Name: 數字貨幣的未來：為什麼 "可編程 "貨幣能重塑全球金融？ (The future of digital currency: Why ‘programmable’ money could reshape global finance)
Uploaded: 2025-08-12T18:36:56.000Z
Duration: 30 min 21 s

Welcome to Beyond the Valley, a CNBC Tech podcast with Arjun Karpal and Tom Chitty.

歡迎收聽 CNBC 科技播客阿瓊-卡帕爾（Arjun Karpal）和湯姆-奇蒂（Tom Chitty）的《超越山谷》（Beyond the Valley）節目。

The stablecoin market is now worth over $200 billion.

目前，穩定幣市場的價值已超過 2000 億美元。

基礎被動語態

Stablecoins, which are a type of digital asset that track currencies like the US dollar, are backed by real world assets.

穩定幣是一種追蹤美元等貨幣的數字資產，由現實世界的資產提供支持。

They were once the tool for trading in and out of different cryptocurrencies, but now stablecoins are taking on new use cases, and those issuing them are thinking about a world where assets become increasingly digital.

穩定幣曾經是買賣不同加密貨幣的工具，但現在穩定幣有了新的用途，發行穩定幣的人正在考慮一個資產越來越數字化的世界。

Jeremy Allaire, CEO of Circle, the issuer of USDC, joins me for this special edition of Beyond the Valley from the World Economic Forum's meeting in Davos, Switzerland.

在瑞士達沃斯舉行的世界經濟論壇會議上，USDC 發行商 Circle 首席執行官傑里米-阿萊爾（Jeremy Allaire）與我一起參加了本期 "超越山谷 "特別節目。

Jeremy, thanks for joining me on Beyond the Valley.

傑里米，感謝你參加 "超越山谷 "節目。

You know, you launched USDC, I think, in 2018.

你知道，你在 2018 年推出了 USDC。

What was going through your head at that point, and the years leading up to this, about the importance of stablecoins, which now represent billions of dollars in value?

穩定幣現在價值數十億美元，您當時以及在此之前的幾年裡，腦子裡是怎麼想穩定幣的重要性的？

You know, when I founded Circle 12 years ago, the basic idea was, we could take fiat, and we could turn it into digital currency, and we could run it over open, permissionless public blockchain infrastructure.

要知道，12 年前我創立 Circle 時的基本想法是，我們可以把法幣變成數字貨幣，並在開放、無權限的公共區塊鏈基礎設施上運行。

And that that would ultimately lead to a world where sort of the cost of storing and moving value would effectively become free.

而這最終將導致一個世界，在這個世界裡，價值的存儲和移動成本實際上是免費的。

You'd have this huge surge in the velocity of money.

And the breakthrough of smart contracts, which back in 2013 didn't really exist, but people were talking about, would unleash a wave of money utility that we've never seen through programmable money.

2013年，智能合約還不存在，但人們都在談論它，它的突破將通過可編程貨幣釋放出我們從未見過的貨幣效用浪潮。

So that was the founding vision of the company.

It took us about five years from a regulatory perspective, from a technology perspective, and from a market readiness perspective, to actually build what, before they were called stablecoins, we called fiat tokens.

從監管的角度、技術的角度以及市場準備的角度來看，我們花了大約五年的時間，才真正打造出在被稱為穩定幣之前，我們稱之為法定代幣的東西。

But that vision really informed the development of USDC and the launch of USDC in 2018.

但這一願景確實為鞏發中心的發展和 2018 年鞏發中心的啟動提供了依據。

And I think, you know, over the last six plus years, um, it's, it's been pretty extraordinary, as you noted in your introduction.

我認為，在過去六年多的時間裡，正如你在介紹中提到的那樣，這是非常了不起的。

You know, when we started out, you had to kind of find like, where do you find product market fit?

要知道，我們剛起步的時候，你必須找到產品與市場的契合點。

我們確實在兩個方面發現了這一點。

You know, these are, these are, what's, what's interesting about digital asset markets is they're 24-7, 365, continuously settled.

你知道，這些都是，這些都是，數字資產市場的有趣之處在於，它們是全天候、365 天連續結算的。

That's totally like any other part of the financial system.

這與金融系統的其他部分完全一樣。

And so you need dollars that can do that too.

是以，你也需要能做到這一點的美元。

And so that was very clearly a strong fit.

是以，這顯然是一個很好的契合點。

But the other was actually in this area of programmable money, um, we aligned ourselves with all of these, um, crypto startups building what are, what's often called DeFi.

但另一方面，在可編程貨幣領域，我們與所有這些加密貨幣初創公司結盟，共同打造所謂的DeFi。

So protocols on the internet that use the programmability to, to achieve new things.

是以，互聯網上的協議可以利用可編程性來實現新事物。

Um, we knew in 2018 that the, the road to this becoming like an at-scale infrastructure that was used very, very widely was, was still going to take some time.

嗯，我們在 2018 年就知道，要使其成為一種被廣泛使用的大規模基礎設施，還需要一些時間。

And as every employee of Circle knows, you know, we, we said it would take about 10 years to get to the point where we could achieve the initial vision.

Circle 的每位員工都知道，我們說過，要花 10 年時間才能實現最初的願景。

而且，我們現在基本上已經到了。

And it's really exciting because I think pretty much everyone acknowledges that stable coins are going to be the money layer of the internet.

這確實令人興奮，因為我認為幾乎每個人都承認，穩定幣將成為互聯網的貨幣層。

Um, and, uh, and there's a, you know, now this tremendous energy coming from every part of the financial sector, corporates, others to get into this.

嗯，還有，你知道，現在金融部門、企業和其他部門都有巨大的能量來參與其中。

And Jeremy, you talk about this and you call it the internet financial system.

傑里米，你談到了這一點，並稱之為互聯網金融系統。

Uh, and you've spoken a bit about this built entirely on chain.

呃，你已經說了一些關於這個完全建立在鏈條上的東西。

Uh, you say, can you just lay out briefly kind of what your vision is here?

呃，你說，你能不能簡單介紹一下你的願景是什麼？

And especially the part about being on, on chain.

I mean, I think, um, you know, blockchain networks are general purpose, decentralized kind of operating systems.

我的意思是，我認為，嗯，你知道，區塊鏈網絡是一種通用的、去中心化的作業系統。

So that's the first thing to think about.

And they, they give us some new capabilities, um, kind of, uh, censorship resistant, immutable data, uh, the ability to transact directly with any counterparty in the world around that data without some centralized intermediary.

它們為我們提供了一些新的功能，如抗審查、不可更改的數據，以及在沒有中央中介的情況下直接與世界上任何交易方進行交易的能力。

You can write contracts, you can write code that, that interacts with that.

你可以編寫合同，編寫與之交互的代碼。

So these are really powerful general purpose operating systems.

是以，這些都是非常強大的通用作業系統。

And there's an intense competition for, for those, uh, right now.

But that basically creates this base layer of the on chain world.

但從根本上說，這就建立了鏈上世界的基礎層。

So on chain is really just, there's a new layer of the internet.

是以，網絡鏈實際上只是互聯網的一個新層次。

It's a new distributed operating system layer.

這是一個新的分佈式作業系統層。

That's the on chain world on chain can be game items on chain can be your identity on chain can be money.

這就是鏈上世界，鏈上可以是遊戲道具，鏈上可以是你的身份，鏈上可以是金錢。

So we're, we're now in this world of bringing more and more things on chain, intellectual property, et cetera.

是以，我們現在正處於一個將越來越多的東西引入產業鏈、知識產權等領域的世界。

Um, but I think when I talk about the internet financial system, it's sort of saying, what are the building blocks of the economic system, corporate form, uh, the organization of, of ownership, the intermediation of contracts, governance, voting.

嗯，但我認為，當我談論互聯網金融體系時，我是在說，經濟體系的組成部分是什麼，公司形式，嗯，所有權的組織，合同的中介，治理，投票。

Those are building blocks that eventually will come on chain.

這些都是最終會形成鏈條的基石。

Um, and the opportunity is to take the building blocks of money, for example, cash or T-bills or sort of what we think of as like this base layer of money tokenize that, bring that on chain.

我們的機會是將貨幣的組成部分，例如現金、國庫券或我們認為的貨幣基礎層代幣化，並將其帶入鏈中。

所以，我們已經做了代幣化現金。

We think there's going to be a lot of other important tokenized assets.

我們認為還會有很多其他重要的代幣化資產。

And then you kind of go from there and you say, okay, well, what can you do with those things?

然後你就會說，好吧，你能用這些東西做什麼？

Can you put a contract in front of it that time locks it?

你能在它前面放上一份合同，對它進行時間鎖定嗎？

Can you build, uh, you know, swaps between these different stable coins between different currencies?

你能在這些不同的穩定幣和不同的貨幣之間建立互換嗎？

Can you build things like options, derivatives, exchanges, all on chain?

你能在鏈上建立期權、衍生品、交易所等東西嗎？

So we can take the financial primitives of the financial system, bring those on chain.

是以，我們可以利用金融體系的金融原素，將其引入鏈條。

Um, and then that becomes a kind of, um, infrastructure that, you know, you can start to build modern, you know, a sort of a true internet financial system around.

然後，這將成為一種，嗯，基礎設施，你知道，你可以開始建立現代的，你知道，一種真正的互聯網金融系統。

And, ultimately at the edges of that are entities, households, corporations that will increasingly also be brought on chain and intermediated by smart contracts and AI.

最終，處於邊緣的實體、家庭和公司也將越來越多地加入智能合約和人工智能的鏈條和中介。

And so you mentioned there, the sort of tokenization of assets that are happening and it fills a topic that has been spoken about a lot for the past few years.

所以，你在這裡提到了正在發生的資產代幣化，它填補了過去幾年中人們經常談論的一個話題。

I hope that, you know, things like stocks or bonds can be put on chain and tokenize property, intellectual property, various different Where would you say we are on the journey there at this point in time?

我希望，你知道，股票或債券之類的東西可以放在鏈上，並將財產、知識產權、各種不同的代幣化 你認為我們目前正處於什麼階段？

So right now the biggest tokenized asset is dollars.

是以，目前最大的代幣資產是美元。

And as you noted, there's over 200 billion.

正如你所指出的，有 2000 多億。

Um, USDC is the fastest growing, um, digital dollar right now.

USDC是目前增長最快的數字美元。

We've outpaced all the major players in the last year and that's accelerating.

去年，我們的發展速度超過了所有主要競爭對手，而且還在不斷加快。

Um, so cash is being tokenized and there's regulatory substance around that around the world as well, which we can come back to.

嗯，所以現金正在被代幣化，世界各地也有相關的監管內容，我們可以回頭再談。

But in the last year, year and a half, you've, you've sort of seen this concept of real world assets, tokenization of real world assets.

但在過去的一年或一年半里，你已經看到了現實世界資產、現實世界資產代幣化的概念。

The biggest category there is sort of these tokenized money market funds, tokenized treasury bills.

其中最大的一類是代幣化貨幣市場基金、代幣化國庫券。

That's about $3 billion just to put it in perspective.

And so when you think about the total addressable market for legal electronic money in the world across every government, every currency, it's about $130 trillion.

是以，如果考慮到世界上每個政府、每種貨幣的合法電子貨幣的可處理市場總額，大約為 130 萬億美元。

So there's a long way to go just with cash and kind of base layer, kind of the short duration government bonds, things like that.

是以，僅靠現金和基礎層、短期政府債券等，還有很長的路要走。

So there's a lot of, a lot of head room there.

Um, but you know, I think that's, that's going to grow a lot.

嗯，但你知道，我認為這將會有很大發展。

And then, you know, can you have bonds, equity, all of these things?

然後，你知道，你能擁有債券、股票等所有這些東西嗎？

And this gets back to the regulatory question, you know, six months ago, if you walked into the SEC and said, I want to issue a tokenized bond or this, that or the other, you'd get blank stares or worse.

這又回到了監管問題上，要知道，六個月前，如果你走進美國證券交易委員會，說我想發行代幣化債券，或者這樣、那樣或那樣，你會遭到白眼，甚至更糟。

And so I think now there's a real openness to all of this.

是以，我認為現在對這一切都持真正開放的態度。

And I think you're going to see, um, not just in the United States.

我認為你會看到，嗯，不僅僅是在美國。

I mean, we have, we actually have rules in Europe now for issuing digital tokens and you're seeing, you know, tokenized bonds actually more and more projects like that.

我的意思是，我們歐洲現在有發行數字代幣的規則，你知道，代幣化債券實際上是越來越多的類似項目。

So I think we'll see, um, over the next 24 months, quite a bit of growth in, you know, that, but I also expect tokenized cash, AKA stable coins to, to really continue the tremendous growth that they've had.

是以，我認為在未來 24 個月內，我們會看到，嗯，在這方面會有相當大的增長，但我也希望代幣化現金（又稱穩定幣）能繼續保持其巨大的增長。

We'll definitely dig into the regulatory question.

我們一定會深入研究監管問題。

Cause it's obviously a big one, top of mind for your industry, but where in this vision of yours does Circle fit in, you know, we know the issue of USDC that is very key, uh, part of some of these transactions, but you're trying to be more than that, a platform, right?

因為這顯然是一個大問題，是你們行業的頭等大事，但在你們的願景中，Circle的定位是什麼，你知道，我們知道USDC的問題是非常關鍵的，呃，是其中一些交易的一部分，但你們試圖成為一個平臺，而不僅僅是這樣，對嗎？

So, so what Circle's role in all of this?

那麼，Circle 在這一切中扮演什麼角色呢？

So I think if, if you look at Circle today, um, we issue the large, you know, the largest regulated digital dollar, USDC.

所以我認為，如果你看看今天的Circle，嗯，我們發行的是最大的，你知道的，最大的受監管數字美元，USDC。

Um, we also issued the largest regulated digital Euro, EURC, much smaller, but only became possible in the last, you know, six, six, six, seven months.

嗯，我們還發行了最大的受監管數字歐元--EURC，規模要小得多，但也是在最近六、六、六、七個月才成為可能。

Um, and, um, and then, you know, in addition to issuing which is sort of financial market infrastructure regulated by prudential regulators increasingly all around the world and all the plumbing and reserve banking and assurance and other things that goes around it.

嗯，然後，嗯，然後，你知道，除了發行，這是一種金融市場基礎設施，越來越多的世界各地的審慎監管機構和所有的管道和儲備銀行和保證和其他事情，圍繞著它。

That's one big piece of what we do, but we kind of face the market as a, a platform that anyone can build on.

這是我們的一項重要工作，但我們也將市場視為一個平臺，任何人都可以在此基礎上進行開發。

So there's the other part of what Circle does, which is we publish all of these smart contract protocols on the public internet.

Circle 的另一項工作是在公共互聯網上發佈所有這些智能合約協議。

And so there's essentially a open freely available dollar API to anyone in the world.

是以，世界上任何人都可以免費獲得一個開放的美元應用程序接口。

If I'm a person, I want to connect my wallet to it.

如果我是一個人，我想把我的錢包和它聯繫起來。

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數字貨幣的未來：為什麼 "可編程 "貨幣能重塑全球金融？ (The future of digital currency: Why ‘programmable’ money could reshape global finance)

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