Stablecoins：傳統貨幣和數字貨幣之間缺少的聯繫

在數字貨幣不斷發展的領域中，加密貨幣的舞台早已承諾會徹底改變資金的管理方式。

In the ever-evolving field of digital currency, cryptocurrencies have long promised to revolutionize how money is managed. But their road to widespread adoption has been hampered by one major setback: volatility. Bitcoin, Ethereum, and other large cryptocurrencies can shift in value radically within a matter of hours. To the general consumer, that makes them less practical for regular transactions or saving.

在不斷發展的數字貨幣領域，加密貨幣早已承諾將革新資金的管理方式。但是，他們的廣泛採用之路受到了一個重大挫折：波動性的阻礙。比特幣，以太坊和其他大型加密貨幣可以在數小時內從根本上轉移價值。對於一般消費者而言，這使得它們在定期交易或儲蓄方面的實用性不大。

But a new class of digital currency, known as stablecoins, is aiming to offer the best of both worlds. They take the technological advantages of cryptocurrencies—such as instant cross-border transactions and programmability—and combine them with the stability of traditional fiat currencies like the US dollar or Indian rupee. And in doing so, stablecoins are slowly becoming a bridge between the old and the new world of finance.

但是，一種新的數字貨幣（稱為Stablecoins）的目標是提供兩全其美的最好。他們採用加密貨幣（例如即時的跨境交易和可編程性）的技術優勢，並將它們與傳統法定貨幣（如Dollar或Indian Rupee）等傳統法定貨幣的穩定性相結合。這樣一來，穩定幣正逐漸成為舊金融世界和新世界之間的橋樑。

What Are Stablecoins?

什麼是Stablecoins？

Stablecoins are cryptocurrencies that are typically collateralized against a stable asset and attempt to maintain a constant price. They are most commonly pegged to fiat currencies such as the dollar or euro, or commodities like gold. For instance, one of the most widely used stablecoins, USDT (Tether), claims to be backed by US dollar reserves.

穩定的是加密貨幣，通常會抵押穩定的資產並試圖保持恆定價格。他們最常見於諸如美元或歐元之類的法定貨幣或黃金等商品。例如，使用美元儲備金是USDT（Tether）的最廣泛使用的Stablecoins之一。

There are several types of stablecoins:

有幾種類型的Stablecoins：

* Fiat-backed stablecoins: These are backed by bank reserves. For example, every USDC token is said to be backed by a dollar in a dedicated account.

*菲亞特支持的穩定幣：這些是銀行儲備的支持。例如，據說每個USDC令牌都會在專用帳戶中得到一美元的支持。

* Crypto-backed stablecoins: These are backed by other cryptocurrencies but use such tools as over-collateralization to guarantee stability.

*加密支持的Stablecoins：這些由其他加密貨幣支持，但使用諸如過度匯總化的工具來保證穩定性。

* Algorithmic stablecoins: These are managed by smart contracts and algorithms that regulate supply and demand in an attempt to maintain constant prices without backing by actual assets.

*算法stablecoins：這些是由智能合約和算法管理的，這些算法和算法調節供求，以試圖維持恆定價格，而不會得到實際資產的支持。

Why Do Stablecoins Matter?

為什麼stablecoins很重要？

Stablecoins are significant because they solve a fundamental problem: trust in value. While crypto assets offer borderless and decentralized transactions, they do not offer optimal price stability. Stablecoins offer a middle ground. They enable users to enjoy the speed and convenience of crypto without having to contend with the extreme highs and lows of Bitcoin or Ethereum.

穩定劑很重要，因為它們解決了一個基本問題：對價值的信任。儘管加密資產提供無邊界和分散交易，但它們沒有提供最佳的價格穩定性。 Stablecoins提供了中間立場。它們使用戶能夠享受加密貨幣的速度和便利性，而不必與極端的高點和比特幣或以太坊抗衡。

This is particularly important in countries with domestic currencies of high inflation or underdeveloped banking infrastructure. Stablecoins could offer a safer and more efficient alternative for saving and transferring money within these regions.

這在高通貨膨脹或欠發達銀行基礎設施的國內貨幣國家中尤其重要。 Stablecoins可以為在這些地區節省和轉移資金提供更安全，更有效的替代方案。

Real-World Applications of Stablecoins

Stablecoins的現實應用程序

The applications of stablecoins in the real world are growing rapidly. Here are some examples:

穩定蛋白在現實世界中的應用正在迅速增長。這裡有一些例子：

* Cross-border payments: Traditional remittance services can be slow and expensive. Stablecoins offer a faster and cheaper alternative. An American employee could send USDC to his family in India in minutes, bypassing banks and excessive fees.

*跨境支付：傳統匯款服務可能會緩慢且昂貴。 Stablecoins提供了更快，更便宜的選擇。一名美國僱員可以在幾分鐘內將USDC送往印度的家人，繞過銀行和費用過多。

* Decentralized Finance (DeFi): Stablecoins are heavily used within DeFi protocols for trading, lending, and borrowing. Their stability makes them ideal collateral and settlement tools for these applications.

*分散的財務（DEFI）：在Defi協議中大量用於交易，貸款和借款。它們的穩定性使它們成為這些應用程序的理想抵押和結算工具。

* E-commerce: Some traders and businesses already accept stablecoins as payment, especially in digital commodities or technology domains.

*電子商務：一些貿易商和企業已經接受穩定的款項作為付款，尤其是在數字商品或技術領域。

* Payroll and freelancing: Global enterprises are experimenting with paying remote workers or freelancers in stablecoins, especially for salaries in currencies that are less stable.

*工資和自由職業：全球企業正在嘗試使用Stablecoins付費遠程工人或自由職業者，尤其是對於不穩定的貨幣薪水而言。

Challenges to Widespread Adoption

廣泛採用的挑戰

Despite their potential, stablecoins are not without risks or controversy.

儘管有潛力，但穩定的並非沒有風險或爭議。

* Regulation is a big factor. Most governments are wary of the implications for monetary policy and financial stability if private companies can issue currencies. In 2023, several nations began working on rules to bring more transparency and oversight to stablecoin issuers. In India, the Reserve Bank was cautious, stating that a regulatory and legal framework would need to come into place before there is any widespread use of private virtual currencies for any value transfer.

*法規是一個重要因素。如果私營公司可以發行貨幣，大多數政府對貨幣政策和財務穩定的影響都保持警惕。 2023年，幾個國家開始努力為Stablecoin發行人帶來更多透明度和監督。在印度，儲備銀行謹慎，指出，在廣泛使用私人虛擬貨幣進行任何價值轉移之前，需要進行監管和法律框架。

* Another issue is transparency in reporting what exactly collateralizes the coins. Some stablecoin issuers have been accused of not disclosing the reserves fully or clearly enough. If a stablecoin is represented to be fully backed by fiat money but isn't, and people begin running on the coin to redeem it, the coin's price could collapse. It's a dynamic similar to a bank run, where if rumors start that a bank doesn't have enough assets to cover deposits, depositors will withdraw their funds, ultimately bankrupting the bank.

*另一個問題是透明度報告什麼確切地抵押了硬幣。一些Stablecoin發行人被指控不完全或清楚地披露儲量。如果代表穩定的人是由菲亞特錢完全支持的，但不是，人們開始在硬幣上奔跑以贖回它，那麼硬幣的價格可能會崩潰。這是一種與銀行運營相似的動態，如果謠言開始說銀行沒有足夠的資產來支付存款，那麼存款人將撤回其資金，最終使銀行破產。

Bridging Finance with Innovation

創新橋樑融資

Despite these challenges, the fundamental premise underlying stablecoins is still compelling. By having a stable value but existing on a decentralized blockchain, they represent a way of enabling crypto to be incorporated in mainstream finance.

儘管面臨這些挑戰，但基本的前提是斯abalecoins仍然令人信服。通過具有穩定的價值，但存在於分散的區塊鏈上，它們代表了使加密貨幣納入主流金融的一種方式。

Now the banks and the fintech players are waking up and beginning to take action. Some of them are even jumping out to make their own stablecoin projects. Central banks, on the other hand, from countries like China and America are working on creating Central Bank Digital Currencies (CBDCs)—digital government-backed currencies akin to some ways stablecoins can be structured, but regulated with complete oversight by the state.

現在，銀行和金融科技玩家正在醒來並開始採取行動。他們中的一些人甚至跳出來製定自己的Stablecoin項目。另一方面，來自中國和美國等國家的中央銀行正在努力創建中央銀行數字貨幣（CBDCS） - 數字政府支持的貨幣，類似於某些方式可以構建Stablecoins，但可以對國家進行完全監督。

In a sense, stablecoins are not a stepping stone at all—they're a proving ground. They provide us with an indication of how users interact with digital currencies and how to construct infrastructure around what digital finance might be in the future.

從某種意義上說，穩定的人根本不是墊腳石，而是一個遺囑。他們為我們提供了用戶如何與數字貨幣互動以及如何圍繞未來數字融資構建基礎架構的指示。

A Middle Ground

中間立場