Stablecoins-123-678x362

What are Stablecoins?

What are Stablecoins? Most cryptocurrencies are volatile as we often see a 10% move for the price of 比特幣 或  on any given day. To better facilitate practical transactions for good & services and store of USD value, resulting in the launch several stablecoin projects.

穩定幣是一種加密貨幣,通過與美元或黃金等其他資產的掛鉤,將價格波動降至最低。然而,由 於抵押品(基礎資產)由硬幣發行人(中央機构)控制和管理,大多數資產支持的穩定貨幣被認 為是集中的。

There are three main advantages of using Stablecoins:

  1. 穩定幣可用於智慧契约;例如,分散的融資和分散的金融產品,如消費貸款。
  2. Stablecoins act as a bridge for quicker and less costly international money transfers compared to fiat.
  3. Various exchanges provide crypto to stablecoin pairs which allow traders to adjust their exposure.

We can categorize Stablecoins into fiat-backed and crypto-backed. The main difference is while the collateralization of fiat-backed stablecoins happens off-chain, the collateralization of crypto-backed stablecoins is done on the blockchain via smart contract. Therefore more transparent and decentralized.

Fiat-backed Stablecoins

泰達幣(USDT)

泰達幣(USDT)是一個聲稱每個代幣都有一美元支持的穩定貨幣。它最初使用Omni層協議在比特幣的區塊鏈上發行,後來由泰達有限公司在以太坊區塊鏈(USDT歐元版本,也發行了EURT)上發行。在撰寫本文的時候,它是流動性最高的穩定幣。

泰達幣(USDT)可在Tether.to平臺上直接以1:1兌換美元。但是,在法定的存取款是要收費的。

泰達幣(USDT)過去曾多次成為爭議的焦點。

- 被指通過“印刷”泰達幣(USDT)來操縱比特幣價格。泰達有限公司創造的大量泰達幣(USDT)被送往Bitfinex(同一個總裁的交易所),以推動價格上漲。

- 彭博社2018年6月發佈的一份報告指出,泰達幣(USDT)的價格是由Kraken交易所虛拋操縱的。分析師們注意到,市場上經常會出現特定規模的奇怪訂單(很可能是由交易機器人發出的),小訂單的價格變動幅度與大訂單一樣大。

- 在2018年10月有傳言稱,泰達的合作夥伴Noble Bank破產了。許多人擔心泰達沒有足够的泰達幣(USDT)來支撐它的穩定幣。這導致泰達幣(USDT)的價格大幅下跌,並持續在兩個多月內繼續折價交易。

在撰寫本文時泰達幣(USDT)在24小時內的交易額為39億美元,領先於所有的穩定基金。

Learn more about Tether here.

TrueUSD (TUSD)

The developers behind TUSD (an ERC20 token) is TrustToken. Upon completing KYC, anyone can wire USD to TrustToken’s third-party partners and receive TUSD through smart contracts. So to redeem TUSD, the process is simply in reverse and they burn the tokens.

資金狀況由協力廠商審計師定期檢查。最新的認證顯示TrustToken有足够的資金來支付TUSD的流動供應。

和其他的穩定幣不同,TUSD與交易所沒有直接關係,因此沒有利益衝突。

除了上述所說,其他主要由法定支持的穩定幣包括USD Coin(USDC)、Paxos Standard(PAX)和Gemini dollar(GUSD),都是ERC20代幣。GUSD和PAX由NYDFS(紐約州金融服務部)監管。

Crypto-backed Stablecoins

Dai

MakerDAO is the creator, Dai stablecoin is an ERC20 token that has a peg to the USD. The Dai system is decentralized as there is no centralized body backing its value. Thus, there is no need for a trust to escrow funds. Users can borrow Dai using ETH as collateral through smart contracts (collateralized debt position). To retrieve the ETH, one simply needs to return the borrowed Dai.

Dai的分散系統旨被設計將Dai的價值保持在1美元。

  • If the price of Dai falls below 1 USD, CDP owners have incentive to purchase Dai and close their CDP position (pay off the loan in Dai) at a discount. The increase in demand will drive the price of Dai back to 1 USD.
  • If the price of Dai is above 1 USD, there are incentives for ETH owners to create CDP and sell the Dai on the market.

總結

總之,穩定幣可以被視為法定貨幣的數位版本。它們提供以下好處:

  • Quick and low-cost transactions
  • Utilizing dApps and smart contracts
  • Protecting holders of the volatile price movements in the crypto market.

大多數穩定幣是集中的,且需要發行機构的信任。當這種信任被打破時,我們看到了巨大的價格波動和未能保持匯率穩定(如Nubits和bitusdus)。

If you found this article helpful, don’t forget to subscribe to our newsletter below and checkout some of our other content:

通訊

What is FUD?

What is FUD? Bitcoin has had months of bullish swings in the past few months, breaking through the $12,000 mark multiple times. However, each time

更多

Linear.Finance

Today, we are excited to introduce to you one of the biggest disruptors in the DeFi revolution. The ever growing need for DeFi platforms has

更多