對穩定的信心的信心危機：Tureusd，Tether和迫切需要監管

對於那些在加密生態系統中尋求穩定的人來說，Stablecoins已確立了自己的誘人選擇。與其他加密貨幣不同，它們的價值與諸如美元或黃金之類的傳統資產相關。

Stablecoins, cryptocurrencies designed to maintain a stable value relative to traditional assets like the U.S. dollar, have emerged as a stable presence within the volatile crypto ecosystem. Their value remains largely unaffected by the broader market fluctuations, making them a preferred choice for payments, international transfers, and storing value. However, recent investigations into some of these stablecoins have raised doubts about their transparency and security practices.

穩定幣（旨在保持相對於美元（如美元）保持穩定價值的加密貨幣，已成為揮發性加密生態系統中的穩定存在。它們的價值在很大程度上不受更廣泛的市場波動的影響，使其成為付款，國際轉讓和存儲價值的首選。但是，最近對這些穩定幣中的一些調查引起了人們對其透明度和安全實踐的懷疑。

TrueUSD’s False Claims on Stablecoin Reserves

Trueusd對Stablecoin儲備金的虛假主張

One notable case is that of TrueUSD. The SEC's investigation revealed that the company behind this stablecoin misled customers by falsely claiming that its value was fully backed by U.S. dollars held in trust. However, the reality was that nearly all of its reserves were invested in a high-risk hedge fund. Such practices damage the integrity of the crypto industry and highlight the difficulty in verifying and trusting the transparency claims of these stablecoins without real-time audits.

一個值得注意的情況是Trueusd。 SEC的調查表明，該公司誤認為其價值以信託基金中的美元完全支持，這是該公司誤導客戶誤導客戶背後的公司。但是，現實是，幾乎所有的儲備都投資於高風險對沖基金。這樣的實踐損害了加密行業的完整性，並突出了在沒有實時審核的情況下驗證和信任這些穩定的透明度主張的困難。

Tether’s Lack of Transparency Raises Red Flags

繫繩缺乏透明度會增加危險信號

This isn't the first time the reliability of stablecoins has come under scrutiny. Tether, the company behind USDT — the largest stablecoin in the market — has faced criticism over its lack of transparency regarding its reserves. Previous investigations found that its reserves were not fully backed by U.S. dollars, but included loans and other risky assets. In 2021, the U.S. Commodity Futures Trading Commission sanctioned the company for making misleading disclosures about its reserves.

這並不是第一次受到簽訂的可靠性審查。 Tether是USDT（市場上最大的Stablecoin）背後的公司Tether，對其在儲備方面缺乏透明度面臨批評。先前的調查發現，其儲備金並未得到美元的完全支持，而包括貸款和其他風險資產。 2021年，美國商品期貨交易委員會批准了該公司對其儲備的誤導性披露。

The TerraUSD Collapse: A Reminder of Crypto Risks

Terrausd崩潰：提醒著加密風險

The 2022 TerraUSD crisis was one of the harshest blows to the industry. Unlike Tether or TrueUSD, which are backed by physical assets, TerraUSD was an algorithmic stablecoin. Its system relied on an automatic adjustment mechanism with the Luna cryptocurrency to maintain its peg to the U.S. dollar. When confidence in the system faltered, TerraUSD lost its peg and crashed to a fraction of a cent. Thousands of investors lost their funds in a matter of days, reinforcing the perception that many cryptocurrencies are not as stable as they claim to be.

2022年的Terrausd危機是該行業最嚴厲的打擊之一。與有物理資產支持的繫繩或Tureusd不同，Terrausd是一種算法stablecoin。它的系統依賴於Luna加密貨幣的自動調整機制，以保持其固定為美元。當對系統的信心動搖時，Terrausd失去了釘子，撞到了一分錢。成千上萬的投資者在幾天之內損失了資金，從而增強了人們認為許多加密貨幣並不像他們聲稱的那樣穩定的看法。

The Importance of Proper Stablecoin Regulation

適當的穩定法規的重要性

One of the biggest issues that continues to plague the crypto industry is the lack of regulation. In the U.S., the SEC has taken separate actions against stablecoin companies that failed to meet their obligations, but the absence of a comprehensive regulatory framework remains the crux of the problem. In contrast, Europe is taking a different approach. With the implementation of MiCA, set for 2025, the EU will establish clear rules for stablecoin issuers. The regulation mandates that at least 30% of received funds must be kept in separate bank accounts, with the remaining portion permitted for investment in secure, highly liquid assets. Additionally, it requires periodic audits to allow investors to verify their solvency.

繼續困擾加密貨幣行業的最大問題之一是缺乏監管。在美國，SEC已針對未能履行其義務的Stablecoin公司採取了單獨的行動，但缺乏全面的監管框架仍然是問題的關鍵。相比之下，歐洲正在採取不同的方法。隨著設定於2025年的MICA的實施，歐盟將為Stablecoin發行人制定明確的規則。該法規規定，必須將至少30％的收到的資金保存在單獨的銀行帳戶中，其餘部分可以投資於安全的，高度流動資產的資產。此外，它需要定期審核，以允許投資者驗證其償付能力。

The European regulation could be a turning point for the market. Stablecoins that comply with clear rules are likely to gain traction over those that lack transparency. While some critics argue that strict regulations could stifle innovation, the ongoing crisis of confidence in the sector highlights the need for oversight to prevent fraud and ensure stability.

歐洲法規可能是市場的轉折點。符合明確規則的穩定幣可能會使缺乏透明度的穩定者獲得關注。儘管一些批評家認為嚴格的法規可能會扼殺創新，但對該部門的信心持續的危機強調了對防止欺詐並確保穩定的監督的必要性。

Crucial Changes for Sustainable Crypto Growth

可持續加密增長的關鍵變化

Stablecoins are a crucial part of the crypto ecosystem, valued for their stability and ease of use in payments, international transfers, and storing value. Their long-term success, however, hinges on trust. Without a solid and verifiable backing, their stability is an illusion. To enhance their credibility and provide greater security for investors, the adoption of real-time proof of reserves and independent audits is paramount. The future of stablecoins will depend on their ability to prove that they genuinely hold the reserves they claim to have. It is essential to implement clear, fair, and standardized regulations that encourage greater transparency in the sector.

穩定劑是加密生態系統的關鍵部分，其穩定性和易於使用，國際轉移和存儲價值的易用性。但是，他們的長期成功取決於信任。沒有堅實且可驗證的支持，它們的穩定性就是一種幻想。為了提高他們的信譽並為投資者提供更大的安全性，採用儲備和獨立審計的實時證明至關重要。 Stablecoins的未來將取決於他們證明他們真正擁有所擁有的儲備的能力。實施明確，公平和標準化的法規至關重要，以鼓勵該行業的更大透明度。