Stablecoins不再是加密裂市场，即纪念日，它们是为下一代全球支付提供动力的基础设施层。

以下是Foresight Ventures联合创始人Forest Bai的客座帖子和意见。

Stablecoins are no longer a crypto niche—today, they are the infrastructure layer powering the next generation of global payments.

Stablecoins不再是加密裂市场，即纪念日，它们是为下一代全球支付提供动力的基础设施层。

Over the past year, the stablecoin market cap has doubled, soaring from under $150 billion to a record $232 billion, while transaction volumes tripled, now eclipsing even Visa’s sprawling network.

在过去的一年中，Stablecoin市值已经翻了一番，从1500亿美元飙升至创纪录的2320亿美元，而交易量增加了两倍，现在甚至黯然失色的签证网络。

Tether (USDT), USD Coin (USDC) and PayPal’s PYUSD continue to dominate transaction flows, but dozens of new stablecoins keep entering the market, each targeting specific regions, user segments or enterprise needs.

Tether（USDT），USD Coin（USDC）和PayPal的Pyusd继续主导交易流，但是数十个新的Stablecoins不断进入市场，每个目标都针对特定地区，用户群体或企业需求。

Combined with explosive growth, these developments confirm stablecoins’ evolution: No longer a crypto niche but foundational payment infrastructure. Stablecoins now operate at the intersection of regulation, financial technology and real-world usage.

结合爆炸性的增长，这些发展证实了Stablecoins的进化：不再是加密莱基，而是基础支付基础设施。 Stablecoins现在在法规，金融技术和现实世界中使用的交集。

Impending U.S. Regulation Could Be a Historic Milestone

即将来临的美国法规可能是一个历史里程碑

Perhaps the most significant development is Washington’s newfound seriousness about stablecoin regulation. The bipartisan GENIUS Act in the Senate proposes what could become the first balanced federal framework for the sector.

也许最重要的发展是华盛顿对Stablecoin监管的新发现的严重性。参议院中的《两党天才法》提出了可能成为该部门的第一个平衡的联邦框架。

It recognizes both bank and non-bank issuers, allows state-regulated entities to continue operations, and imposes requirements for full 1:1 backing and strict compliance with consumer protection laws. It’s designed to make stablecoins safer without killing innovation.

它认可银行和非银行发行人，允许国家监管的实体继续运营，并对全部1：1支持并严格遵守消费者保护法的要求。它旨在使稳定币更安全而不会杀死创新。

The STABLE Act, scheduled for House Financial Services Committee review on April 2, focuses on risk management and abuse prevention through strengthened anti-money laundering protocols and increased oversight. Together, these bills signal that the U.S. is done watching from the sidelines.

计划于4月2日进行众议院金融服务委员会审查的稳定法，重点是通过加强反洗钱协议和增加监督的风险管理和滥用。这些账单一起表明美国正在从场外观看。

Treasury Secretary Scott Bessent has publicly supported stablecoin development as a strategic priority. He sees stablecoins as a way to extend U.S. dollar dominance into the digital economy. With stablecoins, the U.S. can preserve global financial influence without requiring a complete overhaul of the existing monetary system.

财政部长斯科特·贝斯特（Scott Bessent）公开支持Stablecoin发展，这是战略优先事项。他认为Stablecoins是将美元统治扩展到数字经济的一种方式。使用Stablecoins，美国可以保留全球财务影响力，而无需对现有货币体系进行全面大修。

Enterprise Infrastructure Is Going On-chain

企业基础设施正在链接

The latest report from Foresight Ventures demonstrates how stablecoins are already addressing long-standing gaps in traditional finance: While bank wires remain costly and slow for cross-border transactions, stablecoins settle instantly for mere cents. They operate globally, around the clock, without relying on outdated rails, like SWIFT or ACH.

Foresight Ventures的最新报告表明，Stablecoins如何已经解决了传统金融中的长期差距：虽然银行电线对于跨境交易的昂贵且缓慢，但Stablecoins立即以美分的价格定居。他们全天候在全球范围内运作，而无需依靠过时的轨道，例如Swift或ACH。

Enterprise adoption is accelerating, as stablecoins offer faster liquidity, cheaper settlement and programmable payments.

企业采用正在加速，因为Stablecoins提供更快的流动性，更便宜的和解和可编程付款。

Stripe’s acquisition of Bridge underscores major payment providers’ growing commitment to stablecoins. Bridge enables businesses that want to plug into the blockchain economy to issue and orchestrate stablecoins. BVNK automates payment routing between fiat, crypto and local banking partners, making it easier for global companies to integrate stablecoins into their treasury stacks.

Stripe对Bridge的收购强调了主要的支付提供商对Stablecoins的越来越多的承诺。桥梁使想要插入区块链经济的企业能够发行并编排稳定的企业。 BVNK自动化了FIAT，Crypto和本地银行合作伙伴之间的付款路线，使全球公司更容易将StableCoins整合到其财政部堆栈中。

Yield-bearing stablecoins, like Mountain’s USDM or Ethena’s USDe, are giving digital dollars a new utility by offering better returns than most savings accounts, with fewer intermediaries. If these use cases prove sustainable, they could become increasingly attractive to both businesses and consumers.

诸如Mountain的USDM或Ethena的USDE之类的承重稳定的稳定币通过提供比大多数储蓄帐户更好的回报，从而为数字美元提供了新的公用事业，而中介机构更少。如果这些用例被证明是可持续的，它们可能对企业和消费者都变得越来越有吸引力。

Consumer Payment Apps Are Adopting Stablecoins Fast

消费者付款应用程序快速采用稳定币

Stablecoins are moving into apps people already use, with PayPal, Venmo, Nubank and Revolut embedding stablecoin functionality directly into their interfaces. It allows consumers to transact globally, send remittances and pay merchants without needing to know anything about blockchain.

Stablecoins正在进入人们已经使用的应用程序，其中Paypal，Venmo，Nubank和Revolut将稳定的功能直接嵌入到其界面中。它允许消费者在全球进行交易，发送汇款并支付商人，而无需了解区块链。

Merchant adoption is keeping pace, with Stripe’s stablecoin acceptance and upcoming Apple Pay and Google Pay integrations removing final barriers to everyday use.

商人的采用是保持步伐，并以Stripe的稳定性接受以及即将到来的Apple Pay和Google薪酬集成消除了日常使用的最终障碍。

Platforms like Helio and Decaf let merchants settle in stablecoins through Shopify and other e-commerce channels. These tools are critical in emerging markets where credit card networks are inefficient or nonexistent. Freelancers and gig workers are increasingly using stablecoins to receive direct payments, without currency conversion losses or slow banking delays.

Helio和DeCaf等平台使商人通过Shopify和其他电子商务渠道定居在Stablecoins中。这些工具对于信用卡网络效率低下或不存在的新兴市场至关重要。自由职业者和演出工人越来越多地使用Stablecoins获得直接付款，而没有货币转换损失或延迟的银行延迟。

Behind the scenes, processors, like MoonPay, Ramp and Alchemy Pay, manage the complex compliance work, facilitating fiat conversions and KYC verification. This infrastructure is key to making stablecoin usage smooth and compliant at scale.

在幕后，月赛，坡道和炼金术付费等处理器，管理复杂的合规性工作，促进菲亚特转换和KYC验证。该基础架构是使稳定使用平稳且规模合规的关键。

The Stablecoin-Native Economy Is Emerging

稳定的本地经济正在新兴

A new financial architecture is forming. In many regions, especially in Latin America and Southeast Asia, stablecoins already outperform local banking services: People hold stablecoins instead of local fiat in a bid to preserve value.

新的金融体系结构正在形成。在许多地区，尤其是在拉丁美洲和东南亚地区，Stablecoins已经胜过当地银行服务：人们拥有稳定的股币而不是本地法定，以保留价值。

For instance, between July 2023 and July 2024, 47% of transactions under $10,000 were conducted using stablecoins, reflecting their importance in everyday transactions and remittances.

例如，在2023年7月至2024年7月之间，使用Stablecoins进行了10,000美元以下交易中的47％，这反映了它们在日常交易和汇款中的重要性。

The high inflation and devaluation of local currencies mean that users are increasingly parking savings in stablecoins, while businesses are using them for real-time treasury operations and developers are building native stablecoin apps that skip banks altogether.

当地货币的高通货膨胀和贬值意味着用户越来越多地为Stablecoins节省了停车，而企业正在将其用于实时财政运营，而开发人员正在构建完全跳过银行银行的本地Stablecoin应用程序。

Solana and Tron collectively process $77 billion in stablecoin transactions by offering speeds and fees traditional finance can’t match. Upstarts, like Codex, even share sequencer fees with stablecoin issuers to build distribution incentives directly into the payment layer.

Solana和Tron通过提供传统财务速度和费用而集体处理770亿美元的Stablecoin交易是无法匹配的。 Upstart，例如Codex，甚至与Stablecoin发行人共享Semencer费用，以直接在支付层中构建分配激励措施。

These chains are optimized for finality, cost and throughput—exactly what stablecoin finance demands.

这些连锁店针对最终性，成本和吞吐量进行了优化，这是Stablecoin Finance的要求。

The revenue-sharing model used by issuers, such

发行人使用的收入共享模型，