獲得被動收入輸出：標題：區塊鏈領域的真實世界資產（RWA）

現實世界資產（RWA），在區塊鏈領域，是指有形和無形資產，如房地產、藝術品、音樂和商品

them to earn a yield from their assets.

他們從自己的資產中賺取收益。

output: Real World Assets (RWAs) are tangible and intangible assets brought to the blockchain through tokenization. This process creates a digital version of a physical asset, such as real estate, art, music, or commodities, on a trustless smart contract. Developers generally create smart contracts that issue a token representing an RWA alongside an off-chain guarantee that the issued token is always redeemable for the underlying asset.

產出：真實世界資產（RWA）是透過代幣化引入區塊鏈的有形和無形資產。這個過程在無需信任的智能合約上創建了實體資產的數位版本，例如房地產、藝術品、音樂或商品。開發人員通常會創建智慧合約，發行代表 RWA 的代幣，並提供鏈外保證，確保所發行的代幣始終可兌換為基礎資產。

Source: QIDs asset ventures

來源：QIDs asset Ventures

RWAs have been considered the holy grail amongst crypto investors and product builders. The size of global real estate, carbon credits, gold, art, and music markets, to name a few potentially tokenizable RWAs, is enormous, dwarfing the crypto market itself.

RWA 被認為是加密貨幣投資者和產品製造商的聖杯。全球房地產、碳信用額、黃金、藝術和音樂市場（僅舉幾個潛在可代幣化的 RWA）的規模是巨大的，使加密貨幣市場本身相形見絀。

Stablecoins: A Popular RWA

穩定幣：流行的 RWA

One specific Real World Asset has gained traction and is already incredibly popular. Stablecoins are a form of cryptocurrency and digitized real-world asset designed to offer price stability. They are typically pegged to a stable asset, such as fiat currencies like the US dollar or commodities like gold. It has been reported that the transaction volume of stablecoins has now exceeded Mastercard’s and is catching up with Visa.

一項特定的現實世界資產已經獲得關注並且已經非常受歡迎。穩定幣是加密貨幣和數位化現實世界資產的一種形式，旨在提供價格穩定性。它們通常與穩定資產掛鉤，例如美元等法定貨幣或黃金等大宗商品。據報道，穩定幣的交易量現已超過萬事達卡，並正在追趕Visa。

Many describe stablecoins as crypto’s “killer app”, a relevant and desirable application that proves the core value of a larger technology. It is one of the emerging reasons why the broader financial market has begun to stand up and pay attention to the digital asset sector.

許多人將穩定幣描述為加密貨幣的“殺手級應用程式”，這是一種相關且理想的應用程序，證明了更大技術的核心價值。這是更廣泛的金融市場開始站起來並關注數位資產領域的新興原因之一。

Mechanics of Stablecoins

穩定幣的機制

Stablecoins are issued on blockchains with the same characteristics as any digital assets, aside from their back-ends. The majority of stablecoins can only be issued when the issuer receives or takes custody of the asset the stablecoin represents. This is known as 1:1 backing because, due to design choices like the ability to redeem stablecoins for the assets they represent, these assets can hold their value.

穩定幣在區塊鏈上發行，除了後端之外，其特徵與任何數位資產相同。大多數穩定幣只有在發行人收到或託管穩定幣所代表的資產時才能發行。這被稱為 1:1 支持，因為由於設計選擇（例如將穩定幣兌換為其所代表的資產的能力），這些資產可以保持其價值。

The most popular stablecoins, by some distance, are 1:1 backed US Dollars, including Tether (USDT) and USD Coin (USDC). Accessible, digital US dollars have been a haven for crypto traders seeking to lock in profitable Bitcoin and altcoin positions. Stablecoins immediately created a solution for the inherent volatility of emerging crypto tokens like Bitcoin and Ethereum, which are investable assets with high upsides but risky.

從某種程度上來說，最受歡迎的穩定幣是 1:1 支援的美元，包括 Tether (USDT) 和 USD Coin (USDC)。對於尋求鎖定有利可圖的比特幣和山寨幣頭寸的加密貨幣交易者來說，易於獲取的數位美元一直是一個避風港。穩定幣立即為比特幣和以太坊等新興加密代幣的固有波動性創建了解決方案，這些代幣是具有較高上漲空間但風險較大的可投資資產。

Bitcoin and Ethereum traders could stay on the blockchain with stablecoins, mitigating tax implications that come with the volatility of crypto price movements, while helping traders stay liquid onchain.

比特幣和以太坊交易者可以使用穩定幣留在區塊鏈上，減輕加密貨幣價格波動帶來的稅收影響，同時幫助交易者保持鏈上的流動性。

Use Cases and Advantages of Stablecoins

穩定幣的用例和優勢

Beyond the trading use case, USD stablecoins are in many ways much easier and cheaper to obtain and transact than highly desirable fiat US Dollars. Holders can earn interest on USD stablecoins without identity restrictions through Web3 platforms, and salaries can be paid to stablecoin blockchain wallets just like they can bank accounts. When combined with tools like a crypto-backed debit card, stablecoin can open up a wide range of banking activities to individuals and businesses that may otherwise be excluded from the traditional banking sector.

除了交易用例之外，美元穩定幣在許多方面都比非常理想的法定美元更容易、更便宜地獲得和交易。持有者可以透過Web3平台不受身分限制地賺取美元穩定幣利息，薪資可以像銀行帳戶一樣支付到穩定幣區塊鏈錢包。當與加密支援的借記卡等工具結合使用時，穩定幣可以向個人和企業開放廣泛的銀行活動，否則這些個人和企業可能會被排除在傳統銀行業之外。

Stablecoins help Web3 users onboard to the blockchain and stay onchain. In August 2024, Brave New Coin spoke to Yat Siu, Co-founder and Chairman of Animoca Brands, one of the leading investors and builders of Web3 technology. He explained that — “Users will become accustomed to paying for Web3.0 goods and services with stablecoins – this also means that users will hold stablecoins for longer durations; once money is on-chain, it will stay there.”

穩定幣幫助 Web3 用戶加入區塊鏈並保持在鏈上。 2024 年 8 月，Brave New Coin 採訪了 Animoca Brands 的聯合創始人兼董事長 Yat Siu，Animoca Brands 是 Web3 技術的領先投資者和建造者之一。他解釋說——「用戶將習慣用穩定幣購買 Web3.0 商品和服務——這也意味著用戶將更長時間地持有穩定幣；一旦錢上鍊，它就會留在那裡。

This will be aided by Ethereum’s EIP:7702 and the ERC-4337 standard. The implementation of these upgrades will enable blockchain account separation on Ethereum and its connected networks. It is set to abstract away a lot of the complexities of the blockchain backend making the user experience more similar to that of a Web 2.0 experience.

以太坊的 EIP:7702 和 ERC-4337 標準將對此提供協助。這些升級的實施將使以太坊及其連接網路上的區塊鏈帳戶分離成為可能。它旨在抽象化區塊鏈後端的許多複雜性，使用戶體驗更類似於 Web 2.0 體驗。

USD Stablecoin wallets in many ways resemble global semi-regulated US Dollar bank accounts. Source: Allium

美元穩定幣錢包在許多方面類似於全球半監管的美元銀行帳戶。來源：蔥屬

Risks and Regulatory Concerns surrounding USD stablecoins

圍繞美元穩定幣的風險和監管擔憂

While this use case is powerful, it has its problems. If a USD stablecoin were to get large enough and collapse as USD Terra (UST) did, the wider consequences for the global financial sector could be brutal.

雖然這個用例很強大，但也有其問題。如果美元穩定幣變得足夠大並像 USD Terra (UST) 那樣崩潰，那麼對全球金融部門的更廣泛後果可能是殘酷的。

It should be noted that UST was an algorithmic stablecoin, not a 1-for-1 backed one like popular incumbent USD stablecoins USDT and USDC. 1-for-1 stablecoins have to be backed by equal cash reserves, whereas algorithmic stablecoins like UST are propped by a volatile secondary digital asset that can swap between undercollaterizing and overcollaterizing the stablecoin it supports. This means its model was much riskier than most USD stablecoins available today.

應該指出的是，UST 是一種演算法穩定幣，而不是像流行的現有美元穩定幣 USDT 和 USDC 那樣的一對一支援的穩定幣。一對一的穩定幣必須由同等的現金儲備支持，而像UST 這樣的演算法穩定幣則由不穩定的二級數位資產支撐，該資產可以在其支持的穩定幣的抵押不足和抵押過度之間進行切換。這意味著它的模型比當今大多數美元穩定幣的風險要大得多。

Banks in the United States are protected and regulated by entities like the FDIC and the US government, meaning they have safety and reassurance in the event of a black swan event.

美國的銀行受到 FDIC 和美國政府等實體的保護和監管，這意味著在發生黑天鵝事件時它們可以安全且放心。

FDIC which protects consumer bank accounts up to $

FDIC 保護消費者銀行帳戶高達 $