Ripple在跨境支付中的崛起——結合其XRP Ledger和按需流動性服務——激發了一眾競爭對手試圖顛覆全球金融。過去一年，無數區塊鏈平台及金融科技網絡於跨境結算及價值代幣化傳遞領域取得重大進展，涵蓋公有鏈支付軌道、銀行主導的聯盟、卡網絡倡議、穩定幣系統及互通方案。每者各具特色，目標是讓國際資金轉移更快捷、低成本與透明，與Ripple並駕齊驅。本文將探討主要競爭者、近期里程碑、採用情況、機構合作伙伴，以及它們與Ripple的差異和未來領導跨境金融的潛力。
公有鏈支付軌道
公有區塊鏈網絡允許任何人在去中心化帳本上交易。多條具強大支付能力的Layer-1公鏈正爭取與Ripple的XRP Ledger類似的跨境轉賬功能，結算時常用其原生代幣或穩定幣。
Stellar (XLM)
Stellar由Ripple前成員共同創立，專為低成本跨境支付和普惠金融而建。其網絡能透過XLM作為橋樑，迅速兌換由法幣支持的代幣。近年最大消息為與全球匯款巨頭MoneyGram達成合作。
雙方推出服務，讓用戶透過Stellar網絡，以Circle的USDC穩定幣匯款並在MoneyGram全球三十多萬代理點無縫兌現。這真正連接了加密與法幣：用戶可存現金，轉為Stellar上的USDC，瞬間跨境轉賬，收款人再透過MoneyGram提取當地貨幣。該服務已於2024年全面營運，體現Stellar在新興市場的實際影響力，並補足其過去如烏克蘭援助發放試點和多個NGO專案的擴展。
Stellar的價值主張和Ripple相似——結算快（數秒內）、手續費極低，並著重貨幣兌換。然而，Stellar著眼於零售匯款及穩定幣而非波動資產作為流動性基礎。Stellar上的USDC為結算帶來穩定資產，而Ripple則多用XRP。藉助MoneyGram網絡，Stellar獲取到Ripple在結束與MoneyGram合作後已失去的分銷管道。
Stellar的開放網絡及非牟利治理（由Stellar發展基金會負責）吸引用金融科技與NGO。雖然機構採用仍處於起步階段（目前尚無大型銀行正式運行Stellar），但MoneyGram集成讓它成為現金兌換加密匯款的重要渠道。若未來有更多現金轉賬企業及電子錢包加入，Stellar有機會主導消費者層面的跨境支付走廊，特別是服務欠缺銀行覆蓋的人群。當然，在爭奪銀行財資流方面，仍與Ripple正面競爭。
Algorand (ALGO)
Algorand是一條高效能公有鏈，擁有即時最終確認及極低交易成本，適合用於支付。雖非專為支付而設，但其技術近年愈來愈受機構關注。義大利政府近期選擇Algorand作為全國銀行及保險擔保數碼平台的底層架構，成為首個正式採用區塊鏈處理此類金融擔保的歐盟國家。
多家義大利銀行及保險公司將利用Algorand鏈發行及追蹤擔保，認為其在開放網絡中展現「無與倫比的創新和安全」。相關項目預計於2023至24年正式上線，展現出對Algorand可靠性的機構信心。
在跨境金融領域，Algorand於拉丁美洲已被金融科技夥伴，如Koibanx大力採用，為當地銀行和政府打造支付與資產代幣化解決方案。Algorand亦原生支持熱門穩定幣（如USD Coin），可於四秒內完成結算。其純權益證明（Pure Proof-of-Stake）共識及高擴展性（數千TPS）意味可應付高交易量。不像Ripple必須透過單一橋樑代幣，Algorand可任意資產（包括法幣代幣或穩定幣）於鏈上流通。
這種靈活性與ISO 20022訊息標準兼容，被視為方便與銀行系統整合之大優點。挑戰在科技以外，更在生態發展：Algorand需與多條L1公鏈競爭，在加密市場亦遇阻力。然而，最近機構背書及聚焦合規用例，讓其在政府及銀行數碼貨幣或跨境穩定幣支付專案中成為冷門黑馬，有機會靜悄悄地建立主導網絡。
Hedera Hashgraph (HBAR)
Hedera並非區塊鏈，而是採用hashgraph分布式帳本技術，由一眾大型企業（如Google、IBM、標準銀行等）組織理事會治理。Hedera致力提供企業級架構（高吞吐量，數秒完成）深受企業和銀行類客戶青睞。去年，Hedera於跨境金融領域取得重大突破：南韓新韓銀行與標準銀行及多方合作，在Hedera上完成穩定幣匯款試點，實時轉移韓圓、泰銖及新台幣。
新韓銀行主導韓圓穩定幣鑄造，合作銀行各自發行自家貨幣代幣，並透過Hedera作自動兌換，即時結算，省略中介銀行。結果是每宗交易費用低於一美仙。新韓銀行指出，Hedera兼容以太坊虛擬機（EVM）及共識機制快，助「消除中間人，降低成本，加快匯款程序」。
Hedera的優勢在於其治理與信任：網絡由知名機構監管，對監管機構與銀行更具說服力。其網絡容量高（原生代幣轉帳可達每秒一萬筆），並內建穩定幣及資產的代幣服務。相對Ripple需逐行建立銀行關係，Hedera理事會已包括標準銀行及新韓銀行這些全球巨頭，更容易促進商業化。此外，Hedera設計不靠波動資產作結算；HBAR僅用作手續費與保障網絡，實際價值可用穩定幣或央行數碼貨幣傳遞。
Hedera現已被其他金融領域採用（如國際證券交易所的債券結算）並有美國聯邦即時支付（FedNow）試點專案。其聲望和表現有力成為銀行間穩定幣轉帳、甚至某些CBDC專案的重要底層設施。未來能否由試點擴展到全面落地仍是關鍵；但理事會銀行積極試用各種應用，令Hedera成為企業級跨境基建的強勁競爭者。
銀行主導及聯盟型分布式帳本
在公有加密網絡試圖由外部顛覆業界同時，不少銀行則自建分布式帳本系統以提升銀行間支付效率。這些私有網絡往往放棄波幅巨大的加密貨幣，以代幣化存款或央行貨幣為主，直接挑戰Ripple向銀行提出的方案。過去十二個月，銀行主導的R3 Corda、摩根大通Kinexys（JPM Coin系統）、Fnality聯盟等平台錄得重大進展。
R3 Corda
R3的Corda是一個最初由銀行聯盟設計的私有分布式帳本平台。不像Ripple的公開XRP Ledger，Corda屬權限式架構——參與者（大多是金融機構）各自運行節點並私下交易。經過多年發展，Corda現已支撐多個活躍代幣化資產網絡，每日處理超過一百萬次交易。
至2025年初，R3披露已有超過100億美元的實體資產在Corda平台代幣化，包括HSBC數碼債券平台、貿易融資及銀行間網絡，代表其於受監管市場獲產業採用遠超同業——R3宣稱獲「全球頂尖銀行信賴」，Corda實際已成為企業分布式帳本標準。
Corda於支付應用的代表包括Voltron/Contour貿易融資網絡及多個央行主導的銀行間支付項目。Corda跟RippleNet最大分別是沒使用單一資產作結算，反而讓機構間能直接協商並結算資產或代幣轉帳，提升透明度、消除對應行角色，並在共享帳本上達成法律上的最終性。過去一年，R3亦積極追求與公有鏈互操作，邁出重要一步。
2025年5月，R3宣布與Solana Foundation合作，將Corda與Solana公鏈橋接，冀把Corda上逾百億美元代幣化資產引入公有市場流動。這展現了公私有網絡融合戰略：Corda繼續為銀行提供隱私和合規骨幹，同時借力公鏈優勢（流動性池、DeFi等）。
Ripple一度試圖以公有代幣吸引銀行接入網絡， 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.
許多銀行由於市場波動性及監管疑慮，對採用這種方式一直保持觀望。相比之下，Corda 為銀行提供了一種在受控環境下將現金或資產代幣化的方法。過去十二個月，Corda 的模式已得到認證——日均百萬級交易量，以及如英國數碼沙盒等監管部門的放行。憑藉其深厚的用戶基礎（包括數十間大型銀行及市場基建）和靈活性（現正連接到公鏈），Corda 有望繼續成為批發金融界主導的分佈式帳本技術。唯一美中不足，是其生態較為零散（分成多個獨立的 Corda 網絡，而非一個全球統一的大網絡），但 R3 現正推動不同網絡互聯，或有望解決這問題。如果銀行傾向選用由自己控制的網絡，Corda 將會持續壯大，作為 Ripple 以外另一主流跨行結算方案——或未必如 Ripple 般搶眼，但絕對已深植金融基礎設施。
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，於區塊鏈支付領域走出獨特路線。2019 年，摩根大通推出 JPM Coin，這是一款由該行保管的美元存款所支持的代幣，專為摩根大通客戶之間即時價值轉移而設。該計劃現已演變成 Kinexys Digital Payments，即摩根大通區塊鏈部門新品牌（前稱 Onyx）。Kinexys 本質上是一個私有、經授權的支付專線，以商業銀行貨幣代幣化形式營運，使摩根大通銀行實體之間可以 24 小時全年無休地進行跨境轉賬。
In late 2024, JPMorgan made headlines by linking Kinexys with Mastercard’s blockchain platform. Mastercard’s Multi-Token Network (MTN) connected with Kinexys to enable single-API settlement of B2B cross-border payments on Mastercard’s applications. The collaboration aims to provide greater transparency and near-real-time settlement for corporate payments, reducing the frictions of time zones and correspondent fees. It also effectively bridges one of the world’s biggest banks with one of the largest payment networks on a blockchain basis, underscoring Kinexys’s growing reach.
2024 年底，摩根大通將 Kinexys 連接到萬事達卡（Mastercard）區塊鏈平台，成為一大新聞。Mastercard 的多代幣網絡（Multi-Token Network, MTN）與 Kinexys 互通，讓企業客戶可透過單一 API 在 Mastercard 應用程式完成 B2B 跨境支付結算。這項合作致力於令企業支付流程更透明、幾乎可即時完成結算、減少時差和代理行手續費障礙。此舉亦意味全球最大銀行之一與全球最大支付網絡之一首度在區塊鏈基礎上連結，令 Kinexys 生態圈持續壯大。
Over the past year, JPMorgan has continued expanding Kinexys while also exploring public blockchain avenues. In June 2025, it was reported that JPMorgan will pilot a deposit token (JPMUSD, sometimes called “JPMD”) on a public chain (believed to be Ethereum or Coinbase’s Base network), targeting broader interoperability. Importantly, JPMorgan stated it will “continue to run and grow” the private Kinexys network, which it believes serves a different user base from a public deposit token. Kinexys’s user base today is largely institutional: corporate treasury clients moving funds between JPM accounts in various countries, after-hours or for rapid internal settlement. This closed-loop but global network offers ultra-fast transfers (minutes or seconds) with finality in JPMorgan deposits, which is highly appealing for corporations – essentially an in-house alternative to SWIFT that’s always on.
過去一年，摩根大通一邊擴大 Kinexys 版圖，一邊積極研究公鏈方案。2025 年 6 月，有消息指摩根大通計劃在公鏈（普遍認為是以太坊或 Coinbase 的 Base 網絡）上試行新的存款代幣（JPMUSD，有時稱「JPMD」），目標是推動更大範圍的互通性。值得留意，摩根大通強調會「繼續營運和壯大」其私有的 Kinexys 網絡，因為他們認為公鏈存款代幣與現有私有網絡服務的用戶基礎截然不同。現時 Kinexys 以機構客戶為主，包括跨國公司的資金部門，在多個地區 JPM 賬戶之間調撥資金，下班時段或需要極速內部結算時特別適合。這個封閉但全球連通的網絡，提供極速轉賬（數分鐘或數秒內），並以摩根大通存款為最終結算，對企業頗具吸引力——基本上就是一套 7x24 小時自家版 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.
這與 Ripple 迴然不同：Ripple 著重於要求銀行使用同一公開加密資產，而摩根大通則直接用自己銀行的資產負債表作底。JPM Coin 交易以摩根大通完全擔保的銀行存款清算，所以參與者信貸風險極低——但僅限有摩根大通賬戶的企業使用。因此，Kinexys 更像一家大銀行自家生態下的銀行聯盟模式，而 Ripple 則想做一個橫跨多家銀行的獨立網絡。在摩根大通本身的影響力（同行銀行極感興趣，逾 25 間銀行已加入其獨立的 Liink 資訊交換網絡）下，Kinexys 可預期會透過代理行關係或邀請其他銀行成為節點而擴展規模。與 Mastercard 的整合進一步證明，Kinexys 有力突破單一銀行框架實現規模化增長。
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.
如果其他大型銀行並非各自發行自家代幣，他們或會加入 Kinexys 或下文的 Fnality 等網絡。摩根大通方案在競爭中佔有原生信任及現有客戶基礎等優勢，有潛力包攬大量高價值企業跨境資金流。不過，作為私有網絡，其主導地位未必能超越摩根大通自身生態，除非開放生態或實現互聯——從合作趨勢看，摩根大通正積極考慮此路徑。總而言之，Kinexys／JPM Coin 屬由上而下的競爭對手，證明區塊鏈可大幅提升效率（跨境資金幾分鐘內完成，而非按日計），同時保留傳統銀行架構。其成功可能會推動其他銀行合作建立類似網絡，而非依賴外部加密貨幣網絡如 RippleNet。
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 是一個由多間央行及大型商業銀行支持的「公用結算幣」項目所衍生的聯盟組織。其目標是建立一系列以央行資金代幣化運作的分佈式支付系統，專供批發市場（如大型銀行間支付、證券結算、外匯等）所用。經過多年開發，Fnality 於 2023 年 12 月達到重大里程碑：持股銀行如勞埃德、桑坦德及瑞銀，透過 Fnality 系統完成全球首宗活生生的跨境交易，轉移資金皆以數位方式呈現，並全數由央行存款作實體背書。
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.
這些首次交易以英鎊結算，利用英倫銀行全新「全權代理賬戶」機制，為 Fnality 參與者集中託管資金。如此一來，把這些資金在區塊鏈上代幣化，即能讓銀行間以央行資金為本，而且即時結算——實現從根本上免除結算風險的目標。這也是首間適用英倫銀行新型創新支付機構框架的全新結算系統，實際上證明了 DLT 能夠應付合規高價值結算。
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 股東陣容極為豪華：高盛、巴克萊、法巴、納斯達克、加拿大帝國商業銀行、三菱日聯等都是持份者，反映其 7x24 跨貨幣解決方案備受主流金融機構支持。現時英鎊系統已初步上線，Fnality 正積極與美聯儲及歐洲央行等展開合作，準備推出美元、歐元等其他主要貨幣網絡。目標是在各地建立一套互通的國家級平台，讓所在地銀行可用央行資金代幣結算本地債務，再跨貨幣實現近乎即時的 PvP（支付對支付）外滙或交收證券。未來服務包括日內回購、外匯掉期等，進一步改善銀行流動資金管理。
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 方案可說是對傳統代理行結算及 Ripple 願景的最直接挑戰者，而且是在體制內進行。它毋須任何加密貨幣，甚至毋須商業銀行代幣——而是直接用央行真實賬戶結餘（即完全免信貸風險並受嚴格監管）。本質上，若能於多種貨幣成功上線，Fnality 將成為全球批發跨境結算的新基建。它與 Ripple 最大分別：Ripple 用「橋樑資產」撮合不同法幣之間的流動性，而 Fnality 則讓法幣在帳本上直接原子交換（如令代幣化美元即換代幣化歐元），所有參與方都需事先以央行錢預付。
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.
這意味在跨行資金流中，徹底免卻「橋樑資產」需求，代價是每個系統參與者要在各自的 Fnality 系統內預留現金。隨著主流機構大力支持，加上建立「系統重要性」支付網絡畢竟是難逢一遇的大事（如 Fnality CEO 所言），該平台有很大機會成為批發金融界主要基建。預計未來多個網絡會互補共存，例如 Fnality 主攻跨行結算，而 Ripple、Stellar 等則較適合中小機構或零售匯款——但在高價值支付範疇，Fnality 以「央行錢」提供極致信任，有望領先所有以加密貨幣為基礎的方案。未來十二個月，隨著 Fnality 衝刺美國及歐盟監管審批階段，將是關鍵時刻。如果獲批，美元及歐元結算系統可望啟動，立時成為全球跨境「支付對支付」網絡新標杆，亦會進一步抬高 RippleNet 符合大行標準的門檻。
Card Network Blockchain Initiatives
Global card networks Visa and Mastercard have also stepped into blockchain-based cross-border payments, leveraging their vast reach in the banking industry. Unlike Ripple – a startup building new rails from scratch – Visa and Mastercard are integrating distributed ledger technology to upgrade their existing networks or create parallel ones for specific use cases, such as B2B transfers. In the past year, both companies hit notable milestones: Visa’s B2B Connect has expanded its footprint and incorporated stablecoins, while Mastercard launched its Multi-Token Network (MTN) and forged partnerships with banks.
全球信用卡網絡 Visa 及 Mastercard 亦開始進軍區塊鏈跨境支付領域，憑其龐大銀行合作夥伴網絡優勢發力。與由零起步的新創 Ripple 不同，Visa 及 Mastercard 將分佈式帳本技術（DLT）嵌入現有網絡之中，或根據特定場景（如 B2B 匯款）搭建平行新網絡。過去一年，兩大公司均有亮眼進展：Visa 的 B2B Connect 持續擴展覆蓋，並開始整合穩定幣；Mastercard 則推出 Multi-Token Network（MTN），並與多間銀行合作。
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 是一個非信用卡支付網絡，由 Visa 於 2019 年正式商用上線，用於企業資金直接在參與銀行間流轉。此系統採用分佈式帳本技術元素（由 IBM 共同研發，基於 Linux Foundation 的 Hyperledger），打造一套多邊網絡，讓銀行節點可安全、直接交易，無須傳統的多重代理行中轉。實際運作上，一筆經 B2B Connect 派出的付款，會由原發銀行直接經 Visa 系統秒到收款銀行，Visa 位列中央協調者，並為每間銀行分發加密身份令牌，保障安全及合規。
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) havejoined, 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).
已加入，該網絡可以將付款路由至代表超過一百個國家的銀行。例如，卡塔爾伊斯蘭銀行最近與Visa合作，利用B2B Connect為其企業客戶提供涉及120個國家的跨境商業付款，並於2024年年中宣布已將平台整合至其企業服務。
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.
在功能層面上，B2B Connect提供可預測的手續費及付款狀態的端到端可見性——針對傳統電匯的兩大痛點作出改善。一般情況下，付款可於翌日或兩日內完成，比許多對應銀行轉賬（通常需時3-5日）更快捷。雖然未如某些加密網絡一般即時，但Visa重視合規及與現有銀行流程的整合（其採用ISO 20022訊息標準，可攜帶豐富的匯款資料）。後台引入分布式帳本以確保數據完整性及所有參與方看到相同交易紀錄。重點是，完全不涉及任何加密貨幣——結算是通過Visa的財資服務為銀行賬戶扣帳及入帳，帳本則提供透明度。這種做法吸引對加密波動或法規不清有所顧慮的銀行，令Visa在企業領域更有優勢。
Visa’s innovation in the past year also includes embracing stablecoins at the settlement layer. In September 2023, Visa announced it had integrated Circle’s USDC stablecoin for settlement payments, even conducting live pilot transactions on the Solana blockchain. It moved “millions of USDC” between its partners (like Worldpay and Nuvei, major payment processors) over Solana and Ethereum to settle fiat transactions that were made on Visa’s network. In other words, rather than using legacy bank wires to settle with merchants or acquirers, Visa itself can pay out via USDC on a blockchain, achieving near-instant finality 24/7. This is a separate initiative from B2B Connect but complementary – it shows Visa is willing to use the best of both worlds: a closed DLT network for bank-to-bank transfers (B2B Connect) and open blockchain stablecoins for certain settlement flows. The end goal is the same as Ripple’s: cheaper, faster cross-border movement of value. Visa’s immense advantage is its incumbent status: it has existing relationships with thousands of banks and merchants.
過去一年，Visa的創新還包括在結算層面引入穩定幣。2023年9月，Visa宣佈已將Circle的USDC穩定幣納入結算支付，甚至在Solana區塊鏈上進行了實時試點交易。它透過Solana及Ethereum，於合作夥伴（如Worldpay及Nuvei等大型支付處理商）之間轉移「數百萬USDC」以結算Visa網絡發生的法幣交易。也就是說，Visa可直接在區塊鏈上用USDC向商戶或收單方付款，無需傳統銀行電匯，實現全天候接近即時結算。這與B2B Connect是分開的項目，但屬互補性質——顯示Visa願意善用兩個世界的優點：封閉式DLT網絡處理銀行間轉賬（B2B Connect），而公開區塊鏈穩定幣則負責部分結算流程。終極目標與Ripple無異：讓價值跨境流動更快更便宜。Visa的最大優勢是其現有地位：與數千家銀行及商戶已有合作關係。
If it can successfully modernize those rails with blockchain tech, it could rapidly achieve what Ripple struggled with for years – mainstream bank adoption. Already, B2B Connect and stablecoin pilots align with the G20’s goal of cheaper, faster, more transparent payments. The question is whether Visa’s network effects will translate into network use: banks must opt in and actively route payments through B2B Connect. Given it was recognized by Global Finance as a top innovation in 2023 and banks like Switzerland’s Klarpay call it a “game-changer” for service delivery, momentum is growing. Visa B2B Connect could become a dominant B2B payment rail, especially for corporates, by leveraging Visa’s brand trust and meeting banks halfway (no radical new asset, just a better pipeline). In competition with Ripple, Visa’s strategy might appeal more to conservative institutions, though it lacks the immediate finality of using a crypto token. Over time, if Visa also integrates CBDCs or more stablecoins, it may cover both bases – a closed network for predictability and open networks for speed – making it a formidable competitor in cross-border finance.
如果能成功以區塊鏈技術現代化這批基建，就可以快步實現Ripple多年來未竟之業——主流銀行採用。事實上，B2B Connect及穩定幣試點已呼應G20提倡的目標：更便宜、更快捷、更透明的支付。問題是，Visa的網絡效應會否轉化為實際使用——銀行必須主動選用並經B2B Connect路由付款。鑒於該平台2023年已獲《Global Finance》評為頂尖創新，而瑞士Klarpay等銀行更形容其為服務模式「game-changer」，勢頭的確浮現。Visa B2B Connect有潛力成為企業B2B支付主幹，特別是在善用Visa品牌信譽及採納銀行本位（不用徹底變革資產，只是優化流程管道）的情況下。在與Ripple的競爭中，Visa這策略應更合保守機構口味，雖然並不如加密代幣般即時結算。隨著時間過去，如Visa能進一步整合央行數碼貨幣（CBDC）或更多穩定幣，將同時涵蓋可預測（封閉網絡）與高速（開放網絡）兩大需求，成為跨境金融領域的強敵。
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一直積極參與區塊鏈和數碼貨幣領域，推出多個試點計劃（涵蓋區塊鏈追蹤到加密貨幣卡等）。2023年6月，Mastercard發布全新平台Multi-Token Network（MTN），致力推動受監管數碼資產的創新。MTN其實是一組沙盒及API，供開發者和金融機構在Mastercard旗下測試代幣化存款、穩定幣甚至央行數碼貨幣等。beta版於2023年夏季在英國推出，邀請若干銀行參與，測試如代幣化商業銀行存款（類似JPM Coin概念）、與穩定幣交易、以及與CBDC互通等應用案例。這反映Mastercard認為未來貨幣會走向多資產（即multi-token），而且需要共同框架及標準，把新價值形式融入商業場景。
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大舉結盟，完善MTN生態。最大突破之一是2024年底MTN對接J.P. Morgan的Kinexys網絡。經與Kinexys整合後，Mastercard讓共同客戶可透過一個API連接兩大網絡，完成B2B交易結算。這意味用Mastercard平台的公司，可以向用摩根大通銀行的公司付款，而結算會在背後透過Kinexys移動代幣化存款，實現高效、鏈上即時最終結算。
Both parties touted the benefits: reduced frictions of time zones, more transparency, and speed in cross-border commerce. For Mastercard, which has relationships with countless merchants and businesses, integrating with large banks’ private token networks could bootstrap MTN’s adoption. Beyond JPM, Mastercard also brought in fintechs – for instance, Ondo Finance joined MTN to bring tokenized US Treasury assets onto the network (providing liquidity for on-chain transactions).
雙方均強調好處：減少時區摩擦、提高透明度、加快跨境商業速度。對與無數商戶和企業有聯繫的Mastercard來說，與大型銀行的私有代幣網絡對接，有助推動MTN落地。JPM以外，Mastercard亦引進金融科技企業——如Ondo Finance加盟MTN，帶來代幣化美國國債資產（為鏈上交易提供流動性）。
Mastercard’s approach differs from Ripple’s by focusing on tokenized fiat and regulated assets rather than a free-floating crypto. It essentially wants to be the on-chain interoperability layer for banks, merchants, and fintechs, much as it has been in card payments. Its network is designed with compliance (Crypto Credential identity framework), consumer protections, and privacy in mind – areas where open crypto networks have faced challenges. In terms of milestones, Mastercard ran a successful pilot of tokenized bank deposits in 2023 under the Bank of England’s sandbox and demonstrated cross-border use cases like FX transactions on-chain (initially this was misreported as just FX trading, but corrected to cross-border payments). The company has openly stated it sees promise in enabling regulated money to move on-chain and that industry collaboration is crucial.
Mastercard不同於Ripple，主力發展代幣化法幣及受監管資產，而不是自由價格的加密貨幣。本質上，Mastercard希望成為銀行、商戶、金融科技在鏈上的互操作層，正如其在卡支付生態所扮演角色。MTN在設計上著重合規（Crypto Credential身份框架）、消費者保障及私隱——這些都是開放加密網絡一向困難所在。里程碑方面，Mastercard於2023年曾在英格蘭銀行沙盒下成功進行代幣化銀行存款試點，又示範如鏈上外匯交易等跨境應用（最初報道僅講外匯交易，後來更正為跨境支付）。公司亦明言看好受監管貨幣上鏈的潛力，並強調行業協作極為重要。
Given Mastercard’s global reach (2B+ cards, acceptance in 200+ countries), if MTN graduates from pilot to production, it could rapidly scale. One can imagine a future where a bank in the MTN network can send a tokenized GBP to a bank in another country who receives it as tokenized EUR, all through Mastercard’s rails – quite similar to Ripple’s vision, but using bank tokens rather than XRP and with Mastercard as the intermediary coordinating exchange and settlement. The chances of Mastercard becoming a dominant player are high if they execute well: they have the trust of banks and merchants, and they are technology-agnostic enough to integrate whatever digital currency clients prefer (be it stablecoins, CBDCs, or deposit tokens).
憑Mastercard全球覆蓋（逾20億卡，覆蓋200多國），若MTN由試點邁向生產環節，可極速擴張。可想像未來某銀行在MTN內可將代幣化英鎊直接發送到另一國家銀行，對方以代幣化歐元收妥，全程經Mastercard網絡——非常貼近Ripple願景，不過使用銀行代幣而非XRP，且由Mastercard統籌兌換及結算。如果執行得好，Mastercard極有機會成為主導者：銀行和商戶都信任它，而且對技術中立，能兼容客戶喜愛的任何數碼貨幣（穩定幣/CBDC/存款代幣亦可）。
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是完全自建新網絡，但Mastercard（及Visa）就善用既有網絡加持新技術。話雖如此，MTN仍處初期，需要證明其能大規模運行、維持安全性及取得更廣泛應用代幣存款的監管批准。如果2024–2025年各地試點順利並擴展（如進軍歐盟、亞太），Mastercard或會成為區塊鏈跨境支付的領頭羊，甚至令Ripple等方案退居小眾。反之，若銀行偏向用自家方案（如摩根大通自家網絡）或公開穩定幣，Mastercard便要不斷證明其作為業界「連結組織」的價值。
Stablecoin Settlement Layers (USDC and Beyond)
Stablecoins – digital tokens pegged to fiat currencies – have exploded in use over the past few years, and they are increasingly central to cross-border payment innovation. Circle’s USD Coin, in particular, has positioned itself as a sort of “digital dollar” for the internet and is being integrated into various payment networks. Unlike Ripple’s XRP, which is volatile, USDC is fully reserved 1:1 with dollars, making it more directly suitable as a settlement currency for risk-averse institutions. In the past 12 months, stablecoin-based settlement has gone from experimental to practical, with USDC leading the charge thanks to Circle’s partnerships with traditional finance players.
穩定幣——即锚定法定貨幣的數碼代幣——近年使用量飆升，並逐漸成為跨境支付創新的核心。特別是Circle發行的美元穩定幣（USDC），已定位為網絡上的「數碼美元」，並陸續整合至多個支付網絡。與波動較大、價格浮動的XRP不同，USDC是一對一全額準備的美元資產，令其更直接適合風險承受能力低的機構作結算貨幣。過去12個月，穩定幣作結算由試驗階段進入實用層面。得益於Circle攜手傳統金融夥伴，USDC領跑同類產品。
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的發行商Circle已圍繞此穩定幣建立出龐大的支付框架。USDC同時運行於多個公鏈（如Ethereum、Stellar、Algorand、Solana等），可充當不同生態系統的通用結算媒介。Circle亦推出Circle Account及Circle API等服務，讓金融科技公司及企業可無縫在銀行轉帳和USDC之間兌換；還有跨鏈轉帳協議（CCTP），實現USDC跨鏈即時流轉。這一切為建構潛在「USDC網絡」鋪路，使資金流轉簡單如發電郵一般，但背後有受監管的穩定幣做支撐。
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
成效非常明顯。多家大型支付公司正積極擁抱USDC用於跨境資金流。前文提及，Visa已擴展穩定幣試點，以USDC直接向收單機構結算，免卻等待銀行電匯之苦，亦省卻兩日國際電匯延遲及相關成本。又如MoneyGram把Stellar結合USDC，等於把USDC變成全球匯款貨幣——用家未必知道背後是USDC，但這穩定幣能即時促成不同國家MoneyGram分店間的價值傳送。另一全球支付巨頭Stripe，也用USDC（在Ethereum及Solana鏈上）向各地創作者及自由職業者發放USD...
【如需繼續剩餘段落中譯，請補充原文】payouts are difficult. PayPal launched its own USD stablecoin (PYUSD) in 2023, further validating the model (and PayPal could integrate it for cross-border payments between its millions of users).
派發付款一直都唔容易。PayPal 喺 2023 年推出咗自家嘅美元穩定幣（PYUSD），進一步證實咗呢個模式係可行（而且 PayPal 可以將佢整合入橫跨全球幾百萬用戶嘅跨境支付）。
For institutional settlement, a landmark moment was BNY Mellon announcing custody support for USDC reserves, and BlackRock managing a chunk of USDC cash reserves – these steps show growing trust in USDC’s stability. Circle itself has been advocating USDC as a complement or alternative to traditional correspondent banking. In late 2022 and through 2023, regulators and lawmakers have paid attention: some jurisdictions (like Singapore) have been open to stablecoin use under regulation, and the U.S. is debating a stablecoin bill to provide federal oversight and potentially access to Fed backstop for issuers. All this lends credibility that a well-regulated stablecoin could become mainstream for cross-border settlement.
對於機構結算嚟講，一個重大時刻就係 BNY Mellon 宣佈為 USDC 儲備提供託管服務，而 BlackRock 就負責管理一部分 USDC 嘅現金儲備——呢啲舉措反映咗市場對 USDC 穩定性越嚟越有信心。Circle 自己都一直接力推廣 USDC 係傳統通匯銀行制度嘅補充或替代品。去到 2022 年底到 2023 年，監管機構同立法者都開始關注：有啲司法管轄區（例如新加坡）對受監管下使用穩定幣持開放態度，而美國亦正討論緊一份穩定幣法案，旨在賦予聯邦層面監管，同時可能畀發行商有機會用到聯儲局嘅後援。呢啲發展都令穩定幣成為受規管嘅主流跨境結算工具更具可信度。
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).
同 Ripple 用 XRP 做橋接資產（需要市場流動性，同時有匯兌風險）相比，用 USDC（或者其他法幣穩定幣）就代表交易雙方用一種唔會波動嘅貨幣，而且可以直接兌回真實美元。咁樣就解除咗價值波動風險，對企業嚟講係一個好大嘅考慮因素。當然，折衷位在於要有可靠嘅發行商，同埋喺目標區域有足夠嘅流動性。USDC 一直都守得住價值掛鈎（只係 2023 年 3 月銀行擠提時曾經短暫脫鈎，但好快就搞掂），而佢係由短期美國國債同現金作支持。去到 2025 年年中，市值大概有 250 億美元，係主要穩定幣之一，但都有對手例如 Tether（市值更高，不過支持資產冇咁透明，所以唔係咁受機構歡迎）。
The last year saw stablecoins becoming increasingly accepted by banks and fintechs: in an industry survey, over half of global banks reported active involvement in cross-border blockchain payment projects, often citing stablecoins as a tool to achieve faster settlements. The Atlantic Council and Bank for International Settlements have even discussed stablecoins in the context of improving cross-border payments while CBDCs are still in development.
過去一年，穩定幣越嚟越受到銀行同金融科技公司接納：根據一個業界調查，全球過半數銀行話自己已經積極參與跨境區塊鏈支付項目，仲話經常以穩定幣作為加快結算速度嘅工具。大西洋理事會同國際清算銀行都有討論過穩定幣喺改善跨境支付上嘅角色，特別係對 CBDC 仲緊係開發階段嘅情況下。
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 嘅 USDC 憑住同 Visa、MoneyGram、Mastercard（包括卡同日後潛在整合）、Stripe、Coinbase 等合作夥伴，幾有機會成為數碼資產傳送嘅主要結算層。如果政府出台清晰監管指引，傳統銀行都可能用穩定幣——例如只要法律地位問題解決咗，銀行就可以好似處理法幣咁簡單持有同轉帳 USDC。仲有多貨幣穩定幣嘅情景（Circle 推出咗 EURC 歐元穩定幣，其他機構有英鎊、日圓穩定幣）。咁樣可以模仿現時嘅通匯系統（持有多種法幣賬戶），只不過係搬到區塊鏈基礎設施，透過交易所或 AMM 幾乎即時對換，呢種模式同 Ripple 嘅願景好近，只係主角係每個貨幣個自家穩定幣，而唔係一隻橋接代幣。
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.
總結嚟講，好似 USDC 咁嘅穩定幣網絡，本質上係用唔同路徑，達到同 Ripple 一樣嘅目的：令資金可以以互聯網速度喺全球流動。佢哋優勢係以大家熟悉嘅法幣單位計價。但當然，佢哋倚賴對發行商同合作銀行嘅信任，以確保掛鈎同流動性。Ripple 嘅 XRP 係設計做盡量去信任（冇中央發行人），不過正正因為咁，反而令銀行覺得唔安心。穩定幣就係搵到個中庸之道：係區塊鏈上發行，但（理論上）百分百有抵押同經過審計。嚟緊一年可以留意下 Circle 點樣繼續擴展（或者有更多直接同銀行整合、再參與多啲 CBDC 跨鏈試驗——佢哋已經有參與過 Project Dunbar 咁嘅多國央行數碼貨幣先導項目）。如果 USDC 或類似穩定幣獲得更廣泛監管批准，佢哋真係有機會成為主導嘅跨境結算媒介，可能令 XRP 等方案變成專攻某啲利基場景（例如法幣流動性極低嘅偏門渠道，XRP 偶爾都會瞄準呢啲用途）。好可能未來係多元共存：穩定幣負責高頻路線同消費／商業支付，XRP 或其他加密貨幣處理特定流動性需求，最後央行同央行結算就交由 CBDC——全部互聯互通。
Interoperability and Messaging Layers
A crucial aspect of the future of cross-border finance is interoperability – connecting various blockchains, CBDC networks, and traditional systems so value can move seamlessly. Ripple’s network in a sense is one approach to interoperability (linking banks through XRP). But other players are focusing on bridging different ledgers or integrating with existing messaging standards. Key developments in the last year involve projects like Quant’s Overledger, SWIFT’s CBDC connector, and IBM’s World Wire. These aren’t standalone payment networks per se, but they enable different systems to talk to each other, which could either enhance Ripple’s utility or render a single-provider solution less necessary.
跨境金融未來一個好重要元素就係互通性——即係要將唔同嘅區塊鏈、央行數字貨幣（CBDC）網絡同傳統系統連接埋一齊，做到資金無縫流轉。Ripple 嘅網絡其實都算係一種互通方案（用 XRP 將不同銀行鏈接）。但市面上仲有唔同新玩家，主力做嘅係連接唔同帳本或融合現有通訊標準。過去一年最重要發展有 Quant 嘅 Overledger、SWIFT 嘅 CBDC Connector，同 IBM World Wire。呢啲唔係純支付網絡本身，而係令唔同系統可以互相溝通，有機會提升 Ripple 嘅實用性，又或者令單一供應商方案變得唔太必要。
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.
總部喺英國嘅 Quant Network 開發咗 Overledger，一個 API 閘道，畀應用程式可以跨多個區塊鏈同舊系統互操作。Quant 嘅願景係「網絡中的網絡」，金融機構唔使揀某一個帳本（好似 Ripple、Corda 或 Ethereum ）——而係可以靠 Overledger 方便咁接入任何一個甚至多個網絡。過去一年，Quant 嘅信譽大提升——2025 年 5 月入選成為歐洲央行數位歐元先導項目合作伙伴。Quant 幫 ECB 打造一個有高級功能（例如條件付款、多方交易）嘅數位歐元原型，充分利用互通技術，確保數位歐元可同現有金融系統及其他網絡互動。呢個係對 Quant 策略非常大嘅肯定，表現其*「區塊鏈中立」*實力，而且係全球其中一個最矚目嘅 CBDC 項目。
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 仲有參與英倫銀行嘅 Project Rosalind（零售 CBDC API），同時係英國 Digital Pound Foundation 嘅創會成員，積極參與政策設計嘅討論。Overledger 已經同多個熱門企業級 DLT（例如 Corda、Hyperledger）同公鏈（例如 Ethereum、Bitcoin 等）完成整合，可以實現多帳本資產兌換、聚合智能合約等用例。
The unique value proposition here is that Quant isn’t pushing a single network or token (although it does have a utility token QNT for licensing its tech); rather, it facilitates interconnection. In a future where a bank might use RippleNet for some corridors, SWIFT for others, and stablecoins for yet others, Overledger could provide a unified interface. This might indirectly compete with Ripple by reducing the switching cost of using multiple networks (so a bank need not commit fully to Ripple if it can plug into many). On the flip side, if Ripple or XRP Ledger becomes one of many integrated networks, a solution like Overledger could actually drive usage to it by making it accessible alongside others.
Quant 嘅獨特之處係唔鼓吹單一網絡或代幣（雖然有 QNT 功能代幣用來授權技術），而係促進各方互聯互通。將來銀行可能部份路線用 RippleNet、另啲用 SWIFT、又或者用穩定幣，Overledger 就可以提供一個統一介面。咁就變相降低銀行「轉會」成本——唔使完全落重本喺某一條網絡；反過來，如果 Ripple 或 XRP 分帳本變做其中一部份，Overledger 反而可能帶多啲流量畀 Ripple，因為大家都可以一齊用。
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 近期勢頭好勁，特別係同歐洲央行合作，顯示佢有機會成為幕後強國。如果數位歐元或者數位英鎊最終用 Quant 嘅技術做支付架構，Overledger 就等於打入國家關鍵支付基建。佢要稱王嘅機率同其他唔同：好可能會成為無處不在嘅中介軟件，而唔係一個家傳戶曉嘅支付網絡。雖然係咁，佢都可以大大影響生態——例如，如果 Overledger 將唔同國家 CBDC 連埋一齊，跨境支付就係經 CBDC 同 Quant，而唔一定要用中間貨幣例如 XRP。Quant CEO 就話佢哋嘅目標係以互操作性為核心，建構「安全數碼未來」，而過去一年嘅發展見到大型機構對呢個方向幾受落。簡單嚟講，雖然佢本身唔係支付通道，但 Quant 應該會成為多個支付通道嘅連接器——要嘛淡化咗某一家網絡嘅必要性，要嘛確保主導網絡間做到互通。
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.
成行成市幾十年、負責國際銀行訊息嘅 SWIFT，誓要唔比時代拋低。見到區塊鏈既係威脅亦係機會，SWIFT 積極試驗點樣將新興 CBDC 同代幣化資產世界，連接現有金融系統。2022 年，SWIFT 推出咗原型 CBDC 互通方案（通常叫「CBDC Connector」），令使用 SWIFT 介面嘅銀行可以由一個國家 CBDC 網絡，直接將價值轉到另一個其他 DLT 或傳統系統嘅銀行。過去 12 個月，呢個計劃經過咗多次沙盒測試，進展到更加實在嘅部署。
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 公佈咗一個為期 12 星期嘅沙盒測試結果，涉及 18 間央行及商業銀行參與佢哋嘅 CBDC 互聯方案。測試中，模擬咗近 5,000 宗跨唔同區塊鏈網絡同現有法幣支付系統嘅交易，成功實現咗 CBDC 對 CBDC、CBDC 對傳統貨幣等跨境兌換。參與銀行包括法國銀行、德國聯邦銀行、滙豐、渣打等等，都覺得呢個方案有「明顯潛力同價值」。總括嚟講，SWIFT 證明咗佢個 API 為本嘅 CBDC Connector 可以做翻譯器同路由，舉例話，可以將基於 Ethereum 嘅數碼歐元轉帳到 Corda 網絡，再變成數碼美元。因應良好測試結果，SWIFT 而家已經著手開發接駁器嘅測試版……Below is your requested translation.
(For markdown links, translation has been skipped as instructed.)
籌備第二階段沙盒測試，重點聚焦於證券交收同貿易融資嘅應用場景。
SWIFT帶嚟嘅優勢就係佢龐大嘅網絡：全球超過200個國家／地區、11,000間機構已經連接到SWIFT。如果SWIFT為呢啲機構提供一站式方案，令佢哋可以同任意新型區塊鏈貨幣對接，可能好多銀行都會選擇用SWIFT，而唔係由零開始採用類似Ripple咁嘅全新網絡。事實上，SWIFT嘅實驗已經證明，佢可以做到互通而唔需要銀行放棄現有嘅訊息標準——個connector係用API，亦可以整合到SWIFT而家已經轉用嘅ISO 20022報文格式。參與嘅銀行高層強調，經中立平台如SWIFT實現互通，係避免CBDC「數碼孤島」重要一步。
至於分別，SWIFT並冇自己發行代幣或帳本；佢比較似提供一層通訊同協調（仲有機會用到智能合約處理原子級交易）。經SWIFT促成交易之後，最終資金轉移可以係喺某個區塊鏈網絡上完成，不過整個流程都係由SWIFT熟悉嘅渠道統籌。對銀行嚟講，咁樣可以減低運作干擾。對Ripple嚟講，呢個就係競爭威脅：Ripple其中一個賣點，就係連接金融機構更高效做跨境支付，好過傳統SWIFT。如果SWIFT自己都可以靠橋接CBDC或其他代幣，實現接近實時嘅原子清算，銀行自然冇咁大動力要跳去第二條外來網絡。
但係，SWIFT嘅方案其實一樣可以將RippleNet或者Stellar呢啲網絡納入做端點——SWIFT著重係連接性，多於排他性。最近，SWIFT同Chainlink合作研究互通，亦同Capgemini合作連接數碼資產；即係佢儲齊所有底牌。只要保持創新，由於地盤夠大，SWIFT繼續主導嘅機會仍然好高。由過去一年嚟睇，SWIFT明顯發緊力。SWIFT主動同各國央行合作，做技術驗證，有望未來都維持住跨境支付核心樞紐嘅地位。第一個情景，SWIFT個connector變咗做highway，各種網絡（Ripple、Corda、CBDC等等）就好似高速上面嘅不同款車——即係Ripple可能會繼續存在，但未必仲要做highway本身。第二個情景，如果SWIFT動作太慢，而Ripple啲網絡已經食咗大半江山，咁SWIFT都可能會被取代——但現實係，SWIFT而家郁得好快，而且銀行如果用得慣，會傾向繼續用。以現時情況嚟睇，更大可能性係SWIFT會吸納區塊鏈創新並加以融合，而唔係俾一個全新網絡直接取替。
IBM World Wire
IBM World Wire係一次值得留意嘅歷史性嘗試，用區塊鏈去現代化跨境支付。2018年推出，World Wire係一個基於Stellar嘅全球支付網絡，目標對象係受規管金融機構。所有支付訊息、清算、結算，都係喺Stellar賬本上完成，機構之間可以用數碼資產（加密貨幣或穩定幣）實時過數。IBM一開始已經有唔錯覆蓋：World Wire一出道已經去到72個國家，支援47種貨幣、44個銀行地點，仲搵嚟6間國際銀行簽咗發行自家穩定幣嘅意向書（例如歐元、印尼盾、菲律賓披索、巴西雷亞爾等等）。結算可以用Stellar Lumens或大家同意嘅穩定幣，由IBM做網絡營運同驗證者。
不過過去12個月，IBM已經冇再積極推廣World Wire——講到明，到2020年尾IBM已經轉咗策略。2021年佢哋將World Wire嘅codebase開源，唔再諗住自己經營一個專屬網絡。咁做原因係，與其同其他支付網絡正面競爭（涉及監管同搭建流動性），不如就用相關技術同經驗幫客戶自己搭方案。其實IBM即係將World Wire核心貢獻俾開源社群（Stellar本身都係開源），而佢自己就轉返做以IBM Consulting協助整合區塊鏈方案。
不過，World Wire嘅legacy仲喺度：佢係最早推動用穩定幣或代幣作為傳統匯款橋樑資產。譬如World Wire上面，有啲銀行可以用美金穩定幣或者XLM幫法幣兩頭之間搬錢，而家好多人都係參考同一個做法。IBM當時亦都重視合規同信任——內置咗KYC/AML功能，而且機構入場都要審批。
今日嚟講，World Wire唔算係一個主要活躍網絡（同前面提過嘅競爭對手比更係咁），所以話「稱霸」嘅機會唔高。不過IBM一直有做銀行區塊鏈（參與銀行項目、貿易融資等等），World Wire嘅精神都保存住。某程度上，可以話Stellar同MoneyGram嘅結合係承繼緊World Wire嘅路線——只不過今次由MoneyGram主導。至於IBM選擇開源，反映咗佢哋覺得行業最終都係會走向共享網絡唔係開專屬網絡。IBM將來都可能以服務供應商身份發揮大作用，例如有區域銀行或央行搵IBM整一個基於Stellar嘅匯款通道，或者基於Hyperledger嘅清算系統。如果呢啲項目開始流行，IBM同樣間接得益。
總括嚟講，World Wire係比較前瞻性——即早就展示咗端對端區塊鏈支付同即時結算嘅可能性，甚至做到全球72個國家規模。佢證明咗用Lumens做橋樑、anchor發行法定貨幣嘅模式係真係work。World Wire入面嘅anchors，其實等同Ripple早期design入面嘅gateway概念。不過，IBM逐漸收縮，令World Wire依家自身已經唔再競爭Ripple，而當初創意已經散播到其他項目。對呢篇總結嚟講，World Wire算係一個案例，畀大家睇下傳統科技公司點進場。都要講句，光有技術唔代表咩都攪掂——最緊要係落地應用。IBM有技術、有網絡，但可能缺乏推動新應用嘅動力（或者反應太慢），相比之下Ripple就專注錫錫咁衝。
不過，IBM本身品牌力同企業信譽代表住，如果佢再出新招，或者支持某個網絡（例如IBM力撐Stellar或者支援Hyperledger基礎嘅CBDC網絡），都會幫個網絡大大增加公信力。現時IBM主要傾向做合作夥伴身份（佢哋係Stellar Development Foundation成員、又係Hyperledger成員，亦同Ripple等參與行業組織）。所以World Wire唔會稱霸，但IBM喺企業區塊鏈界嘅影響力都會左右下邊個網絡走出頭。銀行每次要採用新技術都會望IBM點睇、會唔會幫手整合，如果IBM支持，隨時可以幫對手喺某啲市場超越Ripple。