专家表示，稳定币有望在 2025 年取得突破

自 2014 年第一个稳定币 BitUSD 出现以来，稳定币的名单已增加到至少 195 种。这是数字货币在线参考 Coinmarketcap 排名的稳定币数量。

As 2025 begins to unfold, some experts are beginning to think the year could see a breakthrough for stablecoins, the digital currency generated by a blockchain but with a value tied to a national currency, such as the dollar. That link allows users to deploy digital dollars, for example, without fearing the wild swings in value that Bitcoin and other cryptocurrencies are subject to.

随着 2025 年的到来，一些专家开始认为稳定币可能会在这一年取得突破，稳定币是一种由区块链生成的数字货币，但其价值与美元等本国货币挂钩。例如，该链接允许用户部署数字美元，而不必担心比特币和其他加密货币的价值剧烈波动。

The roster of stablecoins has grown to at least 195 since the first such token, BitUSD, emerged in 2014. That’s the number of coins ranked by Coinmarketcap, an online reference on digital currencies. More are coming soon, experts say.

自 2014 年第一个稳定币 BitUSD 出现以来，稳定币的名单已增加到至少 195 种。这是数字货币在线参考 Coinmarketcap 排名的稳定币数量。专家表示，更多的产品即将推出。

“I’ve noticed a uptick in interest in the past year,” says Aaron McPherson, a payments consultant who follows cryptocurrency. And major payments platforms are jumping into the game. The most recent example is the PYUSD token launched by PayPal.

“我注意到过去一年人们的兴趣有所上升，”关注加密货币的支付顾问亚伦·麦克弗森 (Aaron McPherson) 说。各大支付平台也纷纷加入其中。最近的例子是 PayPal 推出的 PYUSD 代币。

Even traditional financial institutions are starting to get into the game. “There’s work being done by major banks on deposit tokens,” says McPherson. “If you have money on deposit, you create a token and put it on the blockchain. It can be traded, mediated on the blockchain.”

就连传统金融机构也开始涉足这一领域。 “各大银行正在开展存款代币方面的工作，”麦克弗森说。 “如果你有存款，你可以创建一个代币并将其放在区块链上。它可以在区块链上进行交易和调解。”

Crypto platforms like Circle Internet Group, meanwhile, are putting out digital guides to buying, managing, and selling stablecoins. Circle’s entry, USDC, ranks second among stablecoins, with a market capitalization of $45.8 billion, according to Coinmarketcap. The top coin, Tether, is way ahead at $137 billion.

与此同时，Circle Internet Group 等加密货币平台正在推出购买、管理和销售稳定币的数字指南。根据 Coinmarketcap 的数据，Circle 旗下的 USDC 在稳定币中排名第二，市值为 458 亿美元。排名第一的代币 Tether 以 1,370 亿美元遥遥领先。

And Ripple, an early exponent of stablecoins, is expected to issue Wednesday a new coin, ripple USD, after months of legal wrangling with the Securities and Exchange Commission over a prior coin, XRP.

Ripple 是稳定币的早期代表，在与美国证券交易委员会就之前的货币 XRP 进行了数月的法律争论后，预计将于周三发行新的货币 Ripple USD。

“Ripple has been reinvigorated, they’re well-positioned,” noted McPherson.

“Ripple 已经重新焕发活力，他们处于有利位置，”麦克弗森指出。

Looming in the background, meanwhile, is a new administration that many view as more open to cryptocurrency than the outgoing Biden administration. “There’s an expectation that a new administration coming in will be much more friendly to crypto,” says McPherson. “We can expect a more permissive regulatory environment.”

与此同时，新政府的出现，许多人认为新政府比即将卸任的拜登政府对加密货币更加开放。麦克弗森表示：“人们预计新政府的上任将对加密货币更加友好。” “我们可以期待一个更加宽松的监管环境。”

But there may be a few clouds on the horizon for stablecoins. Competition from established players like Circle and the increasing capital demands the market is likely to generate will put pressure on lesser coins, observers say. “We’ve got a profusion of stablecoins now, which means a shakeout at some point,” warns McPherson.

但稳定币的前景可能会出现一些乌云。观察人士表示，来自 Circle 等老牌参与者的竞争以及市场可能产生的不断增长的资本需求将为较小的代币带来压力。麦克弗森警告说：“我们现在拥有大量的稳定币，这意味着在某个时候会发生洗牌。”

And in the United States, at least, where the national government has looked at the potential for a form of federally issued stablecoin called a US digital dollar (USDC), not all federal officials are enthusiastic about private-sector stablecoins. The coins “could pose significant risks to financial stability, monetary policy, and the U.S. payments system,” a Fed official noted at a conference in 2023.

至少在美国，国家政府已经研究了联邦发行的一种名为“美元数字美元”(USDC) 的稳定币的潜力，但并非所有联邦官员都对私营部门的稳定币充满热情。一位美联储官员在 2023 年的一次会议上指出，这些硬币“可能对金融稳定、货币政策和美国支付系统构成重大风险”。