Stablecoins：加密貨幣與傳統金融之間的橋樑

近年來，Stablecoins在加密貨幣和全球金融世界中越來越重要。

In recent years, stablecoins have gained an increasingly significant role in the world of cryptocurrencies and global finance. Initially created as a digital equivalent of traditional fiat currencies, these cryptocurrencies, whose value is stably linked to real currencies like the US dollar, have become fundamental tools for investors, companies, and financial institutions, also thanks to their ability to address the issue of high volatility typical of cryptocurrencies like Bitcoin and Ethereum.

近年來，Stablecoins在加密貨幣和全球金融世界中越來越重要。這些加密貨幣最初是作為數字等同的數字化等效性的，其價值穩定地與諸如美元的真實貨幣穩定相關，也已成為投資者，公司和金融機構的基本工具，也是由於它們能夠解決典型的加密貨幣（例如比特幣和以太幣）的高波動性問題。

Stablecoins represent, in fact, a crucial bridge between cryptocurrencies and traditional (fiat) currencies. They allow for maintaining capital stability in the crypto market and facilitate the transition from conventional financial systems to digital ones, enabling fast, economical, and secure international transactions.

實際上，穩定幣代表了加密貨幣與傳統（法定）貨幣之間的關鍵橋樑。它們允許在加密市場中維持資本穩定，並促進從傳統的金融系統到數字系統的過渡，從而實現快速，經濟和安全的國際交易。

The main stablecoins on the market: USDT, USDC, and DAI

市場上的主要穩定幣：USDT，USDC和DAI

According to CoinMarketCap, the most widespread stablecoins currently are USDT (Tether), the undisputed leader with a capitalization exceeding 150 billion dollars, followed by USDC (Circle) with about 60 billion and DAI with about 6 billion dollars. A fundamental characteristic of many of these stablecoins is that their value is primarily guaranteed by reserves in government bonds, particularly American ones. This direct relationship with bond markets makes stablecoins not only stable but also strategic for the management of global financial risk.

根據CoinMarketCap的說法，目前最廣泛的Stablecoins是USDT（Tether），這是無可爭議的領導人，其資本化超過1500億美元，其次是USDC（Circle），約600億美元，大約60億美元，約有60億美元。許多這些穩定幣的基本特徵是，它們的價值主要由政府債券（尤其是美國債券）的儲備提供的保證。與債券市場的這種直接關係使穩定的人不僅穩定，而且使管理全球金融風險的戰略性。

Stablecoin and American public debt: a strategic relationship

Stablecoin和美國公共債務：戰略關係

Stablecoins could also help stabilize the public debt situation, particularly the US debt, which has recently surpassed 36.5 trillion dollars, reaching record levels. A constant demand for stablecoins, in fact, would ensure a continuous flow of buyers for US government bonds, mitigating the risk associated with a potential shortage of investors.

Stablecoins還可以幫助穩定公共債務狀況，尤其是最近超過365萬億美元的美國債務，達到了創紀錄的水平。實際上，對穩定幣的需求不斷，將確保購買者持續流動美國政府債券，從而減輕與潛在的投資者短缺相關的風險。

A significant example of this dynamic is Tether, which is developing ambitious plans to further expand into emerging markets, improve the transparency of reserves, and align with emerging regulations. If effectively realized, these projects could make stablecoins even more central in global economic transactions.

這種動態的一個重要例子是束縛，它正在製定雄心勃勃的計劃，以進一步擴展到新興市場，提高儲備金的透明度，並與新興法規保持一致。如果有效地實現，這些項目可能會使穩定幣在全球經濟交易中更加核心。

Why stablecoins are attracting more and more institutional investors

為什麼Stablecoins吸引越來越多的機構投資者

The constant growth of the total capitalization of stablecoins, even during negative periods for other cryptocurrencies, confirms their function as a safe and reliable haven to remain in the crypto world without undergoing its typical fluctuations, while simultaneously increasing the trust and interest of institutional and private investors. 

即使在其他加密貨幣的負面時期，穩定蛋白的總資本化的不斷增長也證實了它們作為安全可靠的避風港的功能，可以留在加密貨幣世界中，而沒有經歷典型的波動，同時增加了機構和私人投資者的信任和利益。

This positive trend is also a clear signal of the growing general interest in the world of cryptocurrencies, indicative of an ever-increasing acceptance and integration of these technologies into global finance.

這種積極的趨勢也是一個明顯的信號表明，對加密貨幣世界的普遍興趣日益增長，這表明這些技術的接受和整合到全球金融中。

The digital payments sector is also strongly focusing on stablecoins. Giants like Stripe see them as the key for instant, economical, and secure payments, ideal especially for e-commerce and for companies operating globally. 

數字支付部門也非常專注於穩定劑。像Stripe這樣的巨人將它們視為即時，經濟和安全付款的關鍵，尤其是電子商務和全球運營的公司。

This growing adoption could represent a fundamental step towards a mass spread of stablecoins, allowing for greater financial inclusion and opening new economic opportunities, especially in emerging countries where access to traditional banking systems is limited.

這種日益增長的採用可能代表著大規模的穩定者邁出的基本一步，允許更大的財務包容性並開放新的經濟機會，尤其是在進入傳統銀行體系的新興國家中。

Stablecoin in DeFi: stability and yield in the new financial ecosystem

defi中的Stablecoin：新金融生態系統中的穩定性和產量

Stablecoins have also become fundamental in the landscape of decentralized finance (DeFi). They offer not only stability and security to users but also the possibility of obtaining returns through loans, interest, and other advanced financial services.

穩定幣在分散金融（DEFI）的景觀中也已成為基礎。他們不僅為用戶提供穩定性和安全性，還可以通過貸款，利息和其他高級金融服務獲得回報。

The ability of many stablecoins to operate on multiple decentralized blockchains ensures greater flexibility, transparency, and security, elements highly appreciated by users around the world.

許多穩定劑在多個分散的區塊鏈上運作的能力可確保更高的靈活性，透明度和安全性，這是全球用戶高度讚賞的元素。

Risks and controversies: the USD1 case of the Trump family

風險和爭議：特朗普家族的USD1案件

However, there are no shortages of critical issues and challenges. A discussed example is USD1, a stablecoin introduced by the Trump family through their company World Liberty Financial, which has raised doubts about transparency and potential conflicts of interest.

但是，沒有缺乏關鍵問題和挑戰。一個討論的例子是USD1，這是特朗普家族通過其公司World Liberty Financial引入的Stablecoin，這引起了人們對透明度和潛在利益衝突的懷疑。

The main issue among these concerns the fact that a private company connected to the family of the President of the United States profits from the purchase of U.S. public debt securities, used to guarantee the value of the stablecoin itself.

這些主要問題涉及這樣一個事實，即一家私人公司通過購買美國公共債務證券的利潤與美國總統的家族有關，用於保證Stablecoin本身的價值。

This implies that the private company could derive direct economic benefits from the government’s political decisions regarding the issuance and management of debt, generating concerns about possible political influence and the impartial management of economic policies. Episodes like these highlight the importance of clear and strict regulations to protect users and ensure trust in the system.

這意味著私人公司可以從政府關於發行和管理債務的政治決定中獲得直接的經濟利益，從而對可能的政治影響以及對經濟政策的公正管理產生關注。這樣的情節強調了清晰而嚴格的法規對保護用戶並確保對系統的信任的重要性。

Regulations Compared: USA vs Europa

法規比較：美國與歐羅巴

A fundamental aspect remains precisely the regulatory one. International regulations, currently fragmented and not very uniform, are crucial to ensure clarity and security for investors. In the United States, the discussion on new specific regulations for cryptocurrencies and stablecoins is at the center of the political debate. 

基本方面仍然是監管方面。國際法規目前分散而不是很統一，對於確保投資者的清晰度和安全至關重要。在美國，關於加密貨幣和穩定的新特定法規的討論是政治辯論的中心。

The President Donald Trump, for example, has recently stated that he is ready to sign specific laws as early as August, which could significantly contribute to creating a more defined and stable environment for the sector.

例如，唐納德·特朗普（Donald Trump）總統最近表示，他準備早在八月之前就簽署特定法律，這可能會為為該行業創造一個更明確和穩定的環境做出重大貢獻。

Well-structured regulations could further accelerate the mass adoption of stablecoins, reassuring operators and encouraging substantial investments. 

結構良好的法規可以進一步加速大規模採用Stablecoins，使運營商放心並鼓勵大量投資。

On the other hand, in Europe, the debate on digital currencies proceeds with greater caution and slowness compared to the United States, with the concrete risk that the Old Continent falls behind in the race for global financial and technological innovation. This delay could limit European competitiveness in the fintech sector

另一方面，在歐洲，關於數字貨幣的辯論與美國相比要謹慎和緩慢進行，其舊大陸在全球金融和技術創新競賽中落後於舊大陸的具體風險。這種延遲可能會限制歐洲金融科技領域的競爭力