<p>作者：西蒙·泰勒 译者：Block unicorn</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/4-1765281017528.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="972" height="520" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/4-1765281017528.jpg"/></p>
<p>银行创造货币，稳定币促进货币流动。我们需要两者。</p>
<p>代币化存款的支持者表示：“稳定币是未受监管的影子银行。一旦银行代币化存款，大家都会更倾向于选择银行。”</p>
<p>一些银行和中央银行喜欢这个论点。</p>
<p>稳定币的支持者表示：“银行是恐龙。我们不需要它们在链上。稳定币是货币的未来。” 加密原住民特别喜欢这个叙述。双方都忽视了关键点。银行为其最大客户提供更便宜的信贷。你存入 100 美元，它变成 90 美元的贷款（或更多）。这就是部分准备金银行的运作方式。几个世纪以来，这一直是经济增长的引擎。财富 500 强公司在摩根大通存入 5 亿美元。作为回报，它们以低于市场利率获得巨额信贷额度。存款是银行商业模式的核心，大型企业对此非常清楚。代币化存款将这一机制带入区块链，但它们仅服务于银行自己的客户。你仍然在银行的监管范围内，仍然受其营业时间、流程和合规要求的限制。对于需要低成本信贷额度的企业来说，代币化存款是一个不错的选择。稳定币就像现金。Circle 和 Tether 持有 100% 的储备，相当于 2000 亿美元的债券。它们获得 4-5% 的收益，但不支付任何费用。作为回报，你收到的资金不受任何银行监管。预计到 2025 年，将有 9 万亿美元通过稳定币跨境转移。它们可以在任何时间、任何地点使用，只需互联网连接，无需权限，24/7 运营。无需进行代理银行查询，无需等待 SWIFT 清算，也无需等待 “我们将在 3-5 个工作日内回复您”。稳定币是需要在周六晚上 11 点之前支付阿根廷供应商的公司的一个好选择。未来将同时存在：一家寻求银行良好信贷额度的公司也可能希望使用稳定币作为进入长尾市场的渠道。想象一下这个场景：一家财富 500 强公司在摩根大通持有代币化存款。作为回报，它获得了其美国业务的优惠信贷额度。它需要向一个偏好稳定币的阿根廷供应商付款。因此，它将 JPMD 兑换为 USDC。这是我们未来方向的一个例子。在链上。原子化。两者兼具。在适用的情况下使用传统渠道。在不适用的情况下使用稳定币。这不是一个非此即彼的选择，而是两者之间的平衡。代币化存款→银行系统内的低成本信贷。稳定币→银行系统外的现金类结算方式。在链上交换→即时转换，零结算风险。每种方式都有其优缺点。它们将共存。在链上支付&gt;支付编排的 API。一些大型银行可能会说：“我们不需要代币化存款，我们有 API，” 在某些情况下，他们是正确的。这正是链上金融的优势。智能合约可以在多个企业和个人之间构建逻辑。当供应商的存款到达时，智能合约可以自动触发库存融资、营运资金融资和货币对冲。这些操作可以由银行和非银行机构自动和即时完成。存款→稳定币→支付发票→下游支付完成。API 是点对点的，而智能合约是多对多的。这使得它们非常适合跨组织边界的工作流程。这就是链上金融的力量。这是一种根本不同的金融服务架构。未来属于链上。代币化存款解决了低成本信贷的问题。存款被锁定。银行以这些存款为基础放贷。它们的商业模式保持不变。稳定币解决了资金可携带性的问题。资金可以在任何地方移动，无需许可。全球南方国家可以获得美元。企业可以快速结算。代币化存款的支持者只想要受监管的支付渠道。稳定币的支持者想要取代银行。未来需要两者。财富 500 强公司希望从银行获得巨额信贷额度和即时全球结算。新兴市场希望创造本地信贷和美元通道。DeFi 希望实现可组合性和真实资产支持。争论谁会赢忽视了正在发生的事情。金融的未来在于链上。代币化存款和稳定币都是实现这一目标所需的基础设施。停止争论谁会赢。开始构建互操作性。可组合的货币。</p>

CRCL

<p>这篇文章讨论了代币化存款与稳定币之间的辩论，强调了金融领域需要整合而非替代。代币化存款在银行内部提供低成本信贷，而稳定币则在银行系统外提供类似现金的结算。两者对于未来的金融基础设施至关重要，能够实现互操作性和可组合货币。未来的金融将是链上化的，需要这两种系统共存并相辅相成</p>

<p>Author: Simon Taylor Translator: Block unicorn</p>
<div class="lb-trans"><p>作者：西蒙·泰勒 译者：Block unicorn</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202512/4-1765281017528.jpg" alt="" original-src="https://img.foresightnews.pro/202512/4-1765281017528.jpg?x-oss-process=style/scale70"/></p>
<p>Banks create money, stablecoins facilitate money flow. We need both.</p>
<div class="lb-trans"><p>银行创造货币，稳定币促进货币流动。我们需要两者。</p>
</div><p>Proponents of tokenized deposits say, &#34;Stablecoins are unregulated shadow banking. Once banks tokenize deposits, everyone will be more inclined to choose banks.&#34;</p>
<div class="lb-trans"><p>代币化存款的支持者表示：“稳定币是未受监管的影子银行。一旦银行代币化存款，大家都会更倾向于选择银行。”</p>
</div><p>Some banks and central banks like this argument.</p>
<div class="lb-trans"><p>一些银行和中央银行喜欢这个论点。</p>
</div><p>Proponents of stablecoins say, &#34;Banks are dinosaurs. We don't need them on-chain. Stablecoins are the future of money.&#34; Crypto natives particularly love this narrative. Both sides are missing the point. Banks offer cheaper credit to their biggest customers. You deposit $100 and it becomes a $90 loan (or more). That's how fractional-reserve banks work. For centuries, it has been an engine of economic growth. Fortune 500 companies deposit $500 million with JPMorgan Chase. In return, they receive massive lines of credit at below-market interest rates. Deposits are the core of a bank's business model, and large corporations are well aware of this. Tokenized deposits bring this mechanism onto the blockchain, but they only serve the bank's own customers. You remain under the bank's regulatory purview, still subject to its operating hours, processes, and compliance requirements. For businesses needing low-cost credit lines, tokenized deposits are a good option. Stablecoins are like cash. Circle and Tether hold 100% of reserves, equivalent to $200 billion in bonds. They earn a 4-5% yield but don't pay you any fees. In return, the funds you receive are not subject to any bank regulation. It is projected that $9 trillion will be transferred across borders via stablecoins by 2025. They can be used anytime, anywhere with an internet connection, requiring no permissions and operating 24/7. No need for correspondent bank inquiries, no waiting for SWIFT clearing, and no waiting for &#34;we'll reply to you in 3-5 business days.&#34; Stablecoins are a good option for companies that need to pay Argentine suppliers by 11 pm on Saturdays. The future holds both: a company looking for good credit lines from banks may also want to use stablecoins as a channel to enter long-tail markets. Imagine this scenario: A Fortune 500 company holds a tokenized deposit with JPMorgan Chase. In return, it receives a preferential credit line for its US operations. It needs to make a payment to an Argentinian supplier that prefers stablecoins. So, it exchanges JPMD for USDC. This is an example of our future direction. On-chain. Atomic. Both. Use traditional channels where applicable. Use stablecoins where inapplicable. This isn't an either-or choice, but rather a balance between the two. Tokenized deposits → Low-cost credit within the banking system. Stablecoins → Cash-like settlement methods outside the banking system. On-chain exchange → Instant conversion, zero settlement risk. Each has its advantages and disadvantages. They will coexist. On-chain payments &gt; APIs for payment orchestration. Some large banks might say, &#34;We don't need tokenized deposits, we have APIs,&#34; and in some cases, they are correct. This is precisely the advantage of on-chain finance. Smart contracts can build logic across multiple businesses and individuals. When a supplier's deposit arrives, a smart contract can automatically trigger inventory financing, working capital financing, and currency hedging. These operations can be completed automatically and instantly by both banks and non-bank institutions. Deposit → Stablecoin → Payment Invoice → Downstream Payment Complete. APIs are peer-to-peer, while smart contracts are many-to-many. This makes them ideal for workflows across organizational boundaries. This is the power of on-chain finance. This is a fundamentally different financial services architecture. The future belongs on-chain. Tokenized deposits solve the problem of low-cost credit. Deposits are locked. Banks lend against these deposits. Their business model remains unchanged. Stablecoins solve the problem of fund portability. Funds can move anywhere without permission. Global Southern countries can access USD. Businesses can get fast settlements. Proponents of tokenized deposits only want regulated payment channels. Proponents of stablecoins want to replace banks. The future requires both. Fortune 500 companies want massive lines of credit from banks and instant global settlements. Emerging markets want local credit creation and dollar gateways. DeFi wants composability and real-world asset backing. Debating who will win ignores what's happening. The future of finance is on-chain. Tokenized deposits and stablecoins are both necessary infrastructure for achieving this. Stop debating who will win. Start building interoperability. Composable money.</p>
<div class="lb-trans"><p>稳定币的支持者表示：“银行是恐龙。我们不需要它们在链上。稳定币是货币的未来。” 加密原住民特别喜欢这个叙述。双方都忽视了关键点。银行为其最大客户提供更便宜的信贷。你存入 100 美元，它变成 90 美元的贷款（或更多）。这就是部分准备金银行的运作方式。几个世纪以来，这一直是经济增长的引擎。财富 500 强公司在摩根大通存入 5 亿美元。作为回报，它们以低于市场利率获得巨额信贷额度。存款是银行商业模式的核心，大型企业对此非常清楚。代币化存款将这一机制带入区块链，但它们仅服务于银行自己的客户。你仍然在银行的监管范围内，仍然受其营业时间、流程和合规要求的限制。对于需要低成本信贷额度的企业来说，代币化存款是一个不错的选择。稳定币就像现金。Circle 和 Tether 持有 100% 的储备，相当于 2000 亿美元的债券。它们获得 4-5% 的收益，但不支付任何费用。作为回报，你收到的资金不受任何银行监管。预计到 2025 年，将有 9 万亿美元通过稳定币跨境转移。它们可以在任何时间、任何地点使用，只需互联网连接，无需权限，24/7 运营。无需进行代理银行查询，无需等待 SWIFT 清算，也无需等待 “我们将在 3-5 个工作日内回复您”。稳定币是需要在周六晚上 11 点之前支付阿根廷供应商的公司的一个好选择。未来将同时存在：一家寻求银行良好信贷额度的公司也可能希望使用稳定币作为进入长尾市场的渠道。想象一下这个场景：一家财富 500 强公司在摩根大通持有代币化存款。作为回报，它获得了其美国业务的优惠信贷额度。它需要向一个偏好稳定币的阿根廷供应商付款。因此，它将 JPMD 兑换为 USDC。这是我们未来方向的一个例子。在链上。原子化。两者兼具。在适用的情况下使用传统渠道。在不适用的情况下使用稳定币。这不是一个非此即彼的选择，而是两者之间的平衡。代币化存款→银行系统内的低成本信贷。稳定币→银行系统外的现金类结算方式。在链上交换→即时转换，零结算风险。每种方式都有其优缺点。它们将共存。在链上支付&gt;支付编排的 API。一些大型银行可能会说：“我们不需要代币化存款，我们有 API，” 在某些情况下，他们是正确的。这正是链上金融的优势。智能合约可以在多个企业和个人之间构建逻辑。当供应商的存款到达时，智能合约可以自动触发库存融资、营运资金融资和货币对冲。这些操作可以由银行和非银行机构自动和即时完成。存款→稳定币→支付发票→下游支付完成。API 是点对点的，而智能合约是多对多的。这使得它们非常适合跨组织边界的工作流程。这就是链上金融的力量。这是一种根本不同的金融服务架构。未来属于链上。代币化存款解决了低成本信贷的问题。存款被锁定。银行以这些存款为基础放贷。它们的商业模式保持不变。稳定币解决了资金可携带性的问题。资金可以在任何地方移动，无需许可。全球南方国家可以获得美元。企业可以快速结算。代币化存款的支持者只想要受监管的支付渠道。稳定币的支持者想要取代银行。未来需要两者。财富 500 强公司希望从银行获得巨额信贷额度和即时全球结算。新兴市场希望创造本地信贷和美元通道。DeFi 希望实现可组合性和真实资产支持。争论谁会赢忽视了正在发生的事情。金融的未来在于链上。代币化存款和稳定币都是实现这一目标所需的基础设施。停止争论谁会赢。开始构建互操作性。可组合的货币。</p>
</div>

代币化存款与稳定币之争：金融的未来在于整合而非替代