穩定幣在支付和價值儲存中的作用

美元和歐元等法定貨幣是全球商業的支柱，由中央銀行和政府發行和控制。

Stablecoins, a type of cryptocurrency pegged to a stable asset like fiat currency, are increasingly touted as a bridge between traditional finance and crypto.

穩定幣是一種與法定貨幣等穩定資產掛鉤的加密貨幣，越來越被譽為傳統金融和加密貨幣之間的橋樑。

As highlighted in a recent report by the Federal Reserve Bank of Atlanta, stablecoins are poised to play a significant role in the future of payments. The report notes that these digital assets could rival credit or debit cards in terms of adoption, given their growing acceptance and the vast market potential.

正如亞特蘭大聯邦儲備銀行最近的一份報告所強調的那樣，穩定幣有望在未來的支付中發揮重要作用。該報告指出，鑑於這些數位資產的接受度不斷提高以及巨大的市場潛力，它們在採用方面可以與信用卡或金融卡相媲美。

notably, stablecoins, such as Tether (USDT), are now widely used by retailers like Overstock, Chipotle, Whole Foods and GameStop, among others, to accept cryptocurrency payments from their customers.

值得注意的是，Tether (USDT) 等穩定幣現在被 Overstock、Chipotle、Whole Foods 和 GameStop 等零售商廣泛使用，以接受客戶的加密貨幣付款。

In recent news, Tether, the crypto firm behind the world’s most used stablecoin USDT, announced Monday it would be moving its headquarters to El Salvador.

最近的消息顯示，世界上最常用的穩定幣 USDT 背後的加密貨幣公司 Tether 週一宣布將把總部遷至薩爾瓦多。

Unlike the usual crypto rollercoaster of value volatility, stablecoins bring an alleged dose of stability to the digital currency game, while at the same time being able to function as a store of value, a medium of exchange and a unit of account.

與通常的價值波動的加密貨幣過山車不同，穩定幣為數位貨幣遊戲帶來了所謂的穩定性，同時能夠充當價值儲存、交換媒介和記帳單位。

The growing embrace of blockchain within financial services and payments is reflected in the strong interest among traditional financial firms, with Bank of America holding over 80 blockchain-related patents, and its multinational peers such as HSBC, Barclays, J.P. Morgan Chase, UBS and others currently participating in stablecoin-centric banking pilots.

區塊鏈在金融服務和支付領域的日益普及反映在傳統金融公司的強烈興趣上，美國銀行擁有80 多項區塊鏈相關專利，匯豐銀行、巴克萊銀行、摩根大通、瑞銀等跨國同行也有這種興趣。

Understanding what stablecoins are, how they’re minted, issued and used, as well as the differences between the many different varieties out there, is crucial to enterprise enablement and adoption of the novel asset as a both payment mechanism and store of value.

了解穩定幣是什麼，它們是如何鑄造、發行和使用的，以及許多不同品種之間的差異，對於企業支持和採用這種新型資產作為支付機制和價值儲存至關重要。

The Role of Stablecoins in Payments and Value Storage

穩定幣在支付和價值儲存中的作用

Fiat currencies such as the U.S. dollar and the euro are the backbone of global commerce, issued and controlled by central banks and governments. These authorities not only provide stability but also establish and oversee the financial rails these currencies ride on. While this centralized system ensures reliability and broad utility, it also imposes strict limitations on access and usage.

美元和歐元等法定貨幣是全球商業的支柱，由中央銀行和政府發行和控制。這些當局不僅提供穩定性，還建立和監督這些貨幣所依賴的金融軌道。雖然這種集中式系統確保了可靠性和廣泛的實用性，但它也對存取和使用施加了嚴格的限制。

Stablecoins are meant to mimic the stability of fiat by pegging their value to a reserve asset, such as fiat currency, commodities or even other cryptocurrencies, while offering greater interoperability across financial systems.

穩定幣旨在模仿法定貨幣的穩定性，將其價值與法定貨幣、大宗商品甚至其他加密貨幣等儲備資產掛鉤，同時提供跨金融系統更大的互通性。

“This isn’t about replacing existing systems. It’s about providing an additional option. Where stablecoins offer superior benefits, customers will naturally gravitate toward them,” Miles Paschini, CEO at FV Bank, told PYMNTS.

“這並不是要更換現有系統。這是為了提供一個額外的選擇。 FV 銀行執行長 Miles Paschini 告訴 PYMNTS，如果穩定幣能夠提供卓越的好處，客戶自然會被它們所吸引。

“As more banks integrate blockchain capabilities, customers will have greater choice in transferring value,” he added. “We’re blazing the trail for a future where blockchain is just another payment rail.”

「隨著越來越多的銀行整合區塊鏈功能，客戶在轉移價值方面將有更多選擇，」他補充道。 “我們正在為未來開闢道路，讓區塊鏈成為另一種支付方式。”

While stablecoins have yet to prove themselves as a ubiquitous payment mechanism, their use is growing, and the infrastructure supporting them continues to mature.

雖然穩定幣尚未證明自己是一種無所不在的支付機制，但它們的使用正在不斷增長，並且支持它們的基礎設施也在不斷成熟。

Stablecoins come into existence through a meticulous process of minting and issuance, one that typically involves creating new tokens pegged to a stable asset, such as a fiat currency, a basket of assets or commodities like gold. The minting process varies depending on the type of stablecoin — centralized or decentralized — but the general concept is to ensure that the stablecoin is backed by collateral and can be redeemed for the equivalent value in the underlying asset.

穩定幣是透過精心鑄造和發行的過程而產生的，該過程通常涉及創建與穩定資產（例如法定貨幣、一籃子資產或黃金等商品）掛鉤的新代幣。鑄造過程根據穩定幣的類型（集中式或分散式）而有所不同，但總體概念是確保穩定幣有抵押品支持，並且可以兌換為等值的基礎資產。

Centralized stablecoins, like USDC (USD Coin) and USDT (Tether), are issued by central entities (like Circle or Tether). The minting process for these stablecoins is both straightforward as well as largely dependent on the trust in the issuing entity.

中心化穩定幣，如 USDC（美元硬幣）和 USDT（Tether），由中央實體（如 Circle 或 Tether）發行。這些穩定幣的鑄造過程既簡單又很大程度取決於對發行實體的信任。

The minting process begins when a user deposits fiat currency (e.g., USD) with the company that issues the stablecoin. For example, a user might deposit $1,000 into the issuer’s bank account or reserve. Once the collateral is received, the issuer mints an equivalent amount of stablecoins. So, if a user deposits $1,000, they will receive 1,000 USDC (since USDC is pegged 1:1 with the U.S. dollar).

當用戶向發行穩定幣的公司存入法定貨幣（例如美元）時，鑄幣過程就開始了。例如，用戶可以將 1,000 美元存入發行人的銀行帳戶或準備金。一旦收到抵押品，發行人就會鑄造等量的穩定幣。因此，如果用戶存入 1,000 美元，他們將收到 1,000 USDC（因為 USDC 與美元 1:1 掛鉤）。

The issuing company then holds the fiat currency in reserves and may keep these reserves in a bank account, money market funds or other low-risk financial instruments. When a user wishes to redeem their stablecoins, they can return them to the issuer, who then “burns” the stablecoins (removes them from circulation) and sends the equivalent fiat back to the user. For instance, if a user returns 1,000 USDC, they’ll get $1,000 back.

然後，發行公司持有法定貨幣儲備，並可能將這些儲備保存在銀行帳戶、貨幣市場基金或其他低風險金融工具中。當用戶希望贖回他們的穩定幣時，他們可以將其退還給發行人，然後發行人「銷毀」穩定幣（將其從流通中刪除）並將等值的法幣發送回用戶。例如，如果用戶退回 1,000 USDC，他們將獲得 1,000 美元。

Issuers mint stablecoins onto various blockchains to leverage the unique features that different blockchains offer. Blockchains can generally be categorized as either third-party (public) or first-party (private). A third-party blockchain, like Ethereum, is an open and decentralized blockchain used by many participants and developers to build applications, whereas a first-party blockchain, such as Ripple (XRP Ledger), is typically controlled or maintained by a single entity or a smaller group of stakeholders,

發行人在各種區塊鏈上鑄造穩定幣，以利用不同區塊鏈提供的獨特功能。區塊鏈通常可以分為第三方（公共）或第一方（私有）。第三方區塊鏈（例如以太坊）是一種開放且去中心化的區塊鏈，許多參與者和開發人員使用它來建立應用程序，而第一方區塊鏈（例如Ripple（XRP Ledger） ）通常由單一實體或單一實體控製或維護。