家最大的银行正悄悄地计划进入加密货币世界的集体飞跃。

Several of the United States' largest banks are planning to launch a jointly operated stablecoin, the Financial Times reported Thursday (May 22), citing people familiar with the matter.

《金融时报》（Fininancle Times）周四（5月22日）报道，美国最大的几家银行正计划推出共同经营的Stablecoin，并以熟悉此事的人们为由。

The report said JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are exploring the possibility of creating a digital dollar that could be used for peer-to-peer payments and B2B settlements. The initiative is still in the early stages, and there is no certainty that it will proceed.

报告说，美国银行，富国银行和花旗集团的摩根大通正在探索创建可用于点对点付款和B2B和解的数字美元的可能性。该倡议仍处于早期阶段，并且无法确定它会继续进行。

The banks are considering using existing rails like Early Warning Services, operator of Zelle, and The Clearing House to develop the stablecoin. They would also need to obtain approval from U.S. regulators.

银行正在考虑使用现有的铁路，例如预警服务，Zelle的运营商和交换所开发稳定的轨道。他们还需要获得美国监管机构的批准。

The timing of this venture is no coincidence. For years, stablecoins, which are digital tokens pegged to traditional currencies like the U.S. dollar, have promised to blend the best of both worlds: the efficiency of blockchain transactions and the stability of fiat currency.

这项冒险的时机不是巧合。多年来，数字代币与美元货币（如Dollar）挂钩的Stablecoins已承诺将两全其美地融合在一起：区块链交易的效率和FIAT货币的稳定性。

They have grown rapidly, with Tether (USDT) and Circle's USD Coin (USDC) reaching hundreds of billions in circulation. Yet, their mainstream usage has remained limited due to regulatory uncertainty and a perception that they operate outside the traditional financial system.

它们已经迅速发展，束缚（USDT）和Circle的USD硬币（USDC）达到了数千亿美元的发行。然而，由于监管不确定性和对他们在传统金融体系之外运作的看法，他们的主流用法仍然有限。

Enter the banks.

进入银行。

Read More: The Payment Professional’s Guide to Stablecoins

阅读更多：付款专业人士指南

A Pragmatic Vision for Blockchain Integration

区块链整合的务实愿景

The proposed consortium is reportedly considering using existing rails like Early Warning Services (operator of Zelle) and The Clearing House to develop a new kind of stablecoin infrastructure — one built by regulated entities from the ground up. Their idea? To issue a token that could eventually be used for everything from peer-to-peer payments to B2B settlements, all potentially under the watchful eye of federal regulators.

据报道，该拟议的财团正在考虑使用现有的铁轨，例如预警服务（Zelle的运营商）和销售房屋来开发一种新型的Stablecoin基础设施，这是由监管实体从头开始建造的。他们的想法？要发布一个令牌，该令牌最终可用于从点对点付款到B2B定居点的所有内容，所有这些都可能在联邦监管机构的监视之下。

Because the U.S. stablecoin landscape has not yet found shelter under a clear regulatory framework, the banks are still in the exploratory phase, with a shared commitment to finding a model that’s compliant, scalable and secure. Their proposed stablecoin would be fully backed by fiat held at the banks and function similarly to other stablecoins, but with a key differentiator: trust in institutional governance.

由于美国稳定的景观尚未在明确的监管框架下找到庇护所，因此银行仍处于探索阶段，并共同致力于寻找合规，可扩展和安全的模型。他们提议的Stablecoin将得到银行持有的FIAT的全部支持，并且与其他Stablecoins相似，但具有关键的区别：对机构治理的信任。

This vision is a clear departure from the early crypto ethos of disrupting incumbents. Instead, it’s a bet that those same incumbents are best positioned to bring digital dollars into the mainstream.

这种愿景与破坏任职者的早期加密精神明显不同。取而代之的是，那些同一任职者最好将数字美元带入主流。

"When you think about the needs of every FinTech or payments company, or a bank that wants to enter the [stablecoin] space, they need secure infrastructure, from the creation of assets, such as tokenizing them, to holding them, and of course moving them," Utila Co-Founder and CEO Bentzi Rabi told PYMNTS last month.

“当您考虑每个金融科技或付款公司的需求，或想要进入[Stablecoin]空间的银行时，他们需要从创建资产的创建（例如Tokenize tokenigning toknigning toking othing tokents and ofting stable）的基础架构，并在上个月将其移动，并当然将其移动。”

"Everyone will enter the stablecoin era in the end," Rabi added.

拉比补充说：“每个人都将最终进入Stablecoin时代。”

See also: Why Stablecoins Are Stuck at the Acceptance Hurdle

另请参阅：为什么stabablecoins被卡在接受障碍

The Battle for the Digital Dollar

数字美元的战斗

Still, despite their promise, the majority of stablecoins are used for just one purpose: facilitating trading on crypto exchanges. They are a key foundational element of crypto markets, but not yet for payments and commerce.

尽管如此，尽管他们承诺，但大多数Stablecoins仅用于一个目的：促进加密交易所进行交易。它们是加密市场的关键基础要素，但尚未用于付款和商业。

The involvement of major banks could change that.

主要银行的参与可能会改变这一点。

At the same time, creating a stablecoin is one thing. Coordinating among multiple banks — each with its own technology stack, risk appetite and strategic priorities — is another. This kind of collaboration will require a shared governance model, common technical standards and airtight security protocols.

同时，创建一个稳定的是一回事。另一个银行之间的协调 - 每家拥有自己的技术堆栈，风险食欲和战略重点 - 是另一个银行。这种合作将需要共享的治理模型，常见的技术标准和密封安全协议。

That’s why, for banks, the legislative momentum in the U.S. is a prerequisite. Institutions like JPMorgan and BofA are unlikely to risk their core operations on loosely regulated ventures. Instead, they see regulation as a moat, a way to differentiate themselves from crypto-native competitors and legitimize the space.

这就是为什么，对于银行来说，美国的立法势头是先决条件的原因。摩根大通和美国银行等机构不太可能冒着核心行动的风险。取而代之的是，他们将法规视为护城河，这是一种与加密本地竞争对手区分开来并使空间合法化的方式。

In February, Bank of America CEO Brian Moynihan said in an interview that the bank would "go into" stablecoins if regulation were passed in the U.S., and regulatory compliance remains a key concern for financial stakeholders.

2月，美国银行首席执行官布莱恩·莫尼汉（Brian Moynihan）在一次采访中说，如果在美国通过了法规，该银行将“进入” Stablecoins，而监管合规性仍然是金融利益相关者的关键问题。

But the banks' entry into the stablecoin market will not go uncontested. FinTechs like Circle and Paxos have spent years developing robust infrastructures and building partnerships with payment processors, exchanges and merchants. On Wednesday (May 21), it was announced that the Circle Payments Network (CPN) is now live, enabling stablecoin-powered cross-border payments.

但是银行进入Stablecoin市场不会毫无争议。像Circle和Paxos这样的金融科技已经花费了多年的时间来开发强大的基础设施，并与付款处理器，交易所和商家建立合作伙伴关系。在周三（5月21日），宣布Circle Payments Network（CPN）现已直播，使STableCoin驱动的跨境支付能力。

To succeed, the banks will need to articulate a clear value proposition — what does their stablecoin offer that existing ones don’t? One answer could lie in the integration with existing banking services. Imagine a Zelle payment settled instantly in a stablecoin, or a corporate treasury using tokenized dollars for real-time reconciliation. These are tangible use cases that banks are uniquely positioned to serve.

为了取得成功，银行将需要阐明一个明确的价值主张 - 他们的稳定者提供了什么现有人没有的？一个答案可能在于与现有银行服务集成。想象一下，Zelle付款立即在Stablecoin中立即解决，或者使用令牌资金进行实时和解的公司财政部。这些是银行独特地提供服务的切实用例。

An interesting take on the news comes from a recent blog post by banking trade publication The American Banker. In the post, the publication noted that the banks' involvement in the stablecoin space is a natural progression of their existing efforts in the digital asset domain.

这个新闻的一个有趣的看法来自银行贸易出版物《美国银行家》最近的博客文章。该出版物在帖子中指出，银行参与Stablecoin空间是他们在数字资产领域中现有努力的自然发展。

For example, JPMorgan has already launched its own

例如，摩根大通已经推出了自己的