对稳定的新兴趣

美国和欧洲的监管机构最近采取的行动为使用加密货币创造了更直接的准则。

Recently, there has been renewed interest in stablecoins, signaled by the involvement of “traditional” financial institutions.

最近，对“传统”金融机构的参与表明，对稳定币的兴趣重新引起了人们的兴趣。

Bank of America and Standard Chartered are considering launching their own stablecoin, joining JPMorgan, which launched its stablecoin, JPM Coin — now Kinexys Digital Payments — to facilitate transactions with their institutional clients on their blockchain platform, Kinexys (formerly Onyx).

美国银行和标准包机正在考虑推出自己的Stablecoin，加入JPMorgan，该公司推出了其StableCoin JPM Coin（现为Kinexys数字支付），以促进与其机构客户的交易，以便在其区块链平台Kinexys（前Onyx）上与机构客户进行交易。

Mastercard plans to bring stablecoins to the mainstream, joining Bleap Finance, a crypto startup. The aim is to enable stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails.

万事达卡计划将Stablecoins带到主流，加入Crypto创业公司Bleap Finance。目的是使Stablecoins能够直接花在不转换或中介机构的情况下，将区块链资产与MasterCard的全球支付轨道无缝集成。

In early April, Visa joined the Global Dollar Network (USDG) stablecoin consortium. The company will become the first traditional finance play to join the consortium.

4月初，Visa加入了全球美元网络（USDG）Stablecoin财团。该公司将成为加入该财团的第一场传统金融戏剧。

In late March, NYSE parent Intercontinental Exchange (ICE) announced that it is investigating applications for using USDC USDCOIN stablecoin and US Yield Coin within its derivatives exchanges, clearinghouses, data services and other markets.

3月下旬，纽约证券交易所洲际洲际交易所（ICE）宣布，它正在调查使用USDC USDCOIN Stablecoin和美国在其衍生品交易所，销售人员，数据服务和其他市场中使用USDC的申请。

Why the renewed interest in stablecoins?

为什么对稳定的兴趣重新兴趣？

The stablecoin landscape

Stablecoin景观

There are over 200 stablecoins, mostly pegged to the US dollar. Two well-established stablecoins, Tether’s USDt USDTUSD, the oldest, launched in 2014, and USDC, launched in 2018, hold 65% and 28% of the stablecoins market cap, respectively — both are centralized fiat collateralized.

有200多个稳定的稳定蛋白，主要固定在美元上。 Tether的USDT USDTUSD（最古老的）于2014年推出，并于2018年推出了两个成熟的Stablecoins，分别持有稳定的稳定性市场上限的65％和28％，两者均是集中化的菲亚特菲亚特（FIAT）。

Recent: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

最近：Crypto想推翻银行，现在正在Stablecoin战斗中成为他们

In third place is a relatively new one, USDe, which launched in February 2024, with about 2% of the stablecoin market cap and has an unconventional mechanism based on derivatives in the crypto market. Although it runs on a DeFi protocol on Ethereum, it incorporates centralized features since centralized exchanges hold the derivatives positions.

第三名是一个相对较新的USDE，该公司于2024年2月推出，约有2％的Stablecoin市值，并且具有基于加密货币市场中衍生物的非常规机制。尽管它在以太坊上的DEFI协议上运行，但由于集中式交换持有衍生品位置，因此它包含了集中的特征。

There are three primary mechanisms of stablecoins:

稳定的三种主要机制：

Centralized, fiat-collateralized: A centralized company maintains reserves of the assets in a bank or trust (e.g., for currency) or a vault (e.g., for gold) and issues tokens (i.e., stablecoins) that represent a claim on the underlying asset.

集中式，菲亚特 - 合理化：一家集中式公司维持银行或信托中的资产储量（例如，货币）或保险库（例如黄金）以及代表基础资产索赔的问题代币（即，stablecoins）。

Decentralized, cryptocurrency-collateralized: A stablecoin is backed by other decentralized crypto assets. One example can be found in the MakerDAO stablecoin Dai DAIUSD, which is pegged to the US dollar and encapsulates the features of decentralization. While a central organization controls centralized stablecoins, no one entity controls the issuance of DAI.

分散的加密货币 - 物质化：稳定币由其他分散的加密资产支持。可以在Makerdao stablecoin dai dai daiusd中找到一个例子，该dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai dai。尽管中央组织控制着集中的稳定稳定，但没有一个实体控制DAI的发行。

Decentralized, uncollateralized: This mechanism ensures the stability of the coin’s value by controlling its supply through an algorithm executed by a smart contract. In some ways, this is no different from central banks, which also don’t rely on reserve assets to keep the value of their currency stable. The difference is that central banks, like the Federal Reserve, set a monetary policy publicly based on well-understood parameters, and its status as the issuer of legal tender provides the credibility of that policy.

分散的，不承担的：这种机制通过通过智能合约执行的算法来控制其供应，从而确保了硬币价值的稳定性。在某些方面，这与中央银行没有什么不同，中央银行也不依靠储备金来保持其货币稳定的价值。不同之处在于，像美联储一样，中央银行根据众所周知的参数公开制定了一项货币政策，其作为法定货币发行人的地位提供了该政策的可信度。

Depegging, risk and fraudsters

Depeggging，风险和欺诈者

Stablecoins are supposed to be stable. They were created to overcome the inherent volatility of cryptocurrencies. To maintain their stability, stablecoins should (1) be pegged to a stable asset and (2) follow a mechanism that sustains the peg.

稳定剂应该是稳定的。它们的创建是为了克服加密货币的固有波动。为了保持其稳定性，应（1）将稳定菌固定在稳定的资产上，并且（2）遵循一种维持钉子的机制。

If stablecoins are pegged to gold or electricity, they will reflect the volatility of these assets and thus may not be the best choice if you are seeking a no-risk (or close to no-risk) asset.

如果将稳定币固定在黄金或电力上，它们将反映这些资产的波动性，因此，如果您寻求无风险（或接近无风险）资产，则可能不是最佳选择。

USDe maintains a peg to the USD through delta hedging. It uses short and long positions in futures, which generates a 27% yield annually — significantly higher than the 12% annual yield of other stablecoins pegged to the USD. Derivative positions are considered risky — the higher the risk, the higher the return. Therefore, it encapsulates an inherited risk due to its reliance on derivatives, which runs counter to the purpose of stablecoins.

USDE通过Delta Hedging保持了USD的钉子。它在期货中使用短而长的头寸，每年产生27％的收益率，显着高于其他与美元的固定股的年收益率的12％。衍生职位被认为是风险 - 风险越高，收益越高。因此，由于其依赖衍生物的依赖，它与稳定的目的相反，它封装了继承的风险。

Stablecoins have been around for more than a decade. During this time, there were no major depegging fiascos other than the case of Terra. The collapse of Terra was not the result of a reserve problem or mechanism but rather the act of fraudsters and manipulators.

稳定币已经存在了十多年。在这段时间里，除了Terra外，没有其他重大的fiascos。 Terra的崩溃不是储备问题或机制的结果，而是欺诈者和操纵者的行为。

TerraUSD (UST) had a built-in arbitrage mechanism between UST and the Terra blockchain native coin, LUNA. To create UST, you needed to burn LUNA.

Terrausd（UST）在UST和Terra区块链本地硬币Luna之间具有内置的套利机制。要创建UST，您需要燃烧Luna。

To entice traders to burn LUNA and create UST, the creators of the Terra blockchain offered a 19.5% yield on staking, which is crypto terminology for earning 19.5% interest on a deposit, through what they called the Anchor protocol.

为了吸引交易者燃烧Luna并创建UST，Terra区块链的创建者在股权上提供了19.5％的收益率，这是Crypto术语，即通过所谓的锚点协议，赚取了19.5％的存款利息。

Such a high interest rate is simply not sustainable. Someone has to borrow at such a Trump administration executive order 14067, "Strengthening American Leadership in Digital Financial Technology

如此高的利率根本不可持续。有人必须在这样的特朗普政府行政命令14067上借用，“加强了美国在数字金融技术方面的领导