USDT與USDC：領先的Stablecoins的全面比較

穩定劑已成為加密貨幣生態系統不可或缺的一部分，在波動性中提供了穩定性。

Stablecoins have become an essential component of the cryptocurrency ecosystem, providing stability amidst volatility. Among the most prominent stablecoins are USDT (Tether) and USDC (USD Coin), which are designed to maintain a close value to the U.S. dollar. While both stablecoins share similarities, they also possess distinct features and have encountered unique challenges throughout their journeys.

穩定劑已成為加密貨幣生態系統的重要組成部分，在波動性中提供了穩定性。最突出的穩定股份是USDT（Tether）和USDC（USD Coin），旨在保持對美元的近似價值。儘管兩種穩定的人都具有相似之處，但它們也具有獨特的特徵，並且在整個旅程中都遇到了獨特的挑戰。

What Are Stablecoins?

什麼是Stablecoins？

Stablecoins are a category of digital assets that aim to remain stable in value over time. They are typically pegged to stable reserves, such as traditional fiat currencies (e.g., U.S. dollar, euro, yen), or commodities (e.g., gold). The goal of stablecoins is to provide the technological benefits of cryptocurrencies, such as rapid global transactions, borderless access, and transparency, without the extreme price volatility that characterizes assets like Bitcoin or Ethereum.

Stablecoins是數字資產的類別，旨在隨著時間的推移保持價值穩定。它們通常與穩定的儲量掛鉤，例如傳統的法定貨幣（例如，美元，歐元，日元）或商品（例如黃金）。 Stablecoins的目的是提供加密貨幣的技術好處，例如快速的全球交易，無邊界的訪問和透明度，而沒有極端價格波動，而諸如比特幣或以太坊之類的資產。

By offering a stable medium of exchange, stablecoins help bridge the gap between traditional finance and the digital economy. They are used by traders to quickly move funds between different cryptocurrencies without converting to fiat, minimizing exposure to sudden market swings. Businesses and individuals can use stablecoins for payments, remittances, and even payroll, taking advantage of faster settlement times and lower fees compared to traditional banking systems.

通過提供穩定的交換媒介，Stablecoins有助於彌合傳統金融與數字經濟之間的差距。交易者使用它們來迅速在不同的加密貨幣之間轉移資金而不轉換為菲亞特，從而最大程度地減少了突然的市場波動。與傳統的銀行系統相比，企業和個人可以利用更快的和解時間和較低的費用來使用穩定的付款，匯款甚至工資。

In decentralized finance (DeFi), stablecoins serve as a fundamental building block, enabling lending, borrowing, and yield-generating activities with reduced risk. As blockchain technology continues to grow, stablecoins play an increasingly important role in supporting a more accessible and efficient financial ecosystem.

在分散的金融（DEFI）中，穩定的穩定劑是一個基本的構件，使貸款，借貸和產生產生的活動能夠降低風險。隨著區塊鏈技術的不斷增長，Stablecoins在支持更容易獲得和有效的金融生態系統方面發揮了越來越重要的作用。

Overview of USDT (Tether)

USDT概述（繫繩）

Launched in 2014 by Tether Limited, USDT is the first and most widely adopted stablecoin in the cryptocurrency market. It operates across multiple blockchain networks, including Ethereum, Tron, EOS, Algorand, and others, offering users flexibility and fast transaction capabilities. With a market capitalization of approximately $150 billion, USDT dominates stablecoin trading volumes and serves as a crucial liquidity source across centralized and decentralized exchanges worldwide.

USDT於2014年由Tether Limited於2014年推出，是加密貨幣市場中第一個也是廣泛採用的Stablecoin。它跨多個區塊鍊網絡運行，包括以太坊，TRON，EOS，Algorand等，為用戶提供了靈活性和快速交易功能。美元的市值約為1,500億美元，USDT佔據了Stablecoin交易量，並在全球集中化和分散的交易所中充當了至關重要的流動性來源。

Traders and businesses rely heavily on USDT to move funds quickly without the risks associated with price volatility in traditional cryptocurrencies. The company behind USDT, Tether Limited, operates under the umbrella of iFinex Inc., the same parent company that owns the Bitfinex exchange. Paolo Ardoino currently serves as the CEO of both Tether and Bitfinex, a role he assumed in 2023 after several years as Chief Technology Officer (CTO).

貿易商和企業在很大程度上依賴USDT來迅速移動資金，而沒有與傳統加密貨幣價格波動相關的風險。 USDT（Tether Limited）背後的公司在擁有Bitfinex Exchange的同一母公司Ifinex Inc.的保護下運營。 Paolo Ardoino目前是Tether和Bitfinex的首席執行官，他在2023年擔任首席技術官（CTO）後擔任這一職務。

Ardoino has positioned Tether not just as a stablecoin provider but also as a significant player in the broader crypto infrastructure ecosystem. Tether often emphasizes its commitment to transparency, although the company has faced ongoing scrutiny from regulators and media regarding its reserve practices.

Ardoino不僅將Tether定位為Stablecoin提供商，而且還將其定位為更廣泛的加密基礎設施生態系統中的重要參與者。 Tether經常強調其對透明度的承諾，儘管該公司對監管機構和媒體對其儲備實踐進行了持續的審查。

USDT claims to maintain its value through full backing by reserves. These reserves historically included a mixture of assets such as U.S. Treasury bills, commercial paper, secured loans, corporate bonds, and even precious metals. However, due to regulatory pressure and public demand for greater transparency, Tether has shifted its reserve composition heavily toward more conservative holdings, primarily short-term U.S. Treasury bills and cash equivalents.

USDT聲稱通過儲備金的全面支持來維持其價值。從歷史上看，這些儲備包括美國國庫賬單，商業票據，有抵押貸款，公司債券甚至貴金屬等資產的混合。但是，由於監管壓力和公眾對更高透明度的需求，Tether將其儲備金的組成重大轉移到了更保守的持股中，主要是美國短期美國財政賬單和現金等價物。

Tether publishes regular reserve reports, although these are attestations rather than full audits, which leaves some questions open regarding the granularity of the reserve breakdown. Despite past controversies, USDT remains a cornerstone of the global crypto economy, providing users with a simple, liquid, and stable digital dollar alternative.

Tether發布了定期的儲備報告，儘管這些是證明而不是全面審核，這給了有關儲備分解的粒度的一些問題。儘管有過去的爭議，但USDT仍然是全球加密經濟的基石，為用戶提供了簡單，液體和穩定的數字美元替代方案。

Overview of USDC (USD Coin)

USDC概述（美元硬幣）

Introduced in 2018, USD Coin (USDC) is one of the leading stablecoins for users who prioritize transparency, regulatory assurance, and maximum safety. The stablecoin is issued by the Centre Consortium, a partnership initially founded by Circle and Coinbase, two of the most recognized names in the American fintech and cryptocurrency industries.

USD硬幣（USDC）於2018年推出，是針對優先考慮透明度，法規保證和最高安全性的用戶的領先穩定幣之一。 Stablecoin由Circle and Coinbase建立的中心財團（Center Consortium）發行，這是美國金融科技和加密貨幣行業中最知名的兩個名稱。

Like USDT, USDC operates on multiple blockchains, including Ethereum, Solana, Algorand, Stellar, and others, ensuring wide accessibility and fast transaction capabilities across different platforms. With a market capitalization of around $30 billion, USDC has positioned itself as the stablecoin of choice for institutions, DeFi applications, and users focused on compliance and security.

像USDT一樣，USDC在多個區塊鏈上運行，包括以太坊，Solana，Algorand，Stellar等，可確保各個平台上的廣泛可訪問性和快速交易能力。由於市值約為300億美元，USDC已將自己定位為機構，DEFI應用程序和專注於合規性和安全性的用戶的選擇。

Circle, the principal issuer of USDC, has made regulatory compliance and transparency central to its business model. As a registered money services business (MSB) in the U.S., Circle is subject to ongoing oversight by financial regulators.

USDC的主要發行人Circle使其業務模型的監管合規性和透明度為中心。作為美國的註冊貨幣服務業務（MSB），Circle將受到金融監管機構的持續監督。

Recently, USDC became one of the first stablecoins to fully comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation, further highlighting its commitment to a global and sustainable operating model.

最近，USDC成為最早完全遵守加密資產（MICA）監管歐盟市場的穩定幣之一，進一步強調了其對全球且可持續的運營模式的承諾。

In a joint venture with Coinbase, Circle created Centre to provide open-source governance for USDC and ensure the highest standards of transparency.

在與Coinbase的合資企業中，Circle創建了中心，為USDC提供開源治理，並確保最高的透明度標準。

The stablecoin is backed 1:1 with U.S. dollar-denominated reserves held in a dedicated bank account and managed by an independent accounting firm. These reserves consist almost entirely of short-term U.S. Treasury bills and cash, offering users maximum confidence that

Stablecoin以1：1的支持為1：1，在專用的銀行帳戶中持有美元計數的儲量，並由一家獨立會計師事務所管理。這些儲量幾乎完全由美國短期美國財政賬單和現金組成，使用戶最大的信心使人信心