<p>Tether 宣布对 <strong>t-0 network</strong> 进行战略投资，这是一个为持牌金融机构设计的以 USD₮ 为基础的结算平台，标志着进一步推动稳定币进入跨境支付基础设施。</p>
<p>该倡议旨在实现银行与金融科技公司之间近乎即时的法币对法币转账，使用 USD₮ 作为基础结算层。</p>
<p>该系统被定位为非托管网络。它在参与机构之间记录和匹配交易，然后在链上结算净余额。</p>
<h2><strong>从交易流动性到结算用例</strong></h2>
<p>USD₮ 在加密市场流动性中长期扮演着核心角色，特别是在市场压力时期。</p>
<p>Tether 进入支付基础设施的举动反映了将稳定币使用适应于结算和财务职能的更广泛努力。</p>
<p>Tether 首席执行官 Paolo Ardoino 表示，此项投资旨在解决国际支付中的低效问题，而不是针对面向消费者的用例。</p>
<blockquote>
<p>“t-0 network 直接解决了国际支付的复杂性，结合了实时结算、成本效率、外汇透明度和全球覆盖范围，”</p>
</blockquote>
<p>Ardoino 说，并补充说 Tether 旨在支持能够在受监管市场中扩展的基础设施。</p>
<h2><strong>为何时机重要</strong></h2>
<p>该公告是在 USD₮ 供应扩张的时期发布的，而更广泛的加密市场却在收缩。</p>
<p>在 2025 年最后一个季度，Tether 的流通供应增长，而整体加密市场市值急剧下降。这表明资本正在转向稳定币，而不是完全撤出链上市场。</p>
<p>这种差异强化了 USD₮ 作为防御性流动性层的角色，帮助解释为何以结算为导向的基础设施现在成为战略重点。</p>
<h2><strong>机构关注而非零售采用</strong></h2>
<p>与消费者支付应用不同，t-0 network 明确为银行和受监管金融机构设计。</p>
<p>它通过单一 API 连接参与者，并仅在每个机构选择的货币中结算净余额，从而减少预融资要求并限制外汇风险。</p>
<p>t-0 network 首席执行官 James Brownlee 表示，该系统旨在简化机构用户的跨境支付。</p>
<p>“我们的目标是让全球支付感觉像本地支付，” Brownlee 说，并将该平台描述为减少发达市场与新兴市场之间摩擦的一种方式，而无需机构彻底改造现有系统。</p>
<h2><strong>渐进式转变，而非立即颠覆</strong></h2>
<p>Tether 并未披露其投资规模或提供商业推出的时间表。目前尚未宣布交易量或参与机构。</p>
<p>尽管基于稳定币的结算系统越来越多地被讨论作为对照银行的替代方案，但采用可能仍将是渐进的，并受到监管明确性、整合挑战和大规模可靠性验证的影响。</p>
<hr/>
<h2><strong>最后思考</strong></h2>
<ul>
<li>Tether 的投资反映了对 USD₮ 作为机构结算流动性的日益需求，而不仅仅是交易抵押品。</li>
<li>稳定币正逐步接近支付基础设施，但广泛采用仍然是渐进的，并依赖于监管。</li>
</ul>
<hr/>

<p>Tether 对 t-0 网络进行了战略投资，该网络是一个以 USD₮为基础的结算平台，旨在服务于持牌金融机构。此举旨在通过使用 USD₮实现近乎即时的法币对法币转账，从而增强跨境支付。t-0 网络专为银行和受监管实体设计，重点在于简化国际支付，同时降低成本和外汇风险。Tether 的这一举动反映了向使用稳定币进行机构结算流动性的转变，尽管广泛采用仍将取决于监管的明确性和整合挑战</p>

<p>Tether has announced a strategic investment in <strong>t-0 network</strong>, a USD₮-powered settlement platform designed for licensed financial institutions, marking a further push to extend the stablecoin into cross-border payments infrastructure.</p>
<div class="lb-trans"><p>Tether 宣布对 <strong>t-0 network</strong> 进行战略投资，这是一个为持牌金融机构设计的以 USD₮ 为基础的结算平台，标志着进一步推动稳定币进入跨境支付基础设施。</p>
</div><p>The initiative aims to enable near-instant, net-settled fiat-to-fiat transfers between banks and fintechs, using USD₮ as the underlying settlement layer.</p>
<div class="lb-trans"><p>该倡议旨在实现银行与金融科技公司之间近乎即时的法币对法币转账，使用 USD₮ 作为基础结算层。</p>
</div><p>The system is positioned as a non-custodial network. It records and matches transactions across participating institutions before settling net balances on-chain.</p>
<div class="lb-trans"><p>该系统被定位为非托管网络。它在参与机构之间记录和匹配交易，然后在链上结算净余额。</p>
</div><h2><strong>From trading liquidity to settlement use cases</strong></h2>
<div class="lb-trans"><h2><strong>从交易流动性到结算用例</strong></h2>
</div><p>USD₮ has long played a central role in crypto market liquidity, particularly during periods of market stress.</p>
<div class="lb-trans"><p>USD₮ 在加密市场流动性中长期扮演着核心角色，特别是在市场压力时期。</p>
</div><p>Tether’s move into payments infrastructure reflects a broader effort to adapt stablecoin usage toward settlement and treasury functions.</p>
<div class="lb-trans"><p>Tether 进入支付基础设施的举动反映了将稳定币使用适应于结算和财务职能的更广泛努力。</p>
</div><p>Paolo Ardoino, chief executive of Tether, said the investment was intended to address inefficiencies in international payments rather than target consumer-facing use cases.</p>
<div class="lb-trans"><p>Tether 首席执行官 Paolo Ardoino 表示，此项投资旨在解决国际支付中的低效问题，而不是针对面向消费者的用例。</p>
</div><blockquote>
<p>“The t-0 network directly addresses the complexity of international payments by combining real-time settlement, cost efficiency, FX transparency, and global reach,”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“t-0 network 直接解决了国际支付的复杂性，结合了实时结算、成本效率、外汇透明度和全球覆盖范围，”</p>
</blockquote>
</div><p>Ardoino said, adding that Tether aims to support infrastructure that can scale across regulated markets.</p>
<div class="lb-trans"><p>Ardoino 说，并补充说 Tether 旨在支持能够在受监管市场中扩展的基础设施。</p>
</div><h2><strong>Why the timing matters</strong></h2>
<div class="lb-trans"><h2><strong>为何时机重要</strong></h2>
</div><p>The announcement follows a period in which USD₮ supply expanded even as the broader crypto market contracted.</p>
<div class="lb-trans"><p>该公告是在 USD₮ 供应扩张的时期发布的，而更广泛的加密市场却在收缩。</p>
</div><p>In the final quarter of 2025, Tether’s circulating supply grew while overall crypto market capitalization fell sharply. This suggests capital rotation into stablecoins rather than a full withdrawal from on-chain markets.</p>
<div class="lb-trans"><p>在 2025 年最后一个季度，Tether 的流通供应增长，而整体加密市场市值急剧下降。这表明资本正在转向稳定币，而不是完全撤出链上市场。</p>
</div><p>That divergence has reinforced USD₮’s role as a defensive liquidity layer, helping explain why settlement-oriented infrastructure is now a strategic focus.</p>
<div class="lb-trans"><p>这种差异强化了 USD₮ 作为防御性流动性层的角色，帮助解释为何以结算为导向的基础设施现在成为战略重点。</p>
</div><h2><strong>Institutional focus over retail adoption</strong></h2>
<div class="lb-trans"><h2><strong>机构关注而非零售采用</strong></h2>
</div><p>Unlike consumer payment applications, the t-0 network is explicitly designed for banks and regulated financial institutions.</p>
<div class="lb-trans"><p>与消费者支付应用不同，t-0 network 明确为银行和受监管金融机构设计。</p>
</div><p>It connects participants through a single API and settles only net balances in each institution’s chosen currency, reducing prefunding requirements and limiting foreign exchange exposure.</p>
<div class="lb-trans"><p>它通过单一 API 连接参与者，并仅在每个机构选择的货币中结算净余额，从而减少预融资要求并限制外汇风险。</p>
</div><p>James Brownlee, chief executive of t-0 network, said the system was built to simplify cross-border payments for institutional users.</p>
<div class="lb-trans"><p>t-0 network 首席执行官 James Brownlee 表示，该系统旨在简化机构用户的跨境支付。</p>
</div><p>“Our goal is to make global payments feel local,” Brownlee said, describing the platform as a way to reduce friction between developed and emerging markets without requiring institutions to overhaul existing systems.</p>
<div class="lb-trans"><p>“我们的目标是让全球支付感觉像本地支付，” Brownlee 说，并将该平台描述为减少发达市场与新兴市场之间摩擦的一种方式，而无需机构彻底改造现有系统。</p>
</div><h2><strong>Incremental shift, not immediate disruption</strong></h2>
<div class="lb-trans"><h2><strong>渐进式转变，而非立即颠覆</strong></h2>
</div><p>Tether did not disclose the size of its investment or provide a timeline for commercial rollout. No transaction volumes or participating institutions have yet been announced.</p>
<div class="lb-trans"><p>Tether 并未披露其投资规模或提供商业推出的时间表。目前尚未宣布交易量或参与机构。</p>
</div><p>While stablecoin-based settlement systems are increasingly discussed as alternatives to correspondent banking, adoption is likely to remain gradual and shaped by regulatory clarity, integration challenges, and demonstrated reliability at scale.</p>
<div class="lb-trans"><p>尽管基于稳定币的结算系统越来越多地被讨论作为对照银行的替代方案，但采用可能仍将是渐进的，并受到监管明确性、整合挑战和大规模可靠性验证的影响。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后思考</strong></h2>
</div><ul>
<li>Tether’s investment reflects growing demand for USD₮ as institutional settlement liquidity rather than purely trading collateral.</li>
<li>Stablecoins are edging closer to payments infrastructure, but widespread adoption remains incremental and regulation-dependent.</li>
</ul>
<div class="lb-trans"><ul>
<li>Tether 的投资反映了对 USD₮ 作为机构结算流动性的日益需求，而不仅仅是交易抵押品。</li>
<li>稳定币正逐步接近支付基础设施，但广泛采用仍然是渐进的，并依赖于监管。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Tether 通过投资 t-0 网络，将 USD₮扩展至机构支付基础设施