M0 Luca Prosperi：穩定幣的下一步是可組合、可編程的金融基礎設施

0:00不走尋常路的開場

0:00我決定今天不照傳統來，直接上台講 Keynote，不用任何簡報投影片，所以你們不用擔心會被一堆投影片轟炸。我這麼做是有幾個原因。首先，我想大家都很清楚什麼是穩定幣，也知道穩定幣正在徹底改變金融世界。I decided to go against the beaten path and just give a keynote without any presentation, so I'm not gonna bother you with slides. And I think I'm doing this consciously for a few reasons. First of all is that I don't need to explain anyone what a stablecoin is and how stablecoins are totally revolutionizing finance.

0:32第二個原因是，我認為我們現在所認識的穩定幣，其實並不能代表未來穩定幣會變成什麼樣子。第三個原因是，大家今天會來聽穩定幣這個主題，甚至去年人更多，其實很多人是帶著錯誤的動機來的。The second reason is that, in my opinion, the reasons why we know stablecoins today, so far, is not a good proxy of what stablecoins are going to be in the future. And the third one is the reasons why we're all here listening to stablecoins, and we were much more of us last year, are actually the wrong reasons.

0:58穩定幣熱潮的起落

0:58我先從最後一點開始說起。2023 年初我們開始做 M0、打造穩定幣基礎設施的時候，根本沒有人在乎穩定幣，因為那時候穩定幣沒什麼賺頭。穩定幣只是個平台，讓其他人能在數位金融基礎上做出很酷的東西，這很令人興奮。你可以用去中心化穩定幣槓桿操作、在新興市場持有美元、用穩定幣交易加密資產。Let me start from the final point and going backwards. When we started M0 building infrastructure for stablecoins in early 2023, nobody cared about stablecoins. And the reason was that there was no money to be made in stablecoins. Stablecoins were a platform. It was needed for other people to build very cool stuff on digital rails. And it was very exciting. So you could get leverage through a stablecoin, decentralized stablecoin. You could hold dollars in an emerging market. You could trade crypto assets on a stablecoin.

1:36但後來一切都變了。利率上升，有家公司從交易所關聯企業變成全球最賺錢的公司，大家開始注意穩定幣。接著又有另一家做穩定幣全球調度的公司，被 Stripe 以 11 億美元收購，大家都開始關注這個領域。一年前，不管是在 TOKEN2049 還是紐約，穩定幣的討論場場爆滿，但其實大家只是想知道怎麼賺錢，根本不懂穩定幣，也不是真的相信穩定幣，只是想賺快錢。這種時代很快就過去了。And then everything changed. So interest rates went up, and a company that started as an affiliate of an exchange became the most profitable company in the world, and people started paying attention. Then something else happened, and another company that was doing orchestration, or like moving stablecoins around the world at the fringe of finance, got acquired by Stripe for 1.1 billion dollars. And people, everybody started paying attention. So a year ago, if you would have come here at Token or in New York, any panel about stablecoins was packed. And it was packed for the wrong reasons. People just wanted to understand how they could make money. And they had no idea what they were doing with stablecoins. They were not even believing in stablecoins. They just wanted to make money. And that time has passed very quickly.

2:26穩定幣回歸平台本質

2:26現在大多數穩定幣發行商，其實都把發行這件事商品化了。你會看到像 Stripe、Visa、Mastercard 都宣布要發行穩定幣，甚至把 100% 的收益都給下游分銷商。用穩定幣在金融邊緣做資金調度這件事，也被商品化到幾乎沒利潤可賺。穩定幣又回到原本應該是的平台角色。So most of the issuers in stablecoins are actually commoditizing the act of issuance. So you might have seen companies like Stripe announcing, and Visa and Mastercard announcing that they will launch a stablecoin where 100% of the yield is going to pass down to the distributors. And the act of orchestration of using stablecoins at the fringe to move money around. It's been commoditized so much that there is no margin to be made. So stablecoins actually went back being the platform that originally were supposed to be.

2:58那這個平台到底能讓我們做什麼？平台的價值就是讓大家可以在上面做出比平台本身更有價值的東西。有趣的是，現在我們又回到原點。穩定幣現在開始賦能全新的應用場景，讓金融產品可以在全球快速推出，讓用戶能做更多酷的事。信用卡、數位銀行、收益產品、保險，現在都用穩定幣作為軟體元件，而不只是支付管道或結算資產。So what is this platform actually allowing us to do? And what platforms allow us to do is actually to build stuff that is more valuable than the platform itself. And interestingly, we are going back full circle. So stablecoins today are actually empowering new use cases, new financial applications that can be launched super quickly globally to do cool stuff, to let users do cool stuff. So credit cards are powered by stablecoins, neobanks are powered by stablecoins, yield products are powered by stablecoins, insurance are powered by stablecoins.

3:35穩定幣成為金融軟體元件

3:35現在所有能服務用戶的產品，都把穩定幣當成一種軟體，而不只是支付或結算工具。當穩定幣變成軟體，它就會進化。軟體需要被編程、個人化、跟其他軟體串接。這正是我們在 M0 做的事。我們要讓區塊鏈上的各種金融應用，都能用我們設計的基礎元件，快速啟動、推廣、發行。Everything that can actually serve customers is now using stablecoins as a piece of software and not like a payment rail necessarily or like a settlement asset. And obviously, when stablecoins become software, they evolve. So software needs to be programmed, needs to be personalized, needs to be connected with other pieces of software. And this is what we're doing at M0. At M0, we decided to power any type of financial use case that exists on the blockchain by creating primitives that facilitate the launch, the bootstrapping, the distribution of those softwares.

4:16這也帶到我第二個重點：我們其實不知道穩定幣的下一步會是什麼，但可以確定的是，未來的穩定幣需要完全可編程、彈性的基礎設施。我們正在打造一個畫布，讓其他創業家、發明家，不管是人還是機器，都能在這個畫布上創造我們現在想像不到的應用。我非常相信機器對機器的金融流動，但我不認為 AI 代理人會幫我們買票什麼的，那聽起來太像星艦迷航記了。重點是要打造能讓未來發生的基礎設施和畫布。And this gets me to the second point of my, let's say, preamble. We don't really know what is going to be next for stablecoins. What we know is that what is next for stablecoins require fully programmable, flexible infrastructure. And that's what we're building. We're building a canvas that is allowing other entrepreneurs, other inventors, whether humans or machines, to actually use this canvas and create use cases that we cannot really predict. I'm a massive believer of machine-to-machine financial flows. I'm not a believer that an agent is gonna just buy tickets on our behalf. It feels a bit like Star Trek. I think it's very difficult to predict what the future is going to entail. What is important is building the infrastructure and the canvas that is allowing this future to happen under our eyes.

5:26M0 的基礎設施藍圖

5:26接下來我花五分鐘，跟大家介紹我們到底在做什麼，也讓你們思考自己的產品或用例能不能用到我們的東西。當你要做一個全球規模、真正有用的金融產品時，需要很多組件。第一，你需要入口，讓用戶可以無縫進入你的應用，也就是說你需要流動性。現在加密貨幣的流動性很貴，因為流動性提供者賺很多，我們想要改變這點，讓流動性民主化。So this is what we're doing, and let me spend the next, like, five minutes to describe you what we're doing, and then let you think whether the type of products, the use cases that your companies are building can actually use what we're building for you. So when you're building a financial product that is useful, is going to be useful for a mass market, a global market, there are a lot of pieces that you need, that you need to make it real. The first one, you need the gates. You need to allow users to come into your product, come into your application in a seamless way, i.e., you need liquidity. And today in crypto, liquidity is very expensive. And it's very expensive by construct because liquidity providers are actually making a lot of money providing liquidity, and we want to change that. We want to democratize that.

6:13所以我們在做流動性元件，讓任何金融應用都能嵌入一個小工具，用戶可以直接用 USDC、USDT、PYUSD 等等進來，無縫、原子級、超快、無需許可地進入你的應用。第二，當用戶的錢進到你的金融應用後，需要有存放的地方。以前這種存放方式很稀有，現在有很多合規的支付型穩定幣。我們把這些支付存放方式包裝成元件，方便各種用例，等於是在鏈上做出代幣化銀行帳戶。So we're building liquidity primitives that allow any type of financial application to embed a widget and allow users to click, come in with a version of a dollar, whether USDC, USDT, PYUSD, or others, and enter your financial application premises seamlessly, atomically, super fast, permissionlessly. The other thing that you need, as soon as the money of your users is inside a financial application is a form of storage. And forms of storage, like a few years ago, were very rare. Today are very common. There are so many regulated, so-called genius-compliant payment stablecoins. So we are building primitives that are mashing all those forms of payment storage in wrappers that are facilitating any use case. We're building de facto tokenized bank accounts for on-chain economy.

7:07功能模組化，賦能創新

7:07我們還在做更多功能。每種應用都需要不同功能，比如收益型產品需要特定的金庫、流動性入口、收益分配等功能；如果是機器用戶，則需要其他功能。我們每天跟開發者聊，他們有新需求我們就做，然後把這些功能放進選單。隨著越來越多用例上鏈，我們的功能選單也越來越長，讓開發者能更有創意地打造新產品。And then we're building features. So every type of application requires different features. So if you're a yield instrument, you require certain vaults or liquidity gating or yield passing features. If you're a machine, you require other features. So we are building those features, and we don't know what those features are. Every day that we're talking to builders, they come up with our requests, more requests. We build those for those requests, and we put them in a menu. So as stuff, as things get more open, as more of the use cases are coming on chain, we are building a longer and longer menu of features that are facilitating creativity of builders.

7:49現在很開心看到加密圈的觀光客都跑去聽 AI 或其他主題，穩定幣場次反而沒那麼擠，這樣我們終於可以不再只討論結算資產，而是討論穩定幣賦能的應用、大家在上面做的新東西。我們只想打造無縫、中立、隱形但可靠的基礎設施。So, it is actually very exciting to be back in a world where most of the tourists in crypto are not here in stablecoin panels, but are in other panels, AI panels, or you name it. Because finally we can go back talking not about the settlement asset, but about what it empowers, what other people are building on top. We just want to build seamless. Neutral, invisible infrastructure that works.

8:16數位貨幣的黃金年代

8:16我們認為接下來幾年會是數位貨幣真正的黃金年代。當數位貨幣無縫融入金融應用，變成前端背後的隱形基礎設施，全球用戶都能即時享受到這些產品和服務。這才是真正實現加密精神——不是創造巨大的利潤中心，而是打造開放、可組合的金融基礎設施，讓每個人都能參與。So we think the next few years are going to be the real golden age of digital money. As digital money enters into seamless financial applications, becomes invisible behind the front end, just make global, first, immediate infrastructure and products available to everyone. And actually delivers what the crypto ethos has always been since the very beginning, which was not creating a lot of, like, massive centers of profit, but creating open infrastructure to allow composable, open financial use cases for everyone.

8:53邀請共創未來

8:53如果你覺得我們做的東西對你有幫助，能賦能你的產品，歡迎來找我們。你可以上 X、M0.org，跟我們的產品或工程團隊聊，我們會幫你把想法變成現實。謝謝大家的聆聽。我不是來告訴你穩定幣的未來會是什麼，而是要讓你們有能力把未來做出來。我們只是負責打好基礎層。謝謝！So if you think that what we're building can interest you, if you think that what we're building can power what you're building for your customers, you should come and reach out. You should go on X, on M0.org. You should talk to our product teams. You should talk to our engineering teams, and we will make sure to make it real. So thanks, thanks for paying attention. I'm not here to tell you what is next for stables. I'm here to empower you to actually make it real. I'm just building the base layer. Thanks a lot.