Actually You Know

稳定币巨额链上交易量为何难变成日常支付？一场覆盖通道、牌照、风控与 AI 的完整访谈——发卡基建商 Interlace 拆解：六大落地条件、CaaS 与卡组织、「三明治」清算升级、合规护城河，以及 AI Agent 支付往哪走｜ft. Interlace Simon | Actually You Know EP02｜Stablecoins at Scale vs Everyday Checkout: Six Conditions, CaaS, Compliance & AI Agent Payments ft. Interlace Simon视频版：https://www.youtube.com/watch?v=ZzrD-ILCj2oTOPICS COVERED00:00 开场与职业转折：PayPal/万里汇到 Web3 基建Opening and career pivot: from PayPal / WorldFirst to Web3 infrastructure03:57 Interlace 做什么：CAAS/BaaS 与链上—消费通道What Interlace does: CAAS/BaaS and the on-chain-to-spend rail04:57 体量矛盾与落地六条件：33 万亿 vs 咖啡店体感Scale vs. reality: $33T volume vs. the coffee-shop experience, and six conditions for adoption08:12 六环进展与生态位：已打通哪些、Visa 主成员角色Progress across the six links and market position: what’s live, and the Visa principal member role10:53 产业链与场景：B2B 体量、C 端增速与典型客户Industry chain and use cases: B2B scale, consumer growth, and typical customers14:14 CaaS 意义：模块化发卡、平台内嵌支付与卡组织关系Why CAAS matters: modular issuance, embedded platform payments, and ties to card networks19:34 三明治模型：两端法币体验、中间稳定币清算与演进The “sandwich” model: fiat UX on both ends, stablecoin clearing in the middle, and what’s next22:14 AI 支付：Agent、Token 载体、合规与监测提效AI payments: agents, tokenized instruments, compliance, and smarter monitoring33:01 「免 KYC」卡：需求心理、企业卡套利与风险“No-KYC” cards: user psychology, corporate-card arbitrage, and the risks36:33 合规护城河：牌照布局、保守策略与地区悖论Compliance as a moat: licensing, a conservative playbook, and the regional paradox45:30 Visa 主成员与分层风控：卡组织—发卡方—伙伴Visa principal membership and layered risk controls: scheme, issuer, partners47:04 未来 12–18 个月：支付入口前置与原生闭环Next 12–18 months: moving payments to the front page and native closed-loop flows---SERIES OVERVIEWActually You Know is an interview series from LongTree Labs, featuring fresh conversations with the builders, researchers, and operators shaping the next generation of financial infrastructure — from stablecoins and DeFi to on-chain finance and beyond.Each episode is designed around one principle: the people actually building these systems may know things you don't — and we're here to close that gap.Actually You Know. Because you can.

10月11日黑天鹅事件后，USDS 逆势增长了 20 亿美元。当时大多数项目都在「失血」，但 Sky 没有。在本期 《Actually You Know》中，Kayla 对话 Spark 亚太区负责人 Tim，深度拆解这背后的逻辑。我们探讨了「Sky 作为中央银行 / Spark 作为商业银行」的宏大架构、131 亿美元的储备金规模、41.6 亿美元的 PSM 缓冲池，以及为什么 Spark 80% 的利润并非来自借贷，而是源于流动性层（Liquidity Layer）。我们还深入挖掘了治理风险、SKY 代币的高度集中化，以及当你真正拆解数据时，「最安全稳定币」的真实含义。Tim 的最终观点：稳定币市场规模将从 3000 亿美元爆发至 2-3 万亿美元，DeFi 才刚刚拉开序幕。而如果美元发生崩溃，USDS 可能是前十大稳定币中唯一能幸存下来的那一个。视频版：https://www.youtube.com/watch?v=QrnatV56TKETOPICS COVERED00:00  USDS铸造量逆风增长20亿 | Sky revenue排名全网第一USDS +$2B against the tide; Sky #1 by on-chain revenue02:45 Sky=央行、Spark=商行：100亿美金分水岭与Sub-DAO设计逻辑Sky as central bank, Spark as commercial bank; $10B threshold & Sub-DAO design06:11 为什么超额抵押稳定币是「独一份」？5–8年美债风险假设Why overcollateralized stablecoins are unique; 5–8yr U.S. debt risk view08:57 USDS的起源：牛市不卖ETH、抵押借贷的原生场景USDS origin: don’t sell ETH in bull market; native collateralized-borrow use case10:52 钱从哪来：Sky拨备 + Spark自有储蓄系统Where the money comes from: Sky allocation + Spark Savings14:14 131亿总抵押 / 126%抵押率 / 41.6亿PSM一键刚兑$13.1B collateral / 126% ratio / $4.16B PSM instant redeem18:01 超额抵押稳定币为什么铸币成本不更高？Circle渠道费模型Why isn’t minting cost higher? Circle spread-fee model21:38 80%利润来自Liquidity Layer：「水利万物而不争」80% profit from Liquidity Layer; capital allocation across protocols27:22  20亿怎么分：Morpho 50% / PayPal 23% / Maple 9%How $2B is allocated: Morpho 50% / PayPal 23% / Maple 9%30:16 Spark怎么赚钱：4000万国库、5000万/7000万回购、年化收益测算How Spark earns: $40M treasury, $50M/$70M buyback, yield math34:24 Curator怎么选：池子、流动性历史、风险偏好How Curators are chosen: pool, liquidity history, risk appetite38:01 Sky本币抵押只占1%：Luna 100% vs 1%的「鲶鱼效应」Sky native collateral only 1%; Luna 100% vs 1% “catfish” contrast43:48 PSM 40亿流动性一天到零的极端情景推演Extreme scenario: $4B PSM liquidity goes to zero in one day46:52 林迪效应（黄金/比特币/Sky 8年）：Tim为什么说USDS比USDT更安全Lindy effect (gold, Bitcoin, Sky 8yr); why Tim says USDS beats USDT on safety50:05 谁在决定流动性分配？渐进式去中心化与治理攻击向量Who decides allocation? Gradual decentralization & governance attack vectors52:51 新业务：机构托管借贷 + 5000–8000万保险金库New: institutional custodial lending + $50–80M insurance buffer57:05 快问快答：以太坊、稳定币后市、比特币生态、2026赛道Lightning round: Ethereum, stablecoin outlook, Bitcoin L2, 2026 themes ---SERIES OVERVIEWActually You Know is an interview series from LongTree Labs, featuring fresh conversations with the builders, researchers, and operators shaping the next generation of financial infrastructure — from stablecoins and DeFi to on-chain finance and beyond.Each episode is designed around one principle: the people actually building these systems may know things you don't — and we're here to close that gap.Actually You Know. Because you can.