Tether、USST 和脱钩困境：到底发生了什么？

回顾最近的稳定币脱钩事件，包括 USST 以及 Tether 在越南的战略举措，突显了稳定币市场的挑战和机遇。

Stablecoins, those digital assets pegged to a stable value like the U.S. dollar, are supposed to be the calm in crypto's often turbulent sea. But lately, there's been a bit of choppiness, particularly with new entrants and even some established players. Let's dive into the recent buzz around Tether, USST, and the depegging drama that's got everyone talking.

稳定币是那些与美元等稳定价值挂钩的数字资产，应该是加密货币经常动荡的海洋中的平静。但最近出现了一些波动，尤其是对于新进入者甚至一些老牌玩家而言。让我们深入了解最近围绕 Tether、USST 的热门话题，以及大家都在谈论的脱钩事件。

USST's Rocky Start: A Depegging Case Study

USST 的艰难起步：脱钩案例研究

USST, a new stablecoin from STBL (co-founded by one of Tether's founders), had a bumpy launch. It briefly dipped to $0.96 shortly after its debut, raising eyebrows about its stability. While it's since recovered somewhat, trading around $0.9776, this early wobble highlights the challenges new stablecoins face in building trust. As Catie Romero from BABs noted, these early depegs often stem from liquidity issues rather than structural flaws.

USST 是 STBL（由 Tether 的一位创始人联合创立）推出的一款新稳定币，推出过程并不顺利。首次亮相后不久，其价格一度跌至 0.96 美元，其稳定性令人担忧。虽然此后有所回升，交易价格约为 0.9776 美元，但这种早期波动凸显了新稳定币在建立信任方面面临的挑战。正如 BABs 的凯蒂·罗梅罗 (Catie Romero) 指出的那样，这些早期的脱钩往往源于流动性问题，而不是结构性缺陷。

The incident underscores a crucial lesson: maintaining a dollar peg requires deep liquidity, transparency, and credible collateral. Even with Ondo Finance's USDY (backed by U.S. Treasuries) as primary collateral, USST's initial struggles show that perception and confidence are just as important as the underlying assets.

这一事件凸显了一个重要的教训：维持与美元挂钩需要深厚的流动性、透明度和可靠的抵押品。即使以 Ondo Finance 的 USDY（由美国国债支持）作为主要抵押品，USST 最初的困境表明，认知和信心与基础资产同样重要。

Tether's Vietnam Strategy: A Bullish Bet?

Tether 的越南战略：看涨赌注？

While USST navigates its initial hurdles, stablecoin giant Tether is making strategic moves in Vietnam. Recognizing Vietnam's young population and dynamic economy, Tether is engaging with Vietnamese authorities to explore collaborations and contribute to the local market's growth. Marco Dal Lago from Tether sees Vietnam as a

当 USST 克服最初的障碍时，稳定币巨头 Tether 正在越南采取战略举措。认识到越南的年轻人口和充满活力的经济，Tether 正在与越南当局接触，探索合作并为当地市场的增长做出贡献。 Tether 的 Marco Dal Lago 将越南视为一个