Mastercard 是全球最大支付網絡之一，如今正處於一個可能從根本上改變全球金融系統資金流動方式的關鍵時刻。2025 年 10 月底有消息指出，這家支付巨頭正在與 Zero Hash 展開高階收購談判，交易金額估在 15 億至 20 億美元之間。如果收購成功，將是 Mastercard 迄今在加密貨幣基礎設施領域最大膽的布局。
這不只是又一宗企業併購案，更是傳統金融基石準備採納一種截然不同結算模式的訊號。數十年來，卡組網絡、銀行和商家一直受「銀行營業時間」限制 —— 批次處理、僅限平日結算、跨境對帳可能需數日才能完成。Zero Hash 的基礎設施則帶來完全不同的可能：全年無休、隨時以穩定幣結算交易。
在這之前，已有報導指出 Mastercard 也考慮過收購另一家穩定幣平台 BVNK，該公司估值亦約 20 億美元。這些同步進行的談判顯示出背後的策略動機：Mastercard 迫切需要即插即用的加密基礎設施。
為何是現在？穩定幣領域增長驚人。2025 年，穩定幣全年交易量估計達46 兆美元，直逼 Visa 支付量。2025 年 9 月，整體穩定幣流通量超過 2,800 億美元，較年初的約 2,000 億美元成長顯著。主流預測認為，市場規模到 2030 年可達1.9 兆美元，樂觀者甚至看好直上 4 兆美元。
對 Mastercard 而言，這既是機遇，也是威脅。理論上穩定幣可能動搖其核心業務模型——讓用戶直接轉帳，完全繞過交換手續費。不過，這同時也是拓展 Mastercard 觸及力到支付基礎薄弱或缺乏傳統渠道地區的機會。收購 Zero Hash（一家為銀行和金融科技企業提供託管、合規和穩定幣管理的公司）後，Mastercard 可立即取得現成加密支付基礎設施，無需從零打造。
這項發展影響遠不止 Mastercard 的財報。如果每年處理數十億筆交易的支付網絡開始改用 USDC 或 EURC 即時結算，不必再等待批次結束，會徹底改變企業財務管理、商家收款與國際匯款流程。週末及假日無法到帳可能成為過去式。日間透支和預備金需求也將降低。「銀行營業時間」這一層隱性基礎設施將逐漸消退。
以下我們將分析這場轉變如何發生並探討現行傳統支付模型的侷限，並說明 Mastercard 透過多代幣網絡（MTN）、Crypto Credential 計畫正在構建的藍圖。目標並非預言未來，而是描繪當前趨勢與前兆，辨識這個願景能否實現的指標。
傳統支付結算模型及其限制
要理解 Mastercard 為何積極佈局穩定幣，首先要明白現行支付結算的運作方式——以及這個架構在哪些地方出現瓶頸。
今日卡片支付如何結算
當消費者在商家刷 Mastercard 時，涉及多方資金運作，從持卡人銀行（發卡行）到商家銀行（收單行）。整個流程分為授權（確認資金充足）、清算（批次交流交易訊息）、結算（銀行間資金實際劃轉）三個階段。
結算環節，時間和基礎設施的限制就會顯現。卡片支付通常依賴批次窗口、平日截止時間及多重往來銀行鏈路。銀行並不會即時單獨處理每一筆卡交易，而是聚合打包，在特定時段——通常每個工作天一至兩次——進行結算。
在美國，多數採 T+1 或 T+2 流程——即交易後 1 至 2 個工作日才完成結算。國際交易更加複雜，可能要經多家往來銀行，每經一環，費時、費錢且流程繁瑣。
銀行營業時間的局限
傳統支付系統由「銀行營業時間」主宰：週一至週五、例假日除外。美國 ACH 網絡按聯邦儲備系統設定的特定時間批次處理。如果週五傍晚啟動匯款，最快也要等到週一上午才能處理。
歐盟 SEPA 匯款也是如此。SEPA 信用轉帳、直接扣款週末皆無法運作。即時 SEPA 方案雖宣稱 24/7，實際採用率仍有限。
這些侷限形成層層摩擦：
對商家而言：週末營業收入要等到週一、週二才能入帳，營運資金延遲造成周轉壓力。像餐飲、零售這類低毛利行業，往往必須預先注資才能應付開支。
對銀行和收單機構而言：批次處理帶來營運瓶頸。銀行必須緊盯資金流，確保結算窗口有充足資金。日間透支——指白天結算出金超過入金的短暫赤字——必須謹慎管理且可能產生費用。
對跨境匯款而言：問題更嚴重。一筆從美國付至歐洲供應商的匯款，需經多家銀行，個別有其截止及處理時程，從啟動到最終入帳常花數天，每段都累積手續費，滙率風險隨時流轉。
對消費者和小型接案者而言：薪資通常夜間批次入帳，但同樣受批次限制。若發薪日逢週末，多數雇主提早於週五入帳，以免員工等到下週一。
為什麼這種模式仍然存在
如果這些限制帶來如此多摩擦，為何它們仍未消失？答案在於歷史、風險管理及基礎設施綁定。
批次處理始於運算能力昂貴、網絡不發達的年代。以批次彙整可減少銀行之間的訊息交流次數，加速對帳且更經濟。日積月累，這個模式被鑲入監管框架、銀行運作及商家合約之中。
銀行同時視結算延遲為風險控管工具。授權與結算間的時間讓銀行有機會偵測詐欺、處理糾紛、撤銷錯誤交易。若立刻清算，銀行必須有一套新機制來管理撤銷和退款。
最後，雖然某些銀行鏈網絡緩慢，卻能橫跨不同貨幣、監管與法制體系，確保互通。想要取代這套機制不僅需技術革新，還要新的合約安排、流動性管理、監管核准。
代幣化的願景
Mastercard 近年來已明確表態，將代幣化視為可行之路。在官方部落格中，該公司闡述了所謂「隱形握手」的藍圖——即未來資產與貨幣可於區塊鏈間安全流通，其信賴程度與消費者保障可比肩 Mastercard 幾十年積累的傳統支付體系。
然而僅有代幣化還不夠。如果穩定幣要取代批次結算，必須深入嵌入現有支付基礎設施。商家需能接受，銀行需能持有，監管必須首肯，技術規模化也要能撐住每年數十億筆交易不中斷。
這正是 Mastercard 透過自建與併購雙軌策略所力行之處。
Mastercard 正在打造什麼：基礎設施、代幣化與支付通路
Mastercard 的加密布局不僅止於... creating a consumer-facing wallet or launching its own stablecoin. Instead, the company is building infrastructure - the pipes and protocols that will allow banks, fintechs, and merchants to transact in tokenized money without having to manage the complexity of blockchain technology themselves.
建立面向消費者的錢包或推出自家穩定幣並非當前目標。相反，公司正在打造基礎設施 —— 也就是讓銀行、金融科技公司和商家能夠使用代幣化貨幣進行交易所需要的管道與協議，而不需自行應對區塊鏈技術的複雜性。
The Multi-Token Network (MTN)
At the center of this strategy is the Multi-Token Network (MTN), announced in June 2023. MTN is a set of API-enabled blockchain tools designed to make transactions with tokenized money and assets secure, scalable, and interoperable.
這項策略的核心，是於 2023 年 6 月宣佈的 多代幣網路（MTN）。MTN 是一套支援 API 的區塊鏈工具，旨在使代幣化貨幣與資產的交易變得安全、可擴展並能互通運作。
The network is built on four pillars of trust:
此網路建立於四大信任基石之上：
Trust in counterparty: Effective identity management and permissions are essential for building trusted networks. This is where Mastercard's Crypto Credential (discussed below) comes in - verifying that wallets and exchanges meet certain standards before they can transact on the network.
對交易對手的信任： 有效的身份管理與權限機制，是建立信任網路的關鍵。這就是 Mastercard 的 Crypto Credential（後文說明）的切入點 —— 先驗證錢包與交易所是否達到既定標準，才能於網路上進行交易。
Trust in digital payment assets: For MTN to work, it needs stable, regulated payment tokens. Last year, Mastercard tested the use of tokenized commercial bank deposits between financial institutions, settling through its existing network. The company also participated in the Regulated Liability Network (RLN), a consortium exploring how central bank digital currencies (CBDCs) and tokenized deposits might work together.
對數位支付資產的信任： MTN 的運行需要穩定且受監管的支付代幣。去年，Mastercard 測試了金融機構間以代幣化商業銀行存款進行的支付，並透過既有網路進行結算。公司亦參與 Regulated Liability Network (RLN) 聯盟，探索央行數位貨幣（CBDC）及代幣化存款的協作模式。
Trust in technology: Blockchain networks need to be scalable and interoperable. MTN aims to support multiple blockchains and payment tokens, allowing institutions to choose the networks that best fit their needs without being locked into a single ecosystem.
對技術的信任： 區塊鏈網路需具備可擴展性與互通性。MTN 致力於支援多條區塊鏈及支付代幣，讓機構可依自身需求選擇合適的網路，而不被單一生態系綁定。
Trust in consumer protections: Mastercard's decades of experience with chargeback rules, fraud detection, and dispute resolution will be layered onto MTN. The goal is to ensure that tokenized payments offer the same protections consumers expect from traditional card transactions.
對消費者保護的信任： Mastercard 歷經數十年建立的退款規則、詐欺偵測與爭議解決機制，亦將導入 MTN。目標是確保代幣化支付能提供與傳統卡片交易相同的保護。
MTN went into beta testing in the UK in 2023 and has since expanded. In 2024, Mastercard executed its first live test of tokenized deposits with Standard Chartered Bank Hong Kong, involving a client purchasing a carbon credit using tokenized deposits.
MTN 已於 2023 年於英國展開 beta 測試，並持續推展。2024 年，Mastercard 與渣打銀行香港分行完成首次代幣化存款實地測試，涉及客戶以代幣化存款購買碳權。
In February 2025, Ondo Finance became the first real-world asset provider to join MTN, bringing its tokenized U.S. Treasury fund (OUSG) to the network. This integration allows businesses on MTN to earn daily yield on idle cash and deploy funds into tokenized Treasury bills 24/7 using traditional fiat rails - no need for stablecoin onramps or waiting for settlement windows.
2025 年 2 月，Ondo Finance 成為首家加入 MTN 的實體資產供應商，將其代幣化美國國債基金（OUSG）接入網路。此整合使 MTN 上的企業可用傳統法幣通路 24 小時投入代幣化國債、以閒置資金每日賺取收益——無需額外穩定幣入金或等待結算窗口。
Raj Dhamodharan, Mastercard's executive vice president for blockchain and digital assets, described the vision: "This connectivity will enable the banking ecosystem to move to 24/7 functionality on a global basis."
Mastercard 區塊鏈與數位資產執行副總裁 Raj Dhamodharan 表示：「這種連結性將讓銀行生態系得以在全球實現全天候 24/7 運作。」
In November 2024, Mastercard integrated MTN with JPMorgan's Kinexys Digital Payments platform (formerly JPM Coin) to enable on-chain foreign exchange and "automation of 24/7, near real-time multicurrency clearing and settlement."
2024 年 11 月，Mastercard 將 MTN 整合至摩根大通 Kinexys 數位支付平台（前稱 JPM Coin），開啟鏈上外匯與「全天候自動化、多幣種即時清算與結算」。
MTN is not a finished product. It's a framework - an evolving set of standards and tools that Mastercard is testing with partners. But the pieces are coming together: tokenized deposits, real-world assets, integration with major banks, and 24/7 settlement capabilities.
MTN 並非最終產品，而是架構 —— 一套不斷演進的標準與工具，Mastercard 正與夥伴共同測試。如今多項要素逐步到位：代幣化存款、實體資產、與主要銀行的整合，以及全天候清算能力。
Crypto Credential: Building Trust in Blockchain Transactions
Parallel to MTN is Mastercard Crypto Credential, a verification layer announced in April 2023 and launched for live peer-to-peer transactions in May 2024.
與 MTN 並行的是 Mastercard Crypto Credential，這是一項在 2023 年 4 月宣佈、2024 年 5 月正式啟用同儕(P2P)即時交易的驗證層。
Crypto Credential addresses one of the biggest pain points in blockchain transactions: the complexity and risk of wallet addresses. A typical blockchain address is a long string of alphanumeric characters - easy to mistype and impossible to verify at a glance. Crypto Credential allows users to create human-readable aliases (similar to email addresses or Venmo handles) that map to their wallet addresses.
Crypto Credential 解決了區塊鏈交易最大痛點之一：錢包位址的複雜與風險。一般區塊鏈位址是一長串字母與數字，極易誤輸且不易肉眼辨識。Crypto Credential 允許用戶創建易讀別名（如同 email 位址或 Venmo 用戶名），並對應到其錢包位址。
But Crypto Credential does more than simplify addresses. It also verifies that:
但其功能不只簡化位址，還會驗證以下事項：
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The user has met a set of verification standards (KYC/AML compliance).
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The recipient's wallet supports the digital asset and blockchain being used.
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Travel Rule information is exchanged for cross-border transactions (a regulatory requirement to prevent money laundering).
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用戶已通過相關驗證標準（如 KYC/AML 合規性）。
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收款方錢包支援指定數位資產及區塊鏈。
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跨境交易時交換 Travel Rule 規定資料（反洗錢法規要求）。
When a user initiates a transfer, Crypto Credential checks the validity of the recipient's alias and confirms wallet compatibility. If the receiving wallet doesn't support the asset or blockchain, the sender is notified and the transaction doesn't proceed - protecting both parties from lost funds.
當使用者發起轉帳時，Crypto Credential 會檢查收款方的別名有效性並確認錢包相容性。如果收款錢包不支援該資產或區塊鏈，系統會通知發送方且取消交易，保護雙方免於資金損失。
The first live transactions went live in May 2024 on Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling cross-border and domestic transfers across multiple currencies and blockchains in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
2024 年 5 月首次在 Bit2Me、Lirium 及 Mercado Bitcoin 交易所正式上線，支援阿根廷、巴西、智利、法國、瓜地馬拉、墨西哥、巴拿馬、巴拉圭、秘魯、葡萄牙、西班牙、瑞士與烏拉圭橫跨多種幣別及區塊鏈的國內與跨境匯款。
In January 2025, Crypto Credential expanded to the UAE and Kazakhstan, with exchanges including ATAIX Eurasia, Intebix, and CoinMENA joining the network.
2025 年 1 月，Crypto Credential 拓展至阿聯酋及哈薩克，新增 ATAIX Eurasia、Intebix 及 CoinMENA 等交易所加入聯盟。
Crypto Credential is critical to Mastercard's stablecoin strategy because it addresses a key barrier to institutional adoption: trust. Banks and payment processors need to know that their counterparties are verified, compliant, and using compatible technology. Crypto Credential provides that assurance.
Crypto Credential 對 Mastercard 的穩定幣策略至關重要，因為它解決了機構採用的最大障礙：信任。銀行及支付處理商必須確信對方是經過認證、合規、並採用相容技術。Crypto Credential 提供這一保障。
Stablecoin Settlement Pilots
While MTN and Crypto Credential provide the infrastructure, Mastercard has also been piloting actual stablecoin settlement with merchants and acquirers.
MTN 及 Crypto Credential 提供基礎設施的同時，Mastercard 也開始與商家及收單機構試辦穩定幣結算。
In August 2025, Mastercard and Circle announced an expansion of their partnership to enable USDC and EURC settlement for acquirers in the Eastern Europe, Middle East, and Africa (EEMEA) region. This marked the first time that the acquiring ecosystem in EEMEA could settle transactions in stablecoins.
2025 年 8 月，Mastercard 與 Circle 宣佈擴大合作，為東歐、中東與非洲（EEMEA）區域的收單機構提供 USDC 和 EURC 結算能力。這是 EEMEA 地區首次允許用穩定幣進行交易結算。
Arab Financial Services and Eazy Financial Services were the first institutions to adopt the capability. Acquirers receive settlement in USDC or EURC - fully-reserved stablecoins issued by regulated affiliates of Circle - which they can then use to settle with merchants.
Arab Financial Services 和 Eazy Financial Services 為首批採用機構。收單方能以 USDC 或 EURC —— 由 Circle 受監管之子公司發行、百分百儲備的穩定幣 —— 進行結算並支付給商家。
Dimitrios Dosis, president of Mastercard's EEMEA region, described the move as strategic: "Our strategic goal is to integrate stablecoins into the financial mainstream by investing in the infrastructure, governance, and partnerships to support this exciting payment evolution from fiat to tokenized and programmable money."
Mastercard EEMEA 區域總裁 Dimitrios Dosis 指出：「我們的策略目標是將穩定幣整合進主流金融，並通過在基礎設施、治理和合作夥伴上的投資，推動支付從法幣走向可編程的代幣化貨幣。」
The pilot builds on earlier work. Mastercard and Circle had already collaborated on crypto card solutions like Bybit and S1LKPAY, which use USDC to settle transactions.
該試點是既有合作的延伸。先前 Mastercard 與 Circle 已合作推出 Bybit 及 S1LKPAY 等加密貨幣卡解決方案，以 USDC 進行結算。
Mastercard's stablecoin strategy isn't limited to USDC. The company supports a growing portfolio of regulated stablecoins, including Paxos' USDG, Fiserv's FIUSD, and PayPal's PYUSD, and is driving use cases across remittances, B2B transactions, and payouts to gig workers via platforms like Mastercard Move and MTN.
Mastercard 的穩定幣策略並不僅限於 USDC，公司亦支援越來越多合規穩定幣，包括 Paxos 的 USDG、Fiserv 的 FIUSD、以及 PayPal 的 PYUSD，並透過 Mastercard Move 和 MTN 等平台推動匯款、B2B 交易和零工經濟發薪等應用場景。
These pilots are incremental steps. They're limited in geography and transaction volume. But they demonstrate that the technology works and that there's demand from acquirers and merchants who want faster settlement and lower liquidity costs.
這些試點屬於穩健漸進措施，目前地域及交易量有限，但證明技術可行，且收單方與商家對於更快結算及更低流動性成本有實際需求。
The Strategic Acquisition: Zero Hash and BVNK
With MTN and Crypto Credential providing the scaffolding, Mastercard now needs
有了 MTN 及 Crypto Credential 作為基礎架構，Mastercard 現在需要production-scale infrastructure to handle custody, compliance, and stablecoin orchestration across hundreds of financial institutions. This is where Zero Hash comes in.
大規模生產基礎設施，用以處理託管、合規及穩定幣協調，支援數百家金融機構。這正是 Zero Hash 的切入點。
What Zero Hash Does
Zero Hash is a U.S.-based fintech infrastructure company founded in 2017 that provides backend technology for crypto, stablecoin, and tokenized asset services. The company enables banks, brokerages, fintechs, and payment processors to offer crypto and stablecoin products to their customers without having to build their own infrastructure or navigate the regulatory maze themselves.
Zero Hash 是一家於 2017 年成立、總部設於美國的金融科技基礎設施公司，專為加密貨幣、穩定幣及代幣化資產服務提供後端技術。該公司讓銀行、券商、金融科技公司與支付處理商能直接向客戶提供加密貨幣及穩定幣產品，而無需自行建置基礎設施或親自應對複雜的監管要求。
Zero Hash's services include: Zero Hash 的服務包括：
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Custody and wallet infrastructure: Secure storage of digital assets with institutional-grade security.
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數位資產託管與錢包基礎設施： 以機構級安全標準安全存放數位資產。
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Stablecoin orchestration: Tools to convert between fiat and stablecoins, manage liquidity, and route payments across blockchains.
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穩定幣協調管理： 提供法幣與穩定幣之間的轉換、流動性管理，並在多條區塊鏈上進行支付路由的工具。
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Regulatory compliance: Licensing and regulatory frameworks that allow clients to operate in multiple jurisdictions.
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合規服務： 提供各類牌照及監管架構，使客戶能在多個司法管轄區營運。
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Payouts and settlements: Infrastructure for paying merchants, gig workers, and contractors in stablecoins.
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支付與結算： 為商戶、兼職工作者及承包商用穩定幣支付提供基礎設施。
The company has grown rapidly. In September 2025, Zero Hash raised $104 million in a Series D funding round led by Interactive Brokers, with backing from Morgan Stanley and SoFi. The round valued the company at $1 billion. Zero Hash processed more than $2 billion in tokenized fund flows in the first four months of 2025, reflecting surging institutional demand for on-chain assets.
該公司成長迅速。2025 年 9 月，Zero Hash 完成 D 輪融資募得 1.04 億美元，由盈透證券領投，摩根士丹利與 SoFi 等支持，估值達 10 億美元。2025 年前四個月，Zero Hash 處理的代幣化資金流量已超過 20 億美元，反映機構對鏈上資產的需求激增。
In November 2025, Zero Hash obtained a MiCA (Markets in Crypto-Assets) license from Dutch regulators, enabling it to offer stablecoin services across 30 countries in the European Economic Area. This makes Zero Hash one of the first infrastructure providers authorized under the EU's comprehensive crypto regulatory framework.
2025 年 11 月，Zero Hash 獲得荷蘭監管機構頒發的 MiCA（加密資產市場）牌照，可在歐洲經濟區 30 個國家提供穩定幣服務，成為首批獲歐盟全面監管許可的基礎設施供應商之一。
The BVNK Alternative
Before targeting Zero Hash, Mastercard was reportedly in late-stage talks to acquire BVNK for around $2 billion. BVNK is a stablecoin platform that focuses on enabling businesses to use stablecoins for global payroll, treasury management, and payments. Coinbase was also reportedly pursuing BVNK, creating a bidding war.
在考慮 Zero Hash 之前，據報導 Mastercard 已與 BVNK 進入收購的最後階段，作價約 20 億美元。BVNK 是專注於協助企業以穩定幣進行全球薪資、財資管理與支付的平台。據悉，Coinbase 也有意收購 BVNK，引發搶購戰。
The fact that Mastercard was willing to pay $2 billion for either company underscores the strategic value of turnkey stablecoin infrastructure. Building such capabilities in-house would take years and require expertise in blockchain development, custody technology, regulatory compliance, and client integrations. Acquiring Zero Hash or BVNK provides an instant on-ramp.
Mastercard 願意支付高達 20 億美元收購兩家公司之一，凸顯了交鑰匙式穩定幣基礎設施的戰略價值。自行建置這類能力需耗時多年，且需區塊鍊開發、託管技術、監管合規及客戶整合等專業人才。收購 Zero Hash 或 BVNK 則能立即獲得進入門檻。
Why Acquire Instead of Build?
Mastercard is no stranger to blockchain technology. It acquired CipherTrace, a blockchain analytics firm, in 2021. It has participated in CBDC pilots, launched MTN, and deployed Crypto Credential. So why buy Zero Hash instead of continuing to build organically?
為什麼選擇收購，而不是自行建構？
Mastercard 對區塊鏈技術並不陌生。2021 年已收購區塊鏈分析公司 CipherTrace，並參與 CBDC 測試、推出 MTN 及布署 Crypto Credential。那麼，為何不選擇持續自主建置，而要收購 Zero Hash？
The answer comes down to speed, scale, and regulatory moats.
答案在於速度、規模及合規護城河。
Speed: The stablecoin market is growing fast, and competitors are moving aggressively. Stripe acquired Bridge for $1.1 billion in October 2024 and has been rapidly integrating stablecoin payments across its platform. Visa is expanding its own stablecoin settlement capabilities. Mastercard can't afford to fall behind.
速度： 穩定幣市場快速增長，競爭對手行動積極。2024 年 10 月 Stripe 已以 11 億美元收購 Bridge，並在其平台大幅整合穩定幣支付。Visa 也在快速擴展穩定幣結算能力，Mastercard 不容有失。
Scale: Zero Hash already serves a roster of clients and processes billions in tokenized flows. Acquiring the company gives Mastercard instant scale and a proven platform that works in production.
規模： Zero Hash 已有客戶群並處理數十億美元的代幣化資金流。收購該公司可即時取得可量產、已驗證的平台。
Regulatory moats: Navigating crypto regulations is complex and time-consuming. Zero Hash holds multiple licenses and has built compliance frameworks that allow it to operate across jurisdictions. With its new MiCA license, Zero Hash can serve the entire European Economic Area - a capability that would take Mastercard years to replicate on its own.
合規護城河： 加密監管環境複雜且費時。Zero Hash 持有多方牌照，並已建立跨境營運的合規框架。隨著新獲得的 MiCA 牌照，Zero Hash 能服務整個歐洲經濟區 — 這是 Mastercard 單靠自己需耗費數年才能複製的能力。
Jake, a research analyst at Messari, noted: "If Mastercard pays $1.5-$2 billion, that's a 50-100% markup for late-stage investors in one quarter. For Mastercard, that's the cost of speed. Buying a fully licensed, production-grade crypto infrastructure provider is faster than building one."
Messari 的研究分析師 Jake 指出：「假如 Mastercard 出價 15 至 20 億美元，對於後期投資人等同一季內獲得 50-100% 的溢價。對 Mastercard 而言，這是為速度買單。購併一家取得完整牌照、可量產的加密基礎設施供應商，遠快於自行建設。」
Risks and Uncertainties
The deal is not yet closed. Fortune reported that negotiations are at an advanced stage, but the transaction "may still fall through." Integration challenges, regulatory approvals, and due diligence could derail the acquisition or delay its completion.
該交易尚未完成。根據 Fortune 報導，談判已進入後期，但交易「仍有變數」。整合難題、監管審批與盡職調查等因素可能使收購案延期，甚至破局。
Even if the deal closes, Mastercard will face the challenge of integrating Zero Hash's technology into its own network. The companies operate in different regulatory environments and serve different customer bases. Ensuring seamless interoperability between Zero Hash's stablecoin rails and Mastercard's existing payment infrastructure will require careful engineering and coordination.
即使交易完成，Mastercard 仍要面臨將 Zero Hash 技術整合進自身支付網路的挑戰。雙方運作於不同的監管環境且服務不同的客戶群，要確保 Zero Hash 的穩定幣支付軌道與 Mastercard 現有支付基礎設施順利互通，將需縝密的工程設計與協作。
Still, the strategic intent is clear. Mastercard is betting that stablecoin settlement is the future of payments - and it's willing to pay a premium to secure the infrastructure it needs to compete in that future.
儘管如此，戰略意圖十分明確。Mastercard 押注於穩定幣結算是支付未來，並願意支付高價，爭取關鍵基礎設施以便在未來競爭。
How the Move Could End 'Banking Hours'
If Mastercard acquires Zero Hash and integrates stablecoin settlement into its core payment network, the implications for "banking hours" could be profound. To understand how, it's useful to walk through a concrete example of how settlement might work in a stablecoin-enabled system.
若 Mastercard 收購 Zero Hash 並將穩定幣結算整合進其核心支付網路，對「銀行營業時間」的衝擊將十分巨大。要了解箇中影響，可以透過實際案例來說明穩定幣系統下的結算運作。
The 24/7 Settlement Model
In the traditional model, a cardholder makes a purchase on Saturday. The merchant receives authorization immediately, but settlement doesn't happen until Monday or Tuesday. The merchant must wait for the batch window to close, the acquiring bank to process the transaction, and Mastercard to net the obligations between the issuing and acquiring banks.
傳統模式下，持卡人週六消費，商家雖即時獲得授權，但最終結算要等到週一或週二。必須等待批次結算窗口關閉、收單銀行處理交易，以及 Mastercard 在發卡行與收單行之間清算債務。
In a stablecoin-enabled model, the process looks different:
在穩定幣驅動模式中，流程將大不相同：
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Authorization: The cardholder makes a purchase. Mastercard verifies that funds are available and approves the transaction. This step is unchanged.
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授權： 持卡人刷卡消費，Mastercard 驗證資金狀況並批准交易。這一步與現行無異。
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Settlement option: Instead of waiting for batch processing, the acquiring bank can choose to receive settlement in USDC or EURC. This option is available 24/7, including weekends and holidays.
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結算方式選擇： 不需等待批次處理，收單銀行可選擇以 USDC 或 EURC 結算，全年無休（包含周末及例假日）都能即時啟用。
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On-chain netting: Obligations between the issuing bank and the acquiring bank are netted on-chain. Mastercard uses its MTN infrastructure to execute an atomic swap: the issuer's stablecoins move to the acquirer, and the acquirer's stablecoins (if any) move to the issuer.
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鏈上結算： 發卡行與收單行之間的債務在區塊鏈上進行清算。Mastercard 利用其 MTN 基礎設施執行原子交換：發卡行的穩定幣流向收單行、收單行的穩定幣（如適用）則流向發卡行。
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Instant liquidity: The acquiring bank receives USDC or EURC immediately. It can choose to hold the stablecoins, convert them to fiat through approved liquidity partners, or use them to settle with merchants directly.
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即時流動性： 收單行可立即收到 USDC 或 EURC。可選擇持有穩定幣、經由合格流動性夥伴兌換為法幣，或直接用來和商戶結算。
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Treasury automation: Treasury teams can sweep funds in near real-time. They can apply programmable rules for foreign exchange, fees, and reserve management. Funds can be converted back to fiat whenever needed, without waiting for banking hours.
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財資自動化： 財務團隊可實現近乎即時的資金調撥，並依需求設定可程式化規則處理外匯、手續費與準備金管理。資金隨時可兌回法幣，無需受銀行營業時間限制。
Use Case: A Merchant in Argentina
Consider a merchant in Buenos Aires that accepts Mastercard payments from international tourists. Under the traditional model, settlement happens in U.S. dollars via correspondent banks. The funds take several days to arrive, and exchange rate fluctuations during that time can erode profit margins.
試想布宜諾斯艾利斯的一家商戶接受國際旅客的 Mastercard 消費。傳統模式下，結算透過國際對應銀行以美金結算數天才到帳，這段期間的匯率波動可能吃掉商家利潤。
With stablecoin settlement, the merchant's acquiring bank could receive USDC on Saturday night - immediately after the tourist makes the purchase. The bank can convert USDC to Argentine pesos at the current exchange rate and deposit the funds in the merchant's account the same day. No batch delays. No correspondent chains. No weekend wait.
若採用穩定幣結算，商家的收單銀行可以在星期六晚上 — 旅客消費後立即接收 USDC，並即時按照現行匯率將 USDC 換成人民幣，當天就將資金入帳。無需等批次、無需跨國對帳、無週末延遲。
This is not a hypothetical. Mastercard's EEMEA pilot with Circle is already testing this model with Arab Financial Services and Eazy Financial Services. The acquiring institutions receive settlement in USDC or EURC and use those stablecoins to settle with merchants.
這並非假設情境。Mastercard 與 Circle 的 EEMEA（歐洲、中東及非洲新興市場）合作案已攜手 Arab Financial Services 及 Eazy Financial Services 測試這一模式，由收單機構以 USDC 或 EURC 結算，再以穩定幣支付給商戶。
Quantifying the Benefits
What are the concrete benefits of 24/7 settlement?
那麼，全年無休結算具體帶來哪些好處？
Reduced pre-funding: Banks and acquirers currently need to prefund merchant accounts to ensure timely payments. With instant stablecoin settlement, pre-funding requirements can be reduced or eliminated, freeing up capital for other uses.
減少預存資金需求： 現行銀行及收單方多需先預存在商戶帳戶，以確保資金即時到位。有了即時穩定幣結算，預存需求可大幅降低甚至免除，釋放資金至其他用途。
Lower daylight overdraft risk: Banks that run negative balances during settlement windows often incur fees or regulatory scrutiny. Real-time settlement reduces the window of exposure and the associated risk.
降低臨時透支風險： 銀行在結算時段若產生負餘額，易遭收費或監管關注。即時結算可減少敞口長度及相關風險。
Faster cross-border flows: Cross-border transactions that currently take 3-5 days can settle in minutes. This is especially valuable for remittances, B2B payments, and supply chain finance.
加速跨境資金流動： 目前需時 3-5 天的跨境交易可於數分鐘完成，對於匯款、B2B 付款及供應鏈金融特別有價值。
Improved working capital: Merchants that receive funds faster can reinvest them sooner, improving cash flow
提升營運資金效率： 商戶能更快收到資金，即可更早用於投資或營運，提升現金流狀況。and reducing the need for short-term credit.
以及減少對短期信貸的需求。
Weekend and holiday availability: Businesses that operate 24/7 - such as e-commerce platforms, gig economy companies, and hospitality providers - no longer face delays when settlement falls on a weekend or holiday.
**週末與假日可用性：**全年無休營運的企業——如電子商務平台、零工經濟公司與餐飲服務供應商——當結算日落在週末或假日時，不再需要面臨延遲。
The Contrast with T+1 Settlement
與 T+1 結算的對比
It's worth emphasizing how different this is from the current T+1 model. In the traditional ACH system, transactions initiated on Friday evening don't begin processing until Monday morning. If Monday is a federal holiday, processing is delayed until Tuesday. The same constraints apply to card settlement.
值得強調的是，這與現行的 T+1 模式有多麼不同。在傳統的 ACH 系統中，週五晚上發起的交易要到週一早上才會開始處理。如果週一是國定假日，則處理時間將延後到週二。卡片結算也受同樣的限制。
With stablecoin settlement, time zones and holidays become irrelevant. A transaction initiated at 11 PM on Christmas Eve settles just as quickly as one initiated at 10 AM on a Tuesday. This "always-on" capability is not just an incremental improvement - it's a fundamental shift in how money moves.
透過穩定幣結算，時區與假日的影響將不復存在。無論是在聖誕夜晚上 11 點或星期二上午 10 點發起交易，結算速度完全相同。這種「全天候可用」的特性不僅僅是漸進式的改善，而是貨幣流動方式的根本轉變。
Ecosystem-Wide Impacts: Banks, Merchants, Cross-Border, and Crypto
生態系統全面影響：銀行、商戶、跨境與加密產業
The implications of Mastercard's stablecoin push extend far beyond the company itself. If 24/7 settlement becomes the norm, it will reshape how banks, merchants, cross-border payment providers, and the crypto industry itself operate.
Mastercard 力推穩定幣的影響遠超自身。如果 24/7 結算成為常態，將徹底改變銀行、商戶、跨境支付服務商及加密產業的營運方式。
For Banks and Payment Processors
對銀行與支付處理機構的影響
Banks and payment processors face both opportunities and challenges.
銀行與支付處理機構將同時面臨機會與挑戰。
Opportunities:
機會：
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Fewer vendors: By using Mastercard's MTN and Zero Hash infrastructure, banks can reduce the number of vendors they need to manage. Instead of contracting separately with blockchain networks, custody providers, and compliance platforms, they can plug into Mastercard's turnkey solution.
更少供應商： 運用 Mastercard 的 MTN 與 Zero Hash 基礎架構，銀行可以減少需管理的供應商數量。無須分別與區塊鏈網絡、託管供應商和合規平台簽約，可直接對接 Mastercard 的一站式解決方案。 -
Faster time to market: Rolling out stablecoin services in-house can take years. Mastercard's infrastructure allows banks to launch new products in months.
更快上市時間： 內部開發穩定幣服務可能需時數年，但 Mastercard 的基礎設施讓銀行在數月內便可推出新產品。 -
New revenue streams: Banks can offer stablecoin-based treasury management, cross-border payments, and programmable payment features to corporate clients.
全新收益來源： 銀行可向企業客戶提供基於穩定幣的財資管理、跨境支付及可編程支付等服務。
Challenges:
挑戰：
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On-chain risk: Stablecoins introduce new risks - smart contract vulnerabilities, de-peg events, custody breaches, and blockchain network outages. Banks will need to develop expertise in managing these risks.
鏈上風險： 穩定幣帶來全新風險——智能合約漏洞、脫鉤事件、託管失誤、區塊鏈網絡斷線。銀行需培養應對這些風險的專業能力。 -
Key management: Holding and transferring stablecoins requires managing private keys. Banks accustomed to centralized ledgers will need to implement robust key management systems and controls.
金鑰管理： 保管與劃轉穩定幣需妥善管理私鑰。習慣於中心化帳本的銀行必須導入嚴謹的金鑰管理系統和管控措施。 -
Operational complexity: Running both fiat and stablecoin rails in parallel increases operational complexity. Banks will need new accounting systems, reconciliation processes, and reporting tools.
作業複雜度提升： 同時運營法幣與穩定幣支付軌道將大幅提升運營複雜度。銀行需導入新型會計、對帳與報表工具。
For Merchants and Treasurers
對商戶與財務主管的影響
Merchants stand to benefit significantly from faster settlement, but they will also face new choices and complexities.
商戶可從更快結算中獲益，但同時會迎來全新選擇與複雜度。
Benefits:
好處：
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Settlement transparency: Blockchain-based settlement provides a transparent audit trail. Merchants can verify that funds have been sent and track their movement across the network.
結算透明度提升： 區塊鏈結算帶來完整、透明的審計紀錄。商戶可以驗證資金是否匯出，並追蹤資金在網路上的流動。 -
Faster reconciliation: Real-time settlement simplifies reconciliation. Merchants no longer need to match batches of transactions that arrive days after the sale.
更快對帳： 即時結算簡化了對帳流程，商戶無需再費力比對數天後才到帳的交易批次。 -
Option to hold stablecoins: Merchants that operate internationally may choose to hold USDC balances to avoid currency conversion fees and exchange rate risk.
可選擇持有穩定幣： 具國際業務的商戶可選擇持有 USDC 餘額，以避免匯率轉換費用及匯率風險。
Challenges:
挑戰：
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Treasury management: Deciding when to convert stablecoins to fiat becomes a treasury decision. Holding stablecoins exposes merchants to de-peg risk and regulatory uncertainty.
資金調度決策： 何時將穩定幣兌換成法幣成為財務決策，持有穩定幣也意味商戶需面對脫鉤風險與監管不確定性。 -
New accounting standards: Stablecoins are not yet recognized as cash equivalents under IFRS or GAAP. Treasurers will need to navigate complex accounting treatments.
新會計準則挑戰： 穩定幣尚未被 IFRS 或 GAAP 認列為現金等價物。財務主管須應對更複雜的會計處理。 -
Vendor relationships: Merchants will need to ensure their acquiring banks support stablecoin settlement and understand the fees, terms, and risks involved.
供應商關係： 商戶需確認其收單銀行支持穩定幣結算，並清楚瞭解相關費用、條款與風險。
For Cross-Border Payments
對跨境支付的影響
Cross-border payments have long been a pain point for businesses. Correspondent banking chains, SWIFT fees, and multi-day settlement times make international transfers slow and expensive.
長久以來，跨境支付一直是企業的痛點。代理銀行鏈、SWIFT 手續費與多日結算期，讓國際轉帳既慢又貴。
Stablecoins offer a compelling alternative. A payment from the U.S. to Nigeria can be executed in USDC in seconds, with minimal fees. The recipient converts USDC to local currency at the current exchange rate, avoiding the markups imposed by traditional remittance providers.
穩定幣提供了有競爭力的替代方案。美國到奈及利亞的付款可在數秒內以 USDC 完成，手續費極低。收款方可依當下匯率換回本地貨幣，無須承受傳統匯款業者的溢價。
This is already happening at scale. Stablecoins moved $46 trillion in transaction volume in 2024, rivaling Visa's throughput. Much of this volume is driven by cross-border flows - remittances from the U.S. to Latin America, payments for digital goods in emerging markets, and B2B settlements.
這樣的情形已在規模上發生。2024 年穩定幣交易量達 46 兆美元，可比擬 Visa 的處理量。其中很大部分來自跨境流動——美國至拉丁美洲匯款、新興市場數位商品支付、B2B 結算等。
For businesses, the implications are profound:
對企業而言，影響深遠：
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Shorter settlement times: Cross-border payments that once took 3-5 days can settle in minutes.
大幅縮短結算時間： 以往需 3-5 天的跨境支付，現在幾分鐘即可完成。 -
Lower costs: By eliminating correspondent banks and reducing FX fees, stablecoins can cut cross-border payment costs by 50% or more.
更低成本： 免去代理銀行流程並減少外匯手續費，穩定幣可將跨境成本降低 50% 以上。 -
Access to underserved markets: Stablecoins enable businesses to transact in countries where traditional banking infrastructure is weak or nonexistent.
進軍服務不足市場： 穩定幣讓企業得以進入傳統銀行基礎建設薄弱甚至缺席的國家市場。
For the Crypto Industry
對加密產業的影響
Mastercard's stablecoin push represents mainstream validation for the crypto industry. When one of the world's largest payment networks commits $2 billion to acquiring stablecoin infrastructure, it sends a powerful signal: crypto is no longer a niche experiment - it's core financial infrastructure.
Mastercard 積極推動穩定幣，象徵加密產業獲主流肯定。當全球頂尖支付網路之一斥資 20 億美元收購穩定幣基礎設施，所釋放的訊號很明確：加密貨幣不再只是小眾實驗，而是核心金融基礎建設。
This validation has several effects:
這一主流認可有多重效應：
Increased institutional flows: Banks and payment processors that were hesitant to touch crypto may now feel comfortable offering stablecoin services under Mastercard's umbrella.
機構資金流量提升： 原本對加密貨幣有所顧忌的銀行和支付機構，有機會在 Mastercard 的架構下放心推動穩定幣服務。
Regulatory momentum: Mainstream adoption by Mastercard and other incumbents may accelerate regulatory clarity. Policymakers are more likely to create clear frameworks when major financial institutions are involved.
監管推動力： Mastercard 與其他主流業者的普及採用，將推動監管政策更加明確。主要金融機構參與越多，決策機關越可能制定清晰規範。
New rails for tokenized assets: Stablecoins are just the beginning. The same infrastructure that enables USDC settlement can be extended to tokenized securities, commodities, and real-world assets. This opens the door to a much larger tokenization market.
資產代幣化新軌道： 穩定幣僅屬開端。支撐 USDC 結算的同一套基礎設施，未來可延伸至證券、商品與實體資產的代幣化，開啟更大規模的代幣化市場。
Industry Projections
產業展望預測
The growth projections for stablecoins are staggering. Citigroup's September 2025 report forecasts that stablecoin issuance could reach $1.9 trillion by 2030 in a base case scenario, with a bull case of $4 trillion. On an adjusted basis, stablecoin transaction volumes could support nearly $100 trillion in annual activity by 2030.
穩定幣成長預測令人瞠目。花旗集團 2025 年 9 月報告指出，穩定幣發行量 2030 年基本情境可達 1.9 兆美元，多頭情境可達 4 兆美元。調整後，2030 年度穩定幣交易量有望支撐近 100 兆美元的全年活動。
These projections assume continued regulatory clarity, institutional adoption, and integration into traditional payment systems - exactly the path Mastercard is pursuing.
這些預測建立在監管持續明朗、機構廣泛採用且整合傳統支付體系的前提上——這正是 Mastercard 現正採取的路線。
Competitor Responses
競爭者回應
Mastercard is not alone in this race. Stripe acquired Bridge for $1.1 billion and has since launched stablecoin financial accounts, card issuing, and payment acceptance across 101 countries. Visa has partnered with Bridge to issue stablecoin-linked Visa cards, enabling cardholders to spend stablecoins at any of the 150 million merchants that accept Visa.
Mastercard 不是唯一的參賽者。Stripe 以 11 億美元收購 Bridge，隨後於 101 國推出穩定幣金融帳戶、發卡與收款服務。Visa 則與 Bridge 合作發行連結穩定幣的 Visa 卡，持卡人可於全球 1.5 億家接受 Visa 的商戶刷穩定幣消費。
This competitive dynamic is accelerating the pace of innovation. No major player wants to cede market share to rivals. The result is a strategic arms race, with each company trying to build or buy the best stablecoin infrastructure.
這樣的競爭局面正加速創新步調。沒有主要業者願意拱手讓出市佔率。結果就是一場策略性軍備賽，每家公司都力圖自建最佳穩定幣基礎設施，或以併購來強化實力。
Operational, Compliance, Liquidity, and Risk Challenges
營運、合規、流動性與風險挑戰
For all the promise of 24/7 stablecoin settlement, significant challenges remain. These obstacles - operational, regulatory, and market-related - will determine how quickly the vision becomes reality.
24/7 穩定幣結算雖具高度潛力，但也存重大挑戰。這些問題——包括營運、監管與市場層面——將決定願景實現的速度。
Fiat Rail Limits
法幣支付軌道的限制
Stablecoins may operate 24/7, but fiat rails do not. ACH and SEPA transfers still observe banking hours. This creates a mismatch: a merchant might receive USDC on Saturday night, but converting it to fiat for deposit in a traditional bank account requires waiting until Monday.
穩定幣可以 24 小時運作，但法幣支付軌道卻不行。ACH 與 SEPA 轉帳仍須遵循銀行營業時間。這造成時間差：商戶週六晚上收到 USDC，欲兌換為法幣存入傳統銀行帳戶，卻得等到週一才行。
This isn't an insurmountable problem - merchants can hold stablecoins over the weekend and convert them on Monday morning - but it limits the benefit of instant settlement. Until fiat on-ramps and off-ramps operate 24/7, there will always be a bottleneck.
這雖非無解之難——商戶可選擇周末持有穩定幣，週一再兌換——但會拖慢即時結算的效益。在法幣出入金系統能 24/7 營運前，瓶頸都會存在。
Some banks are addressing this by offering instant payment services like FedNow and RTP, which operate around the clock. But adoption is still limited, and international instant payment networks are fragmented.
部分銀行正藉 FedNow 或 RTP 等即時支付服務來解決此問題，這些系統全天候運作。但目前普及度仍然有限，國際即時支付網絡也較為分散。
Custody and Key Management
託管與金鑰管理
Holding stablecoins requires managing private keys - the cryptographic credentials that control access to funds. Unlike traditional bank accounts, where access is mediated by usernames and passwords, blockchain assets are controlled by whoever holds the private key.
持有穩定幣必須管理私鑰——這些是掌控資金的加密憑證。和傳統銀行帳戶用帳號密碼存取不同，區塊鏈資產的控制權握在持有私鑰者手中。
This creates new risks:
這帶來新的風險：
-
Key loss: If a private key is lost, the funds are irrecoverable.
私鑰遺失： 私鑰若遺失，資金便無法追回。 -
Key theft: If a key is stolen, the funds can be drained instantly.
私鑰被盜： 一旦私鑰外洩，資金將瞬間被盜走。 -
Operational errors: Sending funds to the wrong address or blockchain can result in permanent loss.
操作失誤： 匯款到錯誤地址或區塊鏈，將造成永久資金損失。
Banks and payment processors will need to implement institutional-grade custody solutions with multi-signature controls, hardware security modules, and rigorous access policies. Zero Hash and other providers offer custody infrastructure, but integrating these
銀行與支付處理商需建置機構級託管方案，包括多重簽名控管、硬體安全模組、嚴格存取政策。Zero Hash 及其它供應商提供託管基礎設施，但其整合...systems into existing bank operations is non-trivial.
將系統融入現有銀行營運並非易事。
Smart Contract Vulnerabilities
智能合約漏洞
Many stablecoin transactions involve smart contracts - self-executing programs that run on blockchains. While smart contracts enable programmability, they also introduce vulnerabilities. Bugs in smart contract code can be exploited by attackers, resulting in loss of funds.
許多穩定幣交易涉及智能合約——這是一種在區塊鏈上自動執行的程式。智能合約雖然賦予了可編程性，但也帶來了漏洞。智能合約程式碼中的漏洞可能被攻擊者利用，導致資金損失。
High-profile exploits - such as the $600 million Poly Network hack in 2021 - have underscored the risks. For mainstream adoption, stablecoin infrastructure must be audited, tested, and continuously monitored for vulnerabilities.
高調的攻擊事件，例如 2021 年 Poly Network 的 6 億美元駭客事件，突顯了相關風險。若要得到主流採用，穩定幣基礎建設必須經過審計、測試，並持續監控潛在漏洞。
Stablecoin De-Peg Risk
穩定幣脫鉤風險
Stablecoins are designed to maintain a 1:1 peg with fiat currencies, but this peg can break. In 2022, TerraUSD (UST) lost its peg and collapsed, wiping out tens of billions of dollars in value. While USDC and EURC are backed by reserves and have maintained their pegs, the risk is not zero.
穩定幣旨在與法定貨幣維持 1:1 錨定，但這種錨定機制有可能失效。2022 年，TerraUSD (UST) 脫鉤並崩潰，造成數百億美元損失。雖然 USDC 和 EURC 有儲備資產支持並維持錨定，但風險仍然存在。
A de-peg event during settlement could create losses for banks, merchants, or payment processors. Risk management frameworks will need to account for this possibility - perhaps by using stablecoins only for short-duration settlements or by maintaining reserve buffers.
清算過程中若發生脫鉤事件，可能導致銀行、商家或支付處理業者蒙受損失。風險管理架構需考慮此一可能性，例如僅用於短期結算，或維持一定的儲備緩衝。
Compliance Challenges: AML, Travel Rule, Chargebacks
合規挑戰：防洗錢、旅遊法規、消費爭議退款
Traditional payment systems have well-established compliance frameworks. Banks conduct KYC (Know Your Customer) checks. Transactions are monitored for suspicious activity. Chargebacks allow consumers to dispute fraudulent charges.
傳統支付系統擁有成熟的合規機制。銀行進行 KYC（了解你的客戶）審查，並監控可疑交易。消費者可透過爭議退款機制主張遭詐騙損失。
Stablecoin systems must replicate these protections, but the mechanisms are different:
穩定幣系統也必須重現這些防護措施，但運作方式大不相同：
AML/CTF: Anti-money laundering and counter-terrorism financing rules require that transactions over certain thresholds be reported. Mastercard's Crypto Credential supports Travel Rule compliance, but implementing this at scale requires coordination with exchanges, wallets, and regulators.
防洗錢／打擊資恐（AML/CTF）： 法規要求高於特定門檻的交易必須申報。萬事達卡 Crypto Credential 支援旅遊法規合規，但要大規模實施，需要與交易所、錢包和監管機關協調。
Chargebacks: Blockchain transactions are generally irreversible. Once funds are transferred, they cannot be clawed back without the recipient's consent. This makes implementing chargeback mechanisms more complex. Some solutions involve multi-signature escrow accounts or programmable smart contracts that can reverse transactions under certain conditions, but these add complexity and cost.
爭議退款（Chargebacks）： 區塊鏈交易通常不可逆。資金一旦轉出，若無收款方同意便無法追回。導入類似爭議退款的機制變得相對複雜。有些方案採用多簽託管帳戶，或以智能合約設定特定條件下可逆轉交易，但這會增加整體複雜性與成本。
Accounting systems: Existing accounting systems are designed for fiat transactions that settle on T+1 or T+2 schedules. Continuous stablecoin settlement requires new accounting standards and software that can handle real-time reconciliation and reporting.
會計系統： 現有會計系統設計為法幣交易，依 T+1 或 T+2 結算。持續不斷的穩定幣結算需要全新會計準則與軟體，才能處理即時對帳及報告。
Liquidity and Market Risks
流動性與市場風險
Stablecoin markets are still maturing. While USDC and Tether are highly liquid, spreads can widen during off-hours or periods of market stress. Converting large amounts of stablecoins to fiat may incur slippage, especially on weekends when liquidity is lower.
穩定幣市場仍在逐步成熟。雖然 USDC 與 Tether 擁有較高流動性，但非營業時段或市場壓力大時點差會擴大。大量將穩定幣換成法幣時，可能出現價格滑點，週末低流動性情況尤甚。
Additionally, stablecoin liquidity is concentrated on certain blockchains. Ethereum and Tron account for 64% of stablecoin transaction volume. If a bank needs to settle on a different blockchain, it may face liquidity constraints or higher conversion costs.
此外，穩定幣流動性多集中於特定公鏈。以太坊與波場（Tron）佔穩定幣交易量 64%。若銀行需在其他鏈進行結算，可能會遇到流動性不足或轉換成本高昂的問題。
Integration Risk
整合風險
Integrating stablecoin infrastructure with legacy payment systems is a major engineering challenge. Banks operate on decades-old core banking systems that were never designed to handle blockchain transactions. Ensuring seamless interoperability - without creating new points of failure or security vulnerabilities - will require careful planning, testing, and phased rollouts.
將穩定幣架構與舊有支付系統整合，是非常重大的工程挑戰。銀行沿用數十年核心系統，從未考慮過區塊鏈交易。若要實現無縫互通又不產生新的故障點或安全漏洞，必須精心規劃、測試並分階段上線。
Vendor consolidation poses another risk. If Mastercard acquires Zero Hash and becomes a dominant provider of stablecoin infrastructure, banks and merchants may become dependent on a single vendor. This concentration risk could lead to higher fees, reduced innovation, or systemic vulnerabilities if Mastercard's systems experience outages.
供應商集中化也帶來風險。若萬事達卡收購 Zero Hash 並壟斷穩定幣基礎設施，銀行與商家將依賴單一供應商。這種集中風險可能導致手續費上升、創新減緩，或若萬事達系統故障時系統性風險攀升。
Regulatory Uncertainty
監管不確定性
While the regulatory environment for stablecoins has improved - particularly with the passage of the GENIUS Act in the U.S. and the implementation of MiCA in Europe - many questions remain unresolved:
儘管穩定幣監管環境有所改善——特別是美國通過 GENIUS 法案、歐洲施行 MiCA——仍有諸多問題未獲解決：
- Cross-border regulation: Different jurisdictions have different rules for stablecoins. A stablecoin that is compliant in the U.S. may not be authorized in the EU or Asia.
跨境監管： 各司法管轄區對穩定幣規範不同。美國合規之穩定幣，可能不被歐盟或亞洲批准。 - Tax treatment: How are stablecoin transactions taxed? Are they considered currency exchanges, property transactions, or something else?
稅務處理： 穩定幣交易如何課稅？是視為貨幣兌換、財產交易，還是其他性質？ - Systemic risk: If stablecoins become a significant part of the financial system, regulators may impose stricter capital requirements, reporting obligations, or operational standards.
系統性風險： 若穩定幣在金融體系占比上升，監管機構可能會加嚴資本要求、申報義務或營運標準。
Where This Could Lead: Scenarios and What to Look For
未來可能情境：發展路徑與觀察重點
Given the opportunities and challenges, how might Mastercard's stablecoin push unfold over the next several years? It's useful to consider three scenarios: a base case, an accelerated adoption case, and a stalled transition case.
面對這些機會與挑戰，未來幾年萬事達卡推動穩定幣的情勢可能如何演變？可以從三種情境來觀察：基礎情境、加速採用情境、與推動受阻情境。
Base Case: Hybrid Model Persists
基礎情境：雙軌模式持續
In this scenario, Mastercard completes the acquisition of Zero Hash and integrates stablecoin settlement into MTN. Stablecoin usage grows steadily, but legacy fiat rails remain dominant.
此情境下，萬事達卡順利收購 Zero Hash，並將穩定幣結算功能整合進 MTN。穩定幣用量穩健成長，但傳統法幣管道仍占主導地位。
Key characteristics:
主要特點：
- Stablecoin settlement is available as an option for acquirers and merchants, but most transactions still settle in fiat via traditional batch processing.
穩定幣結算成為收單行與商家的可選項，但多數交易仍以傳統批次法幣結算。 - Geographic rollout is gradual, starting with emerging markets where stablecoins provide the most value (e.g., high-inflation countries, cross-border corridors with limited banking infrastructure).
佈局為漸進式，優先選擇穩定幣價值最高的新興市場推廣（如高通膨國家、缺乏完善銀行基礎設施的跨境地區）。 - Regulatory frameworks continue to evolve, with ongoing debates about capital requirements, reserve standards, and systemic risk.
監管規範持續調整，並討論資本要求、儲備標準及系統性風險。 - Banks and payment processors maintain dual infrastructure - supporting both fiat and stablecoin rails in parallel.
銀行與支付處理業者維持雙軌基礎建設，同時支援法幣與穩定幣管道。
Timeline: By 2028, stablecoin settlement accounts for 10-15% of Mastercard's transaction volume, concentrated in specific use cases (cross-border payments, gig economy payouts, remittances).
時程預估： 到 2028 年，穩定幣結算佔萬事達交易量 10-15%，主要集中於跨境支付、兼職經濟出款與匯款等特定場景。
What to watch:
觀察重點：
- Completion of the Zero Hash acquisition and integration roadmap.
Zero Hash 併購案是否完成、整合路線進度。 - Expansion of USDC/EURC settlement beyond EEMEA to additional regions.
USDC／EURC 結算是否自 EEMEA 擴大至其他區域。 - Adoption metrics: How many banks and acquirers are using MTN? What percentage of merchants are receiving stablecoin settlements?
採用指標：有多少銀行與收單方採用 MTN？有多少商家以穩定幣收款？
Accelerated Adoption: Banking Hours Fade
加速採用情境：銀行營業時間成歷史
In this scenario, stablecoin adoption exceeds expectations. Regulatory clarity accelerates, liquidity deepens, and both institutional and retail users embrace 24/7 settlement.
在此情境下，穩定幣採用遠超預期。法規明朗化帶動流動性提升，機構與一般用戶皆擁抱 24/7 結算。
Key characteristics:
主要特點：
- Mastercard completes the Zero Hash acquisition and rapidly rolls out stablecoin settlement globally. By 2027, stablecoin settlement accounts for 30-40% of Mastercard's transaction volume.
萬事達卡完成收購 Zero Hash，並迅速於全球推出穩定幣結算。到 2027 年，穩定幣結算比例達到 30-40％。 - Banks begin offering stablecoin-denominated accounts to corporate clients. Treasurers hold USDC balances to earn yield and manage liquidity more efficiently.
銀行開始提供穩定幣計價帳戶給企業客戶。財務長以持有 USDC 來賺取收益並更有效率管理流動性。 - Citigroup's bull case forecast materializes: stablecoin market cap reaches $4 trillion by 2030, with transaction volumes exceeding $100 trillion annually.
花旗銀行樂觀預測實現：至 2030 年穩定幣市值達 4 兆美元，年度交易額破百兆美元。 - Traditional batch settlement becomes the exception rather than the rule. Weekend and holiday delays are eliminated for most transactions.
傳統批次結算成為少數例外，大多數交易不再受限於週末與假日延遲。
Timeline: By 2030, "banking hours" as a concept no longer constrains most payment flows. Merchants and businesses operate in a continuous settlement environment.
時程預估： 到 2030 年，「銀行營業時間」不再是大多數支付流通的限制。商家和企業運作於實時結算環境。
What to watch:
觀察重點：
- Regulatory milestones: Does the U.S. pass additional legislation supporting stablecoin issuance and use? Do other jurisdictions follow MiCA's lead?
監管里程碑：美國是否進一步立法支持穩定幣發行與應用？其他國家是否跟隨 MiCA 標準？ - Liquidity indicators: Are stablecoins trading with tight spreads 24/7? Are market makers providing liquidity on weekends?
流動性指標：穩定幣是否 24/7 維持極窄點差？造市商是否於週末也能提供充裕流動性？ - Institutional adoption: Are Fortune 500 companies holding stablecoin balances? Are central banks issuing CBDCs that interoperate with stablecoins?
機構採用狀況：世界 500 強企業是否持有穩定幣資產？央行是否發行能與穩定幣互通的 CBDC？
Stalled Transition: Legacy Rails Dominate
推動受阻情境：舊有體系繼續主導
In this scenario, operational and regulatory challenges slow adoption. Stablecoin settlement remains a niche offering, and traditional fiat rails continue to dominate.
此情境下，營運及監管挑戰阻礙普及，穩定幣結算僅屬小眾，舊有法幣支付體系穩居主導。
Key characteristics:
主要特點：
- The Zero Hash acquisition faces regulatory hurdles or integration challenges. Rollout is delayed or limited in scope.
Zero Hash 收購過程遇到監管關卡或整合困難，上線延宕或侷限於小範圍。 - Stablecoin de-peg events or smart contract exploits create reputational damage and regulatory backlash.
穩定幣脫鉤或智能合約攻擊帶來聲譽損失及監管反彈。 - Banks and merchants are reluctant to adopt stablecoin settlement due to concerns about custody risk, accounting complexity, or regulatory uncertainty.
銀行與商家因託管風險、會計複雜或監管不確定性，對於導入穩定幣結算興趣低落。 - Competitor offerings (e.g., instant payment networks like FedNow) provide a fiat-based alternative that meets the need for faster settlement without the complexity of crypto.
競爭對手（如 FedNow 等即時支付網路）提供法幣即時結算替代方案，滿足快速結算需求而無需涉足加密貨幣複雜性。
Timeline: By 2030, stablecoin settlement accounts for less than 5% of Mastercard's transaction volume, concentrated in niche use cases.
時程預估： 到 2030 年，穩定幣結算佔萬事達交易總量不足 5%，僅應用於小眾領域。
What to watch:
觀察重點：
- Deal closure: Does the Zero Hash acquisition actually close? If not, does Mastercard pursue an alternative target or pivot to a different strategy?
併購進展：Zero Hash 最終是否完成收購？如失敗，萬事達是否考慮其他選擇或調整策略？ - Regulatory setbacks: Are new restrictions imposed on stablecoins? Do accounting standards fail to recognize stablecoins as cash equivalents?
監管阻礙：是否有新限制針對穩定幣？會計準則是否無法將穩定幣視同現金等價物？ - Competitive dynamics: Do instant payment networks capture the market share that stablecoins were expected to win?
競爭態勢：即時支付網路是否奪走原本預期由穩定幣取得的市場份額？
Indicators to Monitor
觀察指標
Regardless of which scenario unfolds, several indicators will signal the direction of travel:
無論哪種情境發生，下列指標可做為趨勢風向球：
-
Zero Hash acquisition status: Does the deal close? What is the integration timeline?
Zero Hash 併購進度： 交易是否順利完成？整合時程為何？ -
BVNK outcome: If Mastercard doesn't acquire BVNK, does Coinbase or another competitor do so? How does this affect the competitive landscape?
BVNK 走向： 若萬事達未併購 BVNK，Coinbase 或其他競爭對手是否出手？對競爭格局有何影響？ -
MTNadoption: 有多少銀行和金融科技公司已經與MTN整合？他們目前處理的交易量是多少？
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Crypto Credential推出情況： 有多少交易所和錢包支持Crypto Credential？應用範疇有無從匯款拓展至其他場景？
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USDC/EURC結算量： 穩定幣結算量是否持續逐季增長？哪些地區和行業正在推動其採用？
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法規發展： 主要市場有沒有通過新的穩定幣監管框架？這些規範對於採用是帶來順風還是逆風？
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競爭對手動向： Visa、Stripe、PayPal及其他支付巨頭在穩定幣領域正採取哪些動作？
對加密貨幣及金融的更廣泛影響
Mastercard推動穩定幣，帶來的不僅僅是結算效率的提升。這涉及加密貨幣在金融體系中的角色、穩定幣作為全球結算層的未來，以及傳統金融與去中心化金融（DeFi）的融合等根本性問題。
從投機資產走向核心基礎建設
長期以來，加密貨幣總被視為一種投機資產——波動大、高風險、與實體經濟脫節。相比之下，穩定幣設計的目的正是“無趣”：穩定幣應保持價值，而不是產生報酬。它們是基礎建設，而不是投資工具。
Mastercard押注穩定幣結算，更加強化了這種轉變。當支付網路以USDC處理數十億筆交易時，穩定幣就已不再是邊緣實驗，而是全球支付系統的核心組成。
這一重塑帶來幾個後果：
- 正當性： 穩定幣獲得作為支付方式的正當地位。原本持懷疑態度的商家、銀行和監管機構，也可能重新評估。
- 監管： 決策者更有可能為嵌入主流金融的資產打造明確、支持性的制度框架。
- 投資： 機構資本湧入穩定幣基礎設施建設——託管平台、流動性供應商、合規工具，加速生態建構。
穩定幣成為全球結算層
如果穩定幣最終成為跨境支付的主流媒介，它將可成為全球結算層——一種以區塊鏈運作的「Eurodollar 2.0」。
原始的歐元美元市場——即美國境外銀行持有的美元——始於1960年代，後來成為全球流動性的關鍵來源。穩定幣也可能發揮類似功能，讓企業和個人不需接觸美國銀行也能獲取美元計價流動性。
超過99%的穩定幣以美元計價，預計到2030年可成長10倍，突破3兆美元市值。這股成長可鞏固美元霸權，全球企業以USDC進行支付、儲蓄與財資管理。
對美國而言，這也有地緣政治意義。美國財政部長Scott Bessent強調，一個蓬勃的穩定幣生態系將「強化美元主權」，因為美元深植於數位支付和貿易結算中。穩定幣目前持有的美債超過1320億美元，已超越南韓的持債規模。若市值增至5兆美元，將可為美債引入1.4–3.7兆美元的新買盤，形成一波穩定、以本土為主的需求。
代幣化資產與實體資產市場
穩定幣只是「代幣化資產」其中一類。支撐USDC結算的基礎建設，將來同樣能延伸至證券、原物料、不動產等各類實體資產（RWA）的數位代幣化。
Mastercard 與 Ondo Finance 整合，將美國國債基金代幣引進MTN，是初步範例。企業如今能在Mastercard網路中，全天候將閒置資金投入代幣化國庫券，賺取收益。
這將開啟更大的資產代幣化市場。花旗估計銀行代幣（即代幣化存款）2030年交易量可達100兆美元，甚至可能超越穩定幣。這類代幣工具結合了成熟的監管模式，並能較容易整合至現有財資系統。
穩定幣、代幣化存款與實體資產代幣的融合，有機會構築統一的、可編程的貨幣與資產基礎建設——支付、財資管理及資本市場的界線也將模糊。
推動機構採用加速
Mastercard、Visa等主流業者的進入，從多方面加速機構採用：
風險降低： 當大型金融機構驗證穩定幣基礎建設時，其他銀行與企業對其風險感知將下降，減少了「第一批試水者」的顧慮。
標準化： Mastercard的MTN及Crypto Credential提供身分、合規、互操作等共通標準，有效減少碎片化，機構導入也變得更容易。
網絡效應： 隨著越來越多銀行和商家加入Mastercard的穩定幣網路，參與效益越大，形成正向循環——採用帶動更多採用。
監管收斂
Mastercard的參與，也可能推動監管規則的收斂。當主要機構紛紛建構於穩定幣網路時，政策制定者更可能制定明確框架。美國GENIUS法案的通過及歐洲MiCA的落實即反映此趨勢。
隨著相關法規逐漸成熟，未來標準可能朝下列原則靠攏：
- 儲備要求： 穩定幣必須以高品質、具流動性的資產全額儲備。
- 透明度： 發行方需定期揭露、驗證儲備狀況。
- 兌換權： 持幣人應能以平價將穩定幣兌付為法定貨幣。
- 合規性： 穩定幣平台必須遵循AML/CTF（反洗錢/打擊資恐）、旅行規則等規定。
這類規範收斂，將減少監管套利，為全球穩定幣普及打下更穩固基礎。
消費者層面的影響
對消費者而言，Mastercard推行穩定幣的效應也許較為隱性，但同樣重要。
付款更快： 雖然消費者未必知道背景結算是穩定幣進行，但可直接享受退款更快、平台即時發薪、跨境轉帳免等待時差等便捷。
新型錢包體驗： 穩定幣基建漸成熟，消費者將有機會獲得新型金融產品——例如計息USDC存款帳戶，或自動將加密資產餘額轉為法幣消費的卡片。
託管風險： 相對來說，持有穩定幣也有託管風險。消費者錢包被駭或私鑰遺失，可能毫無補救之道。因此，消費者保護規範亦須跟進。
最後思考
Mastercard出價20億美元收購Zero Hash不僅是單一收購案——這是全球最具影響力支付網路之一，明確押注穩定幣結算為未來。如果推動成功，這策略將重塑過往的「銀行營業時間」，讓商家、銀行、企業得以全天候結算，無需等候批次處理、週末或假期。
這個願景非常具吸引力。不再需要等待數天完成跨境匯款，資金幾分鐘內即到賬。不必再忍受繁複的對應銀行鏈，財資團隊能直接鏈上清算。不用接受T+1交割限制，收單方可隨時獲取流動性。
然而有願景，不代表注定成功。從試點到全球普及，過程既漫長又充滿未知。運營挑戰（法幣管道限制、託管風險、智能合約漏洞）需逐一解決，監管框架也要繼續成熟。跨鏈及時區的流動性也必須深化。最終還要說服銀行、商家及消費者：其益處遠超風險。
三個情境涵蓋了未來可能性：基本情境是穩定幣結算穩健增長，但仍作為既有法幣基礎設施的補充；樂觀情境採用大爆發，傳統的銀行營業時段於本世紀末走入歷史；悲觀情境則因技術或監管障礙，讓穩定幣僅限於小眾應用。
迎向何種情境，端賴執行力、競爭態勢，以及超出Mastercard掌控的外部變數。Zero Hash併購案的完成情況，是早期指標；USDC/EURC結算擴展、主流銀行導入MTN、Crypto Credential支持交易所的推廣，都將提供進一步線索。監管動向——無論支持或限制——亦會決定步伐快慢。
現在唯一明確的是：技術基礎已逐步落地。Mastercard搭建了元件——MTN支援安全且可編程交易、Crypto Credential確保合規驗證、以及示範計畫證明穩定幣Here is the translated content in zh-Hant-TW, following your instructions (skipping translation for markdown links):
結算在實務上的運作。收購 Zero Hash 將能提供生產規模的基礎設施，加速這些努力的推進。
這與其說是「加密貨幣炒作」，不如說是下一層基礎設施的建立。支付、金流體系（rails）和代幣正在逐漸與日常金融融為一體，難以區分。Mastercard 所構想的那種「無形握手」——讓代幣化貨幣能以與傳統支付同等信任與保護，無縫流通於區塊鏈網絡——正在從概念變為現實。
這場轉變或許需要數年，也可能會遭遇挫折。但發展的方向已經十分明確。我們習以為常數十年的銀行營業時間，開始讓位於一個隨時隨地、全球互聯的支付系統。Mastercard 用 20 億美元下注，賭這個未來不僅是可能的，更是不可避免的。
對各位讀者——無論是銀行家、商家、政策制定者，或僅是觀察者——現在的任務就是觀察指標、追蹤採用曲線，並注意這項基礎建設如何演進。支付革命不是即將來臨，而是已經發生。問題已不再是穩定幣結算是否會重塑金融業，而是這一改變會有多快、多廣、以及會帶來什麼樣的影響。