Curve：穩定幣幾乎都是美元，誰來換匯？
Stablecoins have won, now what?
- Maximilian Roszko Curve Finance 商務發展主管
影片
場次摘要
Curve Finance 的 Maximilian Roszko 指出，穩定幣已能用於交易、借貸和付款，選擇卻幾乎集中在美元。企業若以歐元收款、卻得借美元付款，就會承擔匯率風險。他認為，非美元穩定幣需要當地發行人提供兌換管道，也需要鏈上有人願意提供借貸和換匯資金。Curve 的 FXSwap 可跟著匯率調整資金配置，但調整本身有成本。
值得記下的 5 件事
- 鏈上穩定幣約 99.5% 以美元計價，卻無法對應多數人的日常本幣需求。
- 企業收入與借款幣別不同，匯率變動就會改變還款成本。
- 非美元穩定幣需要可靠的本地發行人，提供法幣出入金與兌回管道。
- 外匯交易池要跟著鏈外匯率移動流動性，每次重新配置都會付出成本。
- 未來可能由鏈上自動換匯，讓付款人與收款人各用自己的資產；前提是兌回與流動性配套到位。
逐字稿
開場：從比特幣到穩定幣
好，有開嗎？聽得到嗎？對 很好，我是 Maximilian Roszko 我在 Curve Finance 負責商務發展。我的工作是協助資產發行方 在鏈上提升流動性。right. Is it on? Do you hear me? Yeah. Okay, great. So my name is Maximilian Roszko. I lead business development at Curve Finance. My job is to help asset issuers to grow liquidity on-chain.
所以如果你有任何問題，你有發行穩定幣的話，請 來找我聊聊，我會協助你 我今天要分享穩定幣，以及我在這個領域的一些想法。So if If you have any questions, you have a stablecoin that you issued, please come talk to me and I will help you. And I'm here to talk about stablecoins, my thoughts working in this space.
穩定幣基本上已經有很多應用，那接下來會發展到哪裡？我們熟知的加密貨幣始於 2008 年 當時比特幣問世。Satoshi 發表一篇白皮書，名為 《比特幣：一種點對點電子現金系統》，主要的想法是發明一個全新的 形式：支付系統不必依賴可信任的 第三方，所以你可以They've sort of got a lot of adoption, and so where are we heading from here? So. Crypto started, as we know it, back in 2008 when Bitcoin launched. Satoshi released a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System, and the idea was to invent a new form. A payment system that's independent of trusted third parties, so you could
不用依賴銀行就能把錢匯給其他人，不受時間或其他條件限制 另外一個目標是創造一種全新的貨幣，在這裡指的就是比特幣這個資產。比特幣。send money to someone without having to rely on a bank, any kind of time limits or anything. And the second thing was to invent a new form of money, which would be the Bitcoin asset in this case. Bitcoin.
但就我們所知，當時其實沒有太多人使用，但以貨幣形式來說，比特幣其實 有點難以使用。它作為計價單位波動性很大。很難用比特幣寄發發票或請求付款，因為 你不知道 最後會收到多少錢，而且它也 也比較慢，每10分鐘產生一個區塊 確認可能需要等上一個小時。Not a lot of adoption as we know it, but as a form of money, Bitcoin is a bit challenging to use. It's a very volatile unit of account. It's hard to send invoices, request payments from Bitcoin because you don't know exactly how much money you'll end up getting, and it's all. So relatively slow, 10-minute block times. It might take an hour to get a confirmation.
所以不太適合做支付用途，即使這個網路本身及它帶來的 比特幣創造的東西非常有價值，且已經有大量用戶採用。在 2014 年，Tether 上線了。It's not optimal for payments, although the network itself and sort of what Bitcoin brought forth was extremely valuable and has gained a lot of adoption. So back in 2014, Tether launched.
這算是一個革命性的創新。一開始其實沒有太多用戶採用，但它採用了相同型態的 支付系統，也就是加密貨幣發明的系統。它使用的是比特幣網路，採用 Omni 協議。This was kind of revolutionary. It didn't have super much adoption in the beginning, but it used the same form of payment system that crypto invented. It used the Bitcoin network, the Omni protocol.
但這時你擁有了一個可預測的資產。它…與美元掛鉤。所以這很棒。再快轉幾年，到 2026 年，流通量已達3000億 穩定幣的流通供給 這絕對可以說是被大規模採用了。But now you had an asset that was predictable. It's… Pegged to the dollar. So that's great. And now fast forward a couple of years, 2026, we have 300 billion in circulating supply of stablecoins. You can definitely call that adoption.
其中大部分是在 2025 年成長的。現在到了 2026 年，流通供給並沒有顯著增加，但交易量有大幅成長 這4000億的數字，我 我不太確定實際的交易量是多少 就目前支付而言 這很難衡量。Most of that was grown during 2025. Now, in 2026, we haven't seen that much increase in circulating supply, but in terms of volumes, huge amount of growth. This 400 billion value, I'm a bit unsure exactly how much volume we're doing with payments these days. It's a hard measure.
這是 Alium 的數據，Visa 也報告 穩定幣支付量成長約 200% 透過 Visa 卡片系統 所以這方面增長得相當快。This was reported. By Alium, Visa is also reporting like 200% increase in stablecoin payments through their card systems. So that seems to be growing quite heavily.
穩定幣用途變多，貨幣選擇仍少
所以，解釋為何穩定幣會勝出其實並不複雜。最初，人們很容易獲利了結、轉出穩定幣 在不同交易所之間。這非常便利 而在 DeFi 裡，你可以用穩定幣來借貸，也更容易進行 有了穩定幣，就能進行借貸等應用 而在支付領域，顯然你可以用穩定幣 進行支付。So yeah, it's not super complicated to explain why stablecoins won. Initially, it was very easy for people to take profits and send stablecoins between exchanges. That was super beneficial. And in DeFi, you can use it in borrowing and lending, much easier to have, like, borrow and lend use cases when you have stablecoins. And for payments, obviously, you can use stablecoins for payments.
相比傳統支付管道，這是巨大的升級。那，接下來呢？我認為最大的改變 未來穩定幣的改變，是讓使用者有選擇 選擇他們要用哪種貨幣 以及如何使用它來消費。A huge upgrade in terms compared to traditional rails. So, now what? The thing I think will be the biggest change. In stablecoins in the coming future will be choice, a choice for users in how, what kind of currencies they use and how they spend it.
所以生活中我們會有，我們會儲蓄、投資，我們⋯⋯會借錢購買房地產和汽車，而我們也會進行支付。我相信穩定幣一定會逐步滲透到 我們所有這些日常金融活動中，越來越多。So, in our lives, we have, we do savings, we investments, we... Borrow money to pay for real estate and cars, and we do payments. And stablecoins, I believe, will definitely start, like, creeping in more and more in all of these regular financial activities that we're doing.
它將會更廣泛與銀行產生整合，以及傳統支付服務 我們使用的 而且這會成為一種也許很無聊但非常有用的 讓加密貨幣融入日常生活的方式 但如我所說，我認為未來最大的改變會是選擇 在未來 但是我們鏈上主要還是美元。It will have more integrations with banking and traditional payment services that we're using, and it will be a kind of like… Boring but very useful way for crypto to get adoption in regular life. But as I said, choice is what I believe will be the biggest change in the coming future. But we have mostly dollars on chain.
從流通供應來看，99.5%都是美元。大致如此，但世界上大多數地區並不使用 日常使用美元 處理大部分金融活動。我們擁有數百種貨幣，但目前我們只看到美元被帶上 鏈上 所以這或許不是最理想的狀況。In terms of circulating supply, it's mostly USD, 99.5%. Roughly, but most of the world doesn't use USD on a regular, like daily basis for most of the financial activities. We have hundreds of currencies, but we only have representation for USD on chain. So that's maybe not optimal.
我們的確有，沒錯。全球有許多不同的貨幣。我們持有各種不同的資產，包含股票、基金、房產，還有黃金跟加密資產，而且我們應該要讓這些資產更多在鏈上。We have, yeah. Tons of different currencies around the world. We have different kinds of assets that we hold, stocks and funds and property and gold and crypto assets, and we should probably have more of this on chain.
要付歐元帳單，卻借美元？
那我們要如何做到？因為如果你有⋯⋯ 假如你是一家公司，有一張發票，而你得以歐元支付 你會想借USD來付這張發票嗎？So how do we get there? Because if you have... If you're a company and you have, like, an invoice and you need to pay this in euros, do you want to borrow USD to pay this invoice?
那你就得面對匯率風險。如果美元相對於歐元變貴，但你借美元支付歐元計價的發票 等到還貸款時你發現要多付錢，因為你 必須購買美元；假設你的收入是歐元 你就得以更高匯率購買美元 結果就要多付錢。Well, then you have to deal with currency risks. If USD becomes more expensive relative to euros, but you borrowed USD to pay a euro invoice. Then you end up paying more when you pay back the loan because you had to buy, maybe you're earning income in euros, then you have to buy USD at a higher rate, and so you end up paying more.
所以這對你來說不是很好的融資選擇。這其實是一個小問題。如果你今天想用加密貨幣也是一樣。對這類用途來說，現在確實有點困難。And so this wasn't a great financing option for you. And so this is a bit of a problem. Like if you want to use crypto. For these kinds of use cases, yeah, it's a bit of a challenge these days.
我相信現在以太坊上已有一些歐元市場 可以進行借貸 但其他貨幣則沒有。所以我們真的需要有更多這類產品，應對日常金融活動。這才能帶到鏈上。There are, I believe, some euro markets now on Ethereum where you can borrow, but not for other currencies. So we definitely need to have more of these to be able to handle regular financial activity. is that we can bring on-chain.
非美元穩定幣，需要兩種配套
如果你想儲蓄、持有存款 以不同貨幣計價，我們就需要更多非美元穩定幣的流動性，在鏈上；借貸也是同樣的道理 若需要兌換貨幣也是如此 交換成不同貨幣。So if you want to be able to save, have savings in different currencies, we need more liquidity for non-USD stablecoins on-chain. If you want to do borrowing, the same kind of thing, and also for conversion, if you need to. Swap into different currencies.
那要怎麼在鏈上建立這些流動性？很明顯，你需要優質的在地穩定幣資產發行方 能處理法幣進出金 但有了這些之後，該怎麼把它 帶到鏈上？So how do you build this liquidity on-chain? Well, obviously you need good local asset issuers of stablecoins who can do on-ramping and off-ramping. But when you have this, like how do you get this on-chain?
跨幣別換匯，要跟著匯率移動
我在Curve Finance工作。我們做AMM。AMM需要把流動性部署到合約裡。如果希望這些流動性能發揮作用，它必須能隨著匯率變動，因為貨幣的匯率，這是在現實世界決定的 它不是鏈上決定的。I work at Curve Finance. We do AMMs. An AMM, you need to deploy liquidity in a contract. If you want this liquidity to be useful, you need it to move with the FX rate, because the FX rate for currencies, this is, like, determined out in the real world. It's not determined on-chain.
也不是由智慧合約決定的 這是存在於鏈外的東西，所以合約必須能夠 處理這種流動性的移動。我們有自家的FX swap方案。It's not determined by the smart contract. It's something that exists out in the world, so we need to have a contract that can handle this movement of liquidity. We have our own FX swap.
如果有人想聊聊這個話題我很樂意討論，發行非美元穩定幣；但這仍是挑戰 每次調動這類合約裡的流動性時 這裡會遇到一個所謂的再平衡成本，而這就會使得 這類資產在鏈上成長變得更加困難。I'm very happy to talk about with anyone who wants to launch a stablecoin that's non-USD, but it's a challenge every time you move liquidity around in a contract like this. There's something called, like, a rebalance cost, and that sort of makes it harder to grow these kinds of assets on-chain.
互相錨定的穩定幣，很容易建立 比如說，那一直是Curve的主要核心業務 自2020年以來 你很容易建立USDT、美元流動池，但 做外匯就很難。Stablecoins that are pegged to each other, very easy to build. Like, that's Curve's main bread and butter since 2020. You can very easily spin up. USDT, USD pool, but to do it for FX is hard.
這是我目前親自與許多 資產發行方 我們有很多有關如何實現這一點的試點。所以如果你對此有興趣，歡迎來找我聊聊。So that's something that I'm working personally on with a lot of asset issuers. We have tons of pilots in how to do this. So please come talk to me if you're interested in this.
講者描繪的未來支付體驗
但當這類市場在鏈上出現時，我們基本上可以 讓使用者有更多選擇 這將帶來的可能是，我認為，這種使用情境下，人們能用任何資產支付，而 商家或收款方也能收取任何資產 由於我們的支付很多都是用不同貨幣完成，不論是加密應用或刷卡支付 我們就需要鏈上的But when we have these kinds of markets on chain, we'll basically allow users to have more choice. And what this will enable is, I think, this kind of use case where people can pay in any kind of asset, and the merchant or the receiver can receive any kind of asset. And because a lot of our payments are done in different kind of currencies, and if Any kind of like crypto app or card payment, we need to have on-chain
流動性來支持這些情境。而這也是一種可以幫助 擴大鏈上流動性的案例，因為智慧合約中的交易產生兌換手續費 而這些兌換手續費會幫助他們付款。liquidity for these use cases. And it's also the kind of use case that can help grow this on-chain liquidity, because trading in smart contracts generates swap fees, and the swap fees will help them pay.
但我相信這是我們未來想要的使用者體驗 讓你持有一個 DeFi 部位，你可以持有代幣化的黃金、有收益的 黃金，你可以擁有加密資產，你可以持有歐元、新加坡元、日圓或英鎊。But I believe this is the kind of, like, UX that we want to have in the future, that you can hold a DeFi position, you can hold tokenized gold, yield-bearing gold, you can have crypto assets, you can have euro, Singaporean dollars, Japanese yen, or British pound.
各種資產，你都可以用任一種 資產經由鏈上兌換來支付，而收款方也能收取任何資產 但確實需要優質發行方能兌回資產 以及提供進出金服務 來幫助實現這一切。Any kind of assets, and you can pay in any kind of asset that gets converted on chain, and then the receiver can receive anything. But you definitely need good issuers that are able to redeem this and off an on-ramp to help enable this.
所以你需要相關支持。需要鏈上市場，也需要 優質發行方，能處理 進出金 所以就是這樣。So it's, you need support. Both with on-chain markets, and you need good issuers that can handle this on- and off-ramping. So yes, that's it.
我不打算對這部分多說。很簡單，選擇本身才是關鍵。未來一個很重要的特徵是，穩定幣將會開始 越來越融入我們日常金融活動，這非常棒。I don't want to have, like, a long speech about this. Very simple. Really, the choice will be defining. Important feature in the future, stablecoins will start growing more and more into our ordinary financial activities, and it's great.
這並不是加密貨幣做過最瘋狂的事，但這就是這樣。這是採用的跡象 在這個領域工作也令人興奮 非常謝謝大家Like, it's not the most crazy thing that crypto did, but it's, yeah. This is a sign of adoption and exciting to work in this space. So yes, thank you so much.
