为何科技金融巨头不惜重金布局稳定币公链？

比推Publicado em 2025-09-23Última atualização em 2025-09-23

作者：Bernard，ChainCatcher

原标题：稳定币公链军备竞赛：从 Plasma、Arc 到 Tempo ，谁将主导 2 万亿美元的数字支付未来？

2025 年的加密市场，稳定币正在成为真正的主角。截至 8 月， USDC 流通量已达 652 亿美元，整个稳定币市场规模已突破 2800 亿美元大关, 年交易量更是达到了 27.6 万亿美元，超过了 Visa 和万事达的总和。

在此背景下，一场围绕稳定币专用区块链基础设施的军备竞赛正在全面展开。与通用公链不同，这些新兴的"稳定币公链"专门为稳定币的发行、支付和结算而优化，它们不追求智能合约的完备性，而是聚焦于让稳定币交易更快、更便宜、更合规。从 Fintech 支付龙头 Stripe ，到稳定币巨头 Tether 和 Circle ，再到各类创新项目如 Codex 、1Money 和 Converge ，10 余个团队正在这个赛道上展开激烈竞争。

Arc ：构建稳定币的” IOS 系统”

作为 USDC 的发行方， Circle 在 2025 年 8 月 12 日正式发布了 Arc 公链，与其他稳定币公链不同， Arc 的独特价值在于 Circle 的双重身份优势——既是全球第二大稳定币发行商，又是传统金融圈的"内部人"（已完成 IPO ，与 BlackRock 等机构深度绑定）。这种身份让 Arc 具备了三个关键优势：

合规基因的天然优势：Circle 多年来与 SEC 、 FinCEN 等监管机构深度合作, Arc 不仅仅是在公链上"补丁式"增加合规功能，而是从底层架构就内置了符合美国监管要求的设计—— Arc 基于 permissioned PoA 模型，符合欧盟 MiCA 和美国 GENIUS Act 框架。同时, Arc 的账户体系还支持原生的 KYC / AML 标记，机构用户可以在链上直接验证交易对手的合规状态。
USDC 原生：Arc 将 USDC 作为 Gas 代币，不仅仅是"方便"那么简单。传统公链需要用户先购买 ETH 或 SOL 等原生代币才能交易，这增加了摩擦成本和汇率风险。 Arc 让企业可以用 USDC 直接支付所有链上费用，实现了"所见即所得"的成本核算—— CFO 看到的链上成本就是美元成本，无需进行复杂的代币换算。这对于财务合规要求严格的上市公司和金融机构而言，意义重大。
性能：Circle 收购了来自 Informal Systems 的 Malachite 共识引擎——在保证拜占庭容错的同时，实现了动态验证节点调整。这意味着 Arc 可以根据网络负载在"高安全模式"（20个节点，350毫秒确定性）和"高速模式"（4个节点，<100毫秒确定性）之间智能切换。

Circle 今年”大动作”频频, 在完成 IPO 、 USDC 成为美国官方认可的稳定币之后, Arc 公链也随之推出, 展示出 Circle 构建"稳定币操作系统"的野心。就像苹果通过 iOS 控制了移动生态， Circle 想通过 Arc 控制稳定币生态的底层规则。 Arc 内置的跨链传输协议( CCTP )和 FX 引擎，本质上是在构建一个全球稳定币清算网络。未来，无论 USDC 在哪条链上，都需要通过 Arc 进行最终清算，这将让 Circle 从"稳定币发行商"升级为"全球数字美元清算中心"。

Stable ： Tether 的机构护城河

Stable 作为 Tether 亲自下场操盘的"主力军", 瞄准的是 USDT 生态中最有价值的那部分用户——机构。交易所需要处理每天数十亿美元的提现，做市商需要在不同平台间快速调配资金，支付服务商需要为商户提供稳定的结算服务。这些机构用户的需求与散户完全不同：他们更在意交易的原子性、隐私保护和合规审计，而不是省几美分的手续费。

基于此， Stable 设计了独特的"企业通道", 这不仅仅是简单的 VIP 快速通道，而是一整套针对机构需求的解决方案：批量交易打包功能可以一次性处理数千笔转账，降低操作成本；隐私交易功能保护了商业敏感信息，满足企业保密需求；合规审计接口可以自动生成监管报告，简化合规流程。这些功能对个人用户来说可能无关紧要，但对机构而言却是决定是否迁移的关键因素。

Stable 的三阶段发展路线图也透露出 Tether 的长期思考。第一阶段快速上线基础功能，将 USDT 作为 Gas 代币，并实现亚秒级出块时间，抢占市场窗口期；第二阶段将为企业级支付引入区块空间保障，支持原子化交易, 确保大额转账的原子性和最终性；第三阶段专注于开发者工具和生态建设，构建生态护城河，让机构在 Stable 上的投入形成沉没成本。

Tempo ：支付巨头的"轨道革命"

Stripe's killing SWIFT? Their new L1 blockchain Tempo unites OpenAI, Visa, & Deutsche Bank to make stablecoins the default global payment rail </p> <script async src=

原文链接:https://www.chaincatcher.com/article/2207753

说明: 比推所有文章只代表作者观点，不构成投资建议

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