對穩定的新興趣

美國和歐洲的監管機構最近採取的行動為使用加密貨幣創造了更直接的準則。

Recently, there has been renewed interest in stablecoins, signaled by the involvement of “traditional” financial institutions.

最近，對“傳統”金融機構的參與表明，對穩定幣的興趣重新引起了人們的興趣。

Bank of America and Standard Chartered are considering launching their own stablecoin, joining JPMorgan, which launched its stablecoin, JPM Coin — now Kinexys Digital Payments — to facilitate transactions with their institutional clients on their blockchain platform, Kinexys (formerly Onyx).

美國銀行和標準包機正在考慮推出自己的Stablecoin，加入JPMorgan，該公司推出了其StableCoin JPM Coin（現為Kinexys數字支付），以促進與其機構客戶的交易，以便在其區塊鏈平台Kinexys（前Onyx）上與機構客戶進行交易。

Mastercard plans to bring stablecoins to the mainstream, joining Bleap Finance, a crypto startup. The aim is to enable stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails.

萬事達卡計劃將Stablecoins帶到主流，加入Crypto創業公司Bleap Finance。目的是使Stablecoins能夠直接花在不轉換或中介機構的情況下，將區塊鏈資產與MasterCard的全球支付軌道無縫集成。

In early April, Visa joined the Global Dollar Network (USDG) stablecoin consortium. The company will become the first traditional finance play to join the consortium.

4月初，Visa加入了全球美元網絡（USDG）Stablecoin財團。該公司將成為加入該財團的第一場傳統金融戲劇。

In late March, NYSE parent Intercontinental Exchange (ICE) announced that it is investigating applications for using USDC USDCOIN stablecoin and US Yield Coin within its derivatives exchanges, clearinghouses, data services and other markets.

3月下旬，紐約證券交易所洲際洲際交易所（ICE）宣布，它正在調查使用USDC USDCOIN Stablecoin和美國在其衍生品交易所，銷售人員，數據服務和其他市場中使用USDC的申請。

Why the renewed interest in stablecoins?

為什麼對穩定的興趣重新興趣？

The stablecoin landscape

Stablecoin景觀

There are over 200 stablecoins, mostly pegged to the US dollar. Two well-established stablecoins, Tether’s USDt USDTUSD, the oldest, launched in 2014, and USDC, launched in 2018, hold 65% and 28% of the stablecoins market cap, respectively — both are centralized fiat collateralized.

有200多個穩定的穩定蛋白，主要固定在美元上。 Tether的USDT USDTUSD（最古老的）於2014年推出，並於2018年推出了兩個成熟的Stablecoins，分別持有穩定的穩定性市場上限的65％和28％，兩者均是集中化的菲亞特菲亞特（FIAT）。

Recent: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

最近：Crypto想推翻銀行，現在正在Stablecoin戰鬥中成為他們

In third place is a relatively new one, USDe, which launched in February 2024, with about 2% of the stablecoin market cap and has an unconventional mechanism based on derivatives in the crypto market. Although it runs on a DeFi protocol on Ethereum, it incorporates centralized features since centralized exchanges hold the derivatives positions.

第三名是一個相對較新的USDE，該公司於2024年2月推出，約有2％的Stablecoin市值，並且具有基於加密貨幣市場中衍生物的非常規機制。儘管它在以太坊上的DEFI協議上運行，但由於集中式交換持有衍生品位置，因此它包含了集中的特徵。

There are three primary mechanisms of stablecoins:

穩定的三種主要機制：

Centralized, fiat-collateralized: A centralized company maintains reserves of the assets in a bank or trust (e.g., for currency) or a vault (e.g., for gold) and issues tokens (i.e., stablecoins) that represent a claim on the underlying asset.

集中式，菲亞特 - 合理化：一家集中式公司維持銀行或信託中的資產儲量（例如，貨幣）或保險庫（例如黃金）以及代表基礎資產索賠的問題代幣（即，stablecoins）。

Decentralized, cryptocurrency-collateralized: A stablecoin is backed by other decentralized crypto assets. One example can be found in the MakerDAO stablecoin Dai DAIUSD, which is pegged to the US dollar and encapsulates the features of decentralization. While a central organization controls centralized stablecoins, no one entity controls the issuance of DAI.

分散的加密貨幣 - 物質化：穩定幣由其他分散的加密資產支持。可以在Makerdao stablecoin dai dai daiusd中找到一個例子，該dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai。儘管中央組織控制著集中的穩定穩定，但沒有一個實體控制DAI的發行。

Decentralized, uncollateralized: This mechanism ensures the stability of the coin’s value by controlling its supply through an algorithm executed by a smart contract. In some ways, this is no different from central banks, which also don’t rely on reserve assets to keep the value of their currency stable. The difference is that central banks, like the Federal Reserve, set a monetary policy publicly based on well-understood parameters, and its status as the issuer of legal tender provides the credibility of that policy.

分散的，不承擔的：這種機制通過通過智能合約執行的算法來控制其供應，從而確保了硬幣價值的穩定性。在某些方面，這與中央銀行沒有什麼不同，中央銀行也不依靠儲備金來保持其貨幣穩定的價值。不同之處在於，像美聯儲一樣，中央銀行根據眾所周知的參數公開制定了一項貨幣政策，其作為法定貨幣發行人的地位提供了該政策的可信度。

Depegging, risk and fraudsters

Depeggging，風險和欺詐者

Stablecoins are supposed to be stable. They were created to overcome the inherent volatility of cryptocurrencies. To maintain their stability, stablecoins should (1) be pegged to a stable asset and (2) follow a mechanism that sustains the peg.

穩定劑應該是穩定的。它們的創建是為了克服加密貨幣的固有波動。為了保持其穩定性，應（1）將穩定菌固定在穩定的資產上，並且（2）遵循一種維持釘子的機制。

If stablecoins are pegged to gold or electricity, they will reflect the volatility of these assets and thus may not be the best choice if you are seeking a no-risk (or close to no-risk) asset.

如果將穩定幣固定在黃金或電力上，它們將反映這些資產的波動性，因此，如果您尋求無風險（或接近無風險）資產，則可能不是最佳選擇。

USDe maintains a peg to the USD through delta hedging. It uses short and long positions in futures, which generates a 27% yield annually — significantly higher than the 12% annual yield of other stablecoins pegged to the USD. Derivative positions are considered risky — the higher the risk, the higher the return. Therefore, it encapsulates an inherited risk due to its reliance on derivatives, which runs counter to the purpose of stablecoins.

USDE通過Delta Hedging保持了USD的釘子。它在期貨中使用短而長的頭寸，每年產生27％的收益率，顯著高於其他與美元的固定股的年收益率的12％。衍生職位被認為是風險 - 風險越高，收益越高。因此，由於其依賴衍生物的依賴，它與穩定的目的相反，它封裝了繼承的風險。

Stablecoins have been around for more than a decade. During this time, there were no major depegging fiascos other than the case of Terra. The collapse of Terra was not the result of a reserve problem or mechanism but rather the act of fraudsters and manipulators.

穩定幣已經存在了十多年。在這段時間裡，除了Terra外，沒有其他重大的fiascos。 Terra的崩潰不是儲備問題或機制的結果，而是欺詐者和操縱者的行為。

TerraUSD (UST) had a built-in arbitrage mechanism between UST and the Terra blockchain native coin, LUNA. To create UST, you needed to burn LUNA.

Terrausd（UST）在UST和Terra區塊鏈本地硬幣Luna之間具有內置的套利機制。要創建UST，您需要燃燒Luna。

To entice traders to burn LUNA and create UST, the creators of the Terra blockchain offered a 19.5% yield on staking, which is crypto terminology for earning 19.5% interest on a deposit, through what they called the Anchor protocol.

為了吸引交易者燃燒Luna並創建UST，Terra區塊鏈的創建者在股權上提供了19.5％的收益率，這是Crypto術語，即通過所謂的錨點協議，賺取了19.5％的存款利息。

Such a high interest rate is simply not sustainable. Someone has to borrow at such a Trump administration executive order 14067, "Strengthening American Leadership in Digital Financial Technology

如此高的利率根本不可持續。有人必須在這樣的特朗普政府行政命令14067上借用，“加強了美國在數字金融技術方面的領導