世界上最大的 6 種穩定幣：它們如何運作以及所涉及的風險

穩定幣已成為加密貨幣生態系統的重要組成部分。這些代幣旨在保持固定價值，為交易者提供了管理風險、降低交易費用甚至賺取被動收入的可靠方法。

Stablecoins have become an essential part of the cryptocurrency ecosystem, providing a stable way to trade digital assets and reduce the volatility associated with cryptocurrencies like Bitcoin and Ethereum. These tokens are typically pegged to a fiat currency, most commonly the U.S. dollar, and aim to maintain a 1:1 value.

穩定幣已成為加密貨幣生態系統的重要組成部分，提供了一種穩定的數位資產交易方式，並減少了與比特幣和以太坊等加密貨幣相關的波動性。這些代幣通常與法定貨幣（最常見的是美元）掛鉤，並旨在維持 1:1 的價值。

While most stablecoins are backed by assets, a smaller category known as algorithmic stablecoins relies on technical mechanisms to keep the price stable. This approach is riskier because it’s more susceptible to market fluctuations and technical failures.

雖然大多數穩定幣都有資產支持，但還有一類較小的穩定幣，就是演算法穩定幣，依靠技術機制來維持價格穩定。這種方法風險更大，因為它更容易受到市場波動和技術故障的影響。

However, fiat-backed stablecoins, which are backed by real-world assets, currently dominate the market. Tether’s USDT and Circle’s USDC, the two largest stablecoins, collectively account for more than $167 billion in market cap.

然而，由現實世界資產支持的法定穩定幣目前主導著市場。 Tether 的 USDT 和 Circle 的 USDC 這兩種最大的穩定幣的市值合計超過 1670 億美元。

Issuers of fiat-backed stablecoins often establish a reserve fund holding real-world assets. So if a stablecoin is backed by the U.S. dollar, the issuer might hold $100 million to support 100 million stablecoins. When a user wants to redeem their stablecoin, the issuer can draw from this reserve to provide the equivalent amount of fiat currency.

法幣支持的穩定幣發行人通常會設立持有現實世界資產的儲備基金。因此，如果穩定幣由美元支持，發行人可能會持有 1 億美元來支持 1 億個穩定幣。當用戶想要贖回他們的穩定幣時，發行人可以從該儲備金中提取以提供等值的法定貨幣。

Here are the six largest stablecoins by market cap, as of Nov. 20, 2024, according to CoinMarketCap:

根據 CoinMarketCap 的數據，截至 2024 年 11 月 20 日，以下是按市值計算的六種最大的穩定幣：

Tether (USDT)

泰達幣（USDT）

With a market cap of $128.87 billion, Tether is the largest stablecoin in the world. It’s pegged to the U.S. dollar and operates on multiple blockchains, including Ethereum, Tron and Solana.

Tether 的市值為 1,288.7 億美元，是全球最大的穩定幣。它與美元掛鉤，並在多個區塊鏈上運行，包括以太坊、Tron 和 Solana。

Tether is often credited with being the first successful stablecoin, and it has played a significant role in the growth of the cryptocurrency market. However, it has also faced controversy over its reserves and its close ties to a few large trading firms.

Tether 通常被認為是第一個成功的穩定幣，它在加密貨幣市場的成長中發揮了重要作用。然而，它也因其儲備及其與幾家大型貿易公司的密切關係而面臨爭議。

USDC (USDC)

美元兌美元 (USDC)

USDC is a stablecoin pegged to the U.S. dollar, and it operates on multiple blockchains, including Ethereum. It’s managed by Circle, a financial technology company. USDC’s stability is ensured by a reserve of U.S. dollars, where each USDC token is backed by a corresponding dollar held with verified partners, often financial institutions.

USDC 是一種與美元掛鉤的穩定幣，在包括以太坊在內的多個區塊鏈上運行。它由金融科技公司 Circle 管理。 USDC 的穩定性由美元儲備來保證，其中每個 USDC 代幣都由經過驗證的合作夥伴（通常是金融機構）持有的相應美元作為支持。

To create new USDC, users deposit U.S. dollars with Circle, which then issues an equivalent amount of USDC tokens on the blockchain. This process ensures every USDC in the market is backed by a real U.S. dollar.

要創建新的 USDC，用戶將美元存入 Circle，然後 Circle 在區塊鏈上發行等量的 USDC 代幣。這個過程確保市場上的每個 USDC 都有真正的美元支持。

While initially managed by a consortium called Centre, co-founded by Coinbase and Circle, Circle has since assumed sole responsibility for the management of USDC. However, Coinbase still maintains a minority stake in Circle.

雖然最初由 Coinbase 和 Circle 共同創立的 Centre 財團管理，但 Circle 自此開始全權負責 USDC 的管理。不過，Coinbase 仍保留 Circle 的少數股權。

Dai (DAI)

戴 (DAI)

Dai is a decentralized stablecoin operating on the Ethereum blockchain. It aims to maintain a stable value of one U.S. dollar through the use of smart contracts and a decentralized autonomous organization (DAO) known as MakerDAO.

Dai 是一種在以太坊區塊鏈上運行的去中心化穩定幣。它的目標是透過使用智慧合約和稱為 MakerDAO 的去中心化自治組織（DAO）來維持一美元的穩定價值。

Unlike centralized stablecoins like Tether, Dai’s issuance and management are decentralized, with no one entity controlling the process. Users can deposit different cryptocurrencies as collateral into smart contracts, which then mint DAI tokens. These collateralized assets help maintain DAI’s peg to the U.S. dollar.

與 Tether 等中心化穩定幣不同，Dai 的發行和管理是去中心化的，沒有任何實體控制這個過程。使用者可以將不同的加密貨幣作為抵押品存入智能合約中，然後智能合約鑄造 DAI 代幣。這些抵押資產有助於維持 DAI 與美元的掛鉤。

First Digital USD (FDUSD)

第一個數位美元（FDUSD）

First Digital USD is a stablecoin pegged to the U.S. dollar and operating on the Ethereum blockchain. It’s issued by FD121 Limited, a Hong Kong-based financial firm.

First Digital USD 是一種與美元掛鉤並在以太坊區塊鏈上運行的穩定幣。它由香港金融公司 FD121 Limited 發行。

First Digital USD is designed to be backed by one U.S. dollar or equivalent assets, and its reserves are held in different accounts to ensure they remain separate from the firm’s other assets. These reserves are required to be held in cash or highly liquid assets.

First Digital USD 旨在由一美元或等值資產支持，其儲備金存放在不同的帳戶中，以確保它們與公司的其他資產分開。這些準備金必須以現金或高流動性資產的形式持有。

A unique feature of FDUSD is its programmability, which allows the stablecoin to execute smart contracts. This capability can be used to facilitate escrow and insurance services without the need for intermediaries.

FDUSD 的一個獨特功能是其可編程性，這使得穩定幣能夠執行智能合約。此功能可用於促進託管和保險服務，而無需中介機構。

USDD (USDD)

美元兌美元 (USDD)

USDD is a stablecoin pegged to the U.S. dollar and available on multiple blockchains, including Tron, Ethereum, BNB Chain and others. It was launched in May 2022 by Tron founder Justin Sun and the TRON DAO.

USDD 是一種與美元掛鉤的穩定幣，可在多個區塊鏈上使用，包括 Tron、以太坊、BNB Chain 等。它由 Tron 創始人 Justin Sun 和 TRON DAO 於 2022 年 5 月推出。

This token is designed to be a decentralized alternative to traditional fiat currencies and centralized stablecoins like Tether and USDC. It’s an algorithmic stablecoin that relies on market incentives and a hybrid backing model.

該代幣旨在成為傳統法定貨幣和 Tether 和 USDC 等中心化穩定幣的去中心化替代品。它是一種依賴市場激勵和混合支持模型的演算法穩定幣。

PayPal USD (PYUSD)

貝寶美元 (PYUSD)

Launched in 2023, PayPal USD is a stablecoin pegged to the U.S. dollar and backed by the Paxos Trust Company, a U.S.-regulated custodian. It’s also the first stablecoin to be issued by a major U.S. financial services company.

PayPal USD 於 2023 年推出，是一種與美元掛鉤的穩定幣，由美國監管的託管機構 Paxos Trust Company 提供支援。這也是美國主要金融服務公司發行的第一個穩定幣。

This stablecoin is fully backed by a mix of U.S. dollar deposits, short-term U.S. Treasurys and cash equivalents, ensuring its peg to

這種穩定幣完全由美元存款、短期美國國債和現金等價物組合支持，確保其與美元掛鉤