Stablecoins：传统货币和数字货币之间缺少的联系

在数字货币不断发展的领域中，加密货币的舞台早已承诺会彻底改变资金的管理方式。

In the ever-evolving field of digital currency, cryptocurrencies have long promised to revolutionize how money is managed. But their road to widespread adoption has been hampered by one major setback: volatility. Bitcoin, Ethereum, and other large cryptocurrencies can shift in value radically within a matter of hours. To the general consumer, that makes them less practical for regular transactions or saving.

在不断发展的数字货币领域，加密货币早已承诺将革新资金的管理方式。但是，他们的广泛采用之路受到了一个重大挫折：波动性的阻碍。比特币，以太坊和其他大型加密货币可以在数小时内从根本上转移价值。对于一般消费者而言，这使得它们在定期交易或储蓄方面的实用性不大。

But a new class of digital currency, known as stablecoins, is aiming to offer the best of both worlds. They take the technological advantages of cryptocurrencies—such as instant cross-border transactions and programmability—and combine them with the stability of traditional fiat currencies like the US dollar or Indian rupee. And in doing so, stablecoins are slowly becoming a bridge between the old and the new world of finance.

但是，一种新的数字货币（称为Stablecoins）的目标是提供两全其美的最好。他们采用加密货币（例如即时的跨境交易和可编程性）的技术优势，并将它们与传统法定货币（如Dollar或Indian Rupee）等传统法定货币的稳定性相结合。这样一来，稳定币正逐渐成为旧金融世界和新世界之间的桥梁。

What Are Stablecoins?

什么是Stablecoins？

Stablecoins are cryptocurrencies that are typically collateralized against a stable asset and attempt to maintain a constant price. They are most commonly pegged to fiat currencies such as the dollar or euro, or commodities like gold. For instance, one of the most widely used stablecoins, USDT (Tether), claims to be backed by US dollar reserves.

稳定的是加密货币，通常会抵押稳定的资产并试图保持恒定价格。他们最常见于诸如美元或欧元之类的法定货币或黄金等商品。例如，使用美元储备金是USDT（Tether）的最广泛使用的Stablecoins之一。

There are several types of stablecoins:

有几种类型的Stablecoins：

* Fiat-backed stablecoins: These are backed by bank reserves. For example, every USDC token is said to be backed by a dollar in a dedicated account.

*菲亚特支持的稳定币：这些是银行储备的支持。例如，据说每个USDC令牌都会在专用帐户中得到一美元的支持。

* Crypto-backed stablecoins: These are backed by other cryptocurrencies but use such tools as over-collateralization to guarantee stability.

*加密支持的Stablecoins：这些由其他加密货币支持，但使用诸如过度汇总化的工具来保证稳定性。

* Algorithmic stablecoins: These are managed by smart contracts and algorithms that regulate supply and demand in an attempt to maintain constant prices without backing by actual assets.

*算法stablecoins：这些是由智能合约和算法管理的，这些算法和算法调节供求，以试图维持恒定价格，而不会得到实际资产的支持。

Why Do Stablecoins Matter?

为什么stablecoins很重要？

Stablecoins are significant because they solve a fundamental problem: trust in value. While crypto assets offer borderless and decentralized transactions, they do not offer optimal price stability. Stablecoins offer a middle ground. They enable users to enjoy the speed and convenience of crypto without having to contend with the extreme highs and lows of Bitcoin or Ethereum.

稳定剂很重要，因为它们解决了一个基本问题：对价值的信任。尽管加密资产提供无边界和分散交易，但它们没有提供最佳的价格稳定性。 Stablecoins提供了中间立场。它们使用户能够享受加密货币的速度和便利性，而不必与极端的高点和比特币或以太坊抗衡。

This is particularly important in countries with domestic currencies of high inflation or underdeveloped banking infrastructure. Stablecoins could offer a safer and more efficient alternative for saving and transferring money within these regions.

这在高通货膨胀或欠发达银行基础设施的国内货币国家中尤其重要。 Stablecoins可以为在这些地区节省和转移资金提供更安全，更有效的替代方案。

Real-World Applications of Stablecoins

Stablecoins的现实应用程序

The applications of stablecoins in the real world are growing rapidly. Here are some examples:

稳定蛋白在现实世界中的应用正在迅速增长。这里有一些例子：

* Cross-border payments: Traditional remittance services can be slow and expensive. Stablecoins offer a faster and cheaper alternative. An American employee could send USDC to his family in India in minutes, bypassing banks and excessive fees.

*跨境支付：传统汇款服务可能会缓慢且昂贵。 Stablecoins提供了更快，更便宜的选择。一名美国雇员可以在几分钟内将USDC送往印度的家人，绕过银行和费用过多。

* Decentralized Finance (DeFi): Stablecoins are heavily used within DeFi protocols for trading, lending, and borrowing. Their stability makes them ideal collateral and settlement tools for these applications.

*分散的财务（DEFI）：在Defi协议中大量用于交易，贷款和借款。它们的稳定性使它们成为这些应用程序的理想抵押和结算工具。

* E-commerce: Some traders and businesses already accept stablecoins as payment, especially in digital commodities or technology domains.

*电子商务：一些贸易商和企业已经接受稳定的款项作为付款，尤其是在数字商品或技术领域。

* Payroll and freelancing: Global enterprises are experimenting with paying remote workers or freelancers in stablecoins, especially for salaries in currencies that are less stable.

*工资和自由职业：全球企业正在尝试使用Stablecoins付费远程工人或自由职业者，尤其是对于不稳定的货币薪水而言。

Challenges to Widespread Adoption

广泛采用的挑战

Despite their potential, stablecoins are not without risks or controversy.

尽管有潜力，但稳定的并非没有风险或争议。

* Regulation is a big factor. Most governments are wary of the implications for monetary policy and financial stability if private companies can issue currencies. In 2023, several nations began working on rules to bring more transparency and oversight to stablecoin issuers. In India, the Reserve Bank was cautious, stating that a regulatory and legal framework would need to come into place before there is any widespread use of private virtual currencies for any value transfer.

*法规是一个重要因素。如果私营公司可以发行货币，大多数政府对货币政策和财务稳定的影响都保持警惕。 2023年，几个国家开始努力为Stablecoin发行人带来更多透明度和监督。在印度，储备银行谨慎，指出，在广泛使用私人虚拟货币进行任何价值转移之前，需要进行监管和法律框架。

* Another issue is transparency in reporting what exactly collateralizes the coins. Some stablecoin issuers have been accused of not disclosing the reserves fully or clearly enough. If a stablecoin is represented to be fully backed by fiat money but isn't, and people begin running on the coin to redeem it, the coin's price could collapse. It's a dynamic similar to a bank run, where if rumors start that a bank doesn't have enough assets to cover deposits, depositors will withdraw their funds, ultimately bankrupting the bank.

*另一个问题是透明度报告什么确切地抵押了硬币。一些Stablecoin发行人被指控不完全或清楚地披露储量。如果代表稳定的人是由菲亚特钱完全支持的，但不是，人们开始在硬币上奔跑以赎回它，那么硬币的价格可能会崩溃。这是一种与银行运营相似的动态，如果谣言开始说银行没有足够的资产来支付存款，那么存款人将撤回其资金，最终使银行破产。

Bridging Finance with Innovation

创新桥梁融资

Despite these challenges, the fundamental premise underlying stablecoins is still compelling. By having a stable value but existing on a decentralized blockchain, they represent a way of enabling crypto to be incorporated in mainstream finance.

尽管面临这些挑战，但基本的前提是斯abalecoins仍然令人信服。通过具有稳定的价值，但存在于分散的区块链上，它们代表了使加密货币纳入主流金融的一种方式。

Now the banks and the fintech players are waking up and beginning to take action. Some of them are even jumping out to make their own stablecoin projects. Central banks, on the other hand, from countries like China and America are working on creating Central Bank Digital Currencies (CBDCs)—digital government-backed currencies akin to some ways stablecoins can be structured, but regulated with complete oversight by the state.

现在，银行和金融科技玩家正在醒来并开始采取行动。他们中的一些人甚至跳出来制定自己的Stablecoin项目。另一方面，来自中国和美国等国家的中央银行正在努力创建中央银行数字货币（CBDCS） - 数字政府支持的货币，类似于某些方式可以构建Stablecoins，但可以对国家进行完全监督。

In a sense, stablecoins are not a stepping stone at all—they're a proving ground. They provide us with an indication of how users interact with digital currencies and how to construct infrastructure around what digital finance might be in the future.

从某种意义上说，稳定的人根本不是垫脚石，而是一个遗嘱。他们为我们提供了用户如何与数字货币互动以及如何围绕未来数字融资构建基础架构的指示。

A Middle Ground

中间立场