XREX：穩定幣能轉帳，為何還不算支付？

0:00開場

0:00好，第一場演講。再次感謝邀請我來，也謝謝大家這麼早就來 一大早 好，我們從去年結束的地方繼續。right, first talk. Thanks again for having me, for coming in so early in the morning. All right, let's go where we left off last year.

0:11去年高峰會我們談了什麼主題？去年我們深入探討了穩定幣創新的核心。我們當時說，當我們發明穩定幣時，核心創新是什麼？那時我們問了一個問題，如果貨幣數位化不使用 封閉式帳本呢？What was our talk last year at the summit? Last year, we looked into the core of stablecoin innovation. And we said when we invented stablecoins, what was the core innovation? At that time, we asked the question, what if we didn't digitize money using closed-looped ledgers?

0:34如果我們試著把紙鈔數位化會怎樣？紙鈔是無記名工具 它們不需要授權。你可以用袋子裝著，也可以直接拿在手上。What if we tried to digitize paper bills? Paper bills are bearer instruments. They're permissionless. You can hold them using a bag, using your hands.

0:47你不需要任何人的許可。你也不需要銀行帳戶。所以紙鈔帶來 很大的金融主權。好。You don't need anybody's permission. You don't need a bank account. So paper bills offer great financial sovereignty. Okay.

1:00那如果我們試著數位化 紙鈔呢？那時我們又問，到底什麼技術最適合 把它在線上數位化並鑄造數位鈔票？當然，就是區塊鏈。So what if we try to digitize paper bills? And at the time, we asked, well, what's the best technology to do that, to digitize and mint digital bills online? Of course, it's the blockchain.

1:18所以我們去年確立了，穩定幣 在去中心化帳本上鑄造的數位化紙鈔。那麼，當我們從穩定幣兌換回 法幣會發生什麼事？這就像我們帶著很多現金袋，走進銀行，試圖存入 大量現金到銀行。So last year we established that stablecoins are digitized paper bills minted on decentralized ledgers. So what happens when we off-ramp from stablecoins to fiat? It's very much like us taking lots bags of cash, walking into the bank, and trying to deposit that bunch of cash at the bank.

1:55那麼當數位化的美元⋯⋯去中心化帳本試圖進入現有金融體系。會發生什麼狀況？或者說當開放迴路上的資金 嘗試流入封閉環路系統時。Okay, so when digitized dollars... Decentralized ledgers try to enter the existing financial system. What would happen? Or when money on open loops tries to enter closed-looped systems.

2:18鏈上轉帳 ≠ 完整支付

2:18這中間有無法避免的摩擦和瓶頸。在開放網路上的穩定幣成長速度很快，尤其是在貨幣較弱的國家，以及美元短缺的地方。它們就像數位 我們說過的數位紙鈔。There are unavoidable friction and choke points. Stablecoins on open networks grew rapidly in countries with weak currencies and U.S. dollar shortage issues. They're similar to digital. A digital paper cash, as we established.

2:42不需要 KYC，不需要開帳戶。所以，快速普及證明了無需授權的存取 加速了金融普惠。現在的挑戰是 當這種貨幣想要進入既有支付體系 系統，這些都是封閉迴路，就會產生很大的摩擦。There's no KYC, no account issuance needed. So, the rapid adoption proved that permissionless access accelerates financial inclusion. The challenge today is when this type of money tries to enter the established payment system, which are closed loops, and there is just high friction.

3:16為什麼會有這些摩擦？全部都因為法規遵循嗎？其實，現有支付系統不只是為了合規。支付涉及的事遠超過單純移轉 移轉價值。Why the friction? Is it all because of compliance? Well, the existing payment systems aren't just about compliance. Hey, payment involves a lot more than simply moving. Moving value.

3:39在 Web3 裡，我們會說，這有什麼難的？你有 Web3 錢包，我有 Web3 錢包，我把穩定幣轉給你。就付款完了，這就完成了 這麼簡單。不，這只是移轉價值。這不是支付。In Web3, we said, well, what's the big deal? You have a Web3 wallet, I have a Web3 wallet, I sent my stablecoins to you. It's paid. It's done. It's so simple and easy. No, that's moving value. That's not payment.

3:54支付不只轉錢，還要這些服務

3:54來看消費者端重要的法幣支付功能 對商家的支付 對消費者來說，有爭議管理對吧？包括退款、信用卡回沖和交易撤銷。還有防詐騙與資訊安全保護。Let's look at important fiat payment features in consumer. to business payments. For consumers, we have dispute management, right? Your refunds, chargebacks, and reversals. We've got fraud and cybersecurity protection.

4:11還有信用和分期付款。至於對商家來說，我們有收單和防詐保護 違約處理和催收 對帳、會計和報稅，最後是商家融資。We've got credits and installments. And for merchants, we have Acceptance and fraud protection, default handling and collection, reconciliation, accounting and tax filings, and finally merchant financing.

4:32在B2B支付中，我們有條件付款和保障。想想託管、信用狀和現金保證 異常、退貨、召回，以及爭議處理。稅務退稅和申報，非常重要。每個國家都有補貼吧？In B2B payments, we've got conditional payment and Assurance. Think about escrows, letter of credits, cash guarantees. Exceptions, returns, recalls, and dispute remediation. Tax refund and reporting, very important. Every country subsidizes, right?

4:58所以作為進口商、製造商、品牌，如果我 今晚用穩定幣出口，卻沒辦法申請退稅。這是很大的問題。供應鏈融資。全球經濟是靠金融和信貸運作的，而穩定幣如果 獨立體系，沒有接入這個系統。So as an importer, manufacturer, brand, if I'm using stablecoins tonight, I'm exporting and I can't get refunds. It's a big problem. Supply chain financing. The world economy runs on finance and credit, and stablecoins as standalone without tapping into this system.

5:19作用會被大幅限縮。穩定幣支付其實只納入了 極少部分這些功能。所以金融普惠的工作、我們的責任，還沒有完成。工作還沒完成。is minimized. Stablecoin payments incorporate very little of these features today. So the financial inclusion job, our job. is not yet done. Job's not done.

5:46下一步：讓穩定幣接上既有支付

5:46那我們的工作是什麼？我們的任務是什麼？第一，保有無需許可的特性，以及穩定幣的包容性。第二，把穩定幣支付整合進來。So what's the job? What's our job? One, retain the permissionless and inclusivity of stablecoins. Two, integrate stablecoin payments in.

5:58納入現有的支付系統。第三，要認知到合規 支付體系未必要完全封閉。為什麼這件事很重要 把穩定幣整合進現有 系統裡。to the existing payment systems. Three, recognize that a compliant payment system needn't be completely closed loop. So why is it important to integrate stablecoins into existing? Systems.

6:20為什麼這麼重要？我們來看看歷史。我成長的時代還沒有網路，所以我所有知識都是從 傳統教育體系學來的。Why is it so important? Well, let's look at history. I grew up in a time without the internet, so I learned everything from the traditional education system.

6:31網路出現時，我已經 在大學了。不過現在我大部分知識都來自網路，對吧？所以我們的孩子還需要死守 傳統教育體系嗎？The internet came about, was introduced when I was already in university. But today, I get most of knowledge from the internet, right? So, is it important that our children still stick to the traditional education system?

6:49我們的孩子可以在傳統教育體系以外 成長嗎？假設我們讓孩子在家自學，可以嗎？可行嗎？因為...不是所有網路知識都已經融入 現有體系，如果我們的知識主要從網路上取得，網路，那還需要現有教育體制嗎？Can our children grow up outside of the traditional education system? Let's say we homeschool them, right? Can we do that? Because... Not all internet knowledge has been integrated into the existing system, and if our learning is predominantly from knowledge from the internet, do we still need the existing education system?

7:13以我個人經驗，身為台灣人，如果我想要到…來新加坡或其他地區、像美國工作，或日本，我需要工作簽證。而 你知道我申請時什麼很重要嗎 申請那張工作簽證時？Well, from personal experience, I, as a Taiwanese, if I want to come... Here to work in Singapore or work elsewhere, work in the U.S. or Japan, I need a work visa. And you know what's very important when I try to apply for that work visa?

7:30就是我的學院或大學學位，對吧？對於首次找工作的年輕人而言，無論你 知道多少、學習多少，學歷還是很重要。你的受教育程度會影響結果。It's my college degree or university degree, right? Or for people getting their first job, it doesn't… No matter how much you know, how much you've learned, really your degree is still going to matter. Your education is going to matter.

7:45所以現在的小孩真的很難 真正脫離現有金融體系成長。所以像新加坡這邊就做了很多努力，為了要把 網路知識納入現有金融體系，因為我們的孩子 今天依然需要那個系統。So it's really hard for our children today to really grow up outside of the existing financial system. So there's been a lot of work here in Singapore, for example, to… To incorporate internet knowledge into the existing financial system, because our children today still need that system.

8:10AI，過去兩年 我個人獲益良多 從 AI 的醫療知識 我靠AI發現了不少自己的基因 弱點，並提早用藥來延長壽命。AI. Past two years, I have personally benefited tremendously from AI's healthcare knowledge. I was… able to use AI and discover quite a few of my personal genetic vulnerabilities and apply early medication for longevity.

8:29但這對我來說非常困難 因為這類 AI 知識尚未 被整合進現有醫療生態系 所以我的醫生沒辦法用AI產生的知識 來給我開藥。Okay, but it was very difficult for me because such AI knowledge has not been integrated into the current medical. Ecosystem. So my doctors were not able to use the knowledge generated by AI to prescribe medication to me.

8:49那我現在能做的事情是，第一、在台灣，如果 我拿到處方箋，也還是沒有健保給付，所以我自費支付 很多時候，我在台灣拿不到處方 所以我來新加坡拿處方，同樣自費 我告訴兄弟，他也有相同遺傳缺陷 然後他能夠 在美國使用同樣的藥，由保險全額給付，因為美國體系已經整合了。What I have to do today is, one, in Taiwan, if I can get a prescription, I'm still not covered by insurance, so I pay for myself. A lot of times, I cannot get that prescription in Taiwan, so I come to Singapore, I get a prescription and I pay for myself. I told my brother because he has the same genetic defects, and he is able to get himself fully insured with the same medication in the U.S. because the U.S. system has integrated.

9:18那些AI工具，對吧？所以現在也是一樣的情況。沒錯，AI對醫療產生很多幫助，但我們還是無法在現有醫療體系之外行動，因此，我們努力整合 AI 能力 導入 現有醫療體系，因為我們現在不能離開那個 體制。that AI faster, right? And so, same thing today. Yes, AI generating a lot of help in healthcare, but we cannot operate outside of the existing medical system, and therefore there's A lot of effort to try to integrate AI capabilities into the current medical system, because we cannot live right now outside of that existing system.

9:52好。同樣地，穩定幣作為 數位現金。它們也不能獨立於 現有金融體系之外。Okay. Similarly, stablecoins as digital cash. They cannot stand alone outside of the existing financial system.

10:06為什麼？我們剛才講過 現有金融體系，例如現有的 支付系統提供爭議處理、報稅與退稅。但有些稽核在裡面是拿不到的，這不是天生 內建在穩定幣交易裡。Why? We just covered it. The existing financial system, for example, the existing payment systems provide dispute management, tax filing, and returns. An audit that's unavailable, that's not inherently built into stablecoin transactions.

10:29而目前的金融體系則提供，像 談過消費信貸、商家融資 還有供應鏈融資 全球經濟仰賴金融與信貸運作。所以我們必須把穩定幣交易融入既有 金融體系，而且我們必須投入這項艱難的工作。那麼該如何完成這項工作呢？And the current finance system provides, as we talked about, consumer credit, merchant financing, and Supply chain finance. The world economy runs on finance and credit. So we need to integrate stablecoin transactions into the existing financial systems, and we need to do that hard work. So how to get the Job done.

11:01監管開門，營運仍要撐得住

11:01工作中，我們問：什麼 可能成為關鍵推手 讓穩定幣支付接軌現有系統 其中一個關鍵推手 是穩定幣監管新制，XREX 目前就在新加坡這邊依循大型支付機構 機構執照 《支付服務法》由新加坡國會通過於 2020 年，2021 年又修法In doing the job, we asked what could be game changers in bridging stablecoin payments into existing systems. There's one game changer, and that's new stablecoin regulatory frameworks, XREX being operating under here in Singapore, the major payment. Institution license, the Payment Services Act passed Singapore's Parliament in 2020, and in 2021 it was amended

11:25將數位支付代幣納管，這 讓我們可以促進跨境B2B支付 無論是法幣或 穩定幣皆可執行。GENIUS Act 是另一個類似推手 除了這些監管新制，還有 另一個關鍵推手 如果我們仔細檢視這些阻力，從開環到閉環的銜接挑戰with the Digital Payment Token coverage, which allows us to facilitate cross-border B2B payments both in fiat currency and also in stablecoins. The Genius Act is another very Similar accelerator. Other than these new regulatory frameworks, there is another game changer. If we look closely at the friction, the open-to-close loop bridging challenge

11:56有很大的關聯。這就是我們所謂的營運成本擴張噩夢。也就是說，任何支付或金融服務 隨著使用量成長，營運複雜度和人力也跟著增加。heavily involves. What we call the OPEX scaling nightmare. And that is, as any payment or finance service usage grows, so does operational complexity and headcount.

12:14我們說的是合規分析師、一線與二線調查員。風控人員、對帳會計等。因此傳統金融系統成本高、速度慢 而且通常無法 全天候運作。那麼，關鍵的改變是什麼？就是推動力。And we're talking about compliance analysts, L1, L2 investigators. Risk controllers, reconciliation accountants. Okay, and this is why TradFi systems are costly, slow, and often not 24 by 7. So what's the game changer? The accelerator.

12:39AI 代理承接作業，人保留監督

12:39那就是代理型營運 效率。我們認為營運核心必須從 人本流程轉向 AI 代理營運模式 並具備 領域專屬的知識。It's agentic operational efficiency. We feel that the operational backbone needs to shift from human-centric workflows to agentic operational models, equipped with domain-specific knowledge.

12:58AI 代理應執行核心流程，由人類 監督、案件呈報與核准。這需要 AI 原生金融服務作業系統 我們稱為 FSOS，將代理式效率嵌入營運模型中。AI agents should execute core workflows with human supervision and escalations and approvals. This requires an AI-native financial service operating system, what we call FSOS, that builds agentic efficiency into the operation model.

13:17受控的人機協作架構 與模型風險治理 讓 AI 輔助 KYC、CDD 與 AML 調查 可疑交易 報告產生，以及例外事件管理。So. For its governed human-in-the-loop architecture and model risk governance enables AI-assisted KYC and CDD AML investigations, suspicious transaction report generation, and exception management.

13:34每項 AI 輔助建議與行動 都能追溯到支持它的 證據與核准紀錄 好的。因此，透過善用這些新的監管框架，以及 AI 代理營運效率 我們可以加速區塊鏈與傳統金融整合 這是非常艱鉅的工作，但還是必須完成。And where every AI-assisted recommendation and Action is traceable to supporting evidence and approval history. All right. So by leveraging, A, these new regulatory frameworks, and B, agentic operational efficiency, we can. Accelerate the integration of blockchain and traditional finance. It's very hard work, but it needs to be done.

14:10說到艱難的工作，我想和大家分享兩句話。A16Z 的 Ben Horowitz。困難之事之所以困難，是因為沒有簡單的解方或祕訣。And in talking about hard work, I share with you two quotes. Ben Horowitz of A16Z. Hard things are hard because there are no easy answers or recipes.

14:27Jeff Bezos 則說，信任是慢慢累積的，藉由做好 艱難的事。無需許可與可程式化貨幣 原子結算。And by Jeff Bezos, you earn trust slowly, over time, by doing hard things well. Permissionless and programmable money. Atomic settlement.

14:48AI 代理商務 大規模普及。讓我們把這件事做好。謝謝大家。Agentic commerce. Mass adoption at scale. Let's get the job done. Thank you.