After years of being critical of meme coins, Garlinghouse took a more measured approach this time, saying that they aren't going anywhere, especially given the high liquidity of Dogecoin.

經過多年批評模因硬幣，加林豪斯這次採取了更加衡量的方法，稱它們不會去任何地方，尤其是考慮到Dogecoin的流動性很高。

"It's part of the ecosystem. It plays a role," Garlinghouse said. But his core view hasn't changed much, especially when it comes to long-term value.

加林豪斯說：“這是生態系統的一部分。它發揮了作用。”但是他的核心觀點並沒有太大變化，尤其是在長期價值方面。

"I've never purchased a meme coin, ever. There are still scams, rug pulls, and hype coins out there with no real users or products," he said.

他說：“我從來沒有購買過模因硬幣。那裡仍然有騙局，地毯拉和炒作硬幣，沒有真正的用戶或產品。”

Garlinghouse also warned that the fallout from meme coins has made it harder for serious projects to be taken seriously.

Garlinghouse還警告說，Meme Coins的後果使認真對待認真的項目變得更加困難。

"Elon brought a lot of capital to the ecosystem with Dogecoin, but I think we're seeing the downsides of that move as well," he said.

他說：“埃隆（Elon）用狗狗（Dogecoin）帶來了很多資本，但我認為我們也看到了這種行動的不利影響。”

The threat of scams was a running theme at Apex 2025, especially in light of the recent collapse of FTX and the fallout from Sam Bankman-Fried's alleged crimes.

騙局的威脅是Apex 2025的一個主題，尤其是鑑於FTX最近崩潰以及Sam Bankman-Fried所謂的犯罪的後果。

"We're entering a new era of financial integration, but we need to be mindful of the scams and opportunistic actors who could set back this progress," Garlinghouse said.

Garlinghouse說：“我們正在進入財務整合的新時代，但是我們需要注意可以恢復這一進展的騙局和機會主義行為者。”

"There are still plenty of scams out there, and we saw that last year with FTX. But we're also seeing a genuine shift in attitude from institutions and governments."

“那裡仍然有很多騙局，我們去年與FTX看到了這一點。但是，我們也看到了機構和政府的態度發生了真正的轉變。”

Garlinghouse said that he remains "bullish on stablecoins" and sees Tether and USDC as the clear front-runners in this space.

Garlinghouse說，他仍然是“對Stablecoins的看漲”，並將Tet​​her和USDC視為這個空間中清晰的領先者。

"This use case will be more important," Garlinghouse added, noting that about 20% of USDC's distribution happens on the XRP Ledger.

Garlinghouse補充說：“這種用例將更重要。”

He also pointed to the success of Circle's recent IPO as a sign of where the market is headed.

他還指出，Circle最近的IPO取得了成功，以表明市場的發展方向。

"Circle's IPOs clearly went very well. That's a reflection of investor interest in crypto, both institutions and retail."

“ Circle的IPO顯然進行得很好。這反映了投資者對機構和零售業的加密貨幣的興趣。”

Garlinghouse believes that the U.S. is finally turning a corner on crypto regulation, especially with the GENIUS Act expected to pass the Senate soon.

加林豪斯（Garlinghouse）認為，美國終於在加密法規上扭轉了一個角落，尤其是天才法案預計即將通過參議院。

"Regulatory headwinds have now become tailwinds in the U.S., and that's good for the global landscape," Garlinghouse said.

Garlinghouse說：“監管逆風現在已經成為美國的逆風，這對全球景觀很好。”

Other countries, including Hong Kong and South Korea, are also rolling out their own stablecoin frameworks this year, which could help to shift the narrative away from speculation and towards more sustainable use cases for crypto.

包括香港和韓國在內的其他國家也正在今年推出自己的Stablecoin框架，這可能有助於將敘述從猜測轉移到加密貨幣的更可持續性的用例中。

"This global shift could make regulated crypto adoption more realistic in the near term."

“這種全球轉變可能會使受監管的加密採用在短期內更現實。”

Beyond the talk of memes and stablecoins, the bigger picture at Apex 2025 was Ripple's focus on shifting the narrative around XRP from a speculative asset to infrastructure for cross-border finance.

除了談論模因和穩定幣外，Apex 2025的更大局面是Ripple的重點是將XRP周圍的敘述從投機資產轉移到跨境財務的基礎設施。

As banks and governments continue to explore blockchain use cases and experiment with tokenized assets, Ripple is laying the groundwork for XRP to play a key role in this emerging landscape.

隨著銀行和政府繼續探索區塊鏈用例並試驗令牌資產，Ripple為XRP奠定了基礎，以在這一新興景觀中發揮關鍵作用。

But as this institutional push continues, it's crucial to stay vigilant against scams and opportunistic actors who could threaten the progress that has been made.

但是，隨著機構的推動力的繼續，至關重要的是要對騙局和機會主義行為者保持警惕，他們可能威脅到已經取得的進步。