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穩定幣正悄然重塑機構管理流動性的方式。去年,鏈上結算約達到 $9 兆美元,比前一年增長了87%,這些交易通過抵押品管理、回購市場和跨境交易流動。
這已不僅僅是理論。花旗、法國興業銀行和摩根大通的 JPMCoin 等主要玩家都在積極測試這些數字現金替代方案。其吸引力顯而易見:更快的結算速度、較少的中介、全天候的基礎設施。
但這並非毫無摩擦。風險管理仍是房間裡的象徵。隨著採用規模擴大,有關贖回保證、流動性不匹配和監管套利的系統性問題也在增加。機構資金正在流入,但仍持謹慎態度。