随着Stablecoin竞争的加热，随着迫在眉睫的规定

随着稳定的竞争在美国迫在眉睫的法规中加热，传统的金融机构正在引起注意，这极度出于担心失去

Traditional finance institutions are massively interested in entering the stablecoin space, largely driven by fear of being left behind by the burgeoning digital dollar movement, according to Ben Reynolds, managing director of stablecoins at BitGo.

Bitgo的Stablecoins董事总经理Ben Reynolds表示，传统的金融机构对进入Stablecoin空间非常感兴趣，这在很大程度上是由于担心被迅速发展的数字美元运动所抛弃。

Speaking at Consensus 2025 in Toronto, Reynolds said that since BitGo launched its stablecoin-as-a-service offering earlier this year, there’s been “incredible inbound” interest from both U.S. and foreign banks looking to tokenize deposits or issue stablecoins.

雷诺兹（Reynolds）在多伦多的2025年共识上发表讲话时说，Bitgo于今年早些时候推出了其稳定的AS-Service产品，因此美国和外国银行希望将押金或发行Stablecoins发行。

A handful of yield-bearing stablecoins and tokenized money market funds have seen rapid growth in recent months, though they still make up only a fraction of the $230 billion stablecoin market.

近几个月来，少数承重的稳定股币和令牌化的货币市场基金已经迅速增长，尽管它们仍然仅占2300亿美元的Stablecoin市场的一小部分。

Sam Broner, partner at a16z, said that while yield-bearing stablecoins are a promising market segment, the primary use case for stablecoins is still in payments and transactions, where users don't really care about yields. Still, a near-term killer use case could be “collateral mobility”—the ability to instantly move money to meet obligations across different platforms.

A16Z的合伙人Sam Broner说，尽管承重的稳定股蛋白是一个有前途的市场领域，但Stablecoins的主要用例仍在付款和交易中，用户并不真正关心收益率。尽管如此，近期的杀手用例可能是“附带机动性”，即立即付款以履行不同平台义务的能力。

"You can’t do a lot of things with a share of a money market fund," Broner said. “It’s got lock-up periods, business-hour settlement, and contracts that have to be manually reviewed. Crypto gives you programmatic, permissionless flexibility.”

布罗纳说：“您不能用货币市场基金的份额做很多事情。” “它有锁定期限，企业小时和解和必须手动审查的合同。加密货币为您提供了程序化，无许可的灵活性。”

Yield-bearing stablecoins could also be attractive for institutions, said Matt Kunke, crypto product strategist at BlackRock. "If you're a DAO, protocol, or market maker, moving between crypto holdings on an exchange and your brokerage account is slow and full of friction," he said. "Stablecoins that carry yield just reduce that drag.”

BlackRock的加密产品策略师Matt Kunke说，承担屈服的稳定剂也可能对机构有吸引力。他说：“如果您是DAO，协议或做市商，则在交易所的加密货币持有和经纪帐户之间移动缓慢且充满摩擦。” “携带屈服的稳定剂只会减少阻力。”

However, Kunke said that regulatory distinctions will shape the market. “A tokenized Treasury fund is a security, and an actual stablecoin is not,” he explained. “They deserve fundamentally different markets."

但是，昆克说，监管区别将影响市场。他解释说：“象征性的财政基金是一种安全，而实际的稳定币不是。” “他们应该得到根本不同的市场。”

Joseph Saldana, chief financial officer of the Wyoming Stable Token Commission, pointed out that yield–generating tokens have the power to broaden investors' access compared to mutual funds that often have minimum limits of investment that "lock out a lot of people."

怀俄明州马stable代币委员会首席财务官约瑟夫·萨尔达娜（Joseph Saldana）指出，与通常具有最低投资限制的共同基金相比，收益率的代币有权扩大投资者的访问权限，而这些基金通常具有“锁定很多人”。

"We want to service the underbanked and give broader access to instruments the rest of us enjoy every day," Saldana said.

萨尔达娜说：“我们希望为账单提供服务，并为我们其他人每天享受的乐器提供更广泛的访问。”