Tether、USST 和脫鉤困境：到底發生了什麼？

回顧最近的穩定幣脫鉤事件，包括 USST 以及 Tether 在越南的戰略舉措，突顯了穩定幣市場的挑戰和機遇。

Stablecoins, those digital assets pegged to a stable value like the U.S. dollar, are supposed to be the calm in crypto's often turbulent sea. But lately, there's been a bit of choppiness, particularly with new entrants and even some established players. Let's dive into the recent buzz around Tether, USST, and the depegging drama that's got everyone talking.

穩定幣是那些與美元等穩定價值掛鉤的數字資產，應該是加密貨幣經常動蕩的海洋中的平靜。但最近出現了一些波動，尤其是對於新進入者甚至一些老牌玩家而言。讓我們深入了解最近圍繞 Tether、USST 的熱門話題，以及大家都在談論的脫鉤事件。

USST's Rocky Start: A Depegging Case Study

USST 的艱難起步：脫鉤案例研究

USST, a new stablecoin from STBL (co-founded by one of Tether's founders), had a bumpy launch. It briefly dipped to $0.96 shortly after its debut, raising eyebrows about its stability. While it's since recovered somewhat, trading around $0.9776, this early wobble highlights the challenges new stablecoins face in building trust. As Catie Romero from BABs noted, these early depegs often stem from liquidity issues rather than structural flaws.

USST 是 STBL（由 Tether 的一位創始人聯合創立）推出的一款新穩定幣，推出過程並不順利。首次亮相後不久，其價格一度跌至 0.96 美元，其穩定性令人擔憂。雖然此後有所回升，交易價格約為 0.9776 美元，但這種早期波動凸顯了新穩定幣在建立信任方面面臨的挑戰。正如 BABs 的凱蒂·羅梅羅 (Catie Romero) 指出的那樣，這些早期的脫鉤往往源於流動性問題，而不是結構性缺陷。

The incident underscores a crucial lesson: maintaining a dollar peg requires deep liquidity, transparency, and credible collateral. Even with Ondo Finance's USDY (backed by U.S. Treasuries) as primary collateral, USST's initial struggles show that perception and confidence are just as important as the underlying assets.

這一事件凸顯了一個重要的教訓：維持與美元掛鉤需要深厚的流動性、透明度和可靠的抵押品。即使以 Ondo Finance 的 USDY（由美國國債支持）作為主要抵押品，USST 最初的困境表明，認知和信心與基礎資產同樣重要。

Tether's Vietnam Strategy: A Bullish Bet?

Tether 的越南戰略：看漲賭注？

While USST navigates its initial hurdles, stablecoin giant Tether is making strategic moves in Vietnam. Recognizing Vietnam's young population and dynamic economy, Tether is engaging with Vietnamese authorities to explore collaborations and contribute to the local market's growth. Marco Dal Lago from Tether sees Vietnam as a

當 USST 克服最初的障礙時，穩定幣巨頭 Tether 正在越南採取戰略舉措。認識到越南的年輕人口和充滿活力的經濟，Tether 正在與越南當局接觸，探索合作並為當地市場的增長做出貢獻。 Tether 的 Marco Dal Lago 將越南視為一個