<p><em>作者：Chloe，ChainCatcher</em></p>
<p>在 2026 年初，支付行业正在展开一场不对称的赌注。从 Circle 推出 Arc 区块链和纳米支付，到 Stripe 与 Paradigm 合作孵化支付公链 Tempo，并花费 11 亿美元收购 Bridge，这些巨头们有一个共同的目标：他们不再为人类设计支付工具，而是为 AI 代理构建全新的金融轨道。</p>
<p>这场军备竞赛的逻辑围绕着这样一个事实：随着 AI 代理成为经济活动的主要参与者，传统信用卡 2-3% 的交易费用将逐渐变得不必要，取而代之的是极低费用的稳定币支付协议。</p>
<p>今年 2 月，Citrini Research 发布了一份冗长的情景报告，预测了这一未来，导致 Visa、Mastercard 和 American Express 在一天内损失了 5-7% 的市值。这是市场的过度反应，还是资本对未来价值的过早定价？尚待观察。然而，理想与现实之间存在巨大的差距：尽管 x402 协议的月交易量仍仅为 2400 万美元，但全球电子商务市场已经是一个 6.88 万亿美元的庞然大物。这不可避免地引发了一个问题：这是一次开创性的战略举措，还是一次抵押未来的鲁莽赌博？AI 支付领域的军备竞赛已经开始，但战场尚未形成。在 2026 年 3 月初，Circle 首席执行官 Jeremy Allaire 透露了一个细节：公司在 30 分钟内完成了其八个业务实体之间 6800 万美元的内部结算，使用的是其自有的 USDC 稳定币，无需传统银行电汇。按照传统金融标准，同样规模的跨境转账通常需要 1 到 3 个工作日，并产生昂贵的银行费用。这一实际结果向市场发出了明确的信号：稳定币作为 “现代金融基础设施” 的潜力不容忽视。它证明企业可以绕过传统银行网络，以低成本和高效率实现大规模的跨境或银行内部资金转移。这并不是个别案例；加密行业过去积累的基础设施即将开始发挥其力量。Circle 的双管齐下策略：专注于微支付和代理商业 Circle 的战略展示了明确的双管齐下策略：首先，Arc 是一个于 2025 年 10 月推出公测网的 Layer 1 区块链，使用 USDC 作为其原生燃料代币。该区块链具有亚秒级最终性和可预测的 “美元计价” 费用，精准解决了传统 EVM 链在支付场景中因链上拥堵而导致的成本波动这一痛点。其次，纳米支付于今年 3 月初推出，支持低至 0.000001 美元的 USDC 转账且无燃料费用。通过批量链上结算，Circle 将数千笔微交易整合为一次链上操作，将每笔交易的成本降低到接近零。Circle 与 OpenMind 的合作也令人印象深刻，一只名为 Bits 的机器人狗自主支付电费，象征着 “代理商业” 的概念验证，并展示了机器人在物理世界中作为独立实体的可能性。Stripe 的战略布局专注于生态系统规模和与传统金融的整合。Stripe 的战略布局也向市场展示了其雄心。2025 年 9 月，Stripe 与加密风险投资公司 Paradigm 合作推出 Tempo，一个专注于支付的 Layer 1 区块链，旨在实现每秒 10 万笔交易和亚秒级最终性。Tempo 的架构与 Circle 的 Arc 有相似的设计理念，均支持稳定币燃料费用支付，并结合了自动化做市商（AMM）用于跨币种结算。然而，Tempo 的生态系统合作伙伴还包括 Visa、Mastercard、瑞银、OpenAI 和 Shopify 等顶级机构和传统金融巨头。另一方面，考虑到 Stripe 之前收购 Bridge（11 亿美元）、Privy 交易及其对 Tempo 的投资，Stripe 在稳定币基础设施上的总投资可能已超过 15 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439140_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="326" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439140_image3.png"/></p>
<h2>Citrini Research 如何引发传统支付巨头的黑色星期一</h2>
<p>在 2026 年 2 月底，一个名为 Citrini Research 的独立组织在 Substack 上发布了一份几千字的情境报告，标题为《2028 全球智能危机》。报告的核心叙述是，随着 AI 代理开始大规模为消费者做出购物和支付决策，“消除交易摩擦和成本” 自然将成为算法优化的目标之一。在 Citrini 设想的情景中，到 2027 年，这些代理系统将开始绕过传统信用卡网络，转而在 Solana 或以太坊 Layer 2 上以稳定币结算，交易成本仅为传统金融的一小部分。报告在周末发布后在科技和金融领域迅速传播，到了 2 月 23 日星期一开盘时，市场情绪迅速恶化。当天，Visa 的股价下跌超过 4%，Mastercard 下跌超过 6%，American Express 接近 8%，几家主要专注于信用卡和消费金融的机构在一个交易日内损失了数百亿美元的市值。随着报告被多位科技和金融 KOL 在社交媒体平台如 X 上分享，Citrini 的宏观情景备忘录，最初意在作为 “风险演练”，迅速被市场误解为 “即将到来的基本预测”，进一步放大了人们对 AI、稳定币和传统支付网络之间关系的担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="290" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png"/></p>
<h2>为什么稳定币是 AI 代理的 “自然货币”</h2>
<p>要理解为什么像 Circle 这样的稳定币发行者和像 Stripe 这样的支付基础设施提供商将 “代理原生支付” 视为他们下一个战略方向，我们首先必须理解一件事：当交易的主体从人类转变为 AI 代理时，传统信用卡网络的设计前提实际上开始松动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="290" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png"/></p>
<h2>要理解为什么稳定币发行者像 Circle 和支付基础设施提供商像 Stripe 将 “代理原生支付” 视为他们下一个战略方向，我们首先必须理解一件事：当交易的主体从人类转变为 AI 代理时，传统信用卡网络的设计前提实际上开始松动。</h2>

CRCL

COIN

<p>Circle 的股价在支付行业发生重大变化的背景下翻了一番，这一变化是由人工智能代理和稳定币支付协议的兴起推动的。该公司推出了 Arc 区块链和纳米支付，能够实现低成本交易而无需传统银行费用。与此同时，Stripe 正在其 Tempo 区块链上大力投资稳定币基础设施。Citrini Research 的一份报告预测，未来人工智能代理将绕过传统信用卡网络，导致主要支付公司失去市值。这一不断演变的格局引发了对这些金融交易创新的可持续性和影响的质疑</p>

<p><em>Author: Chloe, ChainCatcher</em></p>
<div class="lb-trans"><p><em>作者：Chloe，ChainCatcher</em></p>
</div><p>In early 2026, an asymmetrical bet was unfolding in the payments industry. From Circle launching the Arc blockchain and Nanopayments, to Stripe partnering with Paradigm to incubate the payment public chain Tempo and spending $1.1 billion to acquire Bridge, the giants shared a common goal: they were no longer designing payment tools for humans, but rather building entirely new financial tracks for AI agents.</p>
<div class="lb-trans"><p>在 2026 年初，支付行业正在展开一场不对称的赌注。从 Circle 推出 Arc 区块链和纳米支付，到 Stripe 与 Paradigm 合作孵化支付公链 Tempo，并花费 11 亿美元收购 Bridge，这些巨头们有一个共同的目标：他们不再为人类设计支付工具，而是为 AI 代理构建全新的金融轨道。</p>
</div><p>The logic of this arms race revolves around the fact that as AI agents become the main players in economic activities, the traditional credit card 2-3% transaction fees will gradually become unnecessary, replaced by extremely low-fee stablecoin payment protocols.</p>
<div class="lb-trans"><p>这场军备竞赛的逻辑围绕着这样一个事实：随着 AI 代理成为经济活动的主要参与者，传统信用卡 2-3% 的交易费用将逐渐变得不必要，取而代之的是极低费用的稳定币支付协议。</p>
</div><p>In February of this year, a lengthy scenario report from Citrini Research predicted this future, causing Visa, Mastercard, and American Express to lose 5-7% of their market capitalization in a single day. Is this an overreaction by the market, or a premature pricing of future value by capital? It remains to be seen. However, a huge gap exists between the ideal and reality: while the monthly transaction volume of the x402 protocol was still only $24 million, the global e-commerce market was already a behemoth of $6.88 trillion. This inevitably raises the question: is this a groundbreaking strategic move, or a reckless gamble that mortgages the future? The arms race in the AI ​​payment sector has begun, but the battlefield is yet to be formed. In early March 2026, Circle CEO Jeremy Allaire revealed a detail: the company completed an internal settlement of $68 million between its eight business entities within 30 minutes using its own USDC stablecoin, without the need for traditional bank wire transfers. By traditional financial standards, a cross-border transfer of the same size would typically take 1 to 3 business days and incur expensive bank fees. This practical result sends a clear signal to the market: the potential of stablecoins as &#34;modern financial infrastructure&#34; cannot be ignored. It proves that enterprises can bypass traditional banking networks and achieve large-scale cross-border or intra-bank fund transfers at low cost and high efficiency. This is not an isolated case; the infrastructure accumulated by the crypto industry in the past is about to begin to exert its power. Circle's Dual-Pronged Approach: Focusing on Micropayments and Agent Commerce Circle's strategy demonstrates a clear dual-pronged approach: First, Arc, a Layer 1 blockchain that launched its public testnet in October 2025, uses USDC as its native gas token. This blockchain boasts sub-second finality and predictable &#34;USD-denominated&#34; fees, precisely addressing the pain point of traditional EVM chains in payment scenarios—cost fluctuations caused by on-chain congestion. Secondly, Nanopayments, launched in early March this year, supports USDC transfers as low as $0.000001 with no gas fees. Through batch on-chain settlement, Circle consolidates thousands of micro-transactions into a single on-chain operation, reducing the cost per transaction to near zero. Circle's collaboration with OpenMind was also impressive, with a robotic dog named Bits autonomously paying its electricity bill, symbolizing a proof-of-concept for &#34;proxy commerce&#34; and demonstrating the possibility of robots acting as independent entities in the physical world. Stripe's strategic layout focuses on ecosystem scale and integration with traditional finance. Stripe's strategic layout also demonstrates its ambition to the market. In September 2025, Stripe partnered with crypto venture capital firm Paradigm to launch Tempo, a Layer 1 blockchain dedicated to payments, aiming to achieve 100,000 transactions per second and sub-second finality. Tempo's architecture shares a similar design philosophy with Circle's Arc, both supporting stablecoin gas fee payments and incorporating an Automated Market Maker (AMM) for cross-currency settlement. However, Tempo's ecosystem partners also include top institutions and traditional financial giants such as Visa, Mastercard, UBS, OpenAI, and Shopify. On the other hand, considering Stripe's previous acquisitions of Bridge ($1.1 billion), the Privy deal, and its investment in Tempo, Stripe's total investment in stablecoin infrastructure is likely to have exceeded $1.5 billion.</p>
<div class="lb-trans"><p>今年 2 月，Citrini Research 发布了一份冗长的情景报告，预测了这一未来，导致 Visa、Mastercard 和 American Express 在一天内损失了 5-7% 的市值。这是市场的过度反应，还是资本对未来价值的过早定价？尚待观察。然而，理想与现实之间存在巨大的差距：尽管 x402 协议的月交易量仍仅为 2400 万美元，但全球电子商务市场已经是一个 6.88 万亿美元的庞然大物。这不可避免地引发了一个问题：这是一次开创性的战略举措，还是一次抵押未来的鲁莽赌博？AI 支付领域的军备竞赛已经开始，但战场尚未形成。在 2026 年 3 月初，Circle 首席执行官 Jeremy Allaire 透露了一个细节：公司在 30 分钟内完成了其八个业务实体之间 6800 万美元的内部结算，使用的是其自有的 USDC 稳定币，无需传统银行电汇。按照传统金融标准，同样规模的跨境转账通常需要 1 到 3 个工作日，并产生昂贵的银行费用。这一实际结果向市场发出了明确的信号：稳定币作为 “现代金融基础设施” 的潜力不容忽视。它证明企业可以绕过传统银行网络，以低成本和高效率实现大规模的跨境或银行内部资金转移。这并不是个别案例；加密行业过去积累的基础设施即将开始发挥其力量。Circle 的双管齐下策略：专注于微支付和代理商业 Circle 的战略展示了明确的双管齐下策略：首先，Arc 是一个于 2025 年 10 月推出公测网的 Layer 1 区块链，使用 USDC 作为其原生燃料代币。该区块链具有亚秒级最终性和可预测的 “美元计价” 费用，精准解决了传统 EVM 链在支付场景中因链上拥堵而导致的成本波动这一痛点。其次，纳米支付于今年 3 月初推出，支持低至 0.000001 美元的 USDC 转账且无燃料费用。通过批量链上结算，Circle 将数千笔微交易整合为一次链上操作，将每笔交易的成本降低到接近零。Circle 与 OpenMind 的合作也令人印象深刻，一只名为 Bits 的机器人狗自主支付电费，象征着 “代理商业” 的概念验证，并展示了机器人在物理世界中作为独立实体的可能性。Stripe 的战略布局专注于生态系统规模和与传统金融的整合。Stripe 的战略布局也向市场展示了其雄心。2025 年 9 月，Stripe 与加密风险投资公司 Paradigm 合作推出 Tempo，一个专注于支付的 Layer 1 区块链，旨在实现每秒 10 万笔交易和亚秒级最终性。Tempo 的架构与 Circle 的 Arc 有相似的设计理念，均支持稳定币燃料费用支付，并结合了自动化做市商（AMM）用于跨币种结算。然而，Tempo 的生态系统合作伙伴还包括 Visa、Mastercard、瑞银、OpenAI 和 Shopify 等顶级机构和传统金融巨头。另一方面，考虑到 Stripe 之前收购 Bridge（11 亿美元）、Privy 交易及其对 Tempo 的投资，Stripe 在稳定币基础设施上的总投资可能已超过 15 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439140_image3.png" alt="" original-src="https://img.jinse.com.cn/7439140_image3.png"/></p>
<h2>How Citrini Research Triggered Black Monday for Traditional Payment Giants</h2>
<div class="lb-trans"><h2>Citrini Research 如何引发传统支付巨头的黑色星期一</h2>
</div><p>In late February 2026, an independent organization called Citrini Research published a lengthy situational report of several thousand words on Substack, titledThe 2028 Global Intelligence Crisis. The report's core narrative is that as AI agents begin making shopping and payment decisions for consumers on a large scale, &#34;eliminating transaction friction and costs&#34; will naturally become one of the goals of algorithm optimization. In Citrini's envisioned scenario, by 2027, these agent systems will begin to bypass traditional credit card networks and switch to settlement in stablecoins on Solana or Ethereum Layer 2, where the cost of a transaction is only a fraction of that in traditional finance. The report spread virally in the tech and finance sectors after its weekend release, and by the opening of trading on Monday, February 23, market sentiment had deteriorated rapidly. That day, Visa's stock price fell by more than 4%, Mastercard by more than 6%, and American Express by nearly 8%, with several institutions primarily focused on credit cards and consumer finance losing tens of billions of dollars in market capitalization in a single trading day. As the report was shared by multiple tech and finance KOLs on social media platforms such as X, Citrini's macro scenario memo, originally intended as a &#34;risk drill,&#34; was quickly misinterpreted by the market as an &#34;imminent fundamental prediction,&#34; further amplifying concerns about the relationship between AI, stablecoins, and traditional payment networks.</p>
<div class="lb-trans"><p>在 2026 年 2 月底，一个名为 Citrini Research 的独立组织在 Substack 上发布了一份几千字的情境报告，标题为《2028 全球智能危机》。报告的核心叙述是，随着 AI 代理开始大规模为消费者做出购物和支付决策，“消除交易摩擦和成本” 自然将成为算法优化的目标之一。在 Citrini 设想的情景中，到 2027 年，这些代理系统将开始绕过传统信用卡网络，转而在 Solana 或以太坊 Layer 2 上以稳定币结算，交易成本仅为传统金融的一小部分。报告在周末发布后在科技和金融领域迅速传播，到了 2 月 23 日星期一开盘时，市场情绪迅速恶化。当天，Visa 的股价下跌超过 4%，Mastercard 下跌超过 6%，American Express 接近 8%，几家主要专注于信用卡和消费金融的机构在一个交易日内损失了数百亿美元的市值。随着报告被多位科技和金融 KOL 在社交媒体平台如 X 上分享，Citrini 的宏观情景备忘录，最初意在作为 “风险演练”，迅速被市场误解为 “即将到来的基本预测”，进一步放大了人们对 AI、稳定币和传统支付网络之间关系的担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png" alt="" original-src="https://img.jinse.com.cn/7439141_image3.png"/></p>
<h2>Why Stablecoins are the “Natural Currency” for AI Agents</h2>
<div class="lb-trans"><h2>为什么稳定币是 AI 代理的 “自然货币”</h2>
</div><p>To understand why stablecoin issuers like Circle and payment infrastructure providers like Stripe regard betting on “agent-native payments” as their next strategic direction, we must first understand one thing: when the main body of transactions changes from humans to AI agents, the design premise of traditional credit card networks actually begins to loosen.</p>
<div class="lb-trans"><p>要理解为什么像 Circle 这样的稳定币发行者和像 Stripe 这样的支付基础设施提供商将 “代理原生支付” 视为他们下一个战略方向，我们首先必须理解一件事：当交易的主体从人类转变为 AI 代理时，传统信用卡网络的设计前提实际上开始松动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7439141_image3.png" alt="" original-src="https://img.jinse.com.cn/7439141_image3.png"/></p>
<h2>To understand why stablecoin issuers like Circle and payment infrastructure providers like Stripe regard betting on “agent-native payments” as their next strategic direction, we must first understand one thing: when the main body of transactions changes from humans to AI agents, the design premise of traditional credit card networks actually begins to loosen.</h2>
<div class="lb-trans"><h2>要理解为什么稳定币发行者像 Circle 和支付基础设施提供商像 Stripe 将 “代理原生支付” 视为他们下一个战略方向，我们首先必须理解一件事：当交易的主体从人类转变为 AI 代理时，传统信用卡网络的设计前提实际上开始松动。</h2>
</div>

Circle's stock price doubles; a paradigm shift in stablecoins.

- 支付行业在 2026 年初出现不对称竞争，各大巨头转向 AI 代理支付。  
- Citrini Research 的报告预测 AI 代理将逐步取代传统信用卡网络，影响大型金融机构市值。  
- Circle 和 Stripe 正在构建稳定币支付基础设施，以应对未来支付模式的变化。

Circle 的股价翻了一番；稳定币领域的范式转变