Ripple 在跨境支付領域的崛起——利用其 XRP 分帳本與隨需流動性服務——激發了許多競爭對手，致力於顛覆全球金融格局。過去一年裡，眾多區塊鏈平台及金融科技網路，在跨境結算與價值代幣轉移方面取得重大突破。這些方案涵蓋了公鏈支付基礎設施、銀行主導的聯盟鏈、卡組織創新、穩定幣系統與互通解決方案，各自以不同方式推動國際交易更快速、低成本且透明，與 Ripple 同場競爭。本篇將深入分析主要玩家、近期重大里程碑、採用狀況、機構合作夥伴，並比對其價值主張與 Ripple 有何差異，以及未來主導跨境金融的潛力。
公鏈支付基礎設施
公共區塊鏈網絡讓任何人都可在去中心化分帳本上自由交易。多條具備強大支付能力的一層主鏈，正爭相提供與 Ripple XRP Ledger 類似的跨境轉帳服務，常以其原生代幣或穩定幣做結算。
Stellar (XLM)
Stellar 由 Ripple 前員工共同創立，專為低成本跨境支付及普惠金融而打造。其網絡可透過 Stellar Lumens (XLM) 代幣作為橋梁，實現法幣掛鉤代幣的快速兌換。去年，Stellar 最重要里程碑為與全球匯款巨頭 MoneyGram 合作。
雙方共同推出服務，允許用戶經由 Stellar 網路發送及接收 Circle 的 USDC 穩定幣，再藉由 MoneyGram 超過 30 萬個據點進行現金提領。這有效連接了加密貨幣與法幣：使用者可存入現金，系統將其兌為 Stellar 上的 USDC，瞬間跨國傳送，收款人再透過 MoneyGram 提現成當地法幣。此服務已於 2024 年投入營運，展示 Stellar 在新興市場的實際滲透力，並補足先前包含烏克蘭援助發放試點與多個 NGO 專案的應用。
Stellar 的價值主張與 Ripple 類似——結算迅速（僅數秒）、手續費極低、強調貨幣兌換。不過，Stellar 更聚焦於散戶匯款及穩定幣市場，而非仰賴高波動性資產做流動性。Stellar 上運行的 USDC 提供穩定結算資產，而 Ripple 則多利用 XRP。憑藉 MoneyGram 網絡，Stellar 取得 Ripple 於結束與 MoneyGram 合作後所缺乏的法幣兌換通路。
Stellar 的公鏈特性和非營利治理（Stellar 發展基金會）特別吸引金融科技公司與 NGO 機構。雖然大型銀行尚未採用，MoneyGram 方案已使其成為現金兌加密匯款的領先基礎設施。若有更多現金轉帳公司與數位錢包業者加入，Stellar 可望在消費性跨境匯款通道取得主導地位——尤其對於銀行服務不足的族群——但仍需與 Ripple 在銀行資金流動領域競爭。
Algorand (ALGO)
Algorand 是一條高效能公鏈，主打即時最終性與極低交易費，十分適合支付場景。雖非專為支付設計，Algorand 的技術受到機構市場青睞。義大利政府特別選定 Algorand 打造數位銀行及保險擔保國家平台，這是歐盟成員國首次以區塊鏈實現此類金融擔保。
義大利銀行與保險公司將透過 Algorand 區塊鏈發行與追蹤擔保文件，強調該鏈在去許可制網絡中具備「空前創新及安全水準」。預計 2023-24 年正式上線，此部署證明 Algorand 受機構信任及高度安全性。
跨境金融應用方面，Algorand 已於拉丁美洲透過 Koibanx 等金融科技夥伴推廣，協助銀行及政府建置支付與資產代幣化解決方案。Algorand 亦支援熱門穩定幣（如 USDC 已上線），使穩定幣轉帳可於 4 秒內結算。其純權益證明機制與高擴展性（可處理數千 TPS），符合大規模支付量處理需求。與 Ripple 不同，Algorand 無單一橋接代幣，任何資產（法幣代幣或穩定幣）均可流通。
此彈性及其 ISO 20022 相容性（銀行通訊標準），讓 Algorand 易於銀行系統整合。問題不在於技術，而在生態系建設：Algorand 需與眾多 L1 公鏈同場競爭，且亦受加密市場波動影響。不過，近期獲得機構背書，且專注合規場景，讓它具備黑馬潛力——若更多政府及銀行選用 Algorand 推行數位貨幣或跨境穩定幣支付，勢必低調打造出強大網絡。
Hedera Hashgraph (HBAR)
Hedera 並非傳統區塊鏈，而是基於 Hashgraph 技術的分散式帳本，治理由大型企業理事會負責（成員包括 Google、IBM、南非標準銀行等）。Hedera 具備企業級設計（高吞吐、秒級最終性），極具吸引力於企業及銀行應用。今年來，Hedera 在跨境金融領域取得佳績：韓國新韓銀行聯同標準銀行等完成穩定幣跨境試點，實現韓元、泰銖及台幣即時轉移。
新韓銀行發行韓元穩定幣，各合作銀行發行自家法幣代幣，透過 Hedera 自動實現即時匯率兌換及價值傳遞，免除傳統代理銀行。交易手續費僅為每筆幾分之一美分，結算幾乎即時完成。新韓銀行表示 Hedera 的以太坊虛擬機相容性及快速共識，有助「消除中介、降低成本並加速匯款流程」。
Hedera 的亮點在於治理與信任機制——網路由知名機構監督，有助於爭取監管機關及銀行認可。另具備高吞吐量（原生代幣轉帳可達每秒 1 萬筆），原生 Token 服務便於發行穩定幣與資產。對比 Ripple 必須逐家建立銀行關係，Hedera 理事會本身即有全球性銀行，潛在可簡化推廣流程。此外，Hedera 不仰賴波動資產結算——HBAR 只作為手續費及安全機制，實際價值可經穩定幣或 CBDC 流通。
Hedera 已被應用於其他金融場景（如國際證交所債券結算），並攜手美國政府支付試點（FedNow 服務供應商）。其聲譽與性能，讓其有望成為銀行間穩定幣大額轉帳或部分央行數位貨幣專案的骨幹。未來成敗取決於是否能突破試驗規模——但隨理事會銀行成員積極試行，Hedera 已是企業級跨境基礎設施的強力競爭者。
銀行主導與聯盟型分散帳本
相較於公鏈強調顛覆式創新，許多銀行選擇自行建構分布式帳本，強化銀行間支付。這些許可型網絡多棄用高波動加密代幣，改以存款代幣或央行貨幣記帳，正面挑戰 Ripple 在銀行端的價值主張。過去 12 個月，R3 Corda、摩根大通 Kinexys（JPM Coin 系統）及 Fnality 聯盟等銀行主導平台，均達成重要里程碑。
R3 Corda
R3 的 Corda 為原生銀行聯盟打造的私有分佈式帳本平台。與 Ripple 公開 XRP Ledger 不同，Corda 屬許可鏈——參與者（主要為金融機構）自行架設節點，彼此私密互動。經數年發展，Corda 已成大型現實資產代幣網絡基礎，每天處理超過百萬筆交易。
截至 2025 年初，R3 報告指 Corda 生態已代幣化超過 100 億美元實體資產，涵蓋債券市場（如匯豐數位債券平台）、貿易融資及銀行間支付網絡等，顯示 Corda 已成受監管市場「世界領先銀行信賴」的企業級分布式帳本標準平台。
其中代表性支付應用為 Voltron/Contour 貿易融資網絡與多個央行主導銀行間支付計畫。Corda 不同於 RippleNet 的一點在於，不使用單一資產結算，而是允許機構間直接雙邊談判轉帳或代幣轉移。這可大幅減少代理銀行需求，讓銀行於共用帳本上達成具法律效力的最終結算。過去一年，R3 更積極擁抱公鏈互通，顯示策略調整。
2025 年 5 月，R3 宣佈與 Solana 基金會合作，將 Corda 生態逾百億美元代幣資產橋接至 Solana 公鏈，開啟資產進入公鏈市場尋找流動性。公私鏈融合路線反映 R3 保持主導地位策略：打造合規、私密的銀行底層，同時享有公鏈流動性、DeFi 等優勢。
Ripple 的模式是讓銀行採用公有鏈及公開代幣進行結算， 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.
許多銀行因為波動性和監管疑慮而對此卻步。相較之下，Corda 提供了一種在受控環境下將現金或資產代幣化的方式。過去12個月的發展驗證了 Corda 的模式——每日數百萬筆交易，以及像英國數位沙盒這樣的監管放行。鑑於其穩固的用戶基礎（數十家大型銀行和市場基礎設施）及高適應性（現已可連接公鏈），Corda 有望持續成為批發金融領域的主導型 DLT。唯一的侷限是其網絡分散（多個獨立的 Corda 網絡而非單一全球網絡），但 R3 正在推動網絡互聯，有望解決這問題。如果銀行偏好自己可控的網絡，Corda 將持續作為銀行間結算領域 Ripple 的替代方案—也許不那麼華麗，卻深度整合於金融基建中。
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）作為美國最大銀行，在區塊鏈支付領域走出自己的路。2019 年，該行推出 JPM Coin，一種代表摩根大通存放美元存款的代幣，供客戶即時價值轉移。這項計劃如今演變為 Kinexys Digital Payments——摩根大通區塊鏈部門的全新品牌（即原 Onyx）。Kinexys 基本上是一條專屬、許可制的支付軌道，採用由商業銀行資金所發行的代幣化資金，讓摩根大通體系下各銀行機構之間可 24 小時全年無休地進行跨境轉帳。
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，摩根大通因將 Kinexys 連結至 Mastercard 區塊鏈平台而受到高度關注。Mastercard 的 Multi-Token Network（MTN）與 Kinexys 整合，使其可以在 Mastercard 應用程式上，透過單一 API 就完成 B2B 跨境支付結算。此合作旨在為企業支付帶來更高透明度與近乎即時的結算，降低時區與代理銀行費用的摩擦。這同時也在區塊鏈基礎上，把全球最大銀行之一與最大支付網絡之一串連起來，凸顯出 Kinexys 不斷擴大的影響力。
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.
過去一年間，摩根大通持續拓展 Kinexys，同時也積極探索公鏈應用。2025 年 6 月有消息指出，摩根大通將於公鏈（推測為以太坊或 Coinbase Base 網路）試行存款型代幣（JPMUSD，有時稱 “JPMD”），以期實現更廣泛的互通性。值得留意的是，摩根大通表示將「繼續營運並發展」專屬的 Kinexys 私有網絡，認為其用戶群與公鏈存款型代幣截然不同。現今 Kinexys 的使用者主要是機構端：企業財務客戶在不同國家的摩根大通帳戶間調度資金，或進行非營業時間內的迅速內部結算。這個封閉但全球化的網絡能提供極致快速的轉帳（分鐘或秒級），並以摩根大通存款為最終清算，對企業極具吸引力—本質上就是一個 24 小時不間斷運作的內部 SWIFT 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.
Kinexys 與 Ripple 的差別十分明顯：摩根大通並不要求銀行共用一種公開的加密資產，而是運用自身資產負債表。JPM Coin 交易以摩根大通全額擔保的銀行存款結算，參與者幾乎無信用風險——但只能由摩根大通的帳戶持有機構使用。因此，Kinexys 比較像是在一間銀行生態系統內部的小型銀行聯盟模式，而 Ripple 則是致力於成為跨越多家銀行的獨立網絡。鑑於摩根大通的影響力（以及同業銀行的興趣——有超過 25 家銀行參與其 Liink 資訊交換網絡），Kinexys 可望藉由代理關係或邀請其他銀行成為節點來擴展。與萬事達卡（Mastercard）的整合顯示其有機會突破單一銀行界限而實現大規模擴張。
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.
如果其他大型銀行沒有各自推出專屬代幣，可能會改而參與類似 Kinexys 或 Fnality（下文會提及）的網絡。在主導性方面，摩根大通方案具備既有信任與客戶基礎的優勢，可望攫取高價值企業跨境資金流的大量市場份額。然而，作為專有網絡，除非有限對外開放或加強互通性，否則其影響僅限於摩根大通的圈層——而事實上該行已藉夥伴合作著手這方向。總結來說，Kinexys/JPM Coin 屬於自上而下的競爭者，證明區塊鏈於傳統銀行架構內亦能大幅提升效率（跨境可於「數分鐘」內完成，而非數天）。這種成功亦可能推動其他銀行合作打造類似網絡，而非依賴 RippleNet 等外部加密網絡。
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「Utility Settlement Coin」專案發展而來的獨特聯盟計畫，獲各國央行及重量級商業銀行支持。其目標是利用代幣化中央銀行貨幣，創造一系列分散式支付系統，服務於批發市場（如大型銀行間支付、證券結算、外匯等）。經過數年發展，Fnality 在 2023 年 12 月達成關鍵里程碑：其股東銀行 Lloyds、Santander 和 UBS 成功利用 Fnality 系統進行全球首批現場跨境交易，轉移的是數位表徵但受到央行存款全面擔保的資金。
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.
這些首批付款以英鎊進行，並採用英格蘭銀行創新的綜合帳戶（omnibus account），集中管理 Fnality 參與者的資金。將這些資金上鏈代幣化後，Fnality 得以在確保央行資金安全性的前提下，讓銀行間即時轉移，大幅消除結算風險，堪稱支付「聖杯」。這也是首度利用英格蘭銀行為創新支付運營商提供的新型框架，實質證明 DLT 技術具備承載受監管高價值交易的能力。
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 股東陣容豪華，涵蓋高盛、巴克萊、法國巴黎銀行、那斯達克、加拿大帝國商業銀行、三菱日聯等全球重要銀行及金融基礎設施，顯示其 24 小時跨幣種結算的願景獲得廣泛支持。英鎊系統已有限上線，Fnality 目前正與美聯儲及歐洲央行合作，準備啟動美元及歐元等主要貨幣的網絡。長遠目標是打造一套跨國、可互通的平臺，讓各司法轄區內的銀行可用代幣化央行資金履行義務，並跨幣種串連，實現近乎即時的 PvP（付款對付款）外匯結算或 DvP（交割對付款）證券結算。預定服務內容還包括日內回購及即期/掉期外匯互換，有助提升銀行的流動性管理。
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 的方案可說是對舊有代理銀行體系，以及 Ripple 願景的最直接競爭挑戰者，且是從「體制內」發動。它不依賴任何加密貨幣，也不依靠商業銀行通證，而是直接以中央銀行帳戶餘額作為基礎（無信用風險、全程監管）。如能順利推出多貨幣系統，Fnality 有機會成為批發跨境結算的新主幹。與 Ripple 的主要差異也很明顯：Ripple 是運用中介資產協助各法定貨幣間流動性，Fnality 則致力於能在同一帳本上進行原子互換（例如用代幣化美元直接換取代幣化歐元），而參與各方必須事先以央行資金預先備付。
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.
這樣做能徹底免除銀行間資金流的橋接貨幣，但代價是所有參與者必須在各 Fnality 系統內持有現金。只要推動順利，憑藉廣泛支持及建立「具系統重要性」支付網絡的稀有機會（正如 Fnality 執行長所言），Fnality 極有可能在批發金融界取得主導地位。它未必完全取代其他網路，更可能是互補——例如主攻銀行間清算，而 Ripple、Stellar 等則服務中小型機構及零售匯款領域。但在高價值區塊，Fnality 可藉提供終極信任（央行貨幣）打敗各類基於加密貨幣的解決方案。未來12個月，該計畫將衝刺取得美國、歐盟監管核准，若順利，將可同時支援美元歐元結算，立即成為跨境 PVP 的領航網絡，也將對 RippleNet 提出更高競爭門檻，提升其必須說服大型銀行的難度。
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.
全球卡組織 Visa、Mastercard 也積極跨足區塊鏈跨境支付，發揮其在銀行界廣大的影響力。與新創業者 Ripple 從零打造新型支付軌道不同，Visa 和 Mastercard 是以分散式帳本技術升級現有網絡，或針對 B2B 轉帳等特殊應用場景打造平行專屬網路。過去一年兩家公司均有重大里程碑：Visa B2B Connect 積極拓展版圖且納入穩定幣，Mastercard 則推出 Multi-Token Network（MTN），並與銀行締結合作。
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 在 2019 年商業化推出的企業間（B2B）非卡片支付網絡，讓參與銀行之間能直接進行企業支付。此方案運用分散式帳本技術（與 IBM 合作、以開源 Hyperledger 為基礎），建立起一個多邊銀行節點網絡，各行可直接且安全地相互交易，無需經過層層代理銀行。在實務運作中，B2B Connect 的款項會直接從付款銀行直達收款銀行，全程由 Visa 負責調度與各銀行配賦加密身份代碼，確保安全與合規。
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
過去兩年，Visa 穩步擴展此網絡，2023-2024 年更有重大成長。根據 Visa 官方資料，B2B Connect 現已覆蓋全球 109 個國家，涵蓋眾多企業支付重鎮。數十家銀行（截至 2022 年底超過 30 家）已...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).
有更多銀行已經加入，該網路現可將付款路由至代表超過一百個國家的銀行。例如，卡達伊斯蘭銀行最近與 Visa 合作，利用 B2B Connect 進行跨境企業付款，覆蓋全球 120 個國家，並已於 2024 年中宣布整合此平台以滿足其企業客戶需求。
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.
從功能上來看，B2B Connect 提供可預期的費用與端到端支付狀態可見性，解決了傳統電匯的兩大痛點。支付通常在隔日或兩日內完成，比許多往來銀行轉帳（需時 3~5 天）更快。雖然還不如某些加密貨幣網路即時，但 Visa 更注重法規遵循與與現有銀行流程的整合（採用 ISO 20022 訊息格式，且可攜帶豐富匯款資料）。在底層使用分散式帳本，確保資料完整性，讓所有參與方看到相同的交易紀錄。重點是，這裡不涉及任何加密貨幣——結算是透過 Visa 庫存服務從銀行帳戶直接借貸，帳本則用來提供透明度。這種做法對於擔心加密貨幣波動或監管不明確的銀行相當有吸引力，使 Visa 成為企業採用的領先選擇。
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 在過去一年的創新還包含於結算層面擁抱穩定幣。2023 年 9 月，Visa 宣布已整合 Circle 的 USDC 穩定幣作為結算付款，甚至在 Solana 區塊鏈上實際進行了現場試點交易。Visa 在 Solana 和 Ethereum 上於合作夥伴（如 Worldpay 與 Nuvei 等主要支付處理商）間轉移了數百萬顆 USDC，用以結算原先 Visa 網路上產生的法幣交易。換句話說，Visa 不再只依賴傳統銀行電匯向收單行或商戶結算，而是能直接通過區塊鏈用 USDC 即時支付，全天候幾乎即刻完成。這與 B2B Connect 屬於不同項目，但兩者互補——顯示 Visa 願意取兩者之長：銀行對銀行取用封閉式 DLT 網路（B2B Connect），部分結算流程則用開放區塊鏈穩定幣。其最終願景和 Ripple 一樣：讓跨境價值轉移更便宜、更快速。Visa 最大優勢在於其現有巨量關係網──它已與數千家銀行和商家合作。
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.
如果 Visa 能成功利用區塊鏈科技現代化既有支付基礎建設，就能迅速實現 Ripple 多年來難以突破的大規模銀行採用。目前，B2B Connect 和穩定幣試點雙雙呼應了 G20 促進更便宜、更快速、透明支付的目標。關鍵在於 Visa 的網路效應是否能轉化為實際使用：銀行必須主動加入並通過 B2B Connect 路由付款。考量到此方案於 2023 年獲 Global Finance 評選為頂尖創新，且瑞士 Klarpay 等銀行認為它是服務創新的「game-changer」，推廣 momentum 正在增強。藉由 Visa 品牌信賴與協助銀行平滑轉接（不需引進激進新資產，僅改善管道），Visa B2B Connect 極有可能成為企業級主流 B2B 支付軌道。與 Ripple 競爭下，Visa 策略或更受保守機構青睞，雖然其即時性不及用加密貨幣代幣，但若未來亦納入 CBDC 或更多穩定幣，就能同時兼顧封閉網路的可預期性與開放網路的高效率，成為跨境金融強勢競爭者。
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 在區塊鏈和數位貨幣領域非常活躍，推出了各種試點專案（從區塊鏈溯源到加密貨幣卡均有涉獵）。2023 年 6 月，Mastercard 發表全新平台「多代幣網路」（MTN），旨在推動受規範數位資產的創新。MTN 本質上是供開發者和金融機構試驗代幣化存款、穩定幣、甚至 CBDC 的沙盒和 API 集合。2023 年夏天，MTN 測試版已於英國上線，邀請多家銀行試驗包括代幣化商業銀行存款（與 JPM Coin 概念類似）、功能性的穩定幣交易及 CBDC 互通等應用場景。這反映出 Mastercard 認為未來的金錢世界將是多資產的（即「多代幣」），共同框架與標準可協助這些新型價值順利融入商業活動。
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 積極推動合作夥伴關係，加速 MTN 建置。最引人注目的進展，是 2024 年底將 Mastercard MTN 接軌到摩根大通 Kinexys 網路。如前述，透過整合 Kinexys，Mastercard 讓共同客戶能夠透過一個 API 同時串聯兩大網絡，完成彼此的 B2B 交易。這就意味著，一家透過 Mastercard 平台運營的企業，能付錢給採用摩根大通銀行的對方企業，且款項會在 Kinexys 上以代幣化存款方式結算，整個流程都是鏈上即時完成的。
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).
雙方都強調這一做法的種種好處：降低時區帶來的摩擦、跨境商務更透明、交易速度大幅提升。對於擁有無數商家和企業合作夥伴的 Mastercard 而言，能與大型銀行私有代幣網路串接，有助於大幅推動 MTN 的採用率。除了 JPM 之外，Mastercard 也積極引進新創，例如 Ondo Finance 進駐 MTN，將美國國債資產代幣化上鏈，為鏈上交易注入流動性。
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 最大不同於 Ripple 之處，在於聚焦於代幣化法幣及受規範資產，而非自由浮動的加密資產。它本質上想成為銀行、商戶和金融科技業者的鏈上互通層，就如同其在實體發卡領域的角色。其網路設計注重合規（採用 Crypto Credential 身分框架）、消費者保護及隱私，這些都是開放加密網路過去常見的弱點。在里程碑方面，Mastercard 於 2023 年參與英格蘭銀行監理沙盒，成功試辦代幣化銀行存款，並示範如跨境外匯等鏈上應用場景（起初被誤解為僅外匯交易，事後更正為跨境支付）。Mastercard 明確表示看好受規範金流上鏈的潛力，且產業合作為實現之關鍵。
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).
考量到 Mastercard 覆蓋全球（20 億張卡、200 多國家通用），若 MTN 能從試驗走向正式部署，將有快速擴張潛力。可以想像未來 MTN 網絡內的銀行，能將代幣化英鎊直接跨境轉給異國銀行對手，對方收到時自動轉為代幣化歐元，通通由 Mastercard 軌道協調——與 Ripple 願景相似，但採用的是銀行代幣、由 Mastercard 居中整合匯兌與結算，而不是用 XRP。只要執行得當，Mastercard 有很高機率成為主導者：它獲銀行與商戶信賴，且對整合新型數位貨幣（穩定幣、CBDC 或存款代幣）都持技術中立立場。
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 是自建新網路，Mastercard（與 Visa）則善用現有基礎並持續加疊創新科技。不過，MTN 尚屬早期發展階段，仍需證明能夠應付規模化、維持安全、並跨越使用代幣化存款所需的監管核准門檻。若 2024-2025 年試點順利擴展（如進軍歐盟或亞太），Mastercard 有望成為跨境區塊鏈支付領袖，讓 Ripple 等方案被邊緣化。反之，若銀行選擇堅持自主網路（如摩根大通內部方案）或青睞公共穩定幣，Mastercard 必須持續證明自身作為連接樞紐的增值角色。
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——這種錨定法幣的數位代幣——在過去數年使用量急遽成長，且已逐漸成為跨境支付創新的核心。Circle 的 USDC（USD Coin）尤其積極扮演「網路數位美元」地位，並整合進多種支付網路。與價格波動劇烈的 Ripple XRP 不同，USDC 由美元 1:1 完全準備金支撐，更適合風險規避機構做為結算貨幣。過去 12 個月，穩定幣結算從初步實驗邁向實用階段，USDC 憑藉 Circle 與傳統金融業者的合作居於領先。
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，已圍繞穩定幣建構起完整支付框架。USDC 可在多條鏈上運行（Ethereum、Stellar、Algorand、Solana 等），可作為多元生態間的通用結算媒介。Circle 亦推出如 Circle Account 及 Circle API，讓金融科技業者和企業可無縫切換銀行轉帳與 USDC，並以跨鏈傳輸協議（CCTP）實現 USDC 在不同鏈間即時轉移。這些都構成「USDC 網路」的潛在基礎，讓匯款如同傳送電郵般容易，但又以受監管穩定幣為載體。
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
成效已相當顯著。主要支付公司開始擁抱 USDC 處理跨境金流。如前所述，Visa 擴大了穩定幣試點，利用 USDC 直接向收單方結算，而非等待銀行電匯。這可消除一般跨境電匯需要等待的 2 天時差及相關費用。又如 MoneyGram 接軌 Stellar 後，實質上讓 USDC 成為全球匯款貨幣──用戶甚至未必知道底層是 USDC，但穩定幣已讓不同國家 MoneyGram 門市間的價值轉移變得即時。全球支付處理商 Stripe 也利用 USDC（以太坊和 Solana 鏈）向部分國家的創作者和自由工作者發放美元收入，實現快速結算。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).
出款一直很困難。PayPal 在 2023 年推出了自己的美元穩定幣（PYUSD），進一步驗證了這個模式（而且 PayPal 也可能將其整合，用於其數百萬用戶之間的跨境支付）。
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.
在機構清算方面，一個具有里程碑意義的時刻是紐約梅隆銀行（BNY Mellon）宣布提供 USDC 儲備的託管服務，而貝萊德（BlackRock）則管理部分 USDC 現金儲備——這些舉措顯示出對 USDC 穩定性的信心日益提升。Circle 本身一直主張將 USDC 視為對傳統代理行銀行體系的補充或替代方案。2022 年底到 2023 年期間，監管機關與立法者也開始關注此一議題：某些司法管轄區（如新加坡）已經在監管下對穩定幣的使用持開放態度，而美國則正辯論制定穩定幣法案，以提供聯邦監督，甚至可能讓發行人取得聯準會（Fed）擔保資源。這一切都讓嚴格監管下的穩定幣成為跨境清算主流的前景更加可信。
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).
相較於 Ripple 使用 XRP 作為中介資產（需要市場流動性並引入匯兌風險）的方案，使用 USDC（或其他法幣穩定幣）代表交易雙方使用的是不會波動且可直接兌換成實體美元的貨幣。這消除了波動性風險，對於企業來說是一個重大考量。其折衷則在於需要一個可靠的發行方，以及在目標走廊（支付路線）中有足夠流動性。USDC 直到目前為止都很好地維持了與美元的錨定（除了在 2023 年 3 月銀行擠兌時曾短暫脫鉤但很快回復），並由美國短債與現金做為支撐。截至 2025 年中，其市值約為 250 億美元，成為頂尖的穩定幣之一，但也有規模更大（但擔保透明度較低、對機構較不友善）的競爭對手如 Tether。
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，銀行與金融科技業對穩定幣的接受度顯著提升：根據一項產業調查，超過一半的全球銀行回報已積極參與跨境區塊鏈支付專案，並常以穩定幣作為實現快速結算的工具。大西洋理事會和國際清算銀行甚至已討論到，在央行數位貨幣（CBDC）尚在開發階段時，穩定幣可以提升跨境支付的效率。
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 的 USDC 憑藉其現有的合作夥伴（Visa、MoneyGram、Mastercard〈透過卡片及未來可能的整合〉、Stripe、Coinbase 等等），有望成為數位價值轉移的重要結算層。若政府能提供明確監管框架，穩定幣也可能被傳統銀行廣泛使用——例如，一家銀行在法律及會計處理明確後，可以和持有法幣一樣方便地持有及轉帳 USDC。此外，多貨幣穩定幣的情境也正在成形（Circle 推出歐元穩定幣 EURC，其他還有英鎊、日圓等穩定幣）。這可模仿當前代理行系統（持有各幣種法幣存款），卻以區塊鏈作為基礎，透過交易所或自動化做市商達到近乎即時的兌換——這和 Ripple 構想的目標相去不遠，只是每個幣種都有自己的穩定幣，而不只是依賴一種中介代幣。
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.
總結來說，像 USDC 這類穩定幣網絡，實質上以不同路徑與 Ripple 競爭，目標同樣是在全球範圍內以網路速度移動資金。他們的優勢是以熟悉的貨幣單位計價。然而，他們依賴發行方和銀行夥伴來維持錨定和流動性；而 Ripple 推出的 XRP 原本設計為「最小化信任」制度（沒有中央發行方），但這反而讓銀行感到不安。穩定幣則找到一個中間地帶：既基於區塊鏈，又（理想上）有完全擔保和審計。未來一年請關注 Circle 的持續擴張（可能有更多直接銀行整合，或參與 CBDC 互通性測試——他們已參與 Project Dunbar 這種多 CBDC 試點專案）。如果 USDC 等穩定幣獲得更廣泛的監管批准，確實有可能成為主導全球跨境清算的媒介，並讓 XRP 之類的方案退居更小眾市場（如在法幣流動性不佳的特殊支付走廊，這也是 XRP 目前有時嘗試扮演的角色）。最可能的情景是共存：「穩定幣」負責高頻及消費者／商業付款走廊，XRP 或其他幣種負責利基流動性，最終 CBDC 負責央行間結算——三者將互相連結。
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.
跨境金融未來的一個關鍵要素就是「互操作性」——讓不同的區塊鏈、CBDC 網絡和傳統系統可以互相連結，以便價值能夠無縫流動。Ripple 的網絡某種程度上就是一種互操作方案（透過 XRP 連接銀行）。但也有其他業者聚焦於跨鏈連接不同帳本或是與現有訊息傳遞標準整合。過去一年來，重要的發展案包括 Quant 的 Overledger、SWIFT 的 CBDC 連接器，以及 IBM 的 World Wire。這些本身並不是獨立的支付網路，但它們能讓不同系統「互通訊息」，這可能會提升 Ripple 的實用性，也可能使得「單一供應商」方案變得不那麼必要。
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.
英國的 Quant Network 發展了 Overledger，一個 API gateway，可以讓應用程式跨多區塊鏈及傳統系統互通。Quant 的願景是打造一個「網絡中的網絡」，讓機構不必只選擇某個帳本（如 Ripple、Corda、Ethereum），而是可透過 Overledger 輕鬆進入任一或多個網絡。過去一年，Quant 的信譽大幅提升：2025 年 5 月被選為歐洲央行數位歐元試點計畫的合作夥伴。Quant 協助歐洲央行打造帶有進階功能（如條件支付與多方交易）的數位歐元原型，利用其互操作技術，確保數位歐元未來能與現有金融系統及其他網路對接。這是對 Quant 模式的重要肯定，展現其「區塊鏈無關性」能力，參與全球最重量級的 CBDC 項目之一。
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 也參加了如英國央行的 Project Rosalind（零售 CBDC API），且是英國 Digital Pound Foundation 的創始成員，參與政策和設計討論。其 Overledger 已和熱門的企業型分散式帳本（如 Corda、Hyperledger）及公有鏈（如 Ethereum、Bitcoin 等）整合，實現多帳本資產交換、匯流式智能合約等應用。
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.
其獨特價值主張，是 Quant 並不推廣單一網絡或代幣（雖然有 QNT 功能型代幣供技術授權之用）；它主打的是「互連性」。在未來，一家銀行可能在部分走廊用 RippleNet、在其他用 SWIFT、再有的用穩定幣，Overledger 可以提供統一的操作介面。這會以降低切換成本的方式間接和 Ripple 競爭（銀行無需完全綁在 Ripple，只要能插接多種網絡即可）。反之，如果 Ripple 或 XRP Ledger 成為多網絡整合中的一員，Overledger 這種方案反而能把流量帶進 Ripple，讓它和其他網絡同時被取用。
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 近期動能相當強大——特別是和歐洲央行的合作表現——表示它有機會成為幕後技術中樞。如果將來數位歐元或數位英鎊採用 Quant 技術作為支付架構，Overledger 就會變成國家級支付基礎設施的一環。其主導市場的機率跟本列表其他方案不同：它較可能成為無所不在的「中介軟體層」而不是家喻戶曉的網路品牌。但這個角色反而可能深刻影響整個市場格局。例如，若 Overledger 將各國 CBDC 網絡連結跨境，那麼境外支付會直接透過那些 CBDC 與 Quant 流轉，未必會用到像 XRP 這樣的中介資產。Quant CEO 強調，他們的使命就是以「互通性」作為核心，打造安全的數位未來，而過去一年也證明了主流機構對這方向的肯定。總之，雖然自身不是支付管道，Quant 勢將成為多元支付網路的連結器——這角色或會降低對單一主導網絡的需求，或者確保主導網絡彼此都能互通。
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 這個歷史悠久的國際銀行訊息合作組織，也決定絕不被時代拋下。意識到區塊鏈帶來的威脅與機遇，SWIFT 近年積極研發如何將新興的 CBDC 與代幣化資產與現有金融體系連結。在 2022 年，SWIFT 公布了一個 CBDC 互通性的原型方案（通常稱為「CBDC 連接器」），能讓銀行透過 SWIFT 的介面，從一國 CBDC 網絡把價值轉送到使用不同區塊鏈或傳統系統的另一家銀行。過去十二個月，這項計畫已經從實驗沙盒逐步進入更明確的具體規劃。
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 公布了一份為期 12 週的沙盒測試成果，涵蓋 18 家央行與商業銀行利用其 CBDC 互聯測試解決方案。試驗中，模擬了近 5,000 筆跨不同區塊鏈與現有法幣支付系統的交易，成功實現了 CBDC 與 CBDC、CBDC 與法幣間的跨境兌換。參與銀行包括法國央行、德國聯邦銀行、匯豐銀行、渣打銀行等，他們都認為該方案「展現出明確的潛力與價值」。基本上，SWIFT 證明，其基於 API 的 CBDC 連接器能做為「翻譯器」與「路由器」，例如讓一個以 Ethereum 為基礎發行的數位歐元，能夠跨網路傳送、接收為 Corda 上的數位美元。在取得正面結果後，SWIFT 正在開發連接器的測試版，並且……Here is your requested translation (markdown links have been skipped as instructed):
規劃第二階段沙盒測試，重點聚焦於證券結算與貿易融資的應用案例。
SWIFT帶來的優勢在於其龐大的網路：全球超過200個國家、11,000家機構已經連接至SWIFT。如果SWIFT為這些機構提供一套可直接與任何新型區塊鏈貨幣對接的交鑰式解決方案，許多銀行可能寧願選擇SWIFT，而不是採用如Ripple等全新網路。事實上，SWIFT的實驗已顯示，它可以實現互通性，且不需要銀行拋棄既有的訊息標準——其連結器採用API，也可以整合SWIFT自身已經遷移的ISO 20022訊息標準。參與的銀行高層強調，透過像SWIFT這樣的中立平台實現互通才是避免CBDC形成「數位孤島」的關鍵。
從差異化的角度來看，SWIFT並未打造屬於自己的貨幣或帳本；它更像是一個通訊與協調層（或許會在原子交易中運用部分智能合約）。由SWIFT協調的轉帳最終仍可能在特定區塊鏈網路上完成，但整個流程都是透過銀行熟悉的SWIFT通路進行。對銀行而言，這大幅降低了轉型的衝擊。對Ripple來說，這構成競爭威脅，因為Ripple一大賣點就是能比SWIFT更高效地連接金融機構進行跨境支付。如果SWIFT藉由連接CBDC或其他代幣，升級自身來達到近乎即時的原子結算，銀行將不再迫切需要跳槽到其他外部網路。
然而，SWIFT的方案也可能將RippleNet或Stellar這類網路納為端點——SWIFT看重的是聯通性，而非排他性。近期，SWIFT與Chainlink合作實現互通，並與Capgemini攜手連接數位資產，各種方案都有所佈局。考量其既有優勢，只要持續創新，SWIFT仍有極大機率維持主導地位。去年來的發展也顯示其行動力。主動與央行合作並驗證技術，SWIFT很有可能在未來跨境支付中維持核心樞紐角色。在第一種情境下，SWIFT的連結器成為公路，各類網路（Ripple、Corda、CBDC等）就像行駛於其間的不同車輛——意味著Ripple可能仍會存在，但未必是主幹網路本身。在第二種情境下，如果SWIFT行動太慢而Ripple等網路已取得關鍵規模，SWIFT就可能被取代——但現實證明，SWIFT動作快速，只要繼續滿足銀行需求，大家仍傾向選擇SWIFT。目前看來，SWIFT比較有可能將區塊鏈創新納入自身體系，而不是被單一新興網路完全取代。
IBM World Wire
IBM World Wire是運用區塊鏈現代化跨境支付的歷史性嘗試之一。該項目於2018年推出，基於Stellar的全球支付網路，專為受監管的金融機構而設。它將支付訊息、清算與結算整合至Stellar帳本，讓機構能以數位資產（加密貨幣或穩定幣）幾乎即時地進行清算。IBM起初取得亮眼成果——World Wire一發布就在72個國家設有支付端點，支援47種貨幣及44個銀行據點，還獲得六家國際銀行簽署意向書，準備在該網路上發行自家穩定幣（如歐元、印尼盾、菲律賓披索、巴西雷亞爾等）。結算可用Stellar Lumens或雙方同意的任何穩定幣進行，IBM同時扮演營運商及驗證者角色。
過去12個月以來，IBM對World Wire的推廣明顯減少，實際上在2020年底IBM策略轉向，於2021年將World Wire原始碼開源，不再嘗試運營成專屬網路。這麼做的理由是，與其親自經營支付網路（涉及監管障礙與流動性建置），IBM不如發揮技術與經驗協助客戶打造自家方案。基本上，IBM將World Wire的核心技術回饋給開源社群（Stellar本就是開源），轉而透過IBM Consulting為客戶整合區塊鏈。
儘管如此，World Wire在現今趨勢中仍留下了遺緒：它率先提出用穩定幣或數位代幣作為傳統匯款橋梁資產的構想。比如，一家銀行可在World Wire上用美元穩定幣或XLM，作為跨法幣端點移轉價值的載體，這正是許多現有模式在效仿的路徑。IBM的努力也凸顯了合規與信任的重要性——他們內建了KYC/AML功能，並為機構設計了受許可的入門通道。
如今，World Wire已不是主要的活躍網路（特別是與其他項目相比），因此「稱霸市場」的機率很低。但IBM在銀行業區塊鏈上的持續耕耘（參與銀行區塊鏈、貿易融資等項目），保證了World Wire的理念得以延續。某種意義上，Stellar與MoneyGram的整合可以看作接續World Wire未竟之業——運用Stellar落地轉帳，只是由MoneyGram主導而非IBM。IBM選擇開源說明其認為產業終將凝聚於共用網路，而不是固守專屬體系。未來，IBM仍可能擔任重要的服務供應角色，例如地區銀行或中央銀行可能委託IBM建置Stellar為基礎的匯款通道，或基於Hyperledger的結算系統。若這類方案普及，IBM也會間接受益。
總之，World Wire在展現點對點區塊鏈即時結算上可說是領先時代，它也驗證了大規模擴展能力（72國並非小數目）。它證明Lumens作為橋接與錨點機制可以提升資金效率，而錨點架構和Ripple最初設計中的閘道相呼應。不過，IBM的收縮意味World Wire這個獨立網路目前不足以挑戰Ripple，相反理念卻已輸出到其它專案。作為本綜述的案例之一，World Wire展現了傳統科技企業面對問題的解法，也提醒我們僅有技術並不足夠——採用才是關鍵。IBM擁有技術與通路資源，但或許缺乏推動新採用的誘因與敏捷性，反觀Ripple則高度聚焦且全力推進。
話雖如此，IBM的品牌與企業信譽意味著若日後他們重新推出新產品，或明確支持某個網路（比如IBM支持Stellar，或Hyperledger基礎下的CBDC網路），那將大幅提升該網路的公信力。現階段，IBM似乎樂於做為合作夥伴（他們是Stellar發展基金會及Hyperledger成員，並與Ripple等業者透過社群共同協作）。所以儘管World Wire無法稱霸，IBM在企業區塊鏈生態中的影響力無疑會左右哪些網路能夠壯大。銀行在導入新技術時經常尋求IBM的背書與整合支援，因此IBM的策略選擇也可能間接助長某些競爭者在特定市場超越Ripple。