Tether 發布了一則關於推出新的黃金抵押穩定幣的特別重要消息。

它被 Tether 稱為 Alloy，符號為 aUSDT。正如符號本身所說，它始終是與美元掛鉤的穩定幣，但與 USDT 不同

Tether has announced the launch of a new gold-collateralized stablecoin called Alloy, which will be pegged to the US dollar (aUSDT).

Tether 宣布推出一種名為 Alloy 的新型黃金抵押穩定幣，該穩定幣將與美元 (aUSDT) 掛鉤。

This new stablecoin will differ from Tether's existing gold-pegged stablecoin, XAUT, in several key aspects. While XAUT is directly pegged to the price of gold and is exchangeable for physical gold at a rate of 1:1 (1 XAUT = 1 XAU), aUSDT will instead be pegged to the US dollar and will not be directly exchangeable for gold.

這種新的穩定幣將在幾個關鍵方面不同於 Tether 現有的黃金掛鉤穩定幣 XAUT。雖然 XAUT 直接與黃金價格掛鉤，並且可以以 1:1（1 XAUT = 1 XAU）的比例兌換實體黃金，但 aUSDT 將與美元掛鉤，並且不能直接兌換黃金。

Instead, aUSDT will be an algorithmic stablecoin whose price stability around 1 USD will be maintained thanks to algorithms that act on demand and supply, and not by being over-collateralized in gold. Moreover, technically it will not be directly collateralized in physical gold, but in XAUT tokens, which are in turn collateralized in physical gold. Therefore, aUSDT will be an algorithmic stablecoin pegged to the US dollar and collateralized in tokenized gold (XAUT).

相反，aUSDT 將是一種演算法穩定幣，其價格穩定在 1 美元左右，這要歸功於根據需求和供應起作用的演算法，而不是透過黃金過度抵押。此外，從技術上講，它不會直接以實體黃金抵押，而是以 XAUT 代幣抵押，而 XAUT 代幣又以實體黃金抵押。因此，aUSDT 將是一種與美元掛鉤並以代幣化黃金（XAUT）作為抵押的演算法穩定幣。

According to the official Tether announcement, aUSDT will be “a pegged asset designed to track the price of a specific reference asset (e.g., USD). To maintain this price peg, they employ stabilization strategies such as over-collateralization (i.e., holding more value as collateral than the value of the assets issued), backed by secondary market liquidity pools.”

根據 Tether 官方公告，aUSDT 將是「一種旨在追蹤特定參考資產（例如美元）價格的掛鉤資產。為了維持這種價格掛鉤，他們採用了超額抵押等穩定策略（即持有比發行資產價值更高的抵押品價值），並得到二級市場流動性池的支持。

In other words, users who want to mint new aUSDT tokens will need to provide as collateral a greater value of XAUT tokens than the aUSDT tokens obtained. The additional collateral will act as a safety net, absorbing potential fluctuations in the value of the collateral.

換句話說，想要鑄造新的 aUSDT 代幣的用戶需要提供比獲得的 aUSDT 代幣更大價值的 XAUT 代幣作為抵押品。額外的抵押品將充當安全網，吸收抵押品價值的潛在波動。

All the technical details are available at https://docs.alloy.tether.to.

所有技術細節均可在 https://docs.alloy.tether.to 上取得。

Several observers believe that the launch of this algorithmic stablecoin collateralized in XAUT could be Tether's response to the upcoming entry into force of the new European crypto regulation on stablecoins, the Markets in Crypto Assets (MiCA), which is expected on June 30.

一些觀察家認為，推出這種以 XAUT 為抵押的演算法穩定幣可能是 Tether 對即將於 6 月 30 日生效的歐洲穩定幣新加密貨幣監管——加密資產市場（MiCA）的回應。

Indeed, fiat-collateralized stablecoins will need to be somehow approved in order to continue to be present on centralized platforms in the European Union, and there are doubts on whether USDT will manage to obtain this kind of approval, with the risk of having to be considered an unauthorized stablecoin in the EU.

事實上，法幣抵押的穩定幣需要以某種方式獲得批准才能繼續出現在歐盟的中心化平台上，人們對 USDT 是否能夠獲得這種批准存在疑問，因為存在必須被批准的風險。為未經授權的穩定幣。

Instead, aUSDT does not fall into the category of so-called e-money token, because it is not convertible into USD. From this point of view, it is more similar to XAUT, that is a so-called asset-referenced token, since it is in fact convertible into Tether Gold.

相反，aUSDT 不屬於所謂的電子貨幣代幣類別，因為它不能兌換成美元。從這個角度來看，它更類似於 XAUT，即所謂的資產參考代幣，因為它實際上可以兌換為 Tether Gold。