坐看格局洗牌，别在起跑线上自缚手脚。
先说结论：在美元-欧元这样的 G10 黄金走廊里，Airwallex 的“秒到＋万分之一费率”确实几乎打满分；可金融世界绝不止这一条高速。Stripe 肆意买下 Bridge、Visa 把稳定币结算接进自己网络、Circle 在纽交所上演炸裂 IPO——这些动作共同勾勒出一幅更大的版图：谁能把钱的“最后一公里”挖通，谁就有机会改写下一轮支付底座。
一、“0.0...

<div><div>坐看格局洗牌，别在起跑线上自缚手脚。</div>先说结论：在美元-欧元这样的 G10 黄金走廊里，Airwallex 的“秒到＋万分之一费率”确实几乎打满分；可金融世界绝不止这一条高速。Stripe 肆意买下 Bridge、Visa 把稳定币结算接进自己网络、Circle 在纽交所上演炸裂 IPO——这些动作共同勾勒出一幅更大的版图：谁能把钱的“最后一公里”挖通，谁就有机会改写下一轮支付底座。<img alt="" src="https://upload.techflowpost.com/upload/images/20250612/2025061220191512039730.png"><h2>一、“0.01%+秒到”的光环，也只罩得住15%的地盘</h2>Jack Zhang 在 X 上连发长文，核心观点很直接：<blockquote><ol><li>价格——Airwallex 已把 USD→EUR 费率压到 0.01%；</li><li>速度——资金实时结算，链上未必更快；</li><li>落地——稳定币出入金贵又卡监管，15 年没见到硬核用例。</li></ol></blockquote>若把舞台限定在 伦敦 ↔ 纽约 ↔ 法兰克福，他并非夸口。问题在于——全球 85% 的跨境流量并不在 G10 这条康庄大道上。<ul><li>阿根廷自由职业者眼里，银行依旧 3 天起步、3% 手续费起跳；</li><li>肯尼亚商贩给尼日利亚供货，要穿两条 correspondent banking“盘山路”；</li><li>土耳其进口商周五晚想付订金，遇上银行周末闭门只能干等。</li></ul>在这些被“主流”忽视的角落里，稳定币半年翻三倍的体量，像野草一样疯长。<h2>二、三条曲线，讲清“为什么偏偏是稳定币”</h2><h4>1. 拉美曲线：美元荒催生链上美元</h4>2021 年，稳定币在拉美仅 200亿美元规模；到 2024 年已冲到 680 亿，今年上半年又抬升至 750亿。高通胀、美元荒、周末停机，缺一不可地把资金推到链上——不是为了省 0.01%，而是为了“此刻就要到账”。<h4>2. 巨头押注曲线：留客于网，别让钱逃走</h4>Bridge 刚被 Stripe 以 11 亿美元收进囊中，Visa 立刻把这条链路铺进厄瓜多尔、秘鲁和哥伦比亚。它们看重的，从来不是 FX 点差，而是“钱留在自己生态”的扩张红利——一旦钱不必落地银行，支付公司就能同时变身托管行、理财超市和信贷入口。<h4>3. 华尔街估值曲线：Circle 靠息差就能印钞</h4>Circle 去年仅凭 USDC 头寸利息就净赚 7.8 亿美元；IPO 三天股价翻两倍多。华尔街买单的，是“链上美元＋国债利差”的现金机，也是网络效应早已兑现的先兆：每多一家企业收 USDC，出金需求就少一分，费率争议便失声一分。<h2>三、“便宜”和“快”之外，还有更棘手的成本</h2>很多人盯着费率表，却忽略了隐藏在报表之后的 T+2 流动性、Nostro 预存、KYC 多头复核。这些才是吞掉跨境利润的黑洞。<img alt="" src="https://upload.techflowpost.com/upload/images/20250612/2025061220194523863895.png">当这些摩擦被压成“代码逻辑”，0.01% 的费率优势很快就不够看。<h2>四、三个当下就能跑赢银行的场景</h2><ol><li>USD→ARS 薪资 银行外汇管控＋周末停机，转账要等到工作日。USDC 钱包 5 分钟到账，实际综合费率 ≈ 1%——雇主稳用、员工愿收。</li><li>KES↔NGN 中小货款 肯尼亚与尼日利亚间并无直连清算；链上 P2P 24 小时滚动，费率 1–2 %。</li><li>周末全球流动性调度 银行周五下班进入休眠模式，资金滞留；财务部可在链上秒级 Sweep 到 BUIDL，安全赚 4 % 年化，一到工作日即刻转出发薪。</li></ol>这些并不“性感”，却正是利润肉最厚、银行服务缺位的长尾。<h2>五、2026 年之前，飞轮如何加速</h2><ul><li>银行系发行人：MiCA 生效后，欧陆至少十家区域银行会复制 Société Générale 的 EUR 稳定币。</li><li>超级 App 入口：Grab、MercadoPago等已在灰度测试 USDC 钱包；一旦默认启用，数千万用户立刻跨进链上世界。</li><li>链上闭环成形：商户收、供应链付、员工领、理财赚息，全在同一网络完成，Off-ramp 手续费自然趋零。</li><li>企业财务迁徙：德勤预测 2027 年《财富》500 强将有一成闲置现金停在收益型稳定币账户，银行活期转眼被抽走大半。</li></ul>那时再去谈 G10 走廊的 0.01%，就像 2010 年的电信巨头，还在降长途费 1 分钱，却挡不住 WhatsApp 免费通话一天新增百万用户。<h2>六、Circle IPO 留下的最后一句话</h2>Circle 用一份漂亮的息差账本、一个迅猛膨胀的网络效应，告诉市场：“便宜汇款”只是序章，重写金融底座才是主戏。 Airwallex 把 G10 做到近乎极致，这是 15%的世界里的冠军姿势；可剩下 85 % 的市场，正换了跑道、换了记分牌。下一站，钱会像邮件一样到处飞。届时谁还会在意邮件邮票是 1 分还是 0.1 分？坐看格局洗牌，别在起跑线上自缚手脚。</div>

Airwallex的创始人关于稳定币错在哪里？

Watch the landscape reshuffle, and don't tie your own hands at the starting line.

To conclude: In the US dollar-euro G10 gold corridor, Airwallex's "instant arrival + one ten-thousandth rate" indeed scores almost perfectly; however, the financial world is far from just this highway. Stripe's bold acquisition of Bridge, Visa integrating stablecoin settlement into its network, Circle's explosive IPO on the New York Stock Exchange - these moves collectively outline a larger landscape: whoever can dig through the "last mile" of money transfer will have the opportunity to rewrite the next generation of payment infrastructure.

Here's the translation:

Watching the Landscape Reshuffle, Don't Tie Your Hands at the Starting Line.

First, the conclusion: In the G10 golden corridor of USD-EUR, Airwallex's "second-level + 0.01% rate" indeed scores almost perfectly; however, the financial world is far from just this highway. Stripe boldly acquiring Bridge, Visa steadily integrating stablecoin settlement into its network, Circle's explosive IPO on the New York Stock Exchange - these actions collectively outline a larger landscape: Whoever can clear the "last mile" of money transfer will have the opportunity to rewrite the next layer of payment infrastructure.

[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English.]

What Is Airwallex's Founder Wrong About Stablecoins?

In the stablecoin track, does the true value ultimately lie in the hands of the issuers or the traffic channels?

Decoding Circle’s 100-fold valuation: Why is stablecoin issuance not a good business?

Can Crypto Really Break into the Mainstream Market?

Written by: Christian Catalini, a16z
Translated by: Portal Labs

Just a few weeks ago, <World> company founder Alex Blania revealed his latest strategic card in front of a hall full of crypto industry leaders. While catching attention by riding the policy tailwind to seize the American market is notable, the real masterstroke is their lightning breakthrough into mainstream consumer scenarios. This marks the moment when cryptocurrency is tearing off the "geek club" label and truly breaking into the brutal battlefield of daily commerce.

<World> made this move decisively:...

a16z: Misunderstandings of cryptocurrency applications, three misinterpreted truths

<Editor | Wu Blockchain>
Under the boost of legislative progress in the US and Hong Kong, and Circle's official listing on the New York Stock Exchange, stablecoins have become the most focused area recently. As the scenario closest to user needs, payment may become the primary outlet for stablecoin value release, potentially ushering in a turning point for large-scale adoption. At this critical moment, OKG Research recently co-hosted a symposium on stablecoins and Web3 payment with the Hong Kong University of Science and Technology Financial Research Institute and Crypto-Fintech Lab.
In the roundtable session, OKG Re...