第 729 集：稳定币如何取代旧金融体系

你有没有想过，有哪些经济力量在影响你的日常生活？

Are you curious about the economic forces shaping your daily life?

NPR的《Planet Money》播客，用你真正听得懂、也感兴趣的方式讲清楚经济那些事儿。

The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy.

你们啊，就爱听这种大事梳理。

Guys, you love listening to the rundowns.

我最近就是从这个NPR的《Planet Money》播客里了解到一些信息，特别是关于霍尔木兹海峡局势的那几期。

I get some of that information from this NPR Planet Money podcast, especially, recently with the war going on, the Strait Of Hormuz.

你就是能跟着他们，第一时间收到这些最新动态。

You're just kinda getting those updates as they come from these guys.

他们出的内容特别多，而且都挺精彩的。

They put out a ton of awesome content.

虽然和《Crypto 101》的角度不一样，但听下来一样很棒。

It's a different perspective from Crypto one zero one, but still a great listen.

如果你对时事和金融世界感兴趣，不妨去听听《Planet Money》这个播客。

So go over there and check out the Planet Money podcast if stuff like current events and the finance world interest you.

Planet Money 每一期节目都从一个问题开始。

Each story on Planet Money starts with a question.

最近几期问了为什么精灵宝可梦卡片涨得比你的退休金还快。

Recent episodes ask why Pokemon cards are growing faster than your retirement count.

关于战争的问题，就像我们最近在节目里聊得很多的那些。

Questions about the war, just like we talked about recently a lot on our program.

从就业市场到股市，再到超市里的物价，Planet Money 都给你讲得明明白白。

From the job market to the stock market to prices at the supermarket, Planet Money explains it all.

Planet Money 打造了一个不一样的世界，在这里复杂的经济居然变得好懂，人的故事压倒了抽象的理论，让你边学边笑边享受。

Planet Money is a different kind of world where the complex economy somehow makes sense, where human stories supersede abstract theories so you can learn, laugh, and be entertained.

这是经济学，但接地气得很。

It's econ, but just down to earth.

主持人为了讲清楚经济，简直不遗余力。

The hosts go to unusual lengths to explain the economy.

他们还出了一本书，专门追踪全球供应链。

They've published their own book to track the global supply chain.

他们甚至发射了一颗卫星，只为了解私营航天业的经济运作。

They've shot a satellite into space to understand the economics of the private space industry.

他们潜入一场现场图书拍卖，展示创意是如何进入市场的。

They've gone inside a live book auction to show how ideas get to market.

这档节目让你边学边笑，听完后看世界的眼光都不一样了。

It's the kind of show where you learn something, probably laugh and walk away seeing the world a little differently.

如果你喜欢《加密货币入门》，那你一定会喜欢《Planet Money》。

And I think if you like Crypto one zero one, you'll enjoy Planet Money.

不妨去听听看。

So maybe check that out.

关注NPR的《Planet Money》播客，了解金钱如何塑造这个世界。

Follow NPR's Planet Money podcast and understand how money shapes the world.

我们刚开始做这个播客时，所有事都得自己摸索——写脚本、排拍摄计划、设计logo。

When we started this podcast, it seemed like we had to figure it all out on our own scripts, set up filming schedules, logos.

那时候压力大得不得了，每天都有新问题冒出来，等着你做决定。

It was super overwhelming and every day seemed to introduce a new decision that needed an answer.

刚开始做一件事的时候，总觉得每天都有新的任务加到待办清单上，清单越积越多，最后差点把你压垮。

When you're starting off with something new, it seems like your to do list keeps growing every day with new tasks and that list can easily begin to overrun your life.

找到真正能帮上忙、还能让你省事的工具，往往能彻底改变局面。

Finding the right tools that not only helps you out but simplifies everything can be a game changer.

对数以百万计的企业来说，这个工具就是Shopify。

For millions of businesses, that tool is Shopify.

Shopify是全球数百万商家背后的电商平台，也支撑着美国10%的电子商务交易。

Shopify is the ecommerce platform behind millions of businesses around the world and 10% of all ecommerce in The US.

从我们Cryptnation和Crypto One One这样的知名播客，到刚起步的小品牌，都能用它卖书和周边产品。

From household names like us at Cryptnation and the Crypto one one podcast, where you can get our book and merch to brands that are just getting started.

用上百种现成模板，轻松搭建属于自己的设计工作室。

Get started with your own design studio with hundreds of ready to use templates.

Shopify帮你打造一个符合品牌风格的精美网店，无论是上新商品还是优化现有产品，都能大幅提升效率。

Shopify helps you build a beautiful online store that matches your brand style, accelerate your efficiency, whether you're uploading new products or trying to improve existing ones.

Shopify内置了强大的AI工具，能帮你写产品描述、设计页面标题，甚至优化产品图片。

Shopify is packed with helpful AI tools that write product descriptions, page headlines, and even enhance your product photography.

让你的推广效果，就像背后有个专业营销团队一样。

Get the word out like you have a marketing team behind you.

轻松创建邮件和社交媒体活动，无论你的客户在刷哪里、逛哪里。

Easily create email and social media campaigns wherever your customers are scrolling or strolling.

更棒的是，Shopify 就是你的电商专家，从库存管理到国际物流，再到退货处理，样样精通。

And best yet, Shopify is your commerce expert with world class expertise in everything from managing inventory to international shipping to processing returns and beyond.

今天就和业内最靠谱的合作伙伴 Shopify 一起开启你的事业，开始收获成果吧。

Start your business today with the industry's best business partner, Shopify, and start hearing.

现在就去 shopify.com/crypto10one 注册，每月仅需 1 美元体验。

Sign up for your $1 per month trial today at shopify.com/crypto10one.

访问 shopify.com/crypto10one。

Go to shopify.com/crypto10one.

就是 shopify.com/crypto10one。

That's shopify.com/crypto10one.

好了，各位。

Alright, everyone.

今天我们请到了瑞安·塞克斯。

We are joined here by Ryan Saxe.

他是Eco公司的联合创始人兼首席执行官。

He is the cofounder and CEO over at Eco.

瑞安，欢迎你，很高兴你来。

Ryan, welcome, and it's good to have you.

很高兴能来，布伦丹。

Great to be on, Brendan.

咱们好好聊一聊。

Let's have a good conversation.

兄弟，咱们这回肯定聊得特别带劲。

Dude, we're gonna have a good one.

我跟你说啊。

Let me tell you what.

我得先来个热身问题，咱们先热热身。

I've gotta kick us off with a little bit of an icebreaker here.

Eco这个名字是怎么来的？和你们的使命有关系吗？

Where did the name Eco come from, and does it tie into the mission?

是这样的。

Okay.

其实这背后有个挺有意思的故事。

So it's actually a pretty interesting story.

为了节省时间，我简单说一下。

I'll shortcut it in the interest of time.

一开始我们公司叫Beam，但‘Beam’这个词其实挺常见的。

But, originally, we had we we started the company under the name Beam, and there are several beams.

我们对‘Beam’这个品牌保护得不够。

We didn't have much brand protection around Beam.

加密领域就有好几个叫Beam的，

There were a couple beams in crypto.

没在加密领域也有好几个，所以这个名字太乱了。

There were a couple beams not in crypto, and so it was just a cluttered name.

我们的一位天使投资人叫加勒特·坎普，他拥有'Eco'这个品牌的权利。

And one of our seed investors, a guy named Garrett Camp, had the brand rights to Eco.

这是一个非常有价值的品牌。

It's very valuable brand.

加勒特是优步的创始人。

Garrett created Uber.

他特别看重品牌和品牌设计。

He loves brand and brand design.

他手里还持有一系列他多年来积累的品牌。

He has sort of a portfolio of brands that he'd accrued over time.

他原本打算用'Eco'这个名字创办公司或做个项目，但最后没做成。

And they intended to start a company or a project under the name Eco and didn't end up kind of doing that.

所以这个品牌一直闲置着。

And so it was effectively unused.

于是，在我们早期的投资协议里，我们就把这个品牌接手过来了。

And so as part of our early investment deal, we took over the brand.

当时我们的想法是，找个比‘Beam’更独特、更易掌控的名字，但我们特别喜欢‘Eco’这种抽象感，它和稳定币、加密货币的使命很契合。

And our thinking at the time was clearly to get something more distinct and more ownable than Beam, but we really liked the abstractness of Eco related to the Stablecoin and Crypto mission.

从品牌角度来说，它可以有各种解读——生态系统、经济体系，诸如此类。

You can play with it from a brand perspective in a number of different ways, ecosystem, economy, etcetera, etcetera.

一旦你明白了它的含义，就再也看不回去了。

Once you you sort of see it, you can't really unsee it.

所以，这个品牌对我们来说特别有价值，我们完全拥有它，连带相关的所有资产。

And so it's been it's been really valuable for us to leverage, and we we own it, including the assets around it.

从这个角度看，它也确实给了我们优势。

And it's been an advantage from that standpoint as well.

这就是它的由来。

So that's where it came from.

我很好奇。

I was curious.

在来之前，我翻了你们很多资料，就是随便看看。

I was as I was going through a lot of your material before this, I was just going around.

我当时就想，这名字恐怕不太好拿下来。

I was like, man, that is probably a hard name to get.

类似这样的名字。

Anything like that.

就差一个字，却特别流行。

That's, you know, one word short, popular.

Eco 这个名字，你知道的？

The name Eco is you know?

我猜要拿到这个名字肯定不容易，但如果你有点内部资源或特殊渠道，那就说得通了。

I would imagine it's it it was had to have been a hard thing to get, but that would make sense if you kinda had a little bit of an inside scoop and allowance there.

不过我想聊聊你们团队这段时间都在忙些什么。

But I wanna dive in to what all of you have been working on in terms of the team.

你们在跨链、提升流动性、稳定币、代币化、现实资产这些方面都做了不少工作。

You guys have been building out a lot when it when it comes to just, you know, looking cross chain, you know, increasing liquidity, stablecoins, tokenization, real world assets.

你们做的东西可太多了。

You guys name it.

你们在这么多领域都有涉及，能不能给我们简单介绍一下你们现在主要在做什么？

You kinda have your hands in a bunch of these different areas, but can you give us a high level overview of what you're working on?

是的。

Yeah.

我们最核心的工作，就是大规模地通过程序自动在各个使用稳定币的市场之间流转稳定币。

I mean, what we're really, really focused on is moving Stablecoins at large scale programmatically kind of across the markets that use them.

明白吗？

Okay?

这就是我们做的事。

So that's that's what we do.

你们有时候会用‘协调’这个词。

You use this word orchestration sometimes.

不同人说这个词，意思可能不太一样。

Some people mean a little bit different things with how they say it.

但对我们来说，‘协调’就是指根据市场需求，自动编程实现稳定币在各市场的流动。

But when we say orchestration, we simply mean programming those Stablecoin flows across the markets where they're they're most in demand.

所以你可以把Eco看作一个中立的路由层和流动性层，让稳定币能够顺畅流转。

And so you can think of Eco as kind of like this neutral routing layer and liquidity layer for Stablecoins to move.

这意味着要在链上市场之间转移它们，比如在金库、DeFi协议和不同区块链之间流动。

And that means moving them across on chain markets, which means moving them across vaults and DeFi protocols and different chains.

有时候，我们也会通过发行方或持有链下资产的做市商流动性协议，把稳定币路由到链下流动性中。

It also means sometimes routing them across off chain liquidity with the issuers directly or with kind of market maker liquidity protocols that hold hold those assets off chain.

我们在这种动态环境中，特别擅长价格选择、实时监控和风险控制，能够高效地大规模转移稳定币。

And we're just really, really good at price selection and price monitoring and risk control across that dynamic environment, moving skip stablecoins at large size.

这就是我们的核心业务。

So that's what we do.

有意思的是，这其实也触及了你刚才提到的那些市场。

And what's interesting about that is it also touches on the markets that you said.

你知道的，现实资产代币化、链上外汇，这些市场都在逐步成型。

You know, RWAs, tokenization, on chain FX, these are markets that are developing.

它们未来会成为巨大的市场。

They'll be huge markets.

稳定币市场本身已经很大了，未来还会变得更大。

The stablecoin market itself is already big and will be huge.

但那些与稳定币相关、受其影响的周边市场，规模也会非常惊人。

But the adjacent markets that touch Stablecoins and correlate with Stablecoins will also be enormous.

当你在链上交易外汇货币对，或者进出像现实资产代币化这样的金库头寸时，通常也得用稳定币来操作。

And so if you're moving through, like, an on chain FX currency pair or you're trying to get in and out of a vault position like an RWA or tokenization position, you're usually using Stablecoins to do that as well.

所以我们擅长稳定币的路由，目的并不仅仅是在两种稳定币之间兑换。

So if we're really good at routing Stablecoins, it's not always only just to swap between two stables.

更重要的是通过它来接入这些其他的链上市场，这正是我们的定位。

It may be to also access these other on chain markets, and that's where we sit.

这说得通。

That makes sense.

对吧？

Right?

换句话说就是，

Kind of saying, hey.

你知道吗，我们之所以能在稳定币上起步或成功，可能意味着它还有其他实际用途。

You know, we just because we started or we can succeed with Stablecoins, maybe there is a practical use case outside of that.

听起来就是这样。

That's what it's sounding like.

对吧？

Right?

是的。

Yeah.

我觉得很多时候，就连对稳定币最乐观的预测都低估了它的真正潜力，因为它的用途不只是转账美元。

I think that a lot of times, even the bull case for Stablecoins underestimates the true bull case because the the use case is not just sending a dollar.

更重要的是，它还支撑着其他同样巨大的应用场景，比如接入各类链上资产、路由链上外汇交易等等。

The that that also sort of underpins use cases that will also be enormous on their own, accessing those wall positions, routing on chain FX, etcetera.

这其实反映了市场正在经历一个有趣的成熟过程。

And that's just an interesting kind of, like, maturity curve in the market.

所以我们现在就站在这里。

So that's that's where we sit.

所以我们觉得专注于稳定币非常有价值，这也是我们调整策略的依据。

That's why we think a focus on Stablecoins is so valuable, and that's how we optimize accordingly.

过去一两年里，你对稳定币有什么看法？或者你观察到哪些变化？

What do you make or maybe what do you what have you seen in in terms of Stablecoins over the last one to two years?

这几年。

Years.

对吧？

Right?

从我的角度看，我觉得观众也有同样的感受——稳定币确实增长了不少。

From my perspective, and I think the audience, it it feels as if there's been a lot of growth.

我的意思是，不仅《稳定币法案》通过了，而且稳定币的发行量也大幅增加，大家总在听说各种惊人的增长数据。

I mean, not only did you have the Genius Act get passed, but in terms of how much Stablecoins are being created, and you always hear, like, all these big, you know, numbers about increases.

甚至连上市公司现在都参与进来了。

And even, like, publicly traded companies now.

对吧？

Right?

你看，Circle在美国上线并开始交易，感觉现在事情特别多。

You know, with Circle going live and being traded here in The US, it it seems as if there's a lot going on.

我想知道，你从幕后看到些什么？这种增长具体是什么样子？

I guess, what have you seen behind the scenes, and what does that growth look like?

这是个很好的问题。

It's a great question.

说实话，这让我很惊讶。

So it's pretty astounding to me.

我从2017年就开始做这个领域，公司正式成立于2018年，专门做稳定币，但那时候太早了。

I've been building in this space since 2017, and formally, we started the company formally in 2018 for the Stablecoin use case, and it was way too soon.

Circle是在2018到2019年推出USDC的，现在才慢慢开始起来。

And, you know, you know, Circle launched USDC in twenty eighteen, nineteen, so it's starting to grow.

但当时我误以为稳定币两三年内就能普及了。

But at that time, I thought incorrectly that Stablecoins would sort of hit and kinda go mainstream within a couple years.

结果因为各种原因，比预期慢了太多。

And it took way longer than that for a variety of reasons.

但一旦它们开始爆发，增长速度实际上超出了我的预期。

But once they did, they've actually grown faster than I expected.

明白了。

Okay.

这就像是橡皮筋拉得比我想的要久，然后突然一下弹得比我还预料的更猛。

So, you know, it's like that that rubber band stretched for a longer time than I thought, and then suddenly it snapped more powerfully than even I predicted.

所以这也就解释了我对你问题的回答。

And so that kind of frames my answer to your question.

过去两年，稳定币市场的增长令人震惊。

The growth in the Stablecoin market for the last two years has been astounding.

这主要得益于两个方面的突破，首先是底层基础设施的整体成熟。

It was really unlocked by two things, think, broader maturity of the underlying infrastructure.

区块链必须能够扩容。

So blockchains had to scale.

它们还得被认可为稳定可靠的金融底层设施，而这一点花了将近十年才逐步实现。

They had to be trusted as stable back end financial infrastructure, and that was just a development problem that lasted for the better part of a decade.

过去几年里，它们终于达到了那个阶段。

And they kinda got to that point over the last couple years.

然后，当然，监管也变得清晰了。

And then, of course, regulatory clarity.

你知道，稳定币的技术基础早就已经明确了。

You know, the technology fundamentals of Stablecoins were apparent already.

从很多方面来看，这种方式转移资金确实更优。

This is just a better way to move money for a number of different reasons.

但到了机构层面，比如银行、交易台这些，如果没有明确的规则，他们根本不会轻易入场。

But when you get to a certain institutional scale, banks, desks, etcetera, they're not necessarily gonna dive in unless they have, you know, absolute clarity on how they interact with this technology.

《天才法案》给了他们明确的依据，至少在美国，稳定币发行因此一下子打开了局面。

And the Genius Act gave them that, gave Stablecoin issuance that in The United States at least, and then it's just, like, opened the floodgates.

潜在的能量早就存在了。

The potential energy was already there.

过去几年里，这些能量被彻底激活了。

It was activated over the last couple years.

所以有几个相关趋势我觉得特别有意思。

So a few trends that are relevant to that that I think are particularly interesting.

你提到了稳定币发行这个趋势。

You mentioned the Stablecoin issuance trend.

现在市面上已经有上百种稳定币了，主要来自六到八家大型发行平台，分布在市场的不同领域。

We now have 100 Stablecoins, you know, issued by, I would say, a short list of six to eight major issuance platforms in different corners of the market.

这其中还有很多不确定性需要澄清。

And there's a lot of dust to settle there.

哪些稳定币会面向普通用户品牌化，让人觉得它们是自己持有的资产？

What which of those Stablecoins will be retail branded and and and will want some notion that I'm holding the Stablecoins?

哪些又会只作为后台的快速资金转移计价单位？

Which of them will be relegated purely to the back end as kind of a faster money movement unit of account?

这些最终会如何发展，取决于发行方是谁，以及它们整合了什么产品等等。

There's some dust to settle there that's dependent on who's issuing them, what product they're integrated with, etcetera.

我认为，未来几年这会是市场中一个充满机会的领域。

And that'll be, I think, think, fertile area of the market for the next couple years.

但很明显，会涌现出一大批数字美元，它们需要在不同市场和产品之间实现互通，这正是我们这类产品或平台的机会所在。

But, clearly, there are gonna be a number of kind of these digital dollars that need to interoperate across markets and across products that frames the opportunity for a product like ours or for a platform like ours.

另一个我要强调的，是这个领域的成熟度。

And the maturity of the space is the other thing that I would call out.

稳定币领域的发展速度比我想的要快得多，已经迅速走向机构化。

So the space the Stablecoin space has become more institutional faster than I expected.

增长数据简直惊人。

The growth rates are astounding.

它们的支付交易量已经超过了全球主要信用卡网络，并且每年以30%到50%的速度持续增长。

You know, they're doing more payment volume than the major card networks worldwide year over year, growing at 30 to 50% annually in that volume.

但真正会进一步加速这一趋势的，是机构对稳定币的采纳步伐。

But what's I think going to really accelerate that even further is the institutional adoption curve of Stablecoins.

我不只是需要处理一万美元或一千美元的零售交易，机构更关心的是：如何用这项技术一次性转移一千万到一亿美元？

Not only do I need to move Stablecoins for a $10,000 retail transaction or a $1,000 retail transaction, but institutions asking how do I move 10 to a $100,000,000 at a time over this technology?

未来几年，这一点非常值得关注。

And that's going to be an area to watch over the next couple years.

是的。

Yeah.

这确实很有意思，因为随着这个领域的发展，出现了各种各样的应用场景。

It's been fascinating because as this grows, there are so many different use cases.

最让我印象深刻的是，我发现无论是传统企业还是传统股票公司，不管他们对加密货币持什么态度，都普遍对稳定币持非常积极的态度。

And what stood out to me the most was hearing how both, like, traditional companies, right, traditional equities have talked about Stablecoins in a very, very positive light regardless of their stance on Crypto.

另外，我也在关注政府方面是怎么谈论这件事的。

And then also watching how the government talks about it.

因为政府对此很感兴趣。

Because the government's excited.

他们心想，嘿。

They're like, hey.

这些人可以成为我们国债的大买家。

These guys can be big buyers of our debt.

这对我们有利。

We benefit from that.

我们想推动这个。

We wanna push this.

企业都在关注，觉得这挺靠谱的。

Companies are looking at it and saying, hey.

从功能角度看，确实很有道理。

This makes sense in terms of functionality.

现在还有很多自动化应用在兴起，他们也在说，

Now you also have a lot of, like, agentic stuff going on, and they're saying, hey.

我们可以允许他们用稳定币来做这些事。

We can actually allow them to use Stablecoins for this or that.

你提到了代币化。

You mentioned tokenization.

稳定币在资产代币化、现实世界资产这些方面的发展，以及它们之间的关联，确实是个让人惊讶的热点。

Obviously, Stablecoins have been just the growth in relation to, like, token tokenization, RWAs, and how Stablecoins kinda correlate to those, that's another just wild one that has seen a lot of attention.

但你之前说得对，稳定币其实有点超前了，当年刚进入市场时，基本就只是用来做——

But I think you made a good point earlier where you said Stablecoins were kind of ahead of their time, where, like, back in the day when they really started, you know, coming to the market, they were basically just used as, hey.

我会用它来作为交换媒介，或者把我的比特币或以太坊卖掉，转而持有稳定币。

I'm going to use this as a means of exchange, or I'm gonna sell out of Bitcoin or Ethereum, and I'm gonna hold Stablecoins.

当时就是这么简单。

And that's really all it was.

后来去中心化金融来了，给它增添了一点新用途。

DeFi came along, added a little bit more purpose.

再后来代币化出现了，又多了不少应用场景。

You know, tokenization came along, added more purpose.

这几年我们看到的情况是——如果我理解得不对，你帮我纠正一下——感觉随着年份推移，稳定币的用途不仅变多了，

What we've seen in recent years, and correct me if I'm wrong here, I wanna get your opinion on it, but it feels as if as the years have gone on, the not only, like, have the purposes grown.

对吧？

Right?

而且能用的方式也越来越多了。

But also the different ways that it can be used have kind of also expanded.

随着市场逐渐成熟，连加密圈外的人都开始留意，说：这挺有意思。

And it feels like as the market has matured, everyone outs even outside of crypto have started looking in and saying, hey.

我们可以找到别的方法来利用这些东西。

We could find a different way to kind of utilize this stuff.

这么说对吗？

Is that accurate?

完全正确。

Absolutely.

没错，确实如此。

And okay.

这么说一点都没错。

So there's kind of like it's absolutely accurate.

有两点值得考虑。

And there there are two things to consider.

一是取代当今资金流转的方式，二是探索未来资金可能如何流动的新用途。

One is replacing the way money moves today and new use cases for how money might move tomorrow.

就前者来说，你得能数字化地转移一美元。

So on the former, it's like you need to move a dollar digitally.

稳定币可能正好适合你。

A Stablecoin probably has something for you.

这就是把现有的资金流动市场——比如支付、资金调拨、跨境汇款等等——迁移到这个新的金融底层系统上。

So that's like the conversion of the existing money movement market, payments, treasury flows, cross border remittances, etcetera, to use this new financial back end.

这件事已经在发生了，而且进展很快，就像我们之前说的那样。

And that's just happening, and it's happening rapidly, and it has been, like we talked about.

你刚才也提到了这一点。

And then you also alluded to this.

还有很多全新的应用场景。

There are a number of use cases that just are new.

这也是为什么我觉得人们严重低估了稳定币市场的规模。

This is another reason why I think people underestimate the the size of the Stablecoin market.

它不只是取代了已经存在的资金流动方式。

It's not just the replacement of money movement flows that already exist.

更是释放了那些目前还不存在的资金流动可能性。

It is the unlocking of money movement flows that that don't yet exist.

而代理技术支付这个类别，大概是最典型的例子。

And, you know, the Agentech payment category is probably the prime example.

这个类别目前还没真正爆发。

That category has not really hit yet.

还处于实验阶段。

It's experimental.

不够成熟，但马上就要来了。

It's not mature, but it's coming.

对吧？

Right?

未来十八个月内，代理支付领域一定会出现一个像ChatGPT那样的转折点。

Like, there will be a ChatGPT OpenClaw moment for AgenTic payments over the next eighteen months.

我没法说准是哪家公司会率先突破，哪个场景会引爆它，但这件事肯定会发生。

I don't pretend to know what company is gonna sort hit that spike and what use case is gonna really create it, but that that's going to come.

到时候他们会用稳定币，即使单笔交易金额不大，资金周转速度也会快得惊人。

And they're gonna use Stablecoins, and the velocity of money is going to be astoundingly high even if the average transaction is relatively low.

所以这只是其中一个例子，说明如果你能编程控制资金，让它更自由地流动并在不同市场间整合，你就能在确保安全的前提下做以前做不到的新事情。

So that's just one example to consider in terms of if you can program money and it flows more freely as a result and composes across markets, then you can just do new stuff with it still safely.

这将是一个非常有趣的前沿领域。

And that's going to be an interesting frontier.

好了，来聊聊加密货币入门知识。

Alright, Crypto one zero one fam.

我从不提起的一段往事，是上大学的时候。

A story I don't talk about at all is back in college.

我当年在一级联盟打大学橄榄球。

I played college football at a division one level.

那时候我想吃啥就吃啥，去健身房，按计划训练，身材一直保持得很好。

Back then, I could eat whatever I want, hit the gym, do the program, and stay in great shape.

根本不用特意去操心这些事。

I didn't even have to think about it.

现在我年纪大了，三十多岁，情况完全不一样了。

Now that I'm older, in my thirties, it's a totally different story.

没人比我还喜欢这种老爸身材了。

And nobody loves a good dad bod more than me.

但夏天快到了，我在想是不是该稍微减点脂。

But with the summer coming up, I was thinking maybe I should lean out a little bit.

我和朋友们就开始研究怎么才能做到这一点。

And my friends and I started looking into how we could achieve this.

我们不想走注射肽类或者睾酮的路子，那种天天扎针的事儿实在不想碰。

And instead of going down this peptide route or testosterone route where you gotta do all these needles and stuff, we didn't wanna do that.

我们想找一种更自然的方式。

We were looking for something more similar.

于是我们就发现了Mars Men。

And so that's where we found Mars Men.

年纪越大，肌肉流失越快，脂肪也越容易堆积，主要原因就是睾酮水平下降。

Listen, you lose muscle faster and store more fat as you get older and a big reason for that is testosterone.

大多数男性到了三十出头就开始下滑，这让你更容易长胖，尤其是肚子上。

Most guys levels start dropping in their early thirties and it makes it easier to gain fat especially around the midsection.

你胖得越多，身体就把越多的睾酮转化成雌激素。

And the more fat you gain, the more your body converts testosterone into estrogen.

这就成了一个没完没了的恶性循环。

It just makes it a never ending cycle.

但Mars Men是一种天然补充剂，能帮助维持健康的睾酮水平，让你的身体更高效地燃脂、增肌。

But Mars Men, it's a natural supplement designed to support healthy testosterone levels, helping your body burn fat and build lean muscle more efficiently.

不含那些奇怪的兴奋剂，只含像通卡达利、锌和硼这样的成分。

No weird stimulants, just ingredients like tonga dali, zinc, and boron.

听好了。

Listen.

我有几个朋友一直在吃这个。

I have friends that have taken this.

他们说精力更稳定了。

They're saying they have more consistent energy.

健身时力量也变强了。

They're stronger in the gym.

他们注意力更集中了，体型也稍微紧致了一些。

They have better focus, and they're leaning out a little bit as well.

食欲没那么强烈了，恢复得更快，整体状态好了不少。

Less cravings, better recovery, just more dialed in overall.

如果你感兴趣想试试，完全不用担心打针、注射或者用肽类这些东西。

And listen, if you're interested in trying this, it's something that again, you don't have to worry about needles and shots and peptides.

就一颗药丸而已。

It's just a pill.

直接送货上门，还提供90天无条件退款，一点风险都没有。

It's delivered to you and there's a ninety day money back guarantee, so there's no risk at all.

超过91%的使用者反馈精力更充沛了，评价都摆在那儿呢。

Over ninety one percent of users report higher energy and the reviews speak for themselves.

限时优惠，我们的听众可以终身享受五折，包邮，还送三份赠品，去 mengotomars.com 就行。

For a limited time, our listeners get 50% off for life, free shipping, and three free gifts at men go to mars.com.

就是 mengotomars.com，下单就享五折，再送三份赠品。

That's men go to mars.com for 50% off, three free gifts when you check out.

而且在亚马逊上也能买到。

And it's also available on Amazon.

买完之后，他们会问你是从哪儿听说的。

After you purchase, they will ask you where you heard about them.

请支持我们的节目，告诉他们这是Crypto one zero one推荐的。

Please support our show and tell them Crypto one zero one sent you.

再次提醒，限时优惠，我们的听众享受终身五折、免运费，外加三份赠品。

Again, for a limited time, our listeners get 50% off and free shipping for life plus three free gifts.

去 mengotomars.com。

Go to mengotomars.com.

就是 men go to mars.com，结账时享受五折和三份赠品。

That's men go to mars.com for 50% off and three free gifts when you check out.

另外，去亚马逊或者其他购买渠道时，记得告诉他们这是Crypto one zero one推荐的。

Also, check them out on Amazon and wherever you purchase it, tell them Crypto one zero one sent you.

你知道是什么最拖慢团队进度吗？

You know what slows teams down more than anything?

问题往往不在人员编制预算，也不在工具本身。

It's not always headcount budget or even the tools themselves.

真正的问题是，工作的方式只存留在某个人的脑子里，从没被写下来。

It's when the way work gets done lives in someone's head and never actually gets documented.

一旦有新人加入、新系统上线，或者同事离职，大家就开始用不同的方式做同一件事。

Then someone new joins, a new platform gets rolled out or a teammate leaves and suddenly everyone's doing the same process in a different way.

今天赞助我们的Scribe，正是为了解决这个问题而设计的。

That's exactly the problem today's sponsor, Scribe, was built to solve.

Scribe是一个工作流AI平台，能实时捕捉任何操作流程，并自动生成分步骤的文档。

Scribe is a workflow AI platform that captures any workflow in real time and turns it into a step by step documentation automatically.

你只要打开浏览器插件，像往常一样操作，Scribe就会自动记录你每一步点击、每个动作和屏幕截图，生成完整指南。

You just turn on the extension, do the process like you normally would, and Scribe builds the guide as you go, capturing every click, step, and screenshot.

目前已有超过八万家大型企业信赖Scribe，其中包括近一半的财富500强公司。

And it's already trusted by over 80,000 enterprises, including nearly half of the Fortune five hundred.

我们团队是远程办公，我确实多次不得不反复向同事解释同一个设置或流程，每次都觉得这事儿早该在第一次就写清楚的。

With our team being remote, I have definitely had moments where I've had to explain the same setup or process more than once to a colleague, and it always feels like something that should have been documented the first time.

用了 Scribe，原本要花几小时写文档、截屏、整理的工作，一分钟内就能准备好分享。

With Scribe, what could take hours of writing, screenshots, and cleanup can be ready to share in under a minute.

Scribe 还会自动模糊截图中的敏感信息，比如姓名、邮箱和账号号码。

Scribe also automatically redact sensitive information like names, emails, and account numbers from screenshots.

管理员可以统一设置，确保团队里没人漏掉这些安全措施。

Admins can enforce that across the team so nothing slips through the cracks.

而且，任何人在执行流程时，都能实时看到屏幕上的指引，清楚知道该点哪里。

Plus, anyone following the process can get real time on screen guidance showing exactly where to click inside the actual tool.

Scribe 不只是记录流程。

And Scribe doesn't just document workflows.

它还能用 AI 推荐优化方案，帮你发现重复步骤、瓶颈环节和可以简化的地方。

It uses AI to suggest ways to improve them, helping you spot redundant steps, bottlenecks, and places to simplify.

想预约专属的企业演示，请访问 scribe.howlcrypto100one。

To book a personalized enterprise demo, visit scribe.howlcrypto100one.

就是 S C R I B E。

That's S C R I B E.

Howl/crypto10one

Howl/crypto10one.

说实话，天一热，我就不想费劲搭配衣服了。

I'll be honest, once it gets hot out, I'm not trying to overthink outfits.

我就想要舒服、透气，但又不至于看起来太随便的东西。

I want something that's comfortable, breathable, and still looks like I tried a little bit.

这时候我就特别依赖Quince，我刚买了他们家的纯亚麻抽绳裤，还配了件短袖纽扣衬衫，简直完美。

That's where Quince is coming for me, and I absolutely love their 100% linen drawstring pants with the matching short sleeve button down that I just got from Quince.

兄弟们，这正是我夏天最想要的穿搭。

Guys, it's exactly the kind of thing I want in the summer.

穿起来特别省事，一拉就完事。

Super easy to throw on.

一点都不僵硬。

Doesn't feel stiff.

也不觉得沉闷。

It doesn't feel heavy.

透气性很好，看起来干净利落，又不会太正式。

It's breathable, and it looks clean without being too dressed up.

穿起来就像在度假，但完全不像临时胡乱塞了两件衣服，而且整个夏天在家也能保持这种度假感。

It's basically vacation energy without looking like you packed in five minutes, and you can have that vacation energy all summer long at home as well.

Quince 做的都是高品质的基础款，价格却不像奢侈品牌那样虚高。

Quince does high quality essentials without the luxury markup.

他们家有亚麻、有机棉T恤、轻薄毛衣，全是日常真会穿的东西。

We're talking linens, organic cotton, tees, lightweight sweaters, all the stuff that you actually wear.

他们的欧洲亚麻裤和衬衫特别适合夏天穿，价格也很合理。

Their European linen pants and shirts are a great warm weather upgrade, and the price is right.

起步价只要34美元，价格确实是很大一个优势。

They're starting at just $34 and pricing is a big part of it.

Quince 的东西比同类品牌便宜五到八成，因为他们直接跟有道德的工厂合作，省掉了中间环节。

Everything at Quince is 50 to 80% less than similar brands because they work directly with ethical factories and cut out the middleman.

你付的钱是实实在在的品质，而不是一个品牌logo。

So you're paying for quality, not just the logo.

而且他们的产品远不止服装。

And they go way beyond clothing.

你一定听过我多次提到我有多喜欢Quince的网站。

You've heard me talk about how much I love the Quince website.

他们还有床品、炊具、沙发。

They have bedding, cookware, sofas.

这种网站就是这样，你本来只想买一样东西，结果逛了半天买了好多。

It's one of those sites where you go for one thing and end up staying for many more.

提升你的夏日衣橱。

Elevate your summer wardrobe.

前往 quince.com/crypto101，享受免费配送，现在加拿大也支持365天无理由退换。

Go to quince.com/crypto101 for free shipping on your order and three hundred sixty five day returns now available in Canada too.

访问 quince.com/crypto101，享受免费配送和365天退换服务。

That's quince.com/crypto101 for free shipping and three hundred and sixty five day returns.

quince.com/crypto10one

Quince.com/crypto10one.

是的

Yeah.

我同意你的看法。

Well, I agree with you.

我觉得稳定币现在是最热门的领域之一。

I think that Stablecoins are one of the hottest sectors right now.

对吧？

Right?

人人都在谈论它们。

Again, everyone wants to talk about them.

当然，在加密货币圈里，我们都喜欢稳定币。

Obviously, here in crypto, we like Stablecoins.

但你再看看传统金融领域。

But you go to the traditional financial side.

再看看政府方面。

You go to the government side.

放眼全球都是这样。

You go globally.

这绝对是目前最热门的话题之一。

It's just one of the hottest topping talking points at the moment.

大家都对它们欲罢不能。

People can't get enough of them.

不管人们对加密货币持什么态度，稳定币都已经在这里了。

Again, regardless of people's kind of stance on crypto or whatever, Stablecoins are just here.

好像所有人都认同，这个领域只会持续扩张，而且增长速度非常快。

Like, everyone seems to be in agreement that this is going to just be what appears to be just a growing sector, and it's grown at a really fast rate.

我觉得这种势头还能继续保持。

I think it can keep it up.

不好意思。

Excuse me.

但我相信，未来还有很多不错的前景。

But I think that there's a lot of good things on the horizon there.

我想大家最关心的问题是，如果有人说，嘿。

I guess the the big question that people have is if people say, hey.

比特币会大有作为，这很简单。

Bitcoin's gonna be big, it's easy.

你直接投资比特币就行了。

You invest in Bitcoin.

如果有人说，嘿。

If people say, hey.

去中心化应用或者DeFi会崛起，那你可以考虑投资以太坊之类的。

You know, decentralized applications or DeFi is gonna be big, maybe you can bet on, like, or Ethereum.

至于稳定币，其实也挺容易的。

With Stablecoins, it is, you know, somewhat easy.

对吧？

Right?

你可以投资那些构建稳定币的区块链。

You can invest in the the chains that build these Stablecoins.

但我觉得这要难一点。

But I think it's a little bit harder.

对吧？

Right?

因为直接参与的方式非常少。

Because there's no way of, like there's very few ways of direct exposure.

没错。

Yep.

所以我们经常被问到一个问题：在这种情况下，作为普通投资者，我们该怎么抓住稳定币增长带来的机会呢？

So that is one of the questions that we've gotten asked over here is how can we capitalize and how can us as retail users, everyday people, how can we capitalize on the growth and the success of Stablecoins if this is the case?

是的。

Yeah.

目前能参与的机会确实很有限，因为还没怎么进入公开市场。

So exposure opportunity is pretty thin today because that hasn't really hasn't really sort of translated to to to public markets yet.

最典型的例子就是Circle。

The best example is probably Circle.