稳定币：数字货币的未来

稳定币总市值为 1600 亿美元，占整个加密货币市场的 7%，截至撰写本文时该市场价值为 2.3 万亿美元。

Stablecoins now account for 7% of the total cryptocurrency market cap, which stands at $2.3trn at the time of writing. A stablecoin is a type of cryptocurrency designed to maintain a stable value relative to assets such as the US dollar. They are generally backed by a reserve of fiat currency and cash equivalents like US treasuries.

稳定币目前占加密货币总市值的 7%，在撰写本文时为 2.3 万亿美元。稳定币是一种加密货币，旨在相对于美元等资产保持稳定的价值。它们通常得到法定货币储备和美国国债等现金等价物的支持。

Stablecoins offer the benefits of cryptocurrency, including access to decentralised finance, without the volatility typically associated with cryptocurrencies. They have also enhanced the global accessibility to the US dollar, gaining traction in regions experiencing high inflation. In Argentina where inflation is shy of 250%, the popular stablecoin USDT accounted for almost 80% of cryptocurrency purchases. Argentina also leads in Latin America with a cryptocurrency transaction volume estimated by Chainalysis of $85.4bn.

稳定币提供了加密货币的好处，包括获得去中心化金融的机会，而没有加密货币通常带来的波动性。它们还增强了全球对美元的可及性，在高通胀地区获得了关注。在通货膨胀率低于 250% 的阿根廷，流行的稳定币 USDT 几乎占加密货币购买量的 80%。阿根廷在拉丁美洲也处于领先地位，Chainaanalysis 估计其加密货币交易量为 854 亿美元。

The stablecoin market is dominated by Tether USD (USDT), which was introduced in 2014 and has since amassed a market cap of $110bn. Accounting for 70% of the market value of all stablecoins, USDT is 3.5 times larger than its closest competitor.

稳定币市场以 Tether USD (USDT) 为主，该货币于 2014 年推出，至今市值已达 1100 亿美元。 USDT 占所有稳定币市值的 70%，是其最接近竞争对手的 3.5 倍。

Issuing stablecoins is highly profitable. Stablecoin reserves are often yield-bearing and with a low overhead, much of this yield is kept as profit for the issuer. In partnership with Circle, Coinbase issued USDC, which is now the second-largest stablecoin worth $33bn. In just the first quarter of 2024, Coinbase has earned $197m from USDC and its arrangement with Circle.

发行稳定币利润丰厚。稳定币储备通常是有收益的，并且管理费用较低，其中大部分收益都作为发行人的利润保留。 Coinbase 与 Circle 合作发行了 USDC，它目前是第二大稳定币，价值 330 亿美元。仅 2024 年第一季度，Coinbase 就从 USDC 及其与 Circle 的合作中赚取了 1.97 亿美元。

Mountain Protocol’s USDM stablecoin, which was launched in September 2023, takes a more equitable approach. Rather than being kept as profit by Mountain Protocol, the yield generated from USDM’s reserves gets passed on to the owners of the stablecoin. Holders of USDM receive an automatic yield of 5% APY. Mountain Protocol hopes USDM will become a market-leader by offering benefits such as yield, transparency, and regulatory oversight.

Mountain Protocol 的 USDM 稳定币于 2023 年 9 月推出，采取了更公平的方法。 USDM 储备产生的收益不会被 Mountain Protocol 保留为利润，而是会转嫁给稳定币的所有者。 USDM 持有者自动获得 5% 年化收益率。 Mountain Protocol 希望 USDM 通过提供收益、透明度和监管等优势成为市场领导者。

It is hard to envisage USDT losing its dominant position, given its significant first-mover advantage in an industry where scale is paramount. Nevertheless, should yield-bearing stablecoins gain popularity, this trend could compel Tether to begin sharing its profits with token holders.

鉴于 USDT 在规模至关重要的行业具有显着的先发优势，很难想象它会失去主导地位。然而，如果有收益的稳定币受到欢迎，这种趋势可能会迫使 Tether 开始与代币持有者分享利润。

However, regulatory oversight of stablecoins is currently lacking. There are no standards requiring issuers to protect reserves or maintain liquidity, nor immediate recourse for investors’ losses. Currently, USDM is not available to US persons, citing a lack of certainty over digital asset regulation.

然而，目前缺乏对稳定币的监管。没有标准要求发行人保护准备金或维持流动性，也没有立即对投资者的损失进行追索。目前，USDM 不适用于美国人，因为数字资产监管缺乏确定性。