稳定币：它们是什么？它们如何运作？

什么是稳定币？

稳定币是一种加密货币，其价值与另一种货币“挂钩”，通常是美元。它们通过在美国控制的银行账户中存放美元、其他加密货币或两者混合的储备来维持这种挂钩。稳定币经常被用来对冲加密货币市场的波动，或通过质押或借贷产生被动收入。一些流行的稳定币包括 Tether (USDT)、

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稳定币通过提供稳定性和流动性，在加密货币生态系统中发挥着越来越重要的作用。本文探讨了稳定币的重要性、其优势和潜在挑战。

有多少种稳定币？

目前大约有 200 种稳定币。一些最受欢迎的例子包括：

Tether (USDT)

是以太坊 (ETH) 区块链上代表代币化美元的稳定币。它由 Circle 和 Coinbase 组成的财团 Centre 管理。Circle 是一家点对点支付公司，支持者包括高盛，而 Coinbase 是最知名的加密货币交易所之一。

币安美元 (BUSD)

Dai (DAI)

前身为 Paxos Standard (PAX)。它是以太坊 (ETH) 区块链上的稳定币，价值与美元挂钩。它是受纽约金融服务部 (NYDFS) 监管的金融机构 Paxos 的原生加密货币。

Gemini Dollar (GUSD)an ERC-20 stablecoin built on the Ethereum (ETH) blockchain. Its value is pegged 1:1 to the U.S. dollar, and backed by reserves held in FDIC-insured bank accounts. It was created by cryptocurrency exchange Gemini, which touts it as the first regulated stablecoin. Along with USDP and BUSD, GUSD is one of three government regulated stablecoins in existence.

PayPal USD (PYUSD)is a newly released stablecoin by payments processor, PayPal, in collaboration with Paxos. Paxos Trust Company launched PayPal USD (PYUSD), a stablecoin backed by dollars and other assets, with a 1-1 value ratio to the US dollar. Ensuring transparency, Paxos will release monthly asset reports and undergo third-party audits, with the first proof-of-reserves statement expected in September 2023.

Their stability properties allow them to play the role of a store of value in crypto markets. Stablecoins also fuel the development of Decentralized Finance (DeFi), as collateral locked in smart contracts, or borrowed to build leveraged positions.

Challenges and Risks

Regulatory Scrutiny: Stablecoins face increasing regulatory scrutiny as governments and financial authorities seek to ensure transparency and prevent misuse.

Centralization Risks: Some stablecoins are centralized, relying on a single entity to maintain the reserve assets, which introduces counterparty risk.

Market Confidence: The stability of stablecoins depends on market confidence in the issuer's ability to maintain the peg.

How do stablecoins work?

At the most basic level, an exchange offering a fiat-backed stablecoin will deposit a dollar — or whichever currency its coin is pegged to — for every stablecoin it places in circulation. This is what pegs the stablecoin to that currency and theoretically enables holders of stablecoins to exchange their stablecoins for fiat currency at a one-to-one ratio.

While fiat-backed stablecoins make up most of the market capitalization, there are stablecoins in circulation that are pegged to other assets. These include:

Stablecoins pegged to gold and other precious metals, such as Digix Gold

Stablecoins pegged to other crypto assets. Dai is the best example

Algorithmic Stablecoins, also known as Non-Collateralized Stablecoins, such as the Ampleforth or AMPL token

Although there are differences in the mechanics that power different types of stablecoins, the result is the same: offering the stablecoin holder a high degree of certainty in the asset's value.

Technological Advancements

Advancements in blockchain technology, such as improved scalability and interoperability, will enhance the functionality and efficiency of stablecoins. These improvements will enable seamless integration with various blockchain networks and applications.

Regulatory Frameworks

Clear and consistent regulatory frameworks will provide a predictable environment for stablecoin issuers and users. Regulatory compliance will enhance market confidence and foster the growth of stablecoins within the global financial system.

Market Confidence

The stability of stablecoins is contingent on market confidence in the issuer's ability to maintain the peg. Any doubts about the issuer's reserves or operational practices can lead to de-pegging, causing the stablecoin's value to fluctuate.

The Future of Stablecoins

The future of stablecoins looks promising, with ongoing developments aimed at enhancing their stability, security, and usability.

Stablecoin use cases

Stablecoin use cases continue to emerge as more people come to understand what the technology has to offer. These use cases range from trading, lending and escrow to financial access and payroll. However, here we explore the main use cases related to payments:

Stablecoin for payment:Payment presents the leading use case for stablecoins as companies that opt to accept stablecoin as payment benefit from lower transaction fees. For example, accepting stablecoin payment enables businesses to avoid the typical 2% to 3% processing fee that is charged by financial institutions on fiat transactions.

Stablecoin for settlement:Stablecoin settlements provide a major use case for entities working around the clock as they operate on the blockchain, which runs 24/7 and enables near instant settlements globally. Fiat settlements, on the other hand, are limited to banking hours or a centralized financial insitition's business hours.

Stablecoin for remittance:Given stablecoins’ inherent price stability, they provide a meaningful use case when it comes to global payments and remittances, especially for people who most need this type of price stability like overseas workers. Off-chain remitters also charge high fees to send money internationally, which presents a hindrance to these workers when sending money back home to loved ones.

The Future of Stablecoins

对于那些想要拥有加密货币但又渴望法定货币的稳定性和可预测性的消费者来说，稳定币已成为一种热门选择。截至撰写本文时，稳定币市场价值接近

尽管如此，鉴于稳定币的快速增长和普及，一些人呼吁对稳定币进行更多监管。稳定币具有颠覆传统支付系统和金融基础设施的巨大潜力，同时也是法定货币最明显的加密货币竞争对手，而法定货币受到政府机构和央行的严格监管。这可能意味着稳定币提供商将受到严格审查，因为他们的加密货币取代了传统的法定货币，同时提供了新形式的金融产品和平台。

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