Ripple近年憑住其XRP帳本同On-Demand Liquidity服務，在跨境支付領域崛起，激發咗一班有意改變全球金融格局嘅競爭對手。過去一年，唔同區塊鏈平台同金融科技網絡都積極發展跨境結算同代幣價值轉移，包括公共區塊鏈支付基建、銀行領導聯盟、卡組織計劃、穩定幣系統同互通解決方案。各自針對國際匯款，強調更快、更平、同更透明，令市場競爭白熱化。本文會全面介紹關鍵玩家，佢哋最新里程碑、行業應用、合作夥伴，以及同Ripple相比有咩不同，最後探討佢哋未來在跨境金融主導地位的潛力。
公鏈支付基建
公共區塊鏈網絡容許任何用戶去中心化交易。多條具支付能力的Layer-1公鏈，都爭取做跨境轉帳樞紐，用原生代幣或穩定幣作結算，類似Ripple XRP帳本。
Stellar (XLM)
Stellar由Ripple前成員共同創立，針對低成本跨境匯款及金融共融而設。其網絡透過橋接代幣Stellar Lumens (XLM)實現法幣背書代幣的高速兌換。過去一年，Stellar最大消息係同匯款巨頭MoneyGram合作。
雙方合作令用戶可透過Stellar以Circle USDC穩定幣匯款，由MoneyGram全球逾30萬代理網點無縫換取現金。換言之，客戶可用現金入金，經Stellar轉為USDC寄去海外，收款方再由當地MoneyGram兌換成當地貨幣現金。呢個於2024年持續運作的服務，展示咗Stellar在新興市場的實際覆蓋能力，並延續住早前烏克蘭緊急援助及NGO應用等例子。
Stellar同Ripple一樣主打快結算（秒級）、超低費用、強調貨幣兌換。不過Stellar更側重零售匯款以及穩定幣，比起Ripple以波動性資產XRP做流動性更穩定。USDC於Stellar上成為穩定結算資產，而Ripple則較常用XRP。結合MoneyGram渠道，Stellar取得Ripple以往流失的分銷網絡。
Stellar開放網絡屬非牟利基金會管治，對金融科技公司及NGO具吸引力。機構級應用暫時仍初步階段（仲未有大型銀行採用），但與MoneyGram合作成為現金到加密匯款的重要渠道。若更多匯款公司或電子錢包平台加入，Stellar有望主導消費者跨境通道，特別係服務未能用到銀行系統的人口。不過，要爭取銀行大額賬戶資金流動領域，仍需與Ripple正面競爭。
Algorand (ALGO)
Algorand係一款高效能公有鏈，主打即時最終結算同超低手續費，特別適合支付用途。雖然設計唔只限於支付場景，但其技術日益受機構關注。最矚目成就之一是獲意大利政府選為數字銀行及保險擔保平台底層技術——首個歐盟國用區塊鏈處理相關金融擔保。
意大利銀行同保險公司會用Algorand發行及追蹤擔保文件，認可其於開放區塊鏈中「無可比擬的創新及安全」，預計2023-24年投入應用。此舉顯示機構對Algorand可靠性與安全的信心。
跨境金融方面，Algorand於拉丁美洲透過如Koibanx等金融科技夥伴推動落地，為銀行及政府搭建支付及資產代幣化方案。Algorand同時支援多種主流穩定幣（如USD Coin），可實現四秒內結算。其「純權益證明」共識機制與高擴展性（每秒數千筆交易）意味可應付大量支付場景。不同於Ripple需橋接單一資產，Algorand任何資產（法幣代幣或穩定幣）都可流通交易。
此靈活性加上符合ISO 20022（銀行通訊標準），令Algorand更易整合進銀行系統。最大挑戰唔係技術層面，而係生態發展：Algorand需與眾多L1公鏈爭奪市場，亦受加密市況拖累。不過，隨住近期機構認可及集中營運合規用途，若更多政府銀行用其發行數字貨幣或跨境穩定幣，Algorand有望低調建立一條強大網絡，隨時挑戰現有重量級玩家。
Hedera Hashgraph (HBAR)
Hedera並非區塊鏈，而係建立於hashgraph技術上的分布式帳本，由Google、IBM、Standard Bank等多間大企業組成理事會管理。企業級設計（高吞吐量、秒級最終結算）令其成為企業銀行熱門試點。過去一年，Hedera於跨境金融取得重要里程碑：南韓新韓銀行聯同Standard Bank等，於Hedera上完成穩定幣匯款試點，實現韓圓、泰銖、台幣之間即時價值轉移。
新韓銀行負責發行韓圓穩定幣，夥伴銀行則發行各自法幣代幣，全部經Hedera自動貨幣兌換，不用依賴中介銀行。最終做做到幾乎即時結算，每宗交易只需幾分一美仙。新韓銀行指出Hedera兼容EVM同快速共識，令匯款程序無需中介、低成本及加快效率。
Hedera最大特色係由知名機構治理，更得監管同銀行信任。原生轉帳每秒可達10,000筆交易，並內建穩定幣及代幣服務。相較Ripple需逐間銀行建立合作，Hedera理事會成員包括國際銀行，有望加快推廣實際落地。此外，Hedera結算唔靠幣值波動的代幣，HBAR主要用於網絡手續費、保安，實際資金可由穩定幣或CBDC承載。
Hedera現時已應用於其他金融領域（如國際證券交易所債券結算），亦為美國政府FedNow服務商試點支付方案。其公信力與表現，令其有潛力成為銀行間穩定幣清算甚至部份央行數字貨幣（CBDC）骨幹。成敗關鍵在於能否擴展試點落地發展，但隨住理事會內銀行積極測試各項應用，Hedera已是企業跨境基建重要競爭者。
銀行主導同聯盟型DLT
公開加密網絡想從外入侵市場，但不少銀行則自行建立區塊鏈平台以改善銀行間支付。這類許可制網絡多數不觸及加密貨幣波動資產，而用代幣化存款或央行錢，直接針對Ripple為銀行提供的方案。過去12個月，R3 Corda、摩根大通Kinexys（JPM Coin系統）及Fnality聯盟等均迎來重要里程碑。
R3 Corda
R3的Corda由多家銀行聯盟開發，屬私有分布式帳本平台。相對Ripple公有XRP帳本，Corda屬許可制——參與者（多數為金融機構）自設節點，相互間私密交易。經多年發展，如今Corda支撐一個現場運作的代幣化資產生態，每日處理逾一百萬宗交易。
截至2025年初，R3稱全球已超過100億美元實體資產通過Corda平台代幣化，覆蓋債券市場（如滙豐銀行數字債券平台）、貿易金融及跨銀行付款網絡。意味Corda於合規市場被業界廣泛採納——R3亦標榜Corda「獲全球頂尖銀行信任」，成為企業級DLT事實標準。
Corda於支付應用包括Voltron/Contour貿易融資網絡，以及多個央行主導銀行間支付試點。與RippleNet最大分別在於，Corda唔用單一資產結算，而係允許銀行間直接雙邊協調及清算（或移轉代幣），令交易更高效率且法律上有明確最終性。過去一年，R3亦大力推進與公鏈互通。
2025年5月，R3宣布與Solana Foundation合作，打通Corda同Solana公鏈，推動Corda上逾百億美元資產流向公鏈市場拓展流動性。公私鏈融合成R3未來關鍵策略：為銀行提供具隱私和合規需求的底層設施，同時帶動資產上鏈走向更廣闊的流動性和DeFi等創新場景。
Ripple當初試圖吸引銀行加入用公鏈代幣結算網... which many banks were hesitant to adopt due to volatility and regulatory concerns. In contrast, Corda provided a way for banks to tokenize cash or assets in a controlled setting. The last 12 months proved out Corda’s model – from millions of daily transactions to regulatory greenlights like the UK’s digital sandbox uses. Given its entrenched base (dozens of major banks and market infrastructures) and adaptability (now linking to public chains), Corda is poised to remain a dominant DLT for wholesale finance. Its one limitation is that it’s fragmented (many separate Corda networks rather than one global network), but R3’s moves to connect networks could address that. If banks prefer networks they control, Corda will continue to grow as a Ripple alternative for interbank settlement – perhaps not as flashy, but deeply integrated in the plumbing of finance.
由於波動性及監管問題，許多銀行對採用（加密資產）一直持觀望態度。相比之下，Corda 就為銀行提供了一個在受控環境下代幣化現金或資產的方案。過去12個月證明了 Corda 的模式——由每日數百萬交易，到如英國數字沙盒等監管認可。鑑於其穩固基礎（已有數十家主要銀行及市場基建採用）及靈活性（現時更可連接至公鏈），Corda 有望繼續成為批發金融領域中主導的分布式帳本技術（DLT）。其唯一局限是碎片化（有多個獨立的 Corda 網絡，而非一個全球性網絡），不過 R3 推動網絡互通可望解決這問題。如果銀行偏好可由自己控制的網絡，Corda 會繼續作為 Ripple 以外的跨行結算方案持續發展——未必耀眼，但深度融入金融系統基建。
JPMorgan’s Kinexys (JPM Coin Network)
JPMorgan Chase, the largest U.S. bank, has forged its own path in blockchain-based payments. In 2019 it introduced JPM Coin, a token representing dollar deposits held at the bank, used for instant value transfer among JPMorgan clients. That initiative has now evolved into Kinexys Digital Payments, the rebranded blockchain division of JPMorgan (formerly known as Onyx). Kinexys is essentially a private, permissioned payment rail using tokenized commercial bank money – allowing 24/7 cross-border transfers between JPMorgan’s network of banking entities.
摩根大通（JPMorgan Chase），美國最大的銀行，在區塊鏈支付領域自創一格。2019 年其推出 JPM Coin，以摩根大通銀行持有的美元存款作為本位的代幣，用於摩根大通客戶之間的即時價值轉移。這項計劃現已發展為 Kinexys Digital Payments，即摩根大通旗下區塊鏈部門（前稱 Onyx）升級後的新品牌。Kinexys 本質上是一套私有、需許可的支付網絡，以商業銀行數碼貨幣代幣運作，讓摩根大通旗下不同銀行實體之間可全天候進行跨境資金轉帳。
In late 2024, JPMorgan made headlines by linking Kinexys with Mastercard’s blockchain platform. Mastercard’s Multi-Token Network (MTN) connected with Kinexys to enable single-API settlement of B2B cross-border payments on Mastercard’s applications. The collaboration aims to provide greater transparency and near-real-time settlement for corporate payments, reducing the frictions of time zones and correspondent fees. It also effectively bridges one of the world’s biggest banks with one of the largest payment networks on a blockchain basis, underscoring Kinexys’s growing reach.
2024年底，摩根大通將 Kinexys 與萬事達（Mastercard）的區塊鏈平台連接，引起市場關注。萬事達的 Multi-Token Network（MTN）與 Kinexys 串接，使其可於萬事達應用程式實現單一API完成B2B跨境支付結算。這次合作目標是提升企業支付的透明度及近乎即時的結算速度，減少時區與代理行費用帶來的摩擦。它可謂首次將全球最大銀行之一與最大支付網絡之一以區塊鏈方式直接互通，同時標誌着 Kinexys 的影響力持續擴大。
Over the past year, JPMorgan has continued expanding Kinexys while also exploring public blockchain avenues. In June 2025, it was reported that JPMorgan will pilot a deposit token (JPMUSD, sometimes called “JPMD”) on a public chain (believed to be Ethereum or Coinbase’s Base network), targeting broader interoperability. Importantly, JPMorgan stated it will “continue to run and grow” the private Kinexys network, which it believes serves a different user base from a public deposit token. Kinexys’s user base today is largely institutional: corporate treasury clients moving funds between JPM accounts in various countries, after-hours or for rapid internal settlement. This closed-loop but global network offers ultra-fast transfers (minutes or seconds) with finality in JPMorgan deposits, which is highly appealing for corporations – essentially an in-house alternative to SWIFT that’s always on.
過去一年，摩根大通一邊擴展 Kinexys，同時也探索公鏈方案。2025年6月，有消息指摩根大通將於公鏈（外界認為或為以太坊或Coinbase旗下Base network）測試新型存款代幣（JPMUSD，有時稱「JPMD」），目的是提高互通性。值得注意的是，摩根大通重申將「繼續運行並擴大」私人 Kinexys 網絡，因為其服務對象與公鏈存款代幣有所不同。目前 Kinexys 主要針對機構客戶，例如企業財務部門於不同國家的摩根大通帳戶間調動資金、辦公時間外或內部即時結算等用途。這個閉環而全球性的網絡可以實現極速轉帳（數分鐘或秒內完成），並以摩根大通銀行存款作最終結算，對企業來說極具吸引力——可視為全天候SWIFT內部替代方案。
The difference from Ripple is stark: rather than ask banks to use a shared public crypto asset, JPMorgan leverages its own balance sheet. JPM Coin transactions are settled in bank deposits fully backed by JPMorgan, so credit risk is minimal for participants – but only firms with JPMorgan accounts can use it. Kinexys is thus more akin to a bank consortium model within one bank’s ecosystem, whereas Ripple sought to be an independent network spanning many banks. Given JPMorgan’s influence (and the interest of peer banks – over 25 banks have joined its separate Liink network for information exchange), Kinexys could expand via correspondent relationships or by inviting other banks as nodes. The Mastercard integration shows a path to scale beyond one bank’s confines.
與 Ripple 的做法截然不同：Ripple 需銀行使用公共加密資產作為橋樑，而摩根大通則以自身資產負債表營運。JPM Coin 交易由摩根大通銀行全額存款作結算，參與方信貸風險微乎其微——但只有擁有摩根大通帳戶的機構才可參與。因此，Kinexys 更像是一個在單一銀行體系內部運作的銀行聯盟模式，而Ripple則嘗試打造橫跨多家銀行的獨立網絡。鑑於摩根大通的影響力（以及同業興趣，逾25間銀行已加入其 Liink 資訊交流網絡），Kinexys 透過代理行拓展或邀請其他銀行成為網絡節點的空間相當大。與萬事達的整合更展現出擴展至摩根大通以外業界的可能性。
If other large banks don’t all build their own coins, they might join networks like Kinexys or Fnality (described next). In terms of dominance, JPMorgan’s solution has the advantage of an incumbent’s trust and existing client base. It could capture a significant share of high-value corporate cross-border flows among its clients. However, as a proprietary network, its dominance might be limited to JPM’s orbit unless it opens up or interoperates with others – something the bank appears to be considering through partnerships. In sum, Kinexys/JPM Coin is a top-down competitor that validates blockchain’s efficiency (transactions “in minutes” across borders instead of days) but within the traditional banking framework. Its success could push other banks to collaborate on similar networks rather than rely on an external crypto network like RippleNet.
如其他大銀行沒各自發行代幣，他們或會加入如 Kinexys 或 Fnality（下文介紹）這類網絡。就主導力而言，摩根大通的方案憑藉固有信譽及現有客戶基礎而言頗具優勢，可望掌握大量高價值企業跨境資金流。但由於屬行內專屬網絡，若不開放給外界，其主導力便限於自身生態圈內——不過銀行方面似乎正考慮透過合作提升互通性。總括而言，Kinexys/JPM Coin 提供了由上而下的競爭方案，證明區塊鏈跨境交易由「日」變「分」的效率——但仍以傳統銀行結構為主。此路線一旦成功，其他銀行或會聯手構建類似網絡，而非倚賴如 RippleNet 那樣的外部加密網絡。
Fnality (Utility Settlement Coin Consortium)
Fnality is a unique consortium initiative born from the “Utility Settlement Coin” project backed by central banks and major commercial banks. Its goal is to create a series of distributed payment systems using tokenized central bank money for use in wholesale markets (large interbank payments, securities settlement, FX, etc.). After years of development, Fnality reached a pivotal milestone in December 2023: shareholder banks Lloyds, Santander, and UBS conducted the world’s first live cross-border transactions using Fnality’s system, transferring funds that were digitally represented but fully backed by central bank deposits.
Fnality 是由央行及多家大型商業銀行支持的「Utility Settlement Coin（USC）」計劃衍生而來的獨特銀行聯盟，其目標是建立一系列以央行數碼貨幣（tokenized central bank money）作為基礎的分布式支付系統，服務批發市場（如大型銀行間支付、證券結算、外匯等場景）。經年累月開發後，Fnality 於2023年12月達成關鍵里程碑：其股東銀行 Lloyds、Santander及瑞銀（UBS），利用 Fnality 系統進行全球首宗真正落地的跨境交易，資金以數碼方式表示但百分百由央行存款作保證。
These inaugural payments were in sterling, leveraging an innovative Bank of England omnibus account that holds pooled funds on behalf of Fnality participants. By tokenizing these funds on a blockchain, Fnality enabled instant transfer between banks with the safety of central bank money – a holy grail in terms of eliminating settlement risk. This marked the first new payment system using BoE’s updated framework for innovative payment operators, and essentially proved that DLT can handle regulated high-value payments.
該批首輪交易以英鎊進行，利用英倫銀行（BoE）全新設計的全權戶口（omnibus account）代表所有 Fnality 參與者集中持有資金。這些資金通過區塊鏈技術代幣化後，銀行間可即時轉賬，並享有央行資金的信心背書——在消除結算風險方面堪稱終極目標。這亦是英倫銀行新規下創新支付營運商首個新型結算系統，實質證明 DLT 可處理受監管的大額支付。
Fnality is owned by a who’s-who of global banks and infrastructures – its shareholders include Goldman Sachs, Barclays, BNP Paribas, Nasdaq, CIBC, MUFG, and many more, signaling broad support for its cross-currency, 24/7 vision. With the sterling system live in a limited capacity, Fnality is now working on launching networks for other major currencies like USD and EUR with cooperation from the Federal Reserve and ECB. The aim is an interoperable set of national platforms where banks in each jurisdiction can settle obligations in tokenized central bank funds, then link across currencies for near instant PvP (payment versus payment) in FX or delivery-vs-payment in securities. Planned services include intraday repo and FX swaps to improve liquidity management for banks.
Fnality 的股東陣容涵蓋全球金融巨擘——花旗、高盛、巴克萊、法巴、納斯達克、加拿大帝國、三菱UFJ等均在內，顯示其24/7跨幣結算願景獲業界廣泛支持。目前英鎊系統在有限規模下已投入營運，Fnality 正尋求滙豐、聯儲局及歐央行合作，開展包括美元、歐元等主要貨幣網絡。其目標是建立一系列本地平台，各地銀行可以央行數碼資金結算，並透過平台間互聯，在外滙（PvP）或證券（DVP）領域實現近乎即時的跨幣結算。未來計劃還包括即日回購、外滙掉期等提升銀行流動性管理的服務。
Fnality’s proposition is perhaps the most direct challenger to legacy systems like correspondent banking and even to Ripple’s vision, but from within the system. It doesn’t rely on any cryptocurrency or even on commercial bank tokens – it uses actual central bank account balances (thus no credit risk and full regulatory oversight). In essence, Fnality could become the new backbone for wholesale cross-border settlements if it rolls out successfully in multiple currencies. Its differentiation from Ripple is clear: while Ripple offered a bridge asset to provide liquidity between fiat currencies, Fnality aims to allow atomic swaps of fiat-on-ledger (e.g., tokenized USD for tokenized EUR) with all parties prefunding in central bank money.
Fnality 可以說是對傳統代理行系統、甚至 Ripple 理念作出最直接的「體制內」挑戰。它不依賴加密貨幣，甚至不靠商業銀行代幣——而是以實際央行結餘作結算（全無信貸風險，且受全面監管）。若能順利於多種貨幣推出，Fnality 有望成為批發跨境結算領域全新樞紐。與 Ripple 的差異明顯——Ripple 以橋樑資產提供跨法幣流動性，Fnality 則希望令帳本上不同法幣（例如美元及歐元代幣）原子互換，所有方事先以央行資金預先注資。
This removes the need for a bridge currency altogether in interbank flows, at the cost of requiring all participants to hold cash in each Fnality system. Given its strong support and the once-in-a-generation nature of establishing a “systemically important” payment network (as Fnality’s CEO noted), Fnality has a high chance to become a dominant utility in wholesale finance. It will likely complement rather than completely replace other networks – e.g. it might handle interbank settlement, while solutions like Ripple or Stellar target smaller institutions or retail remittances – but in the high-value space, Fnality could outpace all crypto-based solutions by offering the ultimate trust (central bank money) on a modern platform. The next 12 months will be crucial as it seeks regulatory approval in the US and EU. If achieved, Fnality could go live with dollar and euro settlements, instantly making it a leading network for cross-border payment versus payment, and raising the competitive bar that RippleNet must clear to win over big banks.
如此一來跨行結算便無需再設立中介幣種，但參與者需於每個 Fnality 系統預留現金。鑑於其行業支持及建立「具系統重要性」支付網絡（如 Fnality 行政總裁所言）的罕有契機，Fnality 很大機會在批發金融界成為主導型基建平台。預期它大機會是對現有網絡的補充而非全面取代——如主力處理銀行間大額結算，而 Ripple、Stellar 則主攻中小型機構或個人匯款市場——但在高價值領域，Fnality 以央行資金信任及新技術，可望領先所有加密貨幣方案。未來12個月是關鍵時刻，跨美、歐監管認可後將能開展美元、歐元結算，屆時便能成為領先跨境PvP網絡，而對 RippleNet 構成強大競爭門檻。
Card Network Blockchain Initiatives
Global card networks Visa and Mastercard have also stepped into blockchain-based cross-border payments, leveraging their vast reach in the banking industry. Unlike Ripple – a startup building new rails from scratch – Visa and Mastercard are integrating distributed ledger technology to upgrade their existing networks or create parallel ones for specific use cases, such as B2B transfers. In the past year, both companies hit notable milestones: Visa’s B2B Connect has expanded its footprint and incorporated stablecoins, while Mastercard launched its Multi-Token Network (MTN) and forged partnerships with banks.
兩大全球卡組織 Visa 及 Mastercard 亦積極進軍區塊鏈跨境支付領域，利用其龐大銀行渠道優勢。不同於 Ripple「自零起步打造新基建」的方法，Visa及Mastercard 則透過併入分布式帳本技術（DLT）升級現有網絡，或按個別用途（例如B2B轉帳）構建平行方案。過去一年，兩家公司均錄得重要進展——Visa 的 B2B Connect 擴展全球版圖並納入穩定幣，而 Mastercard 則推出 Multi-Token Network（MTN）並與銀行建立合作夥伴關係。
Visa B2B Connect
Visa B2B Connect is a non-card payment network that Visa launched commercially in 2019 to move corporate payments directly between participating banks. It uses elements of distributed ledger technology (co-developed with IBM and based on Linux Foundation’s Hyperledger) to create a multilateral network where each bank node can transact with others in a direct, secure fashion, rather than through chains of correspondent banks. In practical terms, a payment sent via B2B Connect goes straight from the origin bank to the beneficiary bank on Visa’s system, with Visa acting as a central orchestrator and providing a cryptographic identity token for each bank to ensure security and compliance.
Visa B2B Connect 是 Visa 於2019年正式推向市場的非卡支付網絡，能讓企業付款於參與銀行間直接劃帳。該網絡採用了分布式帳本技術元素（與 IBM 合作開發，基於 Linux Foundation 的 Hyperledger），構建一個多邊網狀架構，每個銀行節點都能直接、安全地與其他銀行進行資金往來，無需經過層層代理行。實際上，透過 B2B Connect 進行的付款，會由發起行直達收款行，全程在 Visa 系統內完成，由 Visa 擔任中央協調方，並為每間銀行分配加密身份標記，確保安全及監管合規。
Over the last couple of years, Visa steadily grew this network, and 2023-2024 saw significant expansion. Visa reports that B2B Connect now spans 109 countries worldwide, covering many key corporate corridors. Dozens of banks (over 30 as of late 2022) have
過去數年，Visa 持續壯大這個網絡，2023-2024年間擴張尤其明顯。據 Visa 指，B2B Connect 現已覆蓋全球 109 個國家，橫跨多條重要企業資金路線。數十間銀行（2022年底已超過30間）已Here is your translated content in zh-Hant-HK, with markdown links left untranslated as instructed:
joined, and the network can route payments to banks representing over a hundred countries. For example, Qatar Islamic Bank recently partnered with Visa to use B2B Connect for cross-border business payments to 120 countries, integrating the platform for its corporate clients’ needs (as announced in mid-2024).
加入後，該網絡可以將付款路由至代表超過一百個國家的銀行。例如，卡塔爾伊斯蘭銀行最近與Visa合作，利用B2B Connect為跨境商業支付提供服務，涵蓋120個國家，並將該平台整合到其企業客戶的需求之中（於2024年中公佈）。
From a features standpoint, B2B Connect offers predictable fees and end-to-end visibility of payment status – addressing two major pain points of traditional wire transfers. Payments are typically completed next-day or within two days, faster than many correspondent transfers (which can take 3-5 days). It’s not as instant as some crypto networks, but Visa prioritizes compliance and integration with existing banking processes (it uses ISO 20022 messaging and can carry rich remittance data). The use of a distributed ledger under the hood ensures data integrity and that all parties see the same transaction record. Crucially, no cryptocurrency is involved – settlement is done by debiting and crediting banks’ accounts via Visa’s treasury services, with the ledger providing the transparency. This approach appeals to banks that may be wary of crypto volatility or unclear regulations, giving Visa an edge in enterprise adoption.
以功能層面而言，B2B Connect提供可預測的收費及端到端的付款狀態透明度——解決了傳統電匯的兩大痛點。付款通常可在翌日或兩天內完成，比起許多往來銀行轉賬（可能需時三至五日）更快。雖然未及部分加密網絡那麼即時，Visa則優先著重合規及與現行銀行流程的整合（採用ISO 20022通訊協議，並可攜帶豐富匯款資料）。系統底層使用分布式帳本，確保數據完整性，同時所有參與方都見到同一筆交易記錄。重點是，並無涉及任何加密貨幣——結算是通過Visa財資服務在銀行帳戶中直接過帳，帳本則負責提供透明度。這種方法適合對加密貨幣波動或監管不明而持保留態度的銀行，令Visa在企業採用上多一分優勢。
Visa’s innovation in the past year also includes embracing stablecoins at the settlement layer. In September 2023, Visa announced it had integrated Circle’s USDC stablecoin for settlement payments, even conducting live pilot transactions on the Solana blockchain. It moved “millions of USDC” between its partners (like Worldpay and Nuvei, major payment processors) over Solana and Ethereum to settle fiat transactions that were made on Visa’s network. In other words, rather than using legacy bank wires to settle with merchants or acquirers, Visa itself can pay out via USDC on a blockchain, achieving near-instant finality 24/7. This is a separate initiative from B2B Connect but complementary – it shows Visa is willing to use the best of both worlds: a closed DLT network for bank-to-bank transfers (B2B Connect) and open blockchain stablecoins for certain settlement flows. The end goal is the same as Ripple’s: cheaper, faster cross-border movement of value. Visa’s immense advantage is its incumbent status: it has existing relationships with thousands of banks and merchants.
Visa過去一年另一項創新，就是在結算層面採用穩定幣。於2023年9月，Visa宣佈已整合Circle的USDC穩定幣作結算付款，甚至於Solana區塊鏈進行了現場試點交易。它通過Solana和Ethereum網絡，在合作夥伴（如Worldpay和Nuvei這些大型支付處理商）之間轉移「數百萬USDC」，以結算Visa網絡上進行的法幣交易。換句話說，Visa可以直接透過區塊鏈以USDC支付給商戶或收單方，而無須依賴舊有的銀行電匯，能夠做到接近即時、全年無休的最終結算。這與B2B Connect屬於兩個獨立項目，但彼此互補 —— 展示Visa願意採用兩種最優方案：銀行對銀行封閉式DLT網絡（B2B Connect）及開放區塊鏈穩定幣作特定結算流程。最終目標與Ripple一樣：實現更便宜、更快的跨境價值流通。Visa最大的優勢就是其本身的龍頭地位：已與成千上萬家銀行及商戶有現有合作關係。
If it can successfully modernize those rails with blockchain tech, it could rapidly achieve what Ripple struggled with for years – mainstream bank adoption. Already, B2B Connect and stablecoin pilots align with the G20’s goal of cheaper, faster, more transparent payments. The question is whether Visa’s network effects will translate into network use: banks must opt in and actively route payments through B2B Connect. Given it was recognized by Global Finance as a top innovation in 2023 and banks like Switzerland’s Klarpay call it a “game-changer” for service delivery, momentum is growing. Visa B2B Connect could become a dominant B2B payment rail, especially for corporates, by leveraging Visa’s brand trust and meeting banks halfway (no radical new asset, just a better pipeline). In competition with Ripple, Visa’s strategy might appeal more to conservative institutions, though it lacks the immediate finality of using a crypto token. Over time, if Visa also integrates CBDCs or more stablecoins, it may cover both bases – a closed network for predictability and open networks for speed – making it a formidable competitor in cross-border finance.
只要Visa能成功用區塊鏈技術現代化這些基礎設施，就有機會在短時間內做到Ripple多年難以達到的事——主流銀行採用。事實上，B2B Connect及穩定幣試點方案已與G20推動更廉價、更快速、更透明付款的目標一致。問題在於這種網絡效應能否化為實際用量：銀行必須自願參與並積極透過B2B Connect路由付款。考慮到該系統在2023年獲《Global Finance》評為頂尖創新，而且如瑞士Klarpay等銀行稱其為交付服務的「game-changer」，動力正持續增強。Visa B2B Connect有機會憑藉品牌信譽及主動迎合銀行（不用全新資產，只是一條更佳管道），成為企業B2B付款的主導渠道。與Ripple競爭時，Visa的策略或更適合保守機構，雖然其即時性不及加密貨幣結算。隨着時間發展，若Visa亦整合CBDC或更多穩定幣，就可以兼顧封閉網絡的可預測性及開放網絡的速度，成為跨境金融的強勁對手。
Mastercard Multi-Token Network (MTN)
Mastercard has been very active in the blockchain and digital currency space, launching various pilots (from blockchain-based traceability to crypto cards). In June 2023, Mastercard unveiled its Multi-Token Network (MTN) as a new platform to foster innovation in regulated digital assets. MTN is essentially a sandbox and set of APIs for developers and financial institutions to experiment with tokenized deposits, stablecoins, and even CBDCs under Mastercard’s roof. The beta version launched in the UK in summer 2023, inviting a number of banks to participate in testing use cases such as tokenized commercial bank deposits (similar to JPM Coin concept), transacting with stablecoins, and interoperating with CBDCs. This reflects Mastercard’s view that the future of money will be multi-asset (hence “multi-token”) and that a common framework and standards can help integrate these new forms of value into commerce.
Mastercard在區塊鏈及數碼貨幣領域表現非常活躍，推行了多個試點項目（由區塊鏈追蹤至加密貨幣卡不等）。於2023年6月，Mastercard發佈其Multi-Token Network（MTN），作為一個促進合規數碼資產創新的全新平台。MTN本質上是提供予開發者及金融機構的沙盒環境及一套API，讓他們可在Mastercard體系內試驗代幣化存款、穩定幣，甚至CBDC等各類創新應用。測試版已於2023年夏季在英國推出，邀請多家銀行參與測試，包括類似JPM Coin概念的代幣化商業銀行存款、穩定幣交易，以及與CBDC互通等應用。這反映出Mastercard認為未來貨幣會多元化發展（即「multi-token」），而共同框架及標準將有助於將這些新型價值納入商業體系。
Over the last year, Mastercard has aggressively formed partnerships to build out MTN. A standout development was the connection of Mastercard’s MTN with J.P. Morgan’s Kinexys network in late 2024, as discussed earlier. By integrating with Kinexys, Mastercard enabled mutual clients to settle their B2B transactions through a single API connecting both networks. This effectively means a company using Mastercard’s platform could pay a company banking with J.P. Morgan, and the payment would be settled by moving tokenized deposits on Kinexys – all in the background – giving fast, on-chain finality.
過去一年，Mastercard積極建立合作關係以發展MTN。其中一大突破，是於2024年底將MTN與摩根大通J.P. Morgan的Kinexys網絡接通（如前文所述）。通過與Kinexys整合，Mastercard讓共同客戶可透過單一API完成兩個網絡間的B2B交易結算。這即是說，一間用Mastercard平台的公司可支付給採用J.P. Morgan銀行的公司，結算過程在後台以Kinexys網絡上的代幣化存款進行，實現快速、鏈上最終結算。
Both parties touted the benefits: reduced frictions of time zones, more transparency, and speed in cross-border commerce. For Mastercard, which has relationships with countless merchants and businesses, integrating with large banks’ private token networks could bootstrap MTN’s adoption. Beyond JPM, Mastercard also brought in fintechs – for instance, Ondo Finance joined MTN to bring tokenized US Treasury assets onto the network (providing liquidity for on-chain transactions).
雙方均強調其好處：減輕時區摩擦、提升透明度，以及加快跨境商貿速度。對擁有無數商戶及企業合作的Mastercard而言，若能整合大型銀行的私有代幣網絡，將有助MTN推廣及採用。除JPM外，Mastercard亦積極引入金融科技公司——例如Ondo Finance加入MTN，將代幣化美國國債資產帶到網絡上（為鏈上交易提供流動性）。
Mastercard’s approach differs from Ripple’s by focusing on tokenized fiat and regulated assets rather than a free-floating crypto. It essentially wants to be the on-chain interoperability layer for banks, merchants, and fintechs, much as it has been in card payments. Its network is designed with compliance (Crypto Credential identity framework), consumer protections, and privacy in mind – areas where open crypto networks have faced challenges. In terms of milestones, Mastercard ran a successful pilot of tokenized bank deposits in 2023 under the Bank of England’s sandbox and demonstrated cross-border use cases like FX transactions on-chain (initially this was misreported as just FX trading, but corrected to cross-border payments). The company has openly stated it sees promise in enabling regulated money to move on-chain and that industry collaboration is crucial.
Mastercard與Ripple的路線不同，重點放於代幣化法幣及合規資產，而非漂浮式加密貨幣。它本質上是想成為銀行、商戶與金融科技之間的鏈上互通層，正如它過去在卡付款領域的角色。其網絡設計十分重視合規（如Crypto Credential身份框架）、消費者保障及私隱——這些方面正是公開加密網絡面臨挑戰的地方。至於里程碑，Mastercard於2023年在英倫銀行沙盒下成功試行代幣化銀行存款，並實現跨境應用如鏈上外匯（FX）交易（起初被誤傳只做外匯買賣，但最終證實為跨境支付應用）。公司亦明言，相信讓合規貨幣上鏈大有可為，並強調業界合作至關重要。
Given Mastercard’s global reach (2B+ cards, acceptance in 200+ countries), if MTN graduates from pilot to production, it could rapidly scale. One can imagine a future where a bank in the MTN network can send a tokenized GBP to a bank in another country who receives it as tokenized EUR, all through Mastercard’s rails – quite similar to Ripple’s vision, but using bank tokens rather than XRP and with Mastercard as the intermediary coordinating exchange and settlement. The chances of Mastercard becoming a dominant player are high if they execute well: they have the trust of banks and merchants, and they are technology-agnostic enough to integrate whatever digital currency clients prefer (be it stablecoins, CBDCs, or deposit tokens).
以Mastercard全球覆蓋（超過二十億張卡，接受逾二百國家地區），若MTN能由試點過渡至正式商用，有潛力快速擴展。可想像將來MTN網絡中的某銀行，能透過Mastercard渠道把代幣化英鎊轉給另一國家的銀行，而對方收到時已是代幣化歐元——與Ripple構想十分相似，但用的是銀行代幣而非XRP，中間由Mastercard作交換及結算的協調者。如果執行得宜，Mastercard有很大機會成為主導者：它得到了銀行與商戶的信任，亦技術中立，能整合任何客戶偏好的數碼貨幣（如穩定幣、CBDC或存款代幣）。
While Ripple offered a from-scratch network, Mastercard (and Visa) leverage existing networks and overlay new tech. That said, MTN is still in early stages; it must prove that it can handle scale, maintain security, and navigate regulatory approvals for using tokenized deposits broadly. If 2024–2025 pilots succeed and expand (perhaps into regions like EU or APAC), Mastercard could emerge as a leader in cross-border blockchain payments, potentially relegating solutions like Ripple to niche uses. On the other hand, if banks decide to stick with in-house solutions (like JPM’s own network) or public stablecoins, Mastercard will need to continuously prove its added value as the connective tissue.
Ripple由零起步開發網絡，而Mastercard（及Visa）則善用現有網絡，再加上一層新科技。不過，MTN仍處於早期階段；它需證明能夠應付規模擴展、維持安全性，並取得廣泛採用代幣化存款所需的監管批文。假如2024-2025年試點成功、規模擴大（如拓展至歐盟或亞太區），Mastercard可能會成為跨境區塊鏈支付的領頭羊，甚至將Ripple等方案推向小眾用途。反過來說，若銀行最終選擇自行開發（如JPM自家網絡）或用公有穩定幣，Mastercard亦需不斷證明其作為聯結橋樑的價值。
Stablecoin Settlement Layers (USDC and Beyond)
Stablecoins – digital tokens pegged to fiat currencies – have exploded in use over the past few years, and they are increasingly central to cross-border payment innovation. Circle’s USD Coin, in particular, has positioned itself as a sort of “digital dollar” for the internet and is being integrated into various payment networks. Unlike Ripple’s XRP, which is volatile, USDC is fully reserved 1:1 with dollars, making it more directly suitable as a settlement currency for risk-averse institutions. In the past 12 months, stablecoin-based settlement has gone from experimental to practical, with USDC leading the charge thanks to Circle’s partnerships with traditional finance players.
穩定幣——這些與法定貨幣掛鈎的數碼代幣——過去幾年呈爆炸式增長，而且日益成為跨境支付創新的核心。當中以Circle發行的USD Coin尤其突出，自詡為「互聯網數碼美元」，並已被多個支付網絡整合。與波動較大的Ripple XRP不同，USDC完全以1:1美元儲備支持，更直適合作為風險厭惡機構的結算貨幣。過去12個月，穩定幣結算由實驗層面躍升至實際應用，USDC憑Circle與傳統金融合作伙伴的關係帶頭發展。
Circle, the issuer of USDC, has developed an extensive payments framework around the stablecoin. USDC operates on multiple blockchains (Ethereum, Stellar, Algorand, Solana, and more), meaning it can serve as a universal settlement medium across diverse ecosystems. Circle has also rolled out services like Circle Account and Circle APIs, which let fintechs and businesses seamlessly swap between bank transfers and USDC, and even a Cross-Chain Transfer Protocol (CCTP) to move USDC between blockchains instantly. All these are pieces of a potential “USDC network” where moving money is as simple as sending an email, but with a regulated stablecoin.
USDC發行方Circle已圍繞該穩定幣建立起龐大的支付框架。USDC本身運行於多條區塊鏈（Ethereum、Stellar、Algorand、Solana等），即可以成為不同生態系統間的通用結算媒介。Circle亦推出了如Circle Account及Circle APIs，讓金融科技公司及企業可無縫地在銀行轉帳與USDC之間交換，更設有跨鏈轉移協議（CCTP）能即時在不同鏈間轉移USDC。這些組件共同構建出一個潛在的「USDC網絡」，讓資金流動就像發電郵般簡單，但所用的是合規穩定幣。
The traction is evident. Major payments companies are embracing USDC for cross-border flows. As noted, Visa expanded its stablecoin pilot to use USDC for settling transactions, directly sending USDC to settle with acquirers instead of waiting on bank wires. It highlighted that this can cut out the typical 2-day international wire lag and associated costs. Another example: MoneyGram’s Stellar integration effectively made USDC a global remittance currency – the user may not know it’s USDC under the hood, but the stablecoin facilitates instant value transfer between MoneyGram locations in different countries. Stripe, a global payments processor, also uses USDC (on Ethereum and Solana) to pay out creators and freelancers in countries where fast USD
發展勢頭明顯。多家大型支付公司已積極採用USDC做跨境資金流。正如前述，Visa已擴展穩定幣結算試點，直接以USDC結算交易，免去傳統銀行電匯的等待時間和成本。又例如MoneyGram為Stellar網絡整合USDC，讓其高效成為全球匯款貨幣——用戶或未必察覺背後是USDC，但實際上穩定幣已令MoneyGram不同國家的門市間即時轉值。全球支付平台Stripe亦採用USDC（在Ethereum及Solana鏈上），為需要快速收取美元的創作者及自由職業者發放款項。payouts are difficult. PayPal launched its own USD stablecoin (PYUSD) in 2023, further validating the model (and PayPal could integrate it for cross-border payments between its millions of users).
派發款項一直好困難。PayPal喺2023年推出咗自己嘅美元穩定幣（PYUSD），進一步證明呢個模式（而且PayPal亦有可能會將佢整合落去佢數以百萬計用戶之間嘅跨境支付）。
For institutional settlement, a landmark moment was BNY Mellon announcing custody support for USDC reserves, and BlackRock managing a chunk of USDC cash reserves – these steps show growing trust in USDC’s stability. Circle itself has been advocating USDC as a complement or alternative to traditional correspondent banking. In late 2022 and through 2023, regulators and lawmakers have paid attention: some jurisdictions (like Singapore) have been open to stablecoin use under regulation, and the U.S. is debating a stablecoin bill to provide federal oversight and potentially access to Fed backstop for issuers. All this lends credibility that a well-regulated stablecoin could become mainstream for cross-border settlement.
對於機構級結算，一個重要時刻就係BNY Mellon宣布為USDC儲備金提供託管支援，而BlackRock亦管理住部分USDC現金儲備——呢啲舉措反映咗市場對USDC穩定性嘅信心不斷提升。Circle本身一直推動將USDC作為傳統代理銀行體系嘅補充或者替代選擇。去到2022年底同埋2023年期間，監管機構同立法者都開始關注：部分地區（例如新加坡）對規管下嘅穩定幣使用持開放態度，而美國都正討論穩定幣法案，希望為發行人帶嚟聯邦監管同可能獲得聯儲的緊急支援。呢啲一切都令外界覺得，如果有良好監管，穩定幣真係有潛力成為跨境結算嘅主流選擇。
Compared to Ripple’s solution which uses XRP as a bridge asset (requiring market liquidity and introducing exchange risk), using USDC (or other fiat stablecoins) means parties transact in a currency that doesn’t fluctuate in value and is directly redeemable for actual dollars. This eliminates the volatility risk, which is a major consideration for businesses. The trade-off is one needs a reliable issuer and enough liquidity in the corridors of interest. USDC has maintained its peg well (aside from a brief depeg during a bank run in March 2023 which quickly resolved), and it’s backed by short-term U.S. Treasuries and cash. Its market cap is around $25 billion as of mid-2025, making it one of the top stablecoins, though it has competitors like Tether which is even larger (but less transparently backed, thus less institution-friendly).
相比Ripple方案用XRP做橋樑資產（需要市場流動性，仲會引入兌換風險），用USDC（或者其他法幣穩定幣）即係大家可以用價值穩定兼且隨時兌換成實體美金嘅貨幣做交易。咁就大大減少咗波動風險，對商業用家嚟講好重要。不過換嚟嘅代價就係你需要一個可靠、信得過嘅發行人，以及所需路徑上有足夠流動性。USDC一直都守穩住美元掛鈎（除咗2023年3月銀行擠提時短暫脫鈎，好快又恢復），亦有短期美國國債同現金做足夠支持。截至2025年中，總市值大約有二百五十億美金，係其中一個最大嘅穩定幣，雖然仲有如Tether咁嘅對手規模更大（但透明度較低，金融機構就冇咁鍾意）。
The last year saw stablecoins becoming increasingly accepted by banks and fintechs: in an industry survey, over half of global banks reported active involvement in cross-border blockchain payment projects, often citing stablecoins as a tool to achieve faster settlements. The Atlantic Council and Bank for International Settlements have even discussed stablecoins in the context of improving cross-border payments while CBDCs are still in development.
過去一年，穩定幣喺銀行同行金融科技界愈來愈受歡迎：有一份業界調查顯示，全球一半以上銀行表示已經積極參與跨境區塊鏈支付項目，好多時會用穩定幣推動更快結算。Atlantic Council同國際清算銀行都已經開始喺CBDC仍然開發階段時，討論緊穩定幣對改善跨境支付嘅作用。
Circle’s USDC, with its established partnerships (Visa, MoneyGram, Mastercard (via cards and likely future integrations), Stripe, Coinbase, etc.), has a strong chance to be a dominant settlement layer for digital value transfer. If governments provide clear regulatory frameworks, stablecoins could see usage by traditional banks as well – for instance, a bank could hold and send USDC as easily as it does fiat, once legal/treatment questions are settled. There is also the scenario of multiple currency stablecoins (Circle has EURC for euros, and others offer GBP or JPY stablecoins). This could mimic today’s correspondent system (holding various fiat balances) but on blockchain rails with near-instant conversion via exchanges or automated market makers, which is not far off from Ripple’s vision except with stablecoins in each currency instead of one bridging token.
Circle發行嘅USDC憑住同好多夥伴穩定合作（Visa, MoneyGram, Mastercard（有實體卡同未來可能更多整合）、Stripe、Coinbase等），好有條件成為數碼價值轉移時嘅主流結算層。如果政府能提供清晰監管規則，穩定幣都可以由傳統銀行廣泛採用——例如，當法律同會計處理問題解決咗之後，銀行就可以好似用法幣一樣去儲存同發送USDC。仲有一個可能嘅情景係會有多種貨幣嘅穩定幣（Circle有歐元EURC，其他人都開始推英鎊、日圓穩定幣）。呢個做法好似現時代理銀行嘅安排（持有唔同法幣資金），但搬到區塊鏈平台上，加上透過交易所或者自動化做市商幾乎即時兌換——同Ripple構想差唔多，只係每種貨幣有自己穩定幣，而唔係純靠一種橋樑代幣。
In sum, stablecoin networks like USDC are effectively competing with Ripple by offering a different path to the same goal: making money move globally at internet speed. Their strength lies in being denominated in familiar currency units. However, they do depend on trust in the issuer and banking partners to maintain the peg and liquidity. Ripple’s XRP was meant to be trust-minimized (no central issuer), but that very feature made banks uneasy. Stablecoins have found a middle ground: blockchain-based yet (ideally) fully collateralized and audited. Over the next year, watch for Circle’s continued expansion (perhaps more direct bank integrations or involvement in CBDC interoperability tests – they’ve been part of pilot projects like Project Dunbar for multi-CBDC). Should USDC or similar stablecoins get wider regulatory approval, they could indeed emerge as a dominant cross-border settlement medium, potentially relegating solutions like XRP to more niche roles (e.g. in exotic corridors where fiat liquidity is poor, a role XRP still sometimes aims to fill). The likely scenario is coexistence: stablecoins for heavily used corridors and consumer/business payments, XRP or other crypto for niche liquidity, and eventually CBDCs for central bank to central bank settlement – all interconnected.
總括而言，USDC呢類穩定幣網絡，其實用另一條路同Ripple競爭，同樣目標就係令資金喺全世界互聯網速度轉移。佢哋最大優勢係以大家熟悉嘅貨幣計價。但同時，就要依賴發行人同銀行夥伴去維持穩定掛鈎同流動性。Ripple推出XRP原本係想做到「無需信任」（無中央發行人），但呢個特點反而令銀行唔安心。穩定幣就搵到個中間點：用區塊鏈，但有（理論上）足額抵押同審計。未來一年可以留意下Circle有冇進一步擴展（可能同銀行有更深整合，或者參與CBDC互通測試——其實佢哋都參與過多國央行CBDC項目如Project Dunbar）。如果USDC或者同類穩定幣獲得更加廣泛監管認可，佢哋好有機會變成跨境主流結算媒介，令像XRP咁嘅方案變成較偏門（例如啲法幣流動極差地區，XRP有時都會用嚟補位）。最可能嘅情況係多元並存：主流、經常用嘅路徑同消費/商業支付用穩定幣，較冷門或流動性差地方用XRP或其他加密資產，之後央行互相結算就靠CBDC——全部可以互通。
Interoperability and Messaging Layers
A crucial aspect of the future of cross-border finance is interoperability – connecting various blockchains, CBDC networks, and traditional systems so value can move seamlessly. Ripple’s network in a sense is one approach to interoperability (linking banks through XRP). But other players are focusing on bridging different ledgers or integrating with existing messaging standards. Key developments in the last year involve projects like Quant’s Overledger, SWIFT’s CBDC connector, and IBM’s World Wire. These aren’t standalone payment networks per se, but they enable different systems to talk to each other, which could either enhance Ripple’s utility or render a single-provider solution less necessary.
跨境金融未來一個關鍵元素就係互通性——連接唔同區塊鏈、央行數字貨幣網絡同傳統系統，令價值流動暢通無阻。Ripple網絡其實係其中一種做法（靠XRP連接銀行）。但亦有其他參與者專注做分布式分類帳互通同埋同現有訊息標準接軌。過去一年一啲重點進展，包括Quant嘅Overledger、SWIFT嘅CBDC互通器、IBM嘅World Wire等等。佢哋唔一定係獨立支付網絡，但可以令唔同系統溝通協作，有可能提升Ripple作用，亦有機會令單一提供者方案冇咁必需。
Quant Network (Overledger)
UK-based Quant Network has developed Overledger, an API gateway that allows applications to interoperate across multiple blockchains and legacy systems. Quant’s vision is a “network of networks,” where institutions don’t have to choose one ledger (like Ripple vs Corda vs Ethereum) – instead, they can use Overledger to access any or multiple networks with ease. In the past year, Quant achieved a significant credibility boost: it was selected as a partner in the European Central Bank’s Digital Euro pilot project in May 2025. Quant is helping the ECB prototype a digital euro with advanced features like conditional payments and multi-party transactions, leveraging its interoperability tech to ensure the digital euro can interact with existing financial systems and other networks. This is a major validation of Quant’s approach, showcasing its “blockchain-agnostic” capabilities on one of the highest-profile CBDC projects in the world.
英國公司Quant Network開發咗Overledger，一個API閘道，容許應用程式可以穿梭多條區塊鏈同舊有金融系統互通。Quant嘅願景係建立一個「網絡之網絡」，機構唔使揀死一條賬本（例如Ripple、Corda定係Ethereum），而係可以用Overledger任意接通一個或者多個網絡。過去一年，Quant聲譽大大提升：2025年5月佢被選為歐洲央行數字歐元試點項目嘅合作夥伴。Quant協助歐央行原型開發一個有先進功能（例如條件付款、多方交易）的數字歐元，善用其互通技術，確保數字歐元可以同現有金融系統及其他網絡對接互通。呢啲成就全面印證Quant「不偏任何區塊鏈」嘅能力，喺全球最矚目CBDC項目之一有份發揮。
Quant has also been involved in projects like the Bank of England’s Project Rosalind (retail CBDC API), and it’s a founding member of the Digital Pound Foundation in the UK, contributing to policy and design discussions. Its Overledger has integrated with popular enterprise DLTs (e.g., Corda, Hyperledger) and public chains (Ethereum, Bitcoin, etc.), enabling use cases such as multi-ledger asset swaps and aggregated smart contracts.
Quant亦有參與英倫銀行零售CBDC API項目Rosalind，仲係英國Digital Pound Foundation創始成員，積極貢獻政策同設計探討。佢嘅Overledger已經接駁唔少企業級分布式賬本（例如Corda、Hyperledger）同公鏈（如Ethereum、Bitcoin等），實現多賬本資產兌換同合成智能合約呢啲新用法。
The unique value proposition here is that Quant isn’t pushing a single network or token (although it does have a utility token QNT for licensing its tech); rather, it facilitates interconnection. In a future where a bank might use RippleNet for some corridors, SWIFT for others, and stablecoins for yet others, Overledger could provide a unified interface. This might indirectly compete with Ripple by reducing the switching cost of using multiple networks (so a bank need not commit fully to Ripple if it can plug into many). On the flip side, if Ripple or XRP Ledger becomes one of many integrated networks, a solution like Overledger could actually drive usage to it by making it accessible alongside others.
Quant最大特色就係唔係淨係推一條網絡或者一隻幣（雖然有QNT做技術授權Token）；佢重點係做互聯互通。展望未來，銀行有機會一部分業務用RippleNet，一部分用SWIFT，仲有啲用穩定幣，不同路徑都得，Overledger就可以做統一介面。某程度上會減低銀行用多條網絡嘅轉換成本（即銀行唔使死心塌地用Ripple，都可以Plug in幾個系統）。反過來，如果Ripple/XRP Ledger都係其中一條聯網，被整合咗進去，Overledger咁嘅方案更加會推Ripple用量（因為容易接入）。
Quant’s recent momentum – especially the ECB partnership – indicates it could become a behind-the-scenes powerhouse. If the digital euro or digital pound eventually launch with Quant’s technology in their payment architecture, Overledger would effectively be part of critical national payment infrastructure. Its chances of dominance are a bit different to others in this list: it’s more likely to become a ubiquitous middleware than a household name network. But in doing so, it might shape the landscape significantly. For example, if Overledger links CBDC networks across borders, then cross-border payments happen through those CBDCs and Quant, not necessarily through an intermediary currency like XRP. Quant’s CEO has framed their mission as enabling a “secure digital future” with interoperability at the core, and the last year’s developments show that major institutions see merit in that. In sum, while not a payment rail itself, Quant is poised to be the connector of many rails – a role that could either diminish the need for any one dominant network or ensure that whichever networks do dominate are all interoperable.
Quant最近一連串動作—特別係同歐央行合作—顯示佢有潛力成為幕後大老。假如數字歐元/英鎊最終採用Quant技術做支付架構，Overledger其實已成為關鍵國家級支付基建。佢主導市場嘅機會同其他競爭者唔同：反而比較有機會做成到處都有嘅中介軟件，唔係變家傳戶曉嘅品牌。不過，咁其實都會重塑生態。例如，若Overledger成功連接多國CBDC網絡，跨境支付就係走CBDC同Quant條路，未必需要透過XRP咁嘅中間橋樑資產。Quant CEO表示公司使命係以互通為核心，推動「安全數碼未來」，過去一年好多大機構都覺得呢個思路有價值。總括而言，雖然唔係支付路徑本身，Quant已經有望成為多條路徑嘅橋樑——可能令市場唔使再要一條「霸主」網絡，或者將來最強嗰啲網絡都互相打通。
SWIFT’s CBDC Interlinking (CBDC Connector)
SWIFT, the decades-old cooperative that provides international bank messaging, is determined not to be left behind. Recognizing the threat and opportunity of blockchain, SWIFT has been actively experimenting with ways to connect the emerging world of CBDCs and tokenized assets with the existing financial system. In 2022, SWIFT unveiled a prototype CBDC interoperability solution (often called the “CBDC connector”) that could enable a bank using the SWIFT interface to send value from a CBDC network in one country to another bank on a different DLT or traditional system. Over the past 12 months, this effort has progressed through sandbox trials and into more concrete plans.
SWIFT呢個有幾十年歷史、負責全球銀行通訊嘅合作組織，唔想蝕底。留意到區塊鏈對行業既有威脅又有機遇，SWIFT一直積極研究點樣可以將新興CBDC同Token化資產世界同現有金融體系連通。2022年SWIFT推出CBDC互通原型方案（即所謂「CBDC Connector」），容許銀行經SWIFT介面，將一國CBDC網絡嘅價值，傳送到另一個DLT或者傳統系統嘅銀行。過去12個月，呢個項目經歷沙盒測試之後，開始有更具體落地計劃。
In March 2023, SWIFT announced the results of a 12-week sandbox test involving 18 central and commercial banks using its CBDC interlink solution. The trials simulated nearly 5,000 transactions between different blockchain networks and existing fiat payment systems, successfully exchanging CBDC to CBDC and CBDC to traditional currency in a cross-border context. Banks including the Bank of France, Deutsche Bundesbank, HSBC, Standard Chartered, and others participated and found “clear potential and value” in the approach. Essentially, SWIFT proved that its API-based CBDC Connector could act as a translator and router, allowing, for example, a digital euro on an Ethereum-based network to be sent and arrive as a digital dollar on a Corda-based network. Following the positive results, SWIFT is now developing a beta version of the connector and
2023年3月，SWIFT公布咗呢個CBDC Interlink方案進行12星期沙盒測試嘅結果，有18間央行同商業銀行參與。模擬咗近五千單唔同區塊鏈網絡同現有法幣支付系統之間嘅交易，成功實現咗CBDC到CBDC同CBDC到傳統貨幣，跨境交換。包括法國銀行、德國聯邦銀行、滙豐、渣打等都參與，並認為方案「有明顯潛力同價值」。本質上，SWIFT證明咗佢嘅API基礎CBDC Connector可以做翻譯同路由器，好似將以太坊網絡上嘅數字歐元發送到Corda-based網絡變成數字美元一樣。得到好結果之後，SWIFT而家開始開發Connector嘅測試版，並且…planning a second phase of sandbox testing focusing on securities settlement and trade finance use cases.
規劃進行第二階段的沙盒測試，重點聚焦於證券結算及貿易金融的應用場景。
What SWIFT brings is its vast network: 11,000 institutions in 200+ countries are already connected to SWIFT. If SWIFT offers a turnkey solution for them to interface with any new blockchain-based currency, many banks might opt to use it rather than adopt a completely new network like Ripple. In fact, SWIFT’s experiments showed it can enable interoperability without requiring banks to ditch existing messaging standards – the connector uses APIs and could integrate with ISO 20022 messaging which SWIFT itself has migrated to. Bank executives involved highlighted that interoperability via a neutral platform like SWIFT is key to avoid “digital islands” of CBDCs. SWIFT帶來的最大優勢就係其龐大網絡：現時超過200個國家、11,000間機構已經連接到SWIFT。如果SWIFT為佢哋提供一個一站式方案去接駁任何新嘅區塊鏈貨幣，好多銀行都可能會揀用SWIFT，而唔係轉用如Ripple這類全新網絡。事實上，SWIFT嘅實驗證明，佢可以實現互通性而毋須銀行放棄現有嘅通訊標準——所用嘅連接器採用API，仲可以同SWIFT自己都已經過渡嘅ISO 20022消息格式整合。有份參與嘅銀行高層亦指出，通過像SWIFT這種中立平台實現互通性，對避免出現CBDC「數碼孤島」現象係關鍵。
In terms of differentiation, SWIFT isn’t creating a coin or ledger; it’s more of a communication and coordination layer (with some smart contracts possibly used for atomic transactions). The outcome of a SWIFT-facilitated payment could still be, say, a blockchain transfer on a specific network, but orchestrated through familiar SWIFT channels. For banks, that minimizes disruption. For Ripple, this is a competitive threat: one of Ripple’s selling points was connecting financial institutions for cross-border payments more efficiently than SWIFT. If SWIFT upgrades itself to achieve near-real-time atomic settlement by bridging CBDCs or other tokens, banks may feel less urgency to leap to an external network. 講到分別，SWIFT唔係自己出幣或建立台帳，更加似一個傳訊同協調層（可能用少量智能合約嚟做原子級交易）。經SWIFT促成嘅付款，其實結果都依然可以係某條區塊鏈上進行轉帳，但成個流程都係透過大家熟悉嘅SWIFT渠道來操作。對銀行而言，可以大大減少運作中斷。換句話講，對Ripple嚟講，呢個係一個強大嘅競爭威脅：Ripple一直標榜自己聯通金融機構以及更高效處理跨境支付。如果SWIFT可以提升到用CBDC或其他代幣達到接近實時嘅原子結算，銀行就會冇咁大壓力即時跳過去用其他外來網絡。
However, SWIFT’s solution could also incorporate networks like RippleNet or Stellar as endpoints – SWIFT cares about connectivity, not exclusivity. Recently, SWIFT partnered with Chainlink on interoperability and with Capgemini on linking digital assets; it’s covering all bases. The chances of SWIFT remaining dominant are high given its entrenched position, provided it continues to innovate. The last year suggests it is doing exactly that. By proactively working with central banks and proving out technology, SWIFT might maintain its central hub role in the future of cross-border payments. In scenario one, SWIFT’s connector becomes the highway and various networks (Ripple, Corda, CBDCs, etc.) are like different vehicles on it – meaning Ripple could still exist but not necessarily be the highway itself. In scenario two, if SWIFT were too slow and networks like Ripple had already captured a critical mass, SWIFT could have been displaced – but reality shows SWIFT is moving fast and banks are inclined to stick with it if it delivers. For now, it appears more likely that SWIFT will co-opt the innovations of blockchain and incorporate them, rather than being supplanted by a single new network. 不過，SWIFT實際嘅方案都可以納入RippleNet或Stellar等網絡做端點——SWIFT重視嘅係連接性，而唔係壟斷。近排SWIFT同Chainlink合作致力打通互通性，又聯同Capgemini探索數碼資產鏈接；佢幾乎四處佈局。考慮到SWIFT本身已經喺業界打好根基，只要繼續創新，要保持主導地位機會仍然好高。過去一年佢確實係咁做緊。主動同各國央行合作，又實地證明技術可行，SWIFT有望喺跨境支付未來維持住核心樞紐角色。第一個情境係，SWIFT個連接器變成高速公路，而唔同網絡（好似Ripple、Corda、CBDC等）就係唔同車輛——即係Ripple可以照存在，但未必係高速公路本身。第二個情境就係，如果SWIFT動作太慢，而類似Ripple嘅網絡已經形成臨界質量，SWIFT就可能被取代——但現實係SWIFT行動快速，加上銀行只要SWIFT做到嘢，都想堅持用。現階段，更大機會係SWIFT會吸收區塊鏈創新，將佢哋納入自己系統，唔係被單一新網絡取代。
IBM World Wire
IBM World Wire is a noteworthy historical attempt to modernize cross-border payments using blockchain. Launched in 2018, World Wire was a Stellar-based global payment network aimed at regulated financial institutions. It integrated payment messaging, clearing, and settlement on Stellar’s ledger, allowing institutions to transmit monetary value in the form of digital assets (cryptocurrencies or stablecoins) with near real-time clearing. IBM initially achieved impressive coverage – at launch, World Wire had payment endpoints in 72 countries, supporting 47 currencies and 44 banking locations. It even lined up letters of intent from six international banks to issue their own stablecoins on the network (for currencies like Euro, Indonesian Rupiah, Philippine Peso, Brazilian Real, etc.). Settlement could be done using Stellar Lumens or any stablecoin agreed upon, with IBM serving as network operator and validator. IBM World Wire係一個值得留意、利用區塊鏈現代化跨境支付嘅歷史性嘗試。2018年推出，World Wire係基於Stellar的全球支付網路，針對受監管金融機構。佢整合咗付款訊息、清算同埋結算，都放喺Stellar台帳上進行，每間參與機構都可以用數碼資產（加密貨幣或穩定幣）近乎即時完成結算。IBM開頭覆蓋範圍都幾厲害——推出時World Wire已經喺72個國家設有終端，支援47種貨幣、44個銀行地點。佢甚至取得6間國際銀行出穩定幣到呢個網絡的意向書，（包括歐羅、印尼盾、菲律賓比索、巴西雷亞爾等貨幣）。結算既可以用Stellar Lumens，也可以用雙方同意的任何穩定幣，而IBM本人則作為網絡營運者同驗證人。
In the past 12 months, IBM hasn’t been loudly promoting World Wire – in fact, in late 2020 IBM shifted strategy. They open-sourced the World Wire codebase in 2021 and stopped trying to operate it as a proprietary network. The rationale was that rather than competing head-on in running a payments network (which involves regulatory hurdles and building liquidity), IBM would leverage the technology and lessons to help clients build their own solutions. Essentially, IBM contributed World Wire’s core to the open-source community (Stellar is open-source by nature) and pivoted to integrating blockchain for clients via IBM Consulting. 過去一年，IBM冇再大肆推廣World Wire——事實上，到2020年底IBM已經轉咗策略。到2021年，佢將World Wire嘅原始碼開放，唔再打算經營一個專有網絡。背後原因係，與其同人正面競爭建立及運營支付網絡（要應對監管障礙、解決流動性問題），IBM選擇利用自己掌握到嘅技術經驗幫客戶建構屬於佢哋自己嘅方案。基本上，IBM係將World Wire嘅核心貢獻咗比開源社群（Stellar本身都係開源），自己則轉型做IBM Consulting，協助銀行客戶整合區塊鏈。
That said, World Wire’s legacy is apparent in current trends: it pioneered the idea of using stablecoins or digital tokens as bridge assets in traditional remittances. For example, a bank on World Wire could use a USD stablecoin or XLM as the vehicle to move value between fiat endpoints, exactly the model many are following now. IBM’s effort also highlighted the importance of compliance and trust – they baked in features for KYC/AML and had a permissioned on-ramp for institutions. 雖然如此，World Wire留下嘅影響而家都見到——佢最早提倡用穩定幣或數碼代幣做傳統匯款嘅過橋資產。例如，World Wire網絡上一間銀行可以用美元穩定幣或XLM來在法幣端之間轉移價值，呢個模式就正正係而家好多方案模仿嘅嘢。IBM當時亦強調合規同信任有幾重要——包括咗KYC/AML功能同持牌機構入場機制。
Today, World Wire is not a major active network (especially compared to others discussed), so its chance to “become dominant” per se is low. But IBM’s continued work in blockchain for banking (they’re involved in bank blockchain projects, trade finance, etc.) means the spirit of World Wire lives on. In some ways, one could view the Stellar-MoneyGram integration as picking up where World Wire left off – using Stellar for real-world transfers, just spearheaded by MoneyGram rather than IBM. IBM’s choice to open-source indicates they believe the industry will coalesce on shared networks rather than proprietary ones. IBM could still play a significant role as a service provider: for instance, a regional bank or central bank might hire IBM to implement a Stellar-based remittance corridor or a Hyperledger-based clearing system. If those proliferate, IBM benefits indirectly. 而家World Wire唔再係活躍主流網絡（同其他比較起嚟），所以要「主導」市場嘅機會唔大。不過IBM喺銀行區塊鏈上嘅持續投入（參與銀行區塊鏈、貿易金融項目等），都令World Wire嘅思想延續落去。某程度上，你可以話而家Stellar同MoneyGram嘅結合，係承接World Wire未完成嘅一環——用Stellar做實體轉帳，只不過主導者由IBM變咗MoneyGram。IBM開放原始碼，亦體現出佢哋相信業界未來會向開放共用網絡靠攏，而唔係搞專屬。IBM作為服務供應商依然可以發揮重大作用：例如有地區銀行或央行搵IBM落實Stellar主導嘅匯款通道，或者Hyperledger主導嘅清算系統。如果呢啲方案多起嚟，IBM都會間接受益。
In summary, World Wire was ahead of its time in demonstrating point-to-point blockchain payments with instant settlement, and it proved out scaling (72 countries is no small feat). It showed that a network using Lumens as a bridge and anchors issuing currency tokens could indeed move money more efficiently. The concept of anchors in World Wire parallels the concept of gateways in Ripple’s original design. However, IBM’s retrenchment means World Wire as a standalone network isn’t challenging Ripple now; instead, its ideas have diffused into other projects. For the purposes of this overview, World Wire serves as a case study of how traditional tech firms approached the problem. It’s a reminder that technology alone isn’t enough – adoption is key. IBM had the tech and even the network reach, but perhaps lacked the incentive (or nimbleness) to drive new adoption, whereas a focused company like Ripple pushed relentlessly. 總結嚟講，World Wire早於時代，展示咗點對點區塊鏈支付同即時結算，而且證明到規模可行（72個國家其實唔細）。佢證明咗用Lumens做過橋資產，由anchor發行貨幣代幣，真係可以更有效地轉錢。World Wire入面anchor呢個概念，係對應Ripple原設計所講的gateway。不過，IBM收縮意味World Wire作為獨立網絡，現階段唔再對Ripple構成威脅；反而嗰啲思路傳承咗去其他項目。喺本篇整理中，World Wire係一個經典案例，令人反思傳統科技公司點樣入場處理這個問題。佢提醒咗大家，淨係有科技唔夠——應用先係關鍵。IBM有技術、有網絡，但可能無足夠誘因（或者唔夠靈活）去推動新興應用，相反Ripple就集中火力死推。
That said, IBM’s brand and enterprise trust mean if they ever re-enter with a new offering or support a particular network (say IBM backing Stellar or an Hyperledger-based CBDC network), that could greatly boost that network’s credibility. Currently, IBM appears content partnering (they work with Stellar Development Foundation as a member of Hyperledger, and collaborate with the likes of Ripple and others through industry groups). So while World Wire won’t dominate, IBM’s influence in enterprise blockchain could shape which networks thrive. Banks often look for IBM’s nod or integration support when adopting new tech, so IBM’s alignment could help a competitor overtake Ripple in certain markets. 不過，IBM作為大品牌同企業信譽象徵，如果有朝一日再用新產品或支持某個網絡（例如IBM支持Stellar或者Hyperledger做CBDC網絡），都可以大大提升該網絡嘅可信度。依家IBM似乎專注於合作夥伴關係（佢哋係Hyperledger成員，亦有同Stellar Development Foundation合作，又通過行業組織同Ripple等合作）。所以World Wire雖然唔會成為主導網絡，但IBM喺企業區塊鏈領域嘅影響力，仍然有能力影響邊隻網絡可以勝出。銀行採用新技術時經常都會睇IBM點睇或搵IBM幫手整合，所以IBM轉頭支持另一競爭者，都有機會令Ripple被其他網絡喺某啲市場補位超前。