Paxos Transit：換穩定幣，企業為何怕滑點？

3:08:19開場

3:08:19下一場 keynote 談穩定幣如何成為真實世界資產的營運層。歡迎 Paxos Labs 共同創辦人 Bhau Kotecha。好，太棒了，很高興來到這裡，謝謝 Stablecoin Summit 的邀請。很多人應該熟悉 Paxos，Paxos 當穩定幣發行機構很多年了，最早發行 BUSD，也發行 USDG、PYUSD、PAXG。Our next keynote looks at stablecoins as operating layers for real-world assets. Please welcome Bhau Kotecha, co-founder of Paxos Labs. Great. Okay, amazing. Great to be here. Thanks for hosting here, Stablecoin Summit. So, a lot of you are probably familiar with Paxos. Paxos has been a stablecoin issuer for many years, was the original issuer of BUSD, has issued USDG, PYUSD, PAXG.

3:08:39在穩定幣領域做過很多事；過去幾年在 Paxos 內部工作時，我們發現穩定幣和代幣化資產上鏈後，還有一整組問題要解。So, has done a lot of things in the stablecoin space, and over the last couple years, while working within Paxos, we discovered kind of there's a whole set of problems that stablecoins and tokenized assets face as they come on-chain.

3:08:53所以我們成立了新實體 Paxos Labs，專注解決穩定幣與 RWA 的鏈上效用與流動性層。接下來幾分鐘我會談我們在市場上看到什麼、想解決哪些問題。好。And so what we actually have done is we've created a new entity called Paxos Labs that's really focused on solving kind of this on-chain utility and liquidity layer for stablecoins and RWAs. And so I'm going to spend a few minutes just talking through what we're seeing in this market and the problems we're trying to solve. There we go.

3:09:14其實上一場 panel 也稍微提到，穩定幣採用與成長的第一階段，發行方要解的問題大致是這樣，對吧？So, actually, the guys on the last panel were just talking about this a little bit, but the first stage of stablecoin adoption and growth, and the problems to be solved for issuers, were something like this, right?

3:09:26錢怎麼進來？怎麼發行穩定幣？怎麼上鏈使用，再怎麼換回法幣？Paxos 解過這個問題，Bridge、BVNK 等很多玩家也專注在法幣進、上鏈、再下鏈回法幣。這是穩定幣早期最主要的工作與問題。How do we get money in? How do we issue a stablecoin? How do we get on the blockchain, use it, and then get money out, right? And, you know, Paxos solved this problem, but also many players like Bridge, BVNK, others were focused on this problem: fiat in, get on-chain, and then get off-chain back out to fiat. And this was the primary job to be done and problem to be solved in the early days of stablecoins.

3:09:48法幣上鏈後的新問題

3:09:48我不敢說已完全解決，但已走很長一段路，也有一些成功數據，對吧？現在鏈上穩定幣超過 3000 億美元，路還很長。但隨著法幣成功上鏈、穩定幣開始流動，我們也遇到一些新問題，對吧？I wouldn't say it's fully solved, but we've come a long way. And, you know, I think there's like some success data points to show for it, right? So there's over $300 billion of stablecoins now. We still have a long way to go. But as we've had the success of bringing this fiat on-chain and having these stablecoins move around, we've kind of encountered certain problems, right?

3:10:09第一，穩定幣很多，鏈上也在大量流動。我們從企業客戶看到，他們不只使用穩定幣，還同時使用多種穩定幣。問題從「法幣換穩定幣再換回法幣」，變成「客戶要 USDC，也要 PYUSD、USDT，我怎麼在之間高效移動？」So, well, one, there's a lot of stablecoins, and there's a lot of stablecoins that are moving around on-chain. And so one of the things that we've started to see with our enterprise clients is not only are they using stablecoins, but they're using multiple types of stablecoins. And so they've gone from just having the problem of, okay, I need to go from fiat to stablecoin and then back out to, hey, actually now my customers want to use USDC, but also PYUSD, but also USDT, and how do I move between these things efficiently?

3:10:39我們開始常聽到企業說：「我想支援多種穩定幣，但要在它們之間高效、可預測地移動，不能用傳統加密那套方式。」So one of the big problems that we're starting to see is enterprises are coming to us and saying, "I want to support multiple stablecoins, but I need to move between them efficiently and predictably, and I can't do it in kind of the traditional crypto way."

3:10:52這也解釋今天有些人怎麼做，對吧？要在不同穩定幣之間移動，多半會看鏈上交易場所，例如 Curve、Uniswap。And this kind of explains how maybe some people might do it today, right? So if you're trying to move between different stablecoins today, you're largely looking at on-chain venues, right, and you're saying, "Hey, I'm going to go look at Curve. I'm going to go look at Uniswap."

3:11:06這些場所有其用途，但對非加密原生企業來說，使用者體驗接近惡夢。尤其大額，若要把 1000 萬 USDC 換成 USDG，要在鏈上各池子找路徑，並不友善，對吧？While these venues serve their purpose, particularly for non-crypto enterprises, this is kind of a nightmare user experience. You know, if you're trying to move especially a large amount of stablecoins, if you want to move $10 million of USDC to USDG, it is actually not a very friendly user experience to go look across all the pools on-chain, right?

3:11:24滑點與外匯市場類比

3:11:24還得想滑點、不確定要付多少成本。我們思考這個問題時，會類比外匯市場怎麼運作。Thinking about slippage, not really knowing what cost you're going to pay. And so one of the parallels we've thought about as we've, like, looked at this problem is how does this actually work in FX markets?

3:11:34我知道這不完全是不同貨幣對不同貨幣，但確實是不同類型的美元在互相流動。TradFi 裡，外匯市場多半靠共享交易場所、交易商平台與結算網路來解決。And I know it's not exactly different currencies to different currencies, but they are different types of dollars that are moving across each other. And ultimately, kind of in the TradFi world, FX markets have been solved via kind of these shared venues and interdealer platforms and essentially settlement networks.

3:11:52我們從這裡取得靈感，來解決同類穩定幣互換的問題，也是很多客戶的痛點。上一張投影片那種做法，是去鏈上池子找流動性再互換。And so we've actually taken some inspiration from this as we look at solving this kind of like-to-like, stablecoin-to-stablecoin problem. Solving this kind of like-to-like stablecoin-to-stablecoin problem for a lot of our customers. And so there's kind of the way I showed on the last slide of saying, hey, we're going to go look at on-chain pools and figure out how we move between stablecoins.

3:12:11這對企業或非加密使用者並不友善。所以我們開始建一個網路來解決這件事，就是 Paxos Labs Transit，隨 Robinhood Chain 與 USDG 上線一起推出。Again, not a very enterprise or non-crypto-friendly way to do so. And so what we've started to build is a network that starts to solve this. And this is Paxos Labs Transit, which we launched alongside with the launch of Robinhood Chain and USDG on it.

3:12:25我們要做的事，以及穩定幣相對其他可 swap 加密資產的獨特之處，在於流動性來源不只一種。最獨特的是發行方的 mint/redeem 通道，對吧？發行方本身就是一級流動性來源。And so what we're looking to do here, and what's unique about stablecoins versus maybe other crypto assets that you might swap, is there's different places that you can go look at for liquidity. And the most unique one obviously being issuer mint-redeem rails, right? And so there is kind of a primary source to actually go move between stablecoins from issuers themselves.

3:12:45Transit 聚合流動性

3:12:45此外還有前面提到的穩定幣池，也有流動性公司願意提供互換，還有企業想走相反方向。就像假設有企業要把 USDC 換成 USDG，我們怎麼配對另一個想從 USDG 換回 USDC 的企業，對吧？But there's also, again, the stable pools I mentioned previously. There are liquidity firms that are looking to provide movement between these stablecoins. And then also there are businesses that are looking to move in the opposite direction. So just as I mentioned in our hypothetical where there's a business that wants to move from USDC to USDG. How do we pair that business with a business that wants to move from USDG to USDC, right?

3:13:08我們怎麼做流動性聚合，又給企業固定、可預測的匯率？客戶一致回饋是：在美元類資產之間移動，不能忍受浮動匯率。所以我們用接近編排式的 API，讓流程簡單、可預測，解決客戶問題。And so how do we create this kind of liquidity aggregation, but combine it with a fixed, predictable rate that works for enterprises, right? The consistent feedback we've heard is, I can't tolerate a variable rate to move between dollar assets. And so one of the problems we're trying to solve here is how do we take kind of this almost orchestration-like API and make it very simple, predictable, and solve this problem for our customers.

3:13:32這也呼應上一張投影片：加密原生資產，和代表鏈下資產的代幣不同，後者有一個「真實價格」，對吧？And this kind of goes a little deeper into the point I was making on the last slide, where the difference between maybe more of a crypto-native asset versus an asset that does represent an off-chain asset is that there is a true price to these assets, right?

3:13:48我們能在鏈下價格與鏈上價格之間聚合流動性，讓客戶拿到可預測價格，不必面對薄池價差問題。我們認為這會成為越來越多交易發生的成長層。And so our ability to aggregate liquidity between the off-chain price and the on-chain price ensures that our customers get predictable prices without having to deal with kind of this thin pool spread problem that comes up. And this is kind of where we see the growing layer that a lot of transactions will be done.

3:14:07跨資產鏈上互換的未來

3:14:07如前面所說，有 fiat-to-mint 與 redeem-to-fiat 兩段。但我們相信越來越多東西會留在鏈上，這會變成最大問題之一：五六種大型穩定幣之間怎麼互換？Again, as we mentioned, there's kind of the fiat-to-mint leg and then the redeem-to-fiat leg. But we believe over time more things are going to stay on-chain and remain on-chain, and this is where this ends up becoming one of the largest problems that needs to be solved, which is, hey, there's five or six large stablecoins.

3:14:26多種代幣化黃金怎麼互換？鏈上現在甚至有五種不同版本的代幣化 Tesla 股票，怎麼在它們之間移動，對吧？我們認為穩定幣鏈上互操作性問題，會擴展到所有上鏈資產。How do I move between them? Hey, there's multiple tokenized gold assets. How do we move between those? Hey, there's actually now five different versions of tokenized Tesla stock on-chain. How do we move between those, right? And so we think the problems that we're seeing with stablecoin interoperability on-chain is actually going to expand to all assets that come on-chain.

3:14:45這個問題現在已經很大，而且只會加速。Transit 與這層網路就是我們的解法。目前已上線 Arbitrum 與 Robinhood Chain，上線約六到八週。And so this is a problem that we think is big now, but only accelerating. And that's what we're trying to solve with Transit and building this network layer. We're currently live on Arbitrum and Robinhood Chain, and just about six weeks since launch, eight weeks now maybe.

3:14:59交易量能到 2.5 億美元，證明這是許多企業面對的核心問題。若想了解更多，歡迎聯絡 Paxos Labs，這就是我們用 Transit 在做的。謝謝。We're up to $250 million of transaction volume, proving that this is a core problem that a lot of enterprises are facing. And if you'd like to learn more, please get in touch with Paxos Labs, and that's what we're building with Transit. Thank you.