Stablecoins可能不是加密货币最性感的资产，但它们正在经历变形。

他们是银行，科技公司和政府的全球军备竞赛的中心，争夺他们的份额二十分亿万美元的派。

Ant Group, the fintech giant backed by Jack Ma and known for its role in Alibaba's e-commerce empire, is preparing to apply for stablecoin licences in Hong Kong, Singapore and Luxembourg, unnamed sources close to the matter told Bloomberg.

与此事的未命名消息人士告诉彭博社，蚂蚁集团是由杰克·马（Jack Ma）支持的金融科技巨头，以其在阿里巴巴电子商务帝国中的角色而闻名，他正准备在香港，新加坡和卢森堡申请Stablecoin许可证。

If approved, the licences will allow Ant to issue its own regulated stablecoins for use in cross-border payments and treasury operations.

如果获得批准，这些许可证将允许ANT发布其自身的监管稳定币，以用于跨境支付和财政部运营。

The news outlet noted that the initiative will be spearheaded by Ant International, the Singapore-based arm of Ant Group, which is ultimately owned by mainland Chinese stakeholders. This makes the stablecoin ambitions particularly noteworthy, considering China's crypto policies are generally ambiguous but ultimately restrictive.

该新闻媒体指出，该倡议将由蚂蚁国际（Ant International）率领，蚂蚁国际（Ant International）是蚂蚁集团（Ant Ant Group）的新加坡部门，最终由中国利益相关者拥有。考虑到中国的加密政策通常是模棱两可的，但最终是限制性的，这使得稳定的野心特别值得注意。

Ant International did not immediately respond to a request for comment.

蚂蚁国际没有立即回应置评请求。

Stablecoin summer

Stablecoin夏天

The timing couldn't be better, as the stablecoin market just hit an all-time high of over $250 billion in circulation. This is being driven by a growing institutional demand and a global push toward clearer rules for this class of digital assets.

时机再好不过了，因为Stablecoin市场的流通量超过2500亿美元。这是由不断增长的机构需求和全球迈向这类数字资产更清晰规则的全球推动的推动。

"Packing my bags for stablecoin summer," crypto investor and Bankless founder Ryan Sean Adams tweeted.

加密投资者和无岸的创始人瑞安·肖恩·亚当斯（Ryan Sean Adams）在推特上发了推文。

Indeed, Asia, the US and Europe are all racing to legally define how this digital money should be issued, governed and taxed.

的确，亚洲，美国和欧洲都在合法地定义应该如何发行，统治和征税的数字资金。

And if favourable regulations fall into place, some analysts believe that $250 billion could be just the beginning. Standard Chartered analysts forecast the market could grow to $2 trillion by 2028. Bitwise CIO Matt Hougan sees the path as even faster, projecting a 10-fold surge to $2.5 trillion "in no time." Meanwhile, Citigroup analysts believe stablecoins could hit $3.7 trillion within five years - more than the current size of the entire crypto market.

如果有利的法规得以实现，一些分析师认为，2500亿美元可能只是开始。标准特许分析师预测，到2028年，市场可能会增长到2万亿美元。BitwiseCio Matt Hougan认为这条路甚至更快，预计将立即“ 10倍至2.5万亿美元”。同时，花旗集团分析师认为，稳定币在五年内可能会达到3.7万亿美元，这比整个加密货币市场的当前规模还要多。

Much of that growth, however, hinges on how the US handles the Genius Act, a stablecoin bill that cleared a key Senate hurdle this week.

然而，大部分增长都取决于美国如何处理《天才法》，这是一项稳定的法案，本周清除了参议院的关键障碍。

"It feels like quite a moment in the development and history of stablecoins and banking," a former economist at the St. Louis Federal Reserve, William Emmons, told the Financial Times.

圣路易斯美联储的前经济学家威廉·艾蒙斯（William Emmons）对《金融时报》说：“在稳定币和银行业的发展和历史上，这感觉就像是一个时刻。”

Circle rises, Tether expands

圆圈上升，系绳扩展

For the time being, the stablecoin market is a two-horse race, with Tether's USDT and Circle's USDC making up over 86% of the entire supply.

暂时，Stablecoin市场是一场两匹马的比赛，Tether的USDT和Circle的USDC占整个供应量的86％以上。

Last week, Circle took a big step with its IPO on the New York Stock Exchange, sending shares soaring and bolstering its image as the go-to stablecoin for regulated institutions.

上周，Circle在纽约证券交易所的IPO上迈出了一大步，使股票飙升并加强了其作为受管制机构的首选稳定的形象。

The move comes as USDC is now the second-largest stablecoin, with a market cap of around $60 billion, trailing only USDT's $156 billion.

此举是因为USDC现在是第二大Stablecoin，市值约为600亿美元，仅落后于USDT的1.56亿美元。

Meanwhile, top dog Tether is backing a new blockchain called Stable, which will allow USDT to be used for transaction fees and target financial institutions with high-speed "enterprise lanes."

同时，Top Dog Tether正在支持一种称为Steable的新区块链，该区块链将允许USDT用于交易费用，并以高速“企业车道”为目标金融机构。

Even the Trump family is getting in on the action. Their affiliated project, World Liberty Financial, recently borrowed $7.5 million in USDT to boost USD1, a self-branded stablecoin pitched at sovereign investors and institutional players.

甚至特朗普一家也在采取行动。他们的附属项目World Liberty Financial最近在USDT中借了750万美元，以增强USD1，这是一个自品牌的Stablecoin，向主权投资者和机构参与者推销。