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\u4f5c\u8005\uff1a<\/span>Sam Broner a16z<\/span><\/span><\/em><\/p>\n

\u7f16\u8bd1\uff1a<\/span>\u6df1\u6f6e TechFlow<\/span><\/span><\/em><\/p>\n

\u00a0<\/p>\n

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\u7a33\u5b9a\u5e01\u6e05\u7b97\u4e2d\u5fc3<\/strong><\/p>\n

\u5efa\u7acb\u53bb\u4e2d\u5fc3\u5316\u7684\u5408\u4f5c\u7ec4\u7ec7\u200a\u2014\u200a\u2014 \u7c7b\u4f3c\u4e8e\u7a33\u5b9a\u5e01\u9886\u57df\u7684 ACH \u6216 Visa\uff0c\u4ee5\u4fdd\u8bc1\u5373\u65f6\u3001\u65e0\u6469\u64e6\u4e14\u8d39\u7528\u900f\u660e\u7684\u8f6c\u6362\u3002Peg Stability Module \u662f\u4e00\u4e2a\u6709\u524d\u666f\u7684\u6a21\u578b\uff0c\u4f46\u82e5\u80fd\u5728\u6b64\u57fa\u7840\u4e0a\u6269\u5c55\u534f\u8bae\u4ee5\u786e\u4fdd\u53c2\u4e0e\u53d1\u884c\u65b9\u548c\u6cd5\u5e01\u4e4b\u95f4\u7684\u6309\u9762\u503c\u7ed3\u7b97\uff0c\u5c06\u663e\u8457\u63d0\u5347\u7a33\u5b9a\u5e01\u7684\u529f\u80fd\u6027\u3002<\/p>\n

\u53ef\u4fe1\u4e2d\u7acb\u7684\u62b5\u62bc\u54c1\u5c42<\/strong><\/p>\n

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1. \u81ea\u7531\u7684\u8d44\u672c\u6d41\u52a8\uff1b<\/span><\/p>\n

2. \u56fa\u5b9a\u6216\u4e25\u683c\u7ba1\u7406\u7684\u6c47\u7387\uff1b<\/span><\/p>\n

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\u7f8e\u5143\u7a33\u5b9a\u5e01\u7684\u672c\u5730\u63a5\u53d7\u5ea6<\/strong><\/p>\n

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\u7136\u800c\uff0c\u76d1\u7ba1\u673a\u6784\u5e76\u4e0d\u5e0c\u671b\u7a84\u94f6\u884c\u5438\u6536\u5b58\u6b3e\u8d44\u91d1\uff0c\u56e0\u4e3a\u7a84\u94f6\u884c\u6a21\u5f0f\u4e0b\u7684\u8d44\u91d1\u5177\u6709\u8f83\u4f4e\u7684\u8d27\u5e01\u4e58\u6570\u6548\u5e94\uff08\u5373\u5355\u4e00\u7f8e\u5143\u652f\u6301\u7684\u4fe1\u7528\u6269\u5c55\u500d\u6570\u8f83\u4f4e\uff09\u3002\u6700\u7ec8\uff0c\u7ecf\u6d4e\u4f9d\u8d56\u4e8e\u4fe1\u7528\u6765\u8fd0\u884c\uff1a\u76d1\u7ba1\u673a\u6784\u3001\u4f01\u4e1a\u4ee5\u53ca\u65e5\u5e38\u6d88\u8d39\u8005\u90fd\u4ece\u66f4\u6d3b\u8dc3\u3001\u66f4\u76f8\u4e92\u4f9d\u5b58\u7684\u7ecf\u6d4e\u4e2d\u83b7\u76ca\u3002\u5982\u679c\u7f8e\u56fd 17 \u4e07\u4ebf\u7f8e\u5143\u5b58\u6b3e\u57fa\u7840\u4e2d\uff0c\u54ea\u6015\u6709\u4e00\u5c0f\u90e8\u5206\u8fc1\u79fb\u81f3\u6cd5\u5e01\u50a8\u5907\u578b\u7a33\u5b9a\u5e01\uff0c\u94f6\u884c\u53ef\u80fd\u4f1a\u5931\u53bb\u5176\u6700\u5ec9\u4ef7\u7684\u8d44\u91d1\u6765\u6e90\u3002\u8fd9\u5c06\u8feb\u4f7f\u94f6\u884c\u9762\u4e34\u4e24\u79cd\u4e0d\u5229\u9009\u62e9\uff1a\u8981\u4e48\u51cf\u5c11\u4fe1\u8d37\u521b\u9020\uff08\u4f8b\u5982\u51cf\u5c11\u62b5\u62bc\u8d37\u6b3e\u3001\u6c7d\u8f66\u8d37\u6b3e\u548c\u4e2d\u5c0f\u4f01\u4e1a\u4fe1\u7528\u989d\u5ea6\uff09\uff0c\u8981\u4e48\u901a\u8fc7\u6279\u53d1\u878d\u8d44\uff08\u5982\u8054\u90a6\u4f4f\u623f\u8d37\u6b3e\u94f6\u884c\u7684\u77ed\u671f\u8d37\u6b3e\uff09\u6765\u5f25\u8865\u5b58\u6b3e\u635f\u5931\uff0c\u4f46\u8fd9\u4e0d\u4ec5\u6210\u672c\u66f4\u9ad8\uff0c\u800c\u4e14\u671f\u9650\u66f4\u77ed\u3002<\/p>\n

\u5c3d\u7ba1\u7a84\u94f6\u884c\u6a21\u5f0f\u5b58\u5728\u4e0a\u8ff0\u95ee\u9898\uff0c\u4f46\u7a33\u5b9a\u5e01\u5177\u6709\u66f4\u9ad8\u7684\u8d27\u5e01\u6d41\u52a8\u6027\u3002\u4e00\u679a\u7a33\u5b9a\u5e01\u53ef\u4ee5\u88ab\u53d1\u9001\u3001\u6d88\u8d39\u3001\u501f\u8d37\u6216\u62b5\u62bc\u200a\u2014\u200a\u2014 \u5e76\u4e14\u53ef\u4ee5\u6bcf\u5206\u949f\u591a\u6b21\u4f7f\u7528\uff0c\u7531\u4eba\u7c7b\u6216\u8f6f\u4ef6\u63a7\u5236\uff0c\u5168\u5929\u5019\u8fd0\u884c\u3002\u8fd9\u79cd\u9ad8\u6548\u6d41\u52a8\u6027\u4f7f\u5f97\u7a33\u5b9a\u5e01\u6210\u4e3a\u4e00\u79cd\u66f4\u4f18\u8d28\u7684\u8d27\u5e01\u5f62\u5f0f\u3002<\/p>\n

\u6b64\u5916\uff0c\u7a33\u5b9a\u5e01\u5e76\u975e\u5fc5\u987b\u7531\u56fd\u503a\u652f\u6491\u3002\u4e00\u79cd\u66ff\u4ee3\u65b9\u6848\u662f\u4ee3\u5e01\u5316\u5b58\u6b3e\uff08Tokenized Deposits\uff09\uff0c\u5141\u8bb8\u7a33\u5b9a\u5e01\u7684\u4ef7\u503c\u4e3b\u5f20\u76f4\u63a5\u4f53\u73b0\u4e8e\u94f6\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\uff0c\u540c\u65f6\u4ee5\u73b0\u4ee3\u533a\u5757\u94fe\u7684\u901f\u5ea6\u5728\u7ecf\u6d4e\u4e2d\u6d41\u901a\u3002\u5728\u8fd9\u4e00\u6a21\u5f0f\u4e2d\uff0c\u5b58\u6b3e\u4ecd\u7136\u7559\u5728\u90e8\u5206\u51c6\u5907\u91d1\u94f6\u884c\u4f53\u7cfb\u5185\uff0c\u6bcf\u4e00\u679a\u7a33\u5b9a\u4ef7\u503c\u4ee3\u5e01\u5b9e\u9645\u4e0a\u7ee7\u7eed\u652f\u6301\u53d1\u884c\u673a\u6784\u7684\u8d37\u6b3e\u4e1a\u52a1\u3002\u8fd9\u79cd\u6a21\u5f0f\u4e0b\uff0c\u8d27\u5e01\u4e58\u6570\u6548\u5e94\u5f97\u4ee5\u6062\u590d\u200a\u2014\u200a\u2014 \u4e0d\u4ec5\u901a\u8fc7\u8d27\u5e01\u6d41\u52a8\u901f\u5ea6\uff0c\u4e5f\u901a\u8fc7\u4f20\u7edf\u7684\u4fe1\u7528\u521b\u9020\uff1b\u800c\u7528\u6237\u4ecd\u7136\u53ef\u4ee5\u4eab\u53d7\u5168\u5929\u5019\u7ed3\u7b97\u3001\u53ef\u7ec4\u5408\u6027\u4ee5\u53ca\u94fe\u4e0a\u53ef\u7f16\u7a0b\u6027\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u7684\u5d1b\u8d77\u4e3a\u91d1\u878d\u4f53\u7cfb\u63d0\u4f9b\u4e86\u65b0\u7684\u53ef\u80fd\u6027\uff0c\u4f46\u540c\u65f6\u4e5f\u63d0\u51fa\u4e86\u4fe1\u7528\u521b\u9020\u4e0e\u7cfb\u7edf\u7a33\u5b9a\u6027\u4e4b\u95f4\u7684\u5e73\u8861\u96be\u9898\u3002\u672a\u6765\u7684\u89e3\u51b3\u65b9\u6848\u5c06\u9700\u8981\u5728\u7ecf\u6d4e\u6548\u7387\u4e0e\u4f20\u7edf\u91d1\u878d\u529f\u80fd\u4e4b\u95f4\u627e\u5230\u6700\u4f73\u7ed3\u5408\u70b9\u3002<\/p>\n

\u4e3a\u4e86\u8ba9\u7a33\u5b9a\u5e01\u65e2\u80fd\u4fdd\u7559\u90e8\u5206\u51c6\u5907\u91d1\u94f6\u884c\u4f53\u7cfb\u7684\u4f18\u52bf\uff0c\u53c8\u80fd\u63a8\u52a8\u7ecf\u6d4e\u52a8\u6001\u6027\uff0c\u53ef\u4ee5\u4ece\u4ee5\u4e0b\u4e09\u4e2a\u65b9\u9762\u8fdb\u884c\u8bbe\u8ba1\u6539\u8fdb\uff1a<\/p>\n

\u00b7 \u4ee3\u5e01\u5316\u5b58\u6b3e\u6a21\u578b<\/strong>\uff1a\u901a\u8fc7\u4ee3\u5e01\u5316\u5b58\u6b3e\uff08Tokenized Deposit\uff09\u5c06\u5b58\u6b3e\u4fdd\u7559\u5728\u90e8\u5206\u51c6\u5907\u91d1\u7cfb\u7edf\u4e2d\u3002<\/p>\n

\u00b7 \u62b5\u62bc\u54c1\u591a\u6837\u5316<\/strong>\uff1a\u5c06\u62b5\u62bc\u54c1\u4ece\u77ed\u671f\u56fd\u503a\uff08T-bills\uff09\u6269\u5c55\u5230\u5176\u4ed6\u9ad8\u8d28\u91cf\u3001\u6d41\u52a8\u6027\u5f3a\u7684\u8d44\u4ea7\u3002<\/p>\n

\u00b7 \u5d4c\u5165\u81ea\u52a8\u6d41\u52a8\u6027\u673a\u5236<\/strong>\uff1a\u901a\u8fc7\u94fe\u4e0a\u56de\u8d2d\u534f\u8bae\uff08on-chain repo\uff09\u3001\u4e09\u65b9\u56de\u8d2d\u8bbe\u65bd\uff08tri-party facilities\uff09\u3001\u62b5\u62bc\u503a\u4ed3\u6c60\uff08CDP pools\uff09\u7b49\u65b9\u5f0f\uff0c\u5c06\u95f2\u7f6e\u50a8\u5907\u91cd\u65b0\u5f15\u5165\u4fe1\u8d37\u5e02\u573a\u3002<\/p>\n

\u76ee\u6807\u662f\u7ef4\u6301\u4e00\u4e2a\u76f8\u4e92\u4f9d\u8d56\u3001\u4e0d\u65ad\u589e\u957f\u7684\u7ecf\u6d4e\u73af\u5883\uff0c\u4f7f\u5f97\u5408\u7406\u7684\u5546\u4e1a\u8d37\u6b3e\u66f4\u52a0\u5bb9\u6613\u83b7\u5f97\u3002\u901a\u8fc7\u652f\u6301\u4f20\u7edf\u4fe1\u8d37\u521b\u9020\uff0c\u540c\u65f6\u63d0\u9ad8\u8d27\u5e01\u6d41\u52a8\u6027\u3001\u53bb\u4e2d\u5fc3\u5316\u62b5\u62bc\u8d37\u6b3e\u548c\u76f4\u63a5\u79c1\u4eba\u8d37\u6b3e\uff0c\u521b\u65b0\u7684\u7a33\u5b9a\u5e01\u8bbe\u8ba1\u53ef\u4ee5\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\u3002<\/p>\n

\u5c3d\u7ba1\u76ee\u524d\u7684\u76d1\u7ba1\u73af\u5883\u4f7f\u5f97\u4ee3\u5e01\u5316\u5b58\u6b3e\u5c1a\u4e0d\u53ef\u884c\uff0c\u4f46\u56f4\u7ed5\u6cd5\u5e01\u50a8\u5907\u578b\u7a33\u5b9a\u5e01\u7684\u76d1\u7ba1\u660e\u786e\u6027\u6b63\u5728\u4e3a\u57fa\u4e8e\u94f6\u884c\u5b58\u6b3e\u62b5\u62bc\u7684\u7a33\u5b9a\u5e01\u6253\u5f00\u5927\u95e8\u3002<\/p>\n

\u5b58\u6b3e\u652f\u6301\u578b\u7a33\u5b9a\u5e01\uff08Deposit-Backed Stablecoins\uff09\u80fd\u591f\u8ba9\u94f6\u884c\u7ee7\u7eed\u4e3a\u73b0\u6709\u5ba2\u6237\u63d0\u4f9b\u4fe1\u8d37\uff0c\u540c\u65f6\u63d0\u5347\u8d44\u672c\u6548\u7387\uff0c\u5e76\u5e26\u6765\u7a33\u5b9a\u5e01\u7684\u53ef\u7f16\u7a0b\u6027\u3001\u4f4e\u6210\u672c\u548c\u9ad8\u901f\u4ea4\u6613\u4f18\u52bf\u3002\u8fd9\u79cd\u7a33\u5b9a\u5e01\u7684\u64cd\u4f5c\u65b9\u5f0f\u975e\u5e38\u7b80\u5355\uff1a\u5f53\u7528\u6237\u9009\u62e9\u94f8\u9020\u5b58\u6b3e\u652f\u6301\u578b\u7a33\u5b9a\u5e01\u65f6\uff0c\u94f6\u884c\u4f1a\u4ece\u7528\u6237\u7684\u5b58\u6b3e\u4f59\u989d\u4e2d\u6263\u9664\u76f8\u5e94\u91d1\u989d\uff0c\u5e76\u5c06\u5b58\u6b3e\u4e49\u52a1\u8f6c\u79fb\u81f3\u4e00\u4e2a\u7efc\u5408\u7a33\u5b9a\u5e01\u8d26\u6237\u3002\u968f\u540e\uff0c\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u4f5c\u4e3a\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\u8d44\u4ea7\u6240\u6709\u6743\u4ee3\u5e01\uff0c\u53ef\u4ee5\u53d1\u9001\u5230\u7528\u6237\u6307\u5b9a\u7684\u516c\u5171\u5730\u5740\u3002<\/p>\n

\u9664\u4e86\u5b58\u6b3e\u652f\u6301\u578b\u7a33\u5b9a\u5e01\uff0c\u5176\u4ed6\u89e3\u51b3\u65b9\u6848\u4e5f\u53ef\u4ee5\u63d0\u9ad8\u8d44\u672c\u6548\u7387\u3001\u964d\u4f4e\u56fd\u503a\u5e02\u573a\u7684\u6469\u64e6\uff0c\u5e76\u589e\u52a0\u8d27\u5e01\u6d41\u52a8\u6027\u3002<\/p>\n

1. \u5e2e\u52a9\u94f6\u884c\u62e5\u62b1\u7a33\u5b9a\u5e01<\/strong><\/p>\n

\u94f6\u884c\u53ef\u4ee5\u901a\u8fc7\u91c7\u7528\u751a\u81f3\u53d1\u884c\u7a33\u5b9a\u5e01\uff0c\u63d0\u5347\u51c0\u606f\u5dee\uff08NIM\uff09\u3002\u7528\u6237\u53ef\u4ee5\u4ece\u5b58\u6b3e\u4e2d\u63d0\u53d6\u8d44\u91d1\u7684\u540c\u65f6\uff0c\u94f6\u884c\u4ecd\u80fd\u4fdd\u7559\u57fa\u7840\u8d44\u4ea7\u7684\u6536\u76ca\u4ee5\u53ca\u4e0e\u5ba2\u6237\u7684\u5173\u7cfb\u3002\u6b64\u5916\uff0c\u7a33\u5b9a\u5e01\u4e3a\u94f6\u884c\u63d0\u4f9b\u4e86\u4e00\u4e2a\u65e0\u9700\u4e2d\u4ecb\u53c2\u4e0e\u7684\u652f\u4ed8\u673a\u4f1a\u3002<\/p>\n

2. \u5e2e\u52a9\u4e2a\u4eba\u548c\u4f01\u4e1a\u62e5\u62b1 DeFi<\/strong><\/p>\n

\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u7528\u6237\u76f4\u63a5\u901a\u8fc7\u7a33\u5b9a\u5e01\u548c\u4ee3\u5e01\u5316\u8d44\u4ea7\u7ba1\u7406\u8d44\u91d1\u548c\u8d22\u5bcc\uff0c\u521b\u4e1a\u8005\u5e94\u5e2e\u52a9\u8fd9\u4e9b\u7528\u6237\u5feb\u901f\u4e14\u5b89\u5168\u5730\u83b7\u5f97\u8d44\u91d1\u3002<\/p>\n

3. \u6269\u5c55\u62b5\u62bc\u54c1\u7c7b\u578b\u5e76\u5c06\u5176\u4ee3\u5e01\u5316<\/strong><\/p>\n

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