AUDD：澳幣穩定幣發出來，誰會用？

0:00開場

0:01謝謝。大家早安。我是 Effie Dimitropoulos，我是受監管發行商的執行長及共同創辦人，AUDD，一種澳幣穩定幣 主辦單位問了我一個問題，也就是螢幕上這個標題。Thank you. Good morning. I'm Effie Dimitropoulos, and I am the CEO and co-founder of the regulated issuer of AUDD, an Australian dollar stablecoin. The organizers asked me a question, and here it is on the screen as my title.

0:25誰需要一個澳幣⋯⋯穩定幣？這確實是個好問題。全球幾乎所有穩定幣資金都以美元計價 前面台上也剛剛提到這一點。超過99%都是美元。Who needs an Australian... Dollar stablecoin. And it's a fair question. Almost all of the stablecoin money in the world is in U.S. dollars. We just heard that just before on stage. Over 99% of it is in U.S. dollars.

0:39螢幕上其他看到的貨幣，港幣、日圓、韓元、澳幣，以及其他貨幣。占比始終低於1% 以穩定幣交易量來說 所以當我想到這裡，我想知道為何要做澳幣穩定幣？The rest of us who you saw out on the screen, Hong Kong dollars, JPY, Korean, Australian, all of the other currencies. represent less than 1% at any given time of the stablecoin volume. So when I think about that, I want to know why bother with an Australian dollar stablecoin?

0:57如果你在看這場簡報，其實大概也可以 把任何本地貨幣放進這一類裡。四年前，我會很有自信地告訴你答案。但現在我可以給你更誠實的回答，因為這四年我們一直在探索 答案。And I think if you're looking at this presentation, you could almost put any other local currency in that same category. Four years ago. I would have given you a confident answer. Today, I can give you a more honest one, because we've spent four years finding out.

1:16我會說明我們哪些地方做對了 哪些做錯了，以及還有哪些 哪些地方需要修正。我們是在五月的某一天推出的，2022年。I'll show you where we were right, where we were wrong, and what still needs fixing. We launched a... Day, day in May 2022.

1:28如果你2022年5月就在這個產業 你會記得還有什麼 當月還發生了什麼。Terra 的 UST 當時脫鉤了，而且只花了 一週，穩定幣這個詞變成笑柄 成了帶有負面意味的詞 那正好是我們上線的時點。If you were in this industry in May 2022, you'll remember what else happened that month. Terra's UST lost its peg, and within a week, the word stablecoin became a punchline, a dirty word. So that was our launch window.

1:47接下來我們又等了六個月，第一筆 交易才在十一月進來。2022年11月，也就是 FTX 倒閉的時候。總結來說，我們在Terra事件當月發行 而在FTX事件當月正式上線 感覺這時程也算是一種壓力測試。Then we waited six months, and our first transaction came in November. November 2022, the month FTX collapsed. So to recap, we launched in the month of Terra, and we went live in the month of FTX. If nothing else, it was a decent stress test.

2:09那六個月我們也做了創業者該做的事：打電話、到處介紹 什麼是穩定幣，說明各類型的不同，穩定幣，然後說明為什麼這一種不會崩潰。We spent those six months doing what founders do: calling people, telling people what a stablecoin is, explaining the difference between the types of stablecoins, and then explaining why this one was not going to fall over.

2:24我很想說這一切都是不幸的時機。部分是如此，但更多是一個教訓，而這個教訓是我們必須學會的 要越早學到越好。發行穩定幣並不會自動帶來需求。I'd like to tell you that it was all Unfortunate timing. Some of it was, but mostly it was a lesson, and we needed to learn this lesson early. Issuing a stablecoin doesn't create demand.

2:38我們已經有完全擔保的澳幣上鏈，但沒有人有理由要去用 還沒有人用它 建立代幣是最簡單的部分。我接下來要講的才是困難的部分。We had a fully backed Australian dollar on-chain, and nobody had a reason to use it yet. Building the token is the easy part. Everything I'm going to talk about is the hard part.

2:51快轉四年後，AUDD 已處理超過20億澳幣 這是累計的鏈上支付交易量 同時我們發行 在九條區塊鏈上原生發行。Fast forward to four years, AUDD has now processed more than two billion Australian dollars in cumulative payment volume on chain, and it's issued natively on nine blockchain networks.

3:05但有一件事我覺得比數字更有價值。也就是，四年來 我想沒有一個客戶來電 要求一種穩定幣 他們來電是因為有金流問題。But there's something I find more Useful than the numbers. And that is, in four years, I don't think a single client rang up asking for a stablecoin. They rang because they have a money problem.

3:19他們需要從海外收款。他們要在星期六結清一筆交易。他們需要移動 澳幣，在一個銀行系統可能無法 那個時候運作，或銀行系統使得過程緩慢又昂貴。They need to get paid from someone overseas. They need to settle a trade on Saturday. They need to move. Australian dollars in a system where the banking might not be on at that point in time, or the banking system makes it slow or expensive.

3:38穩定幣就是我們解決這些問題的方法。但這幾乎不是客戶最初來找我們的原因。所以當人們問我，誰需要澳幣穩定幣。我開始回答這個問題 用稍微不同的方式 我問，誰需要澳幣 以不同且更有效率的方式流動？And the stablecoin is how we solve the problem. It's almost never what the client came for. So when people ask me, who needs An Australian dollar stablecoin. I've started answering the question slightly differently. I say, who needs Australian dollars to move differently and more efficiently?

3:57接下來我讓大家看看我們找到的這些對象。你會在上方看到一個小指標 在接下來四張投影片上 那是我依實情作的評估。關於目前的進展以及各種應用場景 實際處於哪個階段，已上線 試點，或仍在早期And let me show you where we've found them. You'll see a small meter on the top part of the screens in the next four slides, and it's my honest read. About where the traction is and where each use case actually sits, where, if it's in live, pilot, or early days.

4:18澳洲企業已在用：週末也能結算

4:18那我們就從本地開始講起。AUDD已在澳洲上線，供企業使用 每天 2022年，這個產業有很多人 我想我們剛剛在台上也聽過 大家都以為最早的需求會來自 加密貨幣交易和 DeFi。So let's start at home. Australia is where AUDD is live and used by businesses every day. In 20… 2022, many people in this industry, and I think we heard it just before on stage as well, everyone assumed that early demand would come from crypto trading and DeFi.

4:36部分確實如此，但需求持續增長 持續來自支付、金融科技及錢包業者 進口商、出口商和貿易公司 需要澳幣來結算 隨時可結算，無需等銀行截止時間。And some of it did, but the demand that has grown steadily for us comes from payment companies, fintechs, wallets. Importers, exporters, and trading firms that need Australian dollars to settle at any hour without waiting for a bank cutoff.

4:56他們不太談論穩定幣。他們談的是結算時間、對帳和週末。想想一家支付公司 在星期六向客戶收款 還需要在同一天付款。They don't talk too much about stablecoins. They talk about settlement times, reconciliation, and weekends. Think about a payments business that collects money from customers on a Saturday and needs to pay out on the same day.

5:16如果走銀行系統，有時錢會卡到星期一。透過AUDD，星期六就能結算 以澳幣在鏈上結算，而這 雙方都可以看到。這聽起來並不特別刺激。On bank rails, that money can sometimes sit until Monday. With AUDD, it settles on the Saturday in Australian dollars with a on chain that both sides and both parties can see. Now that's not exciting.

5:33但很實用。根據我們的經驗，實用才會帶來成長。我們也深信 在地貨幣需要這種程度的支持 所以我們正在為紐西蘭元重做一次這件事。那我們的澳幣進度到哪？如剛所說，已經上線四年多。It's useful. And in our experience, useful is what grows. And we became convinced enough that local currencies need this level of support that we are doing it again for the New Zealand dollar. Where are we on the meter with AUD? Live, as I mentioned, over four years.

5:53跨境需求已在，通道仍在試點

5:53接下來要談的故事是 需求比基礎設施更早到來 我們在東南亞看到明確需求 需要澳幣跨境流動 企業付款給供應商 進口商與出口商互相交易 家庭把錢匯回家 在澳洲工作的人支援住在 馬尼拉、雅加達或印度的家人。Now the part of the story where demand got there before infrastructure did. Southeast Asia is where we see a clear need for Australian dollars to travel. Businesses paying suppliers, importers and exporters trading with each other, families sending money home, people working in Australia supporting someone in Manila or Jakarta or India.

6:15這些資金早就一直在流動。只是可能經過數個中介緩慢流動 每個環節都要收費 還要再加上匯差。我們已在許多通路展開試點：澳洲到菲律賓，澳洲到印尼。That money already moves. It just can move slowly through several intermediaries with a fee at every step and an exchange rate spread on top. We're Pilots in a number of corridors: Australia to the Philippines, Australia to Indonesia.

6:32想法很簡單，一邊是AUDD 另一邊是當地貨幣 中間直接兌換。這些試點一再給我們相同體會：穩定幣本身最簡單。And the idea is simple: AUDD on one side, the local currency on the other, swapped in the middle. And the pilots keep teaching us the same lesson again: the stablecoin is The easy bit.

6:47困難的是找到當地夥伴，擁有 合適的牌照、幣對足夠的流動性 能提供好的匯率給企業，值得採用，以及讓資金進入的方法 銀行帳戶或電子錢包，而這些 有人實際使用 那些線上的破折號是有原因的 也就是，它們在進度表的哪裡？The hard bits are the local partners with the right licenses, enough liquidity in the currency pair to give businesses a rate worth having, and a way for the money to land in bank accounts or e-wallets that someone actually uses. Those lines on the… A dash for a reason, and that is where do they sit on the meter?

7:10目前這些都還是從試點逐步轉為正式營運中。所以，需求確實存在，但基礎設施還在追趕。So they're currently in pilot to live. So the demand is real, the infrastructure is still catching up.

7:20資產上鏈，付款也需要數位澳幣

7:20如果大家這場演講只記住一張投影片，我希望就是這張 這張。我們參與了幾個 澳洲央行的試點，甚至一個 甚至參與過新加坡金融管理局的試點。Now, if you remember one slide at all from this talk, I'd like it to be this one. We've taken part. And a couple of Reserve Bank of Australia pilots, even a Monetary Authority of Singapore pilot.

7:32其中一個有趣的是去年在澳洲，名為Project Acacia 探討批發型代幣化資產如何 可以在 澳洲完成結算。The one interesting one was last year in Australia, something called Project Acacia, and that looked at how wholesale tokenized assets could be settled in Australia.

7:43而讓我印象深刻的是 有多少心力投入讓資產 數位化，卻少有心力投入金流 你可以把債券、股票代幣化 基金單位或發票也可以 它幾秒內就能在鏈上移轉 接著有人問要怎麼付款，結果 答案卻是週五下午四點半的銀行轉帳，超過當日結帳時間，And what stayed with me was how effort goes into making the asset digital and how little goes into the money. You can tokenize a bond, an equity, a fund unit, or an invoice, and it moves on-chain in seconds. Then someone asks how they're going to pay for it, and the answer is a bank transfer sent at half past four on a… Friday, after the cutoff,

8:08而且還碰上連假之前。所以資產幾秒結算，金流卻要等到 星期二才到。這不是數位市場。只做到一半而已。before a long weekend. So the asset is settled in seconds, and the money settles on Tuesday. That's not a digital market. It's half of one.

8:19代幣化資產需要金流端 同樣數位化，並以 以資產標價的幣別計價。在澳洲，澳洲資產就用澳幣 當我想到澳洲有多少財富 放在以澳幣計價的 包括資產、房地產、政府債券和退休基金，當這些開始 被代幣化，而且目前已經開始被代幣化，A tokenized asset needs a cash leg that's just as digital in the currency the asset is priced in. For Australia. Australian asset, that's Australian dollars. And when I think about how much of Australia's wealth sits in Australian dollar assets, property, government bonds, and pension fund holdings, as those start to be tokenized, and they are starting to be tokenized,

8:42它們需要用澳幣結算 不然你還是只能靠銀行系統轉帳。或者你可以換成美元 承擔沒人想要的匯率風險 這正是AUDD從試點 走向與機構實際營運的領域 如果你是從事機構服務的人，我想給你一個非常 簡短的機構案例。they need Australian dollars to settle in. Otherwise, you're bank on bank rail. Or you can convert to U.S. dollars and take on currency risk nobody asked for. This is where AUDD is moving from pilots and into production with institutions. For those of you who are in the institutional space, I want to give you a very short example of an institution.

9:06名叫MatchHub 這真是一個很棒的例子。因此AUDD已經直接整合到 Elysys MatchHub 這是首個法幣、穩定幣及交易後 結算流程 這把受監管、1:1澳幣擔保資產放進 正式營運等級的基礎設施內 機構已經用這些設施來 用於每月清算400億的場外交易量。called MatchHub. And that's a really good example. So AUDD is being incorporated directly into Elysys MatchHub, and that is the first fiat, stablecoin and post-trade settlement workflows. This places a regulated one-to-one AUD-backed asset. Right inside a production-grade infrastructure that institutions already use to clear 40 billion of monthly OTC volume.

9:45AI 代理付款，還在早期

9:45下一個客戶可能不是人類 我想我們都知道這一點。大家都去過討論AI的場合 而最新的應用案例還很早期，所以我會稍微 謹慎一點。The next. Customer may not be human. And I think we all know this. Everyone's been in every room that's talking about AI. And the newest use case is still early, so I'm going to be a little bit careful here.

9:57軟體代理人開始購物、支付服務費，並 代表某人結帳。大致上場景是這樣：一筆付款 在星期天凌晨三點十二分，金額只要四十二分。Software agents are starting to buy things, pay for services, and settle bills on someone's behalf. This is roughly what it looks like: a payment at… Twelve minutes past three on a Sunday morning for 42 cents.

10:11沒有任何人核准，也沒有人等銀行開門。代理人無法開銀行帳戶。他們沒辦法申請信用卡。它不能填表格，也不能等截止時間，銀行截止時間。No person approving it, nobody waiting for a bank to open. An agent can't open a bank account. They can't get a credit card. It can't fill out a form or wait for a cutoff, a bank cutoff.

10:23但它可以持有數位錢包，也能用穩定幣付款。隨時支付不適合刷卡的金額 如果那些代理人向澳洲企業購買商品，很多這類付款應該使用澳幣 否則每一筆小額交易都會 在過程中兌換貨幣 目前交易量尚未出現，而在 進度表上But it can hold a wallet, and it can pay in stablecoins. At any hour, in amounts that don't suit card payments. If those agents are buying from Australian businesses, a lot of those payments should be in Australian dollars. Otherwise, every small transaction picks up a currency conversion along the way. Now, the volume isn't here yet, and on the meter.

10:46我認為這還很早期。但這個應用場景讓我改變想法 最快，大家也在幕後投入這類工作 這會是我們遇過最要求的客戶，因為它不睡覺，也 不休週末 而且永遠不會開銀行帳戶。I'll call this early. But it's the use case that's changing my mind the fastest, and we're all working on this kind of activity in the background. It'll be the most demanding customer we've had, because it doesn't sleep, it doesn't take weekends, and it's never going to open a bank account.

11:06那這有什麼好處？如果有需求，那卡關點在哪裡？我來說一個故事 我們在辦公室至今還會笑 多年來，交易所上架的交流 都是相同的模式 與中心化交易所交流時 你的代幣有什麼成長故事？So what's the upside? If the demand is there, what's holding things back? I'll tell you the story we still laugh about in the office. For years, exchange listing conversions went the same way when speaking to centralized exchanges. What's the growth story of your token?

11:24持有者的利多在哪？你預期價格怎麼走？然後我們又要解釋一次，這是一澳元。它永遠都是一澳元。What's the upside for holders? How do you expect the price to perform? And we'd explain again, it's one Australian dollar. It will always be one Australian dollar.

11:36這就是圖表。這就是全部的圖表，這才是重點。沒有暴漲。穩定幣的價值不是靠上漲獲得的。它獲得價值 來自於流動。That's the chart. That's the whole chart, and that's the point. There's no pump. A stablecoin doesn't earn its value by rising. It earns it. By moving.

11:47所以是交易對、支付、結算。價值在於資金流動，而不是價格。So trading pairs, payments, settlement. The value is in the flows, not the price.

11:54非美元穩定幣要普及，還缺三件事

11:54交易所花了幾年 才看出上架代幣的差異 與串接基礎設施之間 說實在的，大多數現在都明白了。但這指出真正的限制在哪裡 對非美元穩定幣而言 有三件事情需要改變。It took the exchanges a few years to see the difference between listing a token and plugging in infrastructure. To be fair, most do now. But it tells you where the real constraint is for non-U.S. dollar stablecoins. Three things need to change.

12:09流動性。澳幣交易對的市場要夠深，這樣 企業在大額交易時也能獲得公平匯率，而不只是小額交易能做到。然後是通路。Liquidity. Markets in Australian dollar pairs need to be deep enough that a business gets a fair rate on size, not just on small trades. And then there's distribution.

12:20在區塊鏈上發行並不等於 能被取得。必須在資金已流動的地方 我們的重點也在這裡，上架交易所，與錢包合作 支付業者、金融科技公司、託管機構、銀行。Being issued on a blockchain isn't the same thing as being available. There needs to be where money already moves. And this is where we have focused our efforts, being on exchanges with wallets, payment providers, fintechs, custodians, banks.

12:36還有監管。澳洲有相對明確的規範或路徑，針對 支付型穩定幣，但規範也須讓其他國家 認可 允許受監管的澳幣穩定幣可以在 新加坡、馬尼拉或日本 或全球其他法域，而不必 從頭開始 最後我來說說有哪些改變And then there's regulation. Australia has somewhat clear rules or pathways for payment stablecoins, but they need to also be ones that other countries recognize. Allowing a regulated Australian dollar stablecoin to be used in Singapore or Manila or Japan or any other jurisdiction across the world without having to start from scratch. I'll finish with what's changed

13:03是在過去一年左右。多年來，我們不斷向願意聆聽的人解釋為什麼 澳洲需要自己的鏈上法幣。2025年，美國通過GENIUS Act 突然間，許多財政部 以及儲備銀行與央行 都開始思考自己的對策。in the past year or so. For… Years, we explained to anyone who would listen why Australia needed its own dollar on chain. Then, in 2025, the U.S. passed the Genius Act. And suddenly, a lot of finance ministries and reserve banks and central banks wanted to know what their answer was.

13:24這就說明了一些事情。美元如今依法成為可程式化貨幣 現在其實已經不必再問穩定幣會不會出現了；而是哪種貨幣會參與其中 對我來說，這才是最關鍵的地方。And that tells you something. The U.S. dollar is now being made programmable by law. The question isn't really whether stablecoins happen anymore; it's which currencies take part. And for me, this is the most crucial part.

13:40雖然我今天沒有多談主權，這是重要的 考量，尤其對儲備銀行而言 而在當前的地緣政治 世界局勢下，沒有答案的國家 最終會使用其他人的 別人的 這不是因為有人決定會這樣，而是資金總會流向最好用的地方。And while I haven't talked today much about sovereignty, which is an important consideration, Particular to reserve banks, and in the current geopolitical state of our world, countries without an answer will end up using someone else's. Not because anyone decided that that was going to be the case, but because money flows to whatever is easiest to use.

14:06誰需要澳幣穩定幣？四年後，我的答案是 任何需要讓澳幣流動的人，以 其他數位經濟已在使用的方式 隨時、跨境流動 進入代幣化市場 不久後還能透過軟體流動 更大的問題是，這對澳洲來說是如此，其他國家也一樣，Who needs an Australian dollar stablecoin? After four years, my answer is anyone who needs Australian dollars to move the way the rest of the digital economy already does, at any hour, across borders, into tokenized markets, and before long by software. The bigger question. is one for Australia, and again, insert other countries

14:29適用。如果貨幣變得數位化、全球化 且更自動化 澳幣或在地貨幣會參與其中 還是在入口處就被兌換掉？here. If money is becoming digital, global, and more automated, does Australian dollar or local currencies take part or get converted at the door?

14:42經營穩定幣四年，我知道是哪個答案 我正朝它努力 澳幣必須能流動。謝謝。After four years of running a stablecoin, I know which answer. I'm working towards. The Australian dollar needs to move. Thank you.