Tether 发布了一条关于推出新的黄金抵押稳定币的特别重要消息。

它被 Tether 称为 Alloy，符号为 aUSDT。正如符号本身所说，它始终是与美元挂钩的稳定币，但与 USDT 不同

Tether has announced the launch of a new gold-collateralized stablecoin called Alloy, which will be pegged to the US dollar (aUSDT).

Tether 宣布推出一种名为 Alloy 的新型黄金抵押稳定币，该稳定币将与美元 (aUSDT) 挂钩。

This new stablecoin will differ from Tether's existing gold-pegged stablecoin, XAUT, in several key aspects. While XAUT is directly pegged to the price of gold and is exchangeable for physical gold at a rate of 1:1 (1 XAUT = 1 XAU), aUSDT will instead be pegged to the US dollar and will not be directly exchangeable for gold.

这种新的稳定币将在几个关键方面不同于 Tether 现有的黄金挂钩稳定币 XAUT。虽然 XAUT 直接与黄金价格挂钩，并且可以以 1:1（1 XAUT = 1 XAU）的比例兑换实物黄金，但 aUSDT 将与美元挂钩，并且不能直接兑换黄金。

Instead, aUSDT will be an algorithmic stablecoin whose price stability around 1 USD will be maintained thanks to algorithms that act on demand and supply, and not by being over-collateralized in gold. Moreover, technically it will not be directly collateralized in physical gold, but in XAUT tokens, which are in turn collateralized in physical gold. Therefore, aUSDT will be an algorithmic stablecoin pegged to the US dollar and collateralized in tokenized gold (XAUT).

相反，aUSDT 将是一种算法稳定币，其价格稳定在 1 美元左右，这要归功于根据需求和供应起作用的算法，而不是通过黄金过度抵押。此外，从技术上讲，它不会直接以实物黄金抵押，而是以 XAUT 代币抵押，而 XAUT 代币又以实物黄金抵押。因此，aUSDT 将是一种与美元挂钩并以代币化黄金（XAUT）作为抵押的算法稳定币。

According to the official Tether announcement, aUSDT will be “a pegged asset designed to track the price of a specific reference asset (e.g., USD). To maintain this price peg, they employ stabilization strategies such as over-collateralization (i.e., holding more value as collateral than the value of the assets issued), backed by secondary market liquidity pools.”

根据 Tether 官方公告，aUSDT 将是“一种旨在跟踪特定参考资产（例如美元）价格的挂钩资产。为了维持这种价格挂钩，他们采用了超额抵押等稳定策略（即持有比发行资产价值更高的抵押品价值），并得到二级市场流动性池的支持。”

In other words, users who want to mint new aUSDT tokens will need to provide as collateral a greater value of XAUT tokens than the aUSDT tokens obtained. The additional collateral will act as a safety net, absorbing potential fluctuations in the value of the collateral.

换句话说，想要铸造新的 aUSDT 代币的用户需要提供比获得的 aUSDT 代币更大价值的 XAUT 代币作为抵押品。额外的抵押品将充当安全网，吸收抵押品价值的潜在波动。

All the technical details are available at https://docs.alloy.tether.to.

所有技术细节均可在 https://docs.alloy.tether.to 上获取。

Several observers believe that the launch of this algorithmic stablecoin collateralized in XAUT could be Tether's response to the upcoming entry into force of the new European crypto regulation on stablecoins, the Markets in Crypto Assets (MiCA), which is expected on June 30.

一些观察人士认为，推出这种以 XAUT 为抵押的算法稳定币可能是 Tether 对即将于 6 月 30 日生效的欧洲稳定币新加密货币监管——加密资产市场（MiCA）的回应。

Indeed, fiat-collateralized stablecoins will need to be somehow approved in order to continue to be present on centralized platforms in the European Union, and there are doubts on whether USDT will manage to obtain this kind of approval, with the risk of having to be considered an unauthorized stablecoin in the EU.

事实上，法币抵押的稳定币需要以某种方式获得批准才能继续出现在欧盟的中心化平台上，人们对 USDT 是否能够获得这种批准存在疑问，因为存在必须被批准的风险。在欧盟被视为未经授权的稳定币。

Instead, aUSDT does not fall into the category of so-called e-money token, because it is not convertible into USD. From this point of view, it is more similar to XAUT, that is a so-called asset-referenced token, since it is in fact convertible into Tether Gold.

相反，aUSDT 不属于所谓的电子货币代币类别，因为它不能兑换成美元。从这个角度来看，它更类似于 XAUT，即所谓的资产参考代币，因为它实际上可以兑换为 Tether Gold。