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國際時事跟讀 Ep. L036: The Stablecoin Revolution: Paving the Digital Currency Future

Highlights 主題摘要

Congress advances landmark GENIUS Act legislation to regulate stablecoins, potentially transforming digital payment systems nationwide.
Major retailers like Amazon and Walmart explore stablecoin adoption to reduce billions in credit card fees.
Critics warn of systemic financial risks while supporters see revolutionary potential for instantaneous global commerce.

Stablecoins represent the most groundbreaking development in modern cryptocurrency markets, attracting unprecedented attention from Congress, corporations, and financial institutions worldwide. Unlike volatile cryptocurrencies such as bitcoin, stablecoins maintain stable value by pegging one-to-one with traditional assets like the dollar. The GENIUS Act, advancing through Congress, would establish the first comprehensive regulatory framework for stablecoins in American financial history. This landmark legislation aims to provide legitimacy to a sector that has grown from nothing to over two hundred fifty billion dollars in market value within just five years.

穩定幣是現代加密貨幣市場最具突破性的發展，吸引美國國會、企業和全球金融機構前所未見的關注。不同於比特幣等價格波動劇烈的加密貨幣，穩定幣透過與美元等傳統資產一比一掛鉤來維持穩定價值。目前在國會審議中的GENIUS法案，將為美國金融史建立首個穩定幣全面性監管架構。這項指標性立法旨在為一個在短短五年內從零成長到超過兩千五百億美元市值的產業提供合法地位。

The stablecoin market has experienced explosive growth, surging from twenty billion dollars in twenty twenty to approximately two hundred forty-six billion by twenty twenty-five. Major companies including Amazon, Walmart, JPMorgan Chase, and Citigroup are actively exploring stablecoin adoption or developing proprietary solutions. Tether dominates the market with its USDT stablecoin accounting for sixty-two percent of total market share, while Circle's USDC represents twenty-five percent. Even President Trump's family has financial interests in World Liberty Financial, which issues the USD1 stablecoin, highlighting the political significance of this emerging financial sector.

穩定幣市場經歷爆炸性成長，從二○二○年的兩百億美元暴增至二○二五年約兩千四百六十億美元。包括亞馬遜、沃爾瑪、摩根大通和花旗集團等大型企業，正積極探索穩定幣應用或開發自有解決方案。Tether（泰達公司）以其USDT穩定幣稱霸市場，占總市占率六成二，Circle的USDC則約占兩成五。就連川普總統家族也在發行USD1穩定幣的World Liberty Financial擁有金融利益，凸顯這個新興金融領域的政治重要性。

The revolutionary appeal lies in transforming global payment systems by enabling instantaneous, cross-border transactions without traditional banking intermediaries. Companies in developing countries utilize stablecoins to expedite international money transfers that typically require days through conventional banking systems. Yellow Card, operating across sixteen African countries, facilitates such transactions, with CEO Chris Maurice describing stablecoins as providing bridges to the global economy. Major retailers could eliminate billions in credit card processing fees, while consumers would experience faster, more efficient payment processing for everyday transactions across multiple platforms and international borders.

革命性的吸引力在於能夠繞過傳統銀行中介，實現即時跨境交易，進而改造全球支付系統。開發中國家的企業運用穩定幣來加速國際匯款，這些匯款透過傳統銀行系統通常需要好幾天時間。在十六個非洲國家營運的Yellow Card協助處理這類交易，執行長Chris Maurice形容穩定幣提供了通往全球經濟的橋樑。大型零售商可望省下數十億美元的信用卡處理費，消費者在跨平台和跨國日常交易中，也能享受更快速、更有效率的支付體驗。

However, significant concerns persist regarding stablecoin safety and systemic financial risks. Critics question whether companies maintain proper reserves backing their stablecoins, citing limited public audits and regulatory oversight. Former SEC official John Reed Stark emphasizes transparency concerns, while Stanford professor Darrell Duffie warns about potential bank-run scenarios. Additional worries include stablecoins' suspected use by illicit actors for money laundering and destabilizing traditional financial systems. Despite these risks, analysts project continued growth, with Citigroup estimating the market could reach three-point-seven trillion dollars by twenty thirty, fundamentally reshaping global commerce.

然而，穩定幣的安全性和系統性金融風險仍存在重大疑慮。批評者質疑企業是否真的維持足夠準備金來支撐旗下穩定幣，並指出公開稽核和監管監督有限。前美國證管會官員John Reed Stark強調透明度問題，史丹佛大學教授Darrell Duffie則警告可能出現銀行擠兌情況。其他擔憂還包括穩定幣疑似被不法人士用於洗錢，以及可能衝擊傳統金融體系穩定。儘管存在這些風險，分析師預測市場將持續成長，花旗集團估計到二○三○年市場規模可能達到三兆七千億美元，從根本改變全球商業型態。

Keyword Drills 關鍵字

Pegging [verb, linking the value of one currency to another]: Stablecoins maintain stable value by pegging one-to-one with traditional assets like the dollar.
Intermediaries [noun, people or organizations that act as a link between parties]: The revolutionary appeal lies in transforming global payment systems by enabling instantaneous, cross-border transactions without traditional banking intermediaries.
Expedite [verb, to make a process happen more quickly]: Companies in developing countries utilize stablecoins to expedite international money transfers that typically require days through conventional banking systems.
Transparency [noun, the quality of being open and honest]: Former SEC official John Reed Stark emphasizes transparency concerns, while Stanford professor Darrell Duffie warns about potential bank-run scenarios.
Destabilizing [verb, making something less stable or secure]: Additional worries include stablecoins' suspected use by illicit actors for money laundering and destabilizing traditional financial systems.

Reference article:
1. https://www.npr.org/2025/07/15/nx-s1-5467380/crypto-stablecoin-genius-act-congress
2. https://edition.cnn.com/2025/06/05/business/stablecoins-crypto-genius-act

國際時事跟讀 Ep. L036: 穩定幣革命：數位貨幣的未來之路 The Stablecoin Revolution: Paving the Digital Currency Future

通勤學英語 15Mins Today