穩定幣，掛鉤：應對市場下跌並尋求穩定

探索穩定幣掛鉤的現實、市場回撤以及這些數字資產在動蕩的加密世界中不斷變化的格局。

Stablecoins are supposed to be the bedrock of the crypto world, offering stability in a sea of volatility. But are they truly pegged to the dollar, or are we all just buying into a myth? Let's dive into the wild world of stablecoins, market drawdowns, and what it all means for your crypto portfolio.

穩定幣應該是加密世界的基石，在波動的海洋中提供穩定性。但它們真的與美元掛鉤，還是我們都只是相信了一個神話？讓我們深入了解穩定幣、市場下跌的狂野世界，以及這一切對您的加密貨幣投資組合意味著什麼。

The Great Stablecoin Peg Myth

偉大的穩定幣掛鉤神話

The idea that stablecoins are rigidly pegged to $1.00? NYDIG calls BS. Recent market turbulence, like that $500 billion crypto sell-off, exposed the cracks in this facade. Coins like USDC, USDT, and even the supposedly clever Ethena's USDe, took a tumble, with USDe momentarily plunging to $0.65 on Binance. Ouch! This isn't about fixed pegs; it's about market forces.

穩定幣嚴格與 1 美元掛鉤的想法？ NYDIG 稱其為胡言亂語。最近的市場動盪，例如價值 5000 億美元的加密貨幣拋售，暴露了這種表面上的裂縫。 USDC、USDT，甚至被認為聰明的 Ethena 的 USDe 等代幣都出現了暴跌，幣安上的 USDe 一度暴跌至 0.65 美元。哎喲!這不是關於固定的釘子；而是關於固定的釘子。這是關於市場力量的。

Think of it this way: it's less of a guarantee and more of an arbitrage game. Traders swoop in when a coin dips below a buck and cash out when it climbs above. Issuers create or redeem tokens to play along. But when panic strikes, this system can wobble. USDT and USDC actually traded above $1 during the crash, while USDe took a nosedive.

可以這樣想：這與其說是一種保證，不如說是一種套利遊戲。當代幣跌破一美元時，交易者會趁勢買入，而當其升至一美元以上時，交易者會套現。發行人創建或贖回代幣以進行合作。但當恐慌襲來時，這個系統可能會動搖。 USDT 和 USDC 在崩盤期間實際上交易價格高於 1 美元，而 USDe 則暴跌。

Ethereum's Stablecoin Surge: A New Era

以太坊穩定幣激增：新時代

Fast forward to 2025, and the stablecoin scene is exploding. We're talking about nearly $300 billion sloshing around, with Ethereum leading the charge. Giants like Tether (USDT) and Circle (USDC) are duking it out on the Ethereum blockchain, fueling innovation in DeFi. Ethereum holds over 57% of the global stablecoin market, offering a haven of security and liquidity. Institutions are noticing, with BlackRock dipping its toes in tokenized assets.

快進到 2025 年，穩定幣場景正在爆炸式增長。我們正在談論近 3000 億美元的流動性，其中以太坊處於領先地位。 Tether (USDT) 和 Circle (USDC) 等巨頭正在以太坊區塊鏈上展開較量，推動 DeFi 領域的創新。以太坊佔據全球穩定幣市場超過 57% 的份額，提供安全性和流動性的避風港。機構已經註意到這一點，貝萊德也開始涉足代幣化資產。

Japan Joins the Stablecoin Race

日本加入穩定幣競賽

Across the Pacific, Japan's getting in on the action. Three of its biggest banks – MUFG, SMBC, and Mizuho – are teaming up to launch a yen-pegged stablecoin. This project, built on MUFG’s Progmat platform, aims to streamline corporate settlements and slash transaction costs. Mitsubishi Corp. is already planning to use it for internal settlements, potentially saving a bundle on international transfers. This could be Japan’s first bank-backed stablecoin network under a unified framework.

太平洋彼岸，日本也加入了行動。其三大銀行——三菱日聯金融集團（MUFG）、SMBC 和瑞穗銀行（Mizuho）正在聯手推出與日元掛鉤的穩定幣。該項目建立在三菱日聯金融集團的 Progmat 平台上，旨在簡化企業結算並削減交易成本。三菱公司已經計劃將其用於內部結算，可能會節省大量國際轉賬費用。這可能是日本第一個統一框架下由銀行支持的穩定幣網絡。

Navigating the Drawdowns: Lessons Learned

應對虧損：經驗教訓

So, what have we learned from these market drawdowns? First, stablecoins aren't as stable as we thought. They're subject to market forces and can wobble under pressure. Second, Ethereum is the dominant force in the stablecoin world, attracting both retail and institutional investors. And third, countries like Japan are embracing stablecoins to modernize their financial infrastructure.

那麼，我們從這些市場下跌中學到了什麼？首先，穩定幣並不像我們想像的那麼穩定。它們受到市場力量的影響，並且可能在壓力下搖擺不定。其次，以太坊是穩定幣世界的主導力量，吸引了散戶和機構投資者。第三，日本等國家正在採用穩定幣來實現金融基礎設施的現代化。

The Future of Stablecoins: A Little Bit of Everything

穩定幣的未來：一切都一點點

Looking ahead, the stablecoin landscape is likely to become more diverse, with a mix of dollar-pegged, yen-pegged, and maybe even euro-pegged coins vying for dominance. The key will be transparency, regulation, and a healthy dose of skepticism. Remember, there's no such thing as a free lunch (or a perfectly stable coin).

展望未來，穩定幣格局可能會變得更加多樣化，與美元掛鉤、與日元掛鉤、甚至與歐元掛鉤的穩定幣將爭奪主導地位。關鍵是透明度、監管和適當的懷疑態度。請記住，世界上沒有免費的午餐（或完全穩定的硬幣）。

So, keep your eyes peeled, do your research, and don't believe the hype. The world of stablecoins is constantly evolving, and the best way to navigate it is to stay informed and be prepared for a few bumps along the road.

因此，請擦亮眼睛，做好研究，不要相信炒作。穩定幣的世界在不斷發展，駕馭這個世界的最佳方法是隨時了解情況，並為前進道路上的一些坎坷做好準備。