左手PYUSD,右手Open USD:PayPal的稳定币风险“对冲”

Odaily星球日报Published on 2026-08-13Last updated on 2026-08-13

Abstract

支付巨头PayPal最新二季度财报显示,其营收86.8亿美元超出预期,总支付量同比增长10%。财报将PYUSD稳定币定位为“以商业为先”的核心角色,并为此成立了新部门,计划推出更多由PYUSD驱动的商户产品。PYUSD自发行以来曾快速扩张,覆盖70个市场并部署于9条公链,供给量一度达42亿美元,旨在成为跨境支付基础设施。然而,近期其流通量已从峰值回落约31%,至27亿美元左右,显示在激励减少后,维持持续使用面临挑战。 与此同时,行业出现了由140多家机构支持的财团模式稳定币项目Open USD。与PYUSD等单一发行方模式不同,Open USD允许合作伙伴免费铸造并分享储备收益,其治理更去中心化。值得注意的是,PayPal自身也是Open USD的签约方之一,形成了“左手PYUSD,右手Open USD”的双线布局。这反映出PayPal在稳定币路径选择上的审慎态度,既押注自有品牌,也为可能的行业格局变化预留席位。PYUSD未来的关键在于,能否在不依赖补贴的情况下,将已建立的网络转化为稳固的真实需求。

原创 | Odaily 星球日报(@OdailyChina)

作者|jk

最近,支付巨头 PayPal 最近公布了二季度财报:营收 86.8 亿美元,超出市场预期,总支付量 4864 亿美元,同比增长一成。

此外,PayPal 还将 PYUSD(PayPal USD)定位为 PayPal World 平台的“主要推动者/关键推动因素”(major enabler),并强调其作为“commerce-first”(以商业为先)稳定币、面向主流消费者与商户场景的核心角色。

在厮杀激烈的稳定币市场,PYUSD 始终不温不火,未来的发展前景如何?PayPal 又是否真的顶得住这个代价呢?

二季度财报:PYUSD 的位置在哪里?

PayPal 本季度营收 86.8 亿美元,同比增长约 5%,超出分析师 86.8 亿美元对 84.7 亿美元的预期;调整后每股收益 1.38 美元,同样好于市场预期的 1.28 美元,GAAP 每股收益则为 1.26 美元,略低于预期。总支付量达到 4864 亿美元,同比增长 10%,按货币中性口径计算增长 9%,全年调整后每股收益指引被上调至约 5.38 美元。

单看这几项核心指标,这是一份略超预期的财报。

股价在过去一个月一直有增长。来源:Google

但利润率的另一面讲的是不同的故事。GAAP 利润率从去年同期的 18.1%降至 16.4%,公司在财报中把一笔 8100 万美元的净亏损归因于战略投资和用于投资目的的加密资产,并将其从非 GAAP 业绩中剔除。换句话说,加密资产已经对 PayPal 的账面利润造成了一定压力。但这笔亏损究竟只是市场下跌带来的阶段性浮亏,还是公司在主动承担成本、推动相关业务扩张,目前还很难下结论。

同时,PayPal 在本季度设立了一个新的“Payment Services & Crypto”部门,把 PYUSD 与商户处理业务归入同一条线。CEO Enrique Lores 在财报电话会上表示,公司计划推出更多由 PYUSD 和 AI 智能体驱动支付(agentic payments)支持的商户产品。PYUSD 已经被纳入 PayPal 的核心商户支付体系,不再只是一个相对独立的创新项目。相比管理层对其“战略价值”的口头表态,这次组织架构调整更能体现 PayPal 对 PYUSD 的实际定位。

不过公司至今仍未单独披露 PYUSD 对营收、商户留存或交易利润率的具体贡献,投资者只能从总量数据和管理层措辞里推断这枚稳定币究竟在多大程度上驱动了业绩,这也是接下来几个季度最值得追踪的信息缺口。

PYUSD 对 PayPal 的战略意义:扩张的叙事与收缩的供给

PYUSD 自 2023 年 8 月发行以来,随着牛熊周期开始了一轮扩张和收缩。

今年 3 月,公司将其覆盖范围扩大到 70 个市场,供给量一度冲高到 42 亿美元左右,同比增速一度接近 680%,是主流稳定币里增长最快的一个。截至目前,PYUSD 已经部署在 Ethereum、Solana、Arbitrum、Stellar、Avalanche、Aptos、Sei、Tron 和 Abstract 等九条公链上,今年 2 月 PayPal 还将 Solana 设为默认的支付处理网络。

7 月 9 日,PYUSD 通过 Polygon 的 Open Money Stack 实现原生上线,整合了钱包、法币入金通道、合规工具和链上结算能力,明确瞄准企业级的跨境支付场景。PayPal 与 MoonPay 合作推出的 PYUSDx 框架,则允许开发者基于 PYUSD 储备发行应用专属稳定币,试图把 PYUSD 做成一层可供他人搭建的基础设施,而不只是一个终端消费产品。Kraken 近期也宣布将在 Stellar 网络上支持 PYUSD 的存取款,进一步扩大了它在交易所端的应用。

这些动作拼在一起,勾勒出 PayPal 想要讲的故事:PYUSD 正在从一个面向 PayPal 用户的余额工具,升级为一层可以被第三方钱包、交易所和开发者直接调用的支付基础设施。

也就是说,未来企业在打算做全球收款时,可以直接用或者自行开发基于 PYUSD 的收款工具,从全球收取费用,既不需要像法币那样经历冗长的报关和外汇处理,也不需要像其他稳定币那样只能面对加密相关用户。这是一个所有外贸人梦寐以求的场景:所有资金实时到账,费用相比以前更低,而且收费的用户几乎没有感知。付款方交付的法币在后台被兑换成 PYUSD,然后在收款方这里再被兑换为另一种法币,整个流程迅速且便捷。

而这也是 PayPal 财报里把它和 AI 相提并论的原因。公司称正在用机器学习优化欺诈识别、压缩处理成本、并支持法币与稳定币之间基于汇率和用户行为的自动兑换。

但链上数据就不尽如人意了:PYUSD 的供给量在 3 月触及 42 亿美元峰值之后,到二季度末回落了约 31%,降至 27 亿美元左右,这是发行以来第一次出现大幅下滑,主要原因是奖励力度减弱以及资金轮动到了其他资产。截至 8 月初,PYUSD 流通供给约 27 亿枚,市值约 27.2 亿美元,在 CoinGecko 的稳定币排名中位列第 32 位左右。

PYUSD的规模正在下滑。来源:Coingecko

这意味着财报叙事在强调覆盖范围和链上集成的广度时,实际流通规模却在同一时间段里收缩了近三分之一。扩张的叙事与收缩的供给同时存在,反映出一个非常残酷的现实:市场份额和监管地位的独特性(PYUSD 是首个由联邦监管实体 Paxos 发行的美元稳定币,这一身份在 2025 年底 Paxos 转为 OCC 联邦监管后被进一步坐实)并不必然转化为持续增长的持币需求。当激励措施退出之后,早先的数量并没有转化为稳定的使用量,和 USDC 的竞争仍然有很长的路要走。如果补贴和加密行业早先年的玩法一样不起效果,那么 PYUSD 目前的蛋糕也无法继续做大了。

PYUSD 与 Open USD:为什么 PYUSD 更早,但影响力更小?

如果说 PYUSD 代表的是单一发行方模式的稳定币,那么 6 月 30 日横空出世的 Open USD 代表的是一种结构性不同的路径,而这个时间点恰好卡在 PayPal 二季度财报发布前不到一个月。

Open USD 由一家新成立的独立公司 Open Standard 运营,创始 CEO 是 Stripe 旗下 Bridge 的联合创始人 Zach Abrams。签约伙伴超过 140 家,几乎覆盖了整个支付和金融行业的头部名单:支付网络方面有 Visa、Mastercard;支付基础设施方面有 Stripe、Shopify;资管和银行方面有 BlackRock、BNY、渣打;科技平台方面有 Google、IBM;加密原生阵营则有 Coinbase、Solana、Aave。项目预计在 2026 年下半年上线,目前尚未正式发行。

Open USD 和 PYUSD 最本质的差异在经济结构和治理模式上:最简单来说,PYUSD 只有 Paypal 一家拿钱,而 Open USD 是所有人受益。

PYUSD 由 Paxos 作为单一发行方托管储备资产并赚取浮动收益,PayPal 作为品牌方主导产品路线图和市场策略,这是 USDT 和 USDC 沿用至今的经典模式。Open USD 则反过来,铸造和赎回对合作伙伴完全免费且没有额度上限,储备资产产生的收益在扣除少量管理费后返还给参与分销的伙伴机构,而不是由单一发行方独享;治理权也交给由伙伴机构组成的董事会,而不是某一家公司说了算。用行业评论的说法,这更接近银行间清算网络 ACH 或 SWIFT 的治理逻辑,而不是今天 USDC 或 USDT 的治理逻辑。

一个容易被忽略但对理解 PayPal 处境很关键的细节是,PayPal 本身也是 Open USD 的 140 多家签约方之一,尽管 PYUSD 仍将作为一个独立发行的资产继续存在。这意味着 PayPal 并没有把自己完全绑定在 PYUSD 这一条船上,而是同时在两种稳定币里都占了一个位置,一边继续加码 PYUSD 作为自有品牌资产,一边通过签约 Open USD 为可能的行业格局预留了一个位置。

与此相对的是,Circle 和 Tether 没有出现在 Open USD 的合作伙伴名单里,Circle 的股价在消息公布当天一度下跌超过 16%,Circle CEO Jeremy Allaire 随后公开回应,强调 USDC 的网络效应和分销深度,并援引 Paxos 旗下同为财团模式的 USDG 稳定币作为先例,指出后者上线两年多以来供给量也只做到约 30 亿美元,远不及外界最初的乐观预期。

把这三者放在一起看,PayPal 面对的竞争格局正在变得更复杂。PYUSD 凭借先发优势,已经建立起一定的品牌辨识度和多链部署基础,但绝对体量仍然只有 USDC 的二十分之一左右,且近期出现了供给收缩的迹象;Open USD 如果成功落地,其真正的威胁不在于抢夺 PYUSD 现有的持币用户,而在于它试图重新定义整个行业的分销经济学,如果连 Stripe、Visa、Mastercard 这样级别的分销方都能通过财团模式分享储备收益,单一发行方模式的稳定币会被完全替代。

PayPal 选择两边下注,某种程度上也是承认了这种不确定性,与其押注一种模式能够胜出,不如在两种模式里都保留席位。对于 PYUSD 而言,接下来几个季度真正需要证明的,不是覆盖了多少个市场或多少条公链,而是在激励不再之后,能不能把已经建立起来的分销网络转化为不依赖补贴的持续需求。如果最终无法走出这条路,那么 27 亿可能就是 PYUSD 现有的峰值了。

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Related Questions

QPayPal 2024年二季度财报中,哪些加密资产相关的信息对利润产生了影响?

APayPal 在二季度财报中将一笔8100万美元的净亏损归因于战略投资和用于投资目的的加密资产。这笔亏损导致公司的GAAP利润率从去年同期的18.1%降至16.4%,并对账面利润造成了压力。

QPYUSD在PayPal内部的战略定位是怎样的?

APYUSD已被定位为PayPal World平台的‘主要推动者’。PayPal新设立了‘Payment Services & Crypto’部门,将PYUSD与商户处理业务整合,并将其纳入核心商户支付体系。CEO表示计划推出更多由PYUSD和AI智能体驱动的支付产品,这表明PYUSD正从一个面向用户的工具升级为可被第三方调用的支付基础设施。

QPYUSD的流通供给量在2024年经历了怎样的变化?

APYUSD的供给量在2024年3月达到峰值约42亿美元后,在二季度末回落了约31%,降至27亿美元左右。这是其发行以来首次出现大幅下滑,主要原因是奖励力度减弱以及资金轮动到了其他资产。

QOpen USD与PYUSD在模式上有什么核心区别?

APYUSD是由Paxos作为单一发行方的经典模式,PayPal主导策略。Open USD则是财团模式:铸造和赎回对合作伙伴免费,储备资产产生的收益在扣除少量管理费后返还给参与分销的伙伴机构,治理权由伙伴机构组成的董事会掌握。PayPal本身也是Open USD的签约方之一。

Q文章认为PYUSD未来发展面临的主要挑战是什么?

A主要挑战是能否将已建立的分销网络和先发优势,转化为不依赖补贴的持续真实需求。文章指出,在激励措施退出后,PYUSD的供给量出现收缩,且其绝对体量仍远小于USDC。同时,Open USD等新模式的潜在威胁在于可能重新定义行业的分销经济学。PYUSD需要在激励不再后证明其商业模式的可持续性。

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By centring discussions around the community and its collective goals, SPERO,$$s$ embodies the essence of empowerment without singling out specific individuals. As such, understanding the ethos and mission of SPERO remains more important than identifying a singular creator. Who are the Investors of SPERO,$$s$? SPERO,$$s$ is supported by a diverse array of investors ranging from venture capitalists to angel investors dedicated to fostering innovation in the crypto sector. The focus of these investors generally aligns with SPERO's mission—prioritising projects that promise societal technological advancement, financial inclusivity, and decentralised governance. These investor foundations are typically interested in projects that not only offer innovative products but also contribute positively to the blockchain community and its ecosystems. The backing from these investors reinforces SPERO,$$s$ as a noteworthy contender in the rapidly evolving domain of crypto projects. How Does SPERO,$$s$ Work? SPERO,$$s$ employs a multi-faceted framework that distinguishes it from conventional cryptocurrency projects. Here are some of the key features that underline its uniqueness and innovation: Decentralised Governance: SPERO,$$s$ integrates decentralised governance models, empowering users to participate actively in decision-making processes regarding the project’s future. This approach fosters a sense of ownership and accountability among community members. Token Utility: SPERO,$$s$ utilises its own cryptocurrency token, designed to serve various functions within the ecosystem. These tokens enable transactions, rewards, and the facilitation of services offered on the platform, enhancing overall engagement and utility. Layered Architecture: The technical architecture of SPERO,$$s$ supports modularity and scalability, allowing for seamless integration of additional features and applications as the project evolves. This adaptability is paramount for sustaining relevance in the ever-changing crypto landscape. Community Engagement: The project emphasises community-driven initiatives, employing mechanisms that incentivise collaboration and feedback. By nurturing a strong community, SPERO,$$s$ can better address user needs and adapt to market trends. Focus on Inclusion: By offering low transaction fees and user-friendly interfaces, SPERO,$$s$ aims to attract a diverse user base, including individuals who may not previously have engaged in the crypto space. This commitment to inclusion aligns with its overarching mission of empowerment through accessibility. Timeline of SPERO,$$s$ Understanding a project's history provides crucial insights into its development trajectory and milestones. Below is a suggested timeline mapping significant events in the evolution of SPERO,$$s$: Conceptualisation and Ideation Phase: The initial ideas forming the basis of SPERO,$$s$ were conceived, aligning closely with the principles of decentralisation and community focus within the blockchain industry. Launch of Project Whitepaper: Following the conceptual phase, a comprehensive whitepaper detailing the vision, goals, and technological infrastructure of SPERO,$$s$ was released to garner community interest and feedback. Community Building and Early Engagements: Active outreach efforts were made to build a community of early adopters and potential investors, facilitating discussions around the project’s goals and garnering support. Token Generation Event: SPERO,$$s$ conducted a token generation event (TGE) to distribute its native tokens to early supporters and establish initial liquidity within the ecosystem. Launch of Initial dApp: The first decentralised application (dApp) associated with SPERO,$$s$ went live, allowing users to engage with the platform's core functionalities. Ongoing Development and Partnerships: Continuous updates and enhancements to the project's offerings, including strategic partnerships with other players in the blockchain space, have shaped SPERO,$$s$ into a competitive and evolving player in the crypto market. Conclusion SPERO,$$s$ stands as a testament to the potential of web3 and cryptocurrency to revolutionise financial systems and empower individuals. With a commitment to decentralised governance, community engagement, and innovatively designed functionalities, it paves the way toward a more inclusive financial landscape. As with any investment in the rapidly evolving crypto space, potential investors and users are encouraged to research thoroughly and engage thoughtfully with the ongoing developments within SPERO,$$s$. The project showcases the innovative spirit of the crypto industry, inviting further exploration into its myriad possibilities. While the journey of SPERO,$$s$ is still unfolding, its foundational principles may indeed influence the future of how we interact with technology, finance, and each other in interconnected digital ecosystems.

361 Total ViewsPublished 2024.12.17Updated 2024.12.17

What is $S$

What is AGENT S

Agent S: The Future of Autonomous Interaction in Web3 Introduction In the ever-evolving landscape of Web3 and cryptocurrency, innovations are constantly redefining how individuals interact with digital platforms. One such pioneering project, Agent S, promises to revolutionise human-computer interaction through its open agentic framework. By paving the way for autonomous interactions, Agent S aims to simplify complex tasks, offering transformative applications in artificial intelligence (AI). This detailed exploration will delve into the project's intricacies, its unique features, and the implications for the cryptocurrency domain. What is Agent S? Agent S stands as a groundbreaking open agentic framework, specifically designed to tackle three fundamental challenges in the automation of computer tasks: Acquiring Domain-Specific Knowledge: The framework intelligently learns from various external knowledge sources and internal experiences. This dual approach empowers it to build a rich repository of domain-specific knowledge, enhancing its performance in task execution. Planning Over Long Task Horizons: Agent S employs experience-augmented hierarchical planning, a strategic approach that facilitates efficient breakdown and execution of intricate tasks. This feature significantly enhances its ability to manage multiple subtasks efficiently and effectively. Handling Dynamic, Non-Uniform Interfaces: The project introduces the Agent-Computer Interface (ACI), an innovative solution that enhances the interaction between agents and users. Utilizing Multimodal Large Language Models (MLLMs), Agent S can navigate and manipulate diverse graphical user interfaces seamlessly. Through these pioneering features, Agent S provides a robust framework that addresses the complexities involved in automating human interaction with machines, setting the stage for myriad applications in AI and beyond. Who is the Creator of Agent S? While the concept of Agent S is fundamentally innovative, specific information about its creator remains elusive. The creator is currently unknown, which highlights either the nascent stage of the project or the strategic choice to keep founding members under wraps. Regardless of anonymity, the focus remains on the framework's capabilities and potential. Who are the Investors of Agent S? As Agent S is relatively new in the cryptographic ecosystem, detailed information regarding its investors and financial backers is not explicitly documented. The lack of publicly available insights into the investment foundations or organisations supporting the project raises questions about its funding structure and development roadmap. Understanding the backing is crucial for gauging the project's sustainability and potential market impact. How Does Agent S Work? At the core of Agent S lies cutting-edge technology that enables it to function effectively in diverse settings. Its operational model is built around several key features: Human-like Computer Interaction: The framework offers advanced AI planning, striving to make interactions with computers more intuitive. By mimicking human behaviour in tasks execution, it promises to elevate user experiences. Narrative Memory: Employed to leverage high-level experiences, Agent S utilises narrative memory to keep track of task histories, thereby enhancing its decision-making processes. Episodic Memory: This feature provides users with step-by-step guidance, allowing the framework to offer contextual support as tasks unfold. Support for OpenACI: With the ability to run locally, Agent S allows users to maintain control over their interactions and workflows, aligning with the decentralised ethos of Web3. Easy Integration with External APIs: Its versatility and compatibility with various AI platforms ensure that Agent S can fit seamlessly into existing technological ecosystems, making it an appealing choice for developers and organisations. These functionalities collectively contribute to Agent S's unique position within the crypto space, as it automates complex, multi-step tasks with minimal human intervention. As the project evolves, its potential applications in Web3 could redefine how digital interactions unfold. Timeline of Agent S The development and milestones of Agent S can be encapsulated in a timeline that highlights its significant events: September 27, 2024: The concept of Agent S was launched in a comprehensive research paper titled “An Open Agentic Framework that Uses Computers Like a Human,” showcasing the groundwork for the project. October 10, 2024: The research paper was made publicly available on arXiv, offering an in-depth exploration of the framework and its performance evaluation based on the OSWorld benchmark. October 12, 2024: A video presentation was released, providing a visual insight into the capabilities and features of Agent S, further engaging potential users and investors. These markers in the timeline not only illustrate the progress of Agent S but also indicate its commitment to transparency and community engagement. Key Points About Agent S As the Agent S framework continues to evolve, several key attributes stand out, underscoring its innovative nature and potential: Innovative Framework: Designed to provide an intuitive use of computers akin to human interaction, Agent S brings a novel approach to task automation. Autonomous Interaction: The ability to interact autonomously with computers through GUI signifies a leap towards more intelligent and efficient computing solutions. Complex Task Automation: With its robust methodology, it can automate complex, multi-step tasks, making processes faster and less error-prone. Continuous Improvement: The learning mechanisms enable Agent S to improve from past experiences, continually enhancing its performance and efficacy. Versatility: Its adaptability across different operating environments like OSWorld and WindowsAgentArena ensures that it can serve a broad range of applications. As Agent S positions itself in the Web3 and crypto landscape, its potential to enhance interaction capabilities and automate processes signifies a significant advancement in AI technologies. Through its innovative framework, Agent S exemplifies the future of digital interactions, promising a more seamless and efficient experience for users across various industries. Conclusion Agent S represents a bold leap forward in the marriage of AI and Web3, with the capacity to redefine how we interact with technology. While still in its early stages, the possibilities for its application are vast and compelling. Through its comprehensive framework addressing critical challenges, Agent S aims to bring autonomous interactions to the forefront of the digital experience. As we move deeper into the realms of cryptocurrency and decentralisation, projects like Agent S will undoubtedly play a crucial role in shaping the future of technology and human-computer collaboration.

1.0k Total ViewsPublished 2025.01.14Updated 2025.01.14

What is AGENT S

Discussions

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