稳定币 3.0：AUSD 计划如何应对实用性和接受度方面的挑战

Agora 预计数字美元将从欧洲美元市场开始成为全球主导货币。

Agora, a digital dollar company led by Nick van Eck, the son of asset management giant VanEck, is set to launch a new stablecoin pegged to the US dollar on the Ethereum network in June. This move marks the introduction of Stablecoin 3.0, aiming to revolutionize the digital dollar market.

由资产管理巨头 VanEck 之子 Nick van Eck 领导的数字美元公司 Agora 将于 6 月在以太坊网络上推出一种与美元挂钩的新稳定币。此举标志着稳定币3.0的推出，旨在彻底改变数字美元市场。

Agora envisions digital dollars becoming the dominant currency globally, starting with the Eurodollar market. In a recent blog post, Van Eck projects Agora’s AUSD model to lead this transformation by 2030, with the stablecoin market expected to grow from $150 billion to $3 trillion.

Agora 预计数字美元将从欧洲美元市场开始成为全球主导货币。在最近的一篇博文中，Van Eck 预计 Agora 的 AUSD 模型将在 2030 年引领这一转型，稳定币市场预计将从 1500 亿美元增长到 3 万亿美元。

According to van Eck, stablecoins have evolved significantly over the past decade. Stablecoin 1.0 began with Tether (USDT), which introduced centralized digital dollars.

范埃克认为，稳定币在过去十年中发生了显着发展。稳定币 1.0 始于 Tether (USDT)，它引入了中心化数字美元。

Following this, the era of Stablecoin 2.0 came, represented by USDC and BUSD. They offered greater transparency and licensing but retained a single-partner distribution model. However, this model often led to conflicts of interest, as substantial economic benefits were shared with major competitors.

随之而来的是以USDC、BUSD为代表的稳定币2.0时代。他们提供了更大的透明度和许可，但保留了单一合作伙伴的分销模式。然而，这种模式经常导致利益冲突，因为大量的经济利益与主要竞争对手分享。

Stablecoin 2.0 issuers benefited from rising interest rates, but the advent of “yield-bearing stablecoins” presented new challenges. Many jurisdictions classify these products as securities, limiting their utility, acceptance, and liquidity. They also struggle to sustain business models and develop ecosystems due to insufficient margins.

稳定币2.0发行人受益于利率上升，但“收益稳定币”的出现带来了新的挑战。许多司法管辖区将这些产品归类为证券，限制了它们的效用、接受度和流动性。由于利润不足，他们还难以维持商业模式和开发生态系统。

“Despite being dollar-denominated, these products are essentially yield products. They may attempt to brand themselves as stablecoins or to be used as a means of payment or trading, but they are unlikely to achieve substantial demand in these areas. Substantial demand being subjectively defined as being used by traditional corporates, financial service firms, and $25 – $50 billion of circulating supply,” van Eck noted.

“尽管以美元计价，但这些产品本质上是收益产品。他们可能试图将自己打造成稳定币，或者用作支付或交易手段，但他们不太可能在这些领域实现大量需求。大量需求被主观地定义为传统企业、金融服务公司和 25 至 500 亿美元的流通供应所使用，”van Eck 指出。

Van Eck emphasized that businesses are the real drivers of utility and liquidity for stablecoins. Agora’s AUSD represents Stablecoin 3.0, designed to compensate businesses for their contributions, such as listing tokens, providing liquidity, marketing, and accepting AUSD as payment or collateral. This equitable approach aligns economic interests with businesses, offering substantial recurring revenue and fostering growth through enhanced services for users.

Van Eck 强调，企业是稳定币效用和流动性的真正驱动力。 Agora 的 AUSD 代表了稳定币 3.0，旨在补偿企业的贡献，例如上币、提供流动性、营销以及接受 AUSD 作为支付或抵押品。这种公平的方法使经济利益与企业保持一致，提供可观的经常性收入，并通过增强为用户提供的服务来促进增长。

Agora's revenue-sharing model ensures that businesses can reinvest in development, marketing, security, and user acquisition, creating a mutually beneficial ecosystem. While individual holders of AUSD do not directly receive any yield or income generated by Agora, the model ensures that businesses driving liquidity and utility receive adequate compensation.

Agora 的收入共享模式确保企业可以在开发、营销、安全和用户获取方面进行再投资，创建互惠互利的生态系统。虽然 AUSD 的个人持有者不会直接获得 Agora 产生的任何收益或收入，但该模型确保推动流动性和效用的企业获得足够的补偿。

Moreover, AUSD will be fully backed by cash, US Treasury bills, and overnight repurchase agreements. VanEck will manage funds for Agora's reserves, ensuring that AUSD remains stable and trustworthy.

此外，澳元美元将得到现金、美国国库券和隔夜回购协议的充分支持。 VanEck 将管理 Agora 的储备资金，确保 AUSD 保持稳定和值得信赖。

In April, Agora successfully raised $12 million in a seed funding round led by Dragonfly, a digital-asset venture firm. General Catalyst and Robot Ventures also participated in the round.

4 月，声网在数字资产风投公司 Dragonfly 领投的种子轮融资中成功筹集 1200 万美元。 General Catalyst 和 Robot Ventures 也参与了本轮融资。