USDT与USDC：领先的Stablecoins的全面比较

稳定剂已成为加密货币生态系统不可或缺的一部分，在波动性中提供了稳定性。

Stablecoins have become an essential component of the cryptocurrency ecosystem, providing stability amidst volatility. Among the most prominent stablecoins are USDT (Tether) and USDC (USD Coin), which are designed to maintain a close value to the U.S. dollar. While both stablecoins share similarities, they also possess distinct features and have encountered unique challenges throughout their journeys.

稳定剂已成为加密货币生态系统的重要组成部分，在波动性中提供了稳定性。最突出的稳定股份是USDT（Tether）和USDC（USD Coin），旨在保持对美元的近似价值。尽管两种稳定的人都具有相似之处，但它们也具有独特的特征，并且在整个旅程中都遇到了独特的挑战。

What Are Stablecoins?

什么是Stablecoins？

Stablecoins are a category of digital assets that aim to remain stable in value over time. They are typically pegged to stable reserves, such as traditional fiat currencies (e.g., U.S. dollar, euro, yen), or commodities (e.g., gold). The goal of stablecoins is to provide the technological benefits of cryptocurrencies, such as rapid global transactions, borderless access, and transparency, without the extreme price volatility that characterizes assets like Bitcoin or Ethereum.

Stablecoins是数字资产的类别，旨在随着时间的推移保持价值稳定。它们通常与稳定的储量挂钩，例如传统的法定货币（例如，美元，欧元，日元）或商品（例如黄金）。 Stablecoins的目的是提供加密货币的技术好处，例如快速的全球交易，无边界的访问和透明度，而没有极端价格波动，而诸如比特币或以太坊之类的资产。

By offering a stable medium of exchange, stablecoins help bridge the gap between traditional finance and the digital economy. They are used by traders to quickly move funds between different cryptocurrencies without converting to fiat, minimizing exposure to sudden market swings. Businesses and individuals can use stablecoins for payments, remittances, and even payroll, taking advantage of faster settlement times and lower fees compared to traditional banking systems.

通过提供稳定的交换媒介，Stablecoins有助于弥合传统金融与数字经济之间的差距。交易者使用它们来迅速在不同的加密货币之间转移资金而不转换为菲亚特，从而最大程度地减少了突然的市场波动。与传统的银行系统相比，企业和个人可以利用更快的和解时间和较低的费用来使用稳定的付款，汇款甚至工资。

In decentralized finance (DeFi), stablecoins serve as a fundamental building block, enabling lending, borrowing, and yield-generating activities with reduced risk. As blockchain technology continues to grow, stablecoins play an increasingly important role in supporting a more accessible and efficient financial ecosystem.

在分散的金融（DEFI）中，稳定的稳定剂是一个基本的构件，使贷款，借贷和产生产生的活动能够降低风险。随着区块链技术的不断增长，Stablecoins在支持更容易获得和有效的金融生态系统方面发挥了越来越重要的作用。

Overview of USDT (Tether)

USDT概述（系绳）

Launched in 2014 by Tether Limited, USDT is the first and most widely adopted stablecoin in the cryptocurrency market. It operates across multiple blockchain networks, including Ethereum, Tron, EOS, Algorand, and others, offering users flexibility and fast transaction capabilities. With a market capitalization of approximately $150 billion, USDT dominates stablecoin trading volumes and serves as a crucial liquidity source across centralized and decentralized exchanges worldwide.

USDT于2014年由Tether Limited于2014年推出，是加密货币市场中第一个也是广泛采用的Stablecoin。它跨多个区块链网络运行，包括以太坊，TRON，EOS，Algorand等，为用户提供了灵活性和快速交易功能。美元的市值约为1,500亿美元，USDT占据了Stablecoin交易量，并在全球集中化和分散的交易所中充当了至关重要的流动性来源。

Traders and businesses rely heavily on USDT to move funds quickly without the risks associated with price volatility in traditional cryptocurrencies. The company behind USDT, Tether Limited, operates under the umbrella of iFinex Inc., the same parent company that owns the Bitfinex exchange. Paolo Ardoino currently serves as the CEO of both Tether and Bitfinex, a role he assumed in 2023 after several years as Chief Technology Officer (CTO).

贸易商和企业在很大程度上依赖USDT来迅速移动资金，而没有与传统加密货币价格波动相关的风险。 USDT（Tether Limited）背后的公司在拥有Bitfinex Exchange的同一母公司Ifinex Inc.的保护下运营。 Paolo Ardoino目前是Tether和Bitfinex的首席执行官，他在2023年担任首席技术官（CTO）后担任这一职务。

Ardoino has positioned Tether not just as a stablecoin provider but also as a significant player in the broader crypto infrastructure ecosystem. Tether often emphasizes its commitment to transparency, although the company has faced ongoing scrutiny from regulators and media regarding its reserve practices.

Ardoino不仅将Tether定位为Stablecoin提供商，而且还将其定位为更广泛的加密基础设施生态系统中的重要参与者。 Tether经常强调其对透明度的承诺，尽管该公司对监管机构和媒体对其储备实践进行了持续的审查。

USDT claims to maintain its value through full backing by reserves. These reserves historically included a mixture of assets such as U.S. Treasury bills, commercial paper, secured loans, corporate bonds, and even precious metals. However, due to regulatory pressure and public demand for greater transparency, Tether has shifted its reserve composition heavily toward more conservative holdings, primarily short-term U.S. Treasury bills and cash equivalents.

USDT声称通过储备金的全面支持来维持其价值。从历史上看，这些储备包括美国国库账单，商业票据，有抵押贷款，公司债券甚至贵金属等资产的混合。但是，由于监管压力和公众对更高透明度的需求，Tether将其储备金的组成重大转移到了更保守的持股中，主要是美国短期美国财政账单和现金等价物。

Tether publishes regular reserve reports, although these are attestations rather than full audits, which leaves some questions open regarding the granularity of the reserve breakdown. Despite past controversies, USDT remains a cornerstone of the global crypto economy, providing users with a simple, liquid, and stable digital dollar alternative.

Tether发布了定期的储备报告，尽管这些是证明而不是全面审核，这给了有关储备分解的粒度的一些问题。尽管有过去的争议，但USDT仍然是全球加密经济的基石，为用户提供了简单，液体和稳定的数字美元替代方案。

Overview of USDC (USD Coin)

USDC概述（美元硬币）

Introduced in 2018, USD Coin (USDC) is one of the leading stablecoins for users who prioritize transparency, regulatory assurance, and maximum safety. The stablecoin is issued by the Centre Consortium, a partnership initially founded by Circle and Coinbase, two of the most recognized names in the American fintech and cryptocurrency industries.

USD硬币（USDC）于2018年推出，是针对优先考虑透明度，法规保证和最高安全性的用户的领先稳定币之一。 Stablecoin由Circle and Coinbase建立的中心财团（Center Consortium）发行，这是美国金融科技和加密货币行业中最知名的两个名称。

Like USDT, USDC operates on multiple blockchains, including Ethereum, Solana, Algorand, Stellar, and others, ensuring wide accessibility and fast transaction capabilities across different platforms. With a market capitalization of around $30 billion, USDC has positioned itself as the stablecoin of choice for institutions, DeFi applications, and users focused on compliance and security.

像USDT一样，USDC在多个区块链上运行，包括以太坊，Solana，Algorand，Stellar等，可确保各个平台上的广泛可访问性和快速交易能力。由于市值约为300亿美元，USDC已将自己定位为机构，DEFI应用程序和专注于合规性和安全性的用户的选择。

Circle, the principal issuer of USDC, has made regulatory compliance and transparency central to its business model. As a registered money services business (MSB) in the U.S., Circle is subject to ongoing oversight by financial regulators.

USDC的主要发行人Circle使其业务模型的监管合规性和透明度为中心。作为美国的注册货币服务业务（MSB），Circle将受到金融监管机构的持续监督。

Recently, USDC became one of the first stablecoins to fully comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation, further highlighting its commitment to a global and sustainable operating model.

最近，USDC成为最早完全遵守加密资产（MICA）监管欧盟市场的稳定币之一，进一步强调了其对全球且可持续的运营模式的承诺。

In a joint venture with Coinbase, Circle created Centre to provide open-source governance for USDC and ensure the highest standards of transparency.

在与Coinbase的合资企业中，Circle创建了中心，为USDC提供开源治理，并确保最高的透明度标准。

The stablecoin is backed 1:1 with U.S. dollar-denominated reserves held in a dedicated bank account and managed by an independent accounting firm. These reserves consist almost entirely of short-term U.S. Treasury bills and cash, offering users maximum confidence that

Stablecoin以1：1的支持为1：1，在专用的银行帐户中持有美元计数的储量，并由一家独立会计师事务所管理。这些储量几乎完全由美国短期美国财政账单和现金组成，使用户最大的信心使人信心