穩定幣：去中心化金融十年的演變

自第一個穩定幣 BitUSD 推出以來已有十年，標誌著去中心化金融（DeFi）生態系統發生了重大演變。

Ten years have passed since the introduction of BitUSD, the first stablecoin, marking a significant evolution in the decentralized finance (DeFi) ecosystem. Today, stablecoins have become indispensable financial instruments in this field, with a total supply now exceeding $156 billion.

自第一個穩定幣 BitUSD 推出以來已經過去了十年，標誌著去中心化金融（DeFi）生態系統的重大演變。如今，穩定幣已成為該領域不可或缺的金融工具，目前總供應量已超過 1,560 億美元。

BitUSD was introduced on July 21, 2014, on the BitShares blockchain by cryptocurrency pioneers Dan Larimer and Charles Hoskinson, aiming to maintain a stable value pegged to the US dollar at a 1:1 ratio. However, the decoupling event of BitUSD in 2018 revealed the complexities of early stable models.

BitUSD 於 2014 年 7 月 21 日由加密貨幣先驅 Dan Larimer 和 Charles Hoskinson 在 BitShares 區塊鏈上推出，旨在以 1:1 的比例維持與美元掛鉤的穩定價值。然而，2018年BitUSD的脫鉤事件揭露了早期穩定模型的複雜性。

In contrast, modern stablecoins like Tether (USDT) and USD Coin (USDC) rely on substantial fiat reserves and other robust mechanisms to achieve significant stability. Today's stablecoins play a crucial role in the cryptocurrency and DeFi ecosystems, providing liquidity to exchanges, supporting loans, and enabling market participants to maintain investments in digital assets without frequently converting to fiat.

相較之下，Tether (USDT) 和 USD Coin (USDC) 等現代穩定幣則依靠大量的法定儲備和其他強大的機制來實現顯著的穩定性。現今的穩定幣在加密貨幣和DeFi 生態系統中發揮著至關重要的作用，為交易所提供流動性，支持貸款，並使市場參與者能夠維持對數位資產的投資，而無需頻繁轉換為法定貨幣。

Types of Stablecoins

穩定幣的類型

Stablecoins can be categorized based on their methods of maintaining price stability:

穩定幣可以根據維持價格穩定的方法進行分類：

Fiat-Collateralized Stablecoins: These stablecoins are backed by fiat currency (such as the US dollar) held in reserve by a central custodian. For example, Tether (USDT) and USD Coin (USDC) are such examples. The issuer holds a fiat reserve equivalent to the issued stablecoins, ensuring that each coin can be redeemed at a 1:1 ratio, which not only stabilizes the coin's value but also enhances user trust.

法定貨幣抵押穩定幣：這些穩定幣以中央託管人儲備的法定貨幣（例如美元）為支持。例如，Tether (USDT) 和 USD Coin (USDC) 就是這樣的例子。發行人持有與發行的穩定幣等值的法幣儲備，保證每枚穩定幣都能以1:1的比例贖回，既穩定了穩定幣的價值，又增強了用戶的信任。

Crypto-Collateralized Stablecoins: These stablecoins are backed by other cryptocurrencies as collateral, such as MakerDAO's DAI. Users need to lock a certain amount of cryptocurrency (like Ethereum) as collateral. Due to the high volatility of cryptocurrency prices, these stablecoins typically use over-collateralization and employ automatic liquidation mechanisms to maintain their pegged value.

加密貨幣抵押穩定幣：這些穩定幣由其他加密貨幣作為抵押品支持，例如 MakerDAO 的 DAI。用戶需要鎖定一定數量的加密貨幣（如以太坊）作為抵押品。由於加密貨幣價格的高波動性，這些穩定幣通常使用超額抵押並採用自動清算機制來維持其掛鉤價值。

Algorithmic Stablecoins: These stablecoins rely on algorithms to adjust supply based on market demand without requiring actual collateral. For example, FRAX combines algorithmic and partially collateralized mechanisms, while TerraUSD (UST) previously used a minting tax model before its collapse. Their stability largely depends on market confidence and the robustness of the algorithms.

演算法穩定幣：這些穩定幣依賴演算法根據市場需求調整供應，而不需要實際抵押品。例如，FRAX 結合了演算法和部分抵押機制，而 TerraUSD (UST) 在崩潰之前曾使用鑄幣稅模型。它們的穩定性很大程度上取決於市場信心和演算法的穩健性。

Top five stablecoins ranked by supply (Total supply: $155.1 billion, Source: Artemis)

按供應量排名前五的穩定幣（總供應量：1551 億美元，來源：Artemis）

Stablecoin Models: Collateral and Custody Analysis

穩定幣模型：抵押品和託管分析

Tether (USDT)

泰達幣（USDT）

Collateral and Custody: Tether is backed by fiat reserves, including cash, cash equivalents, and US Treasury bonds, and is custodied by Cantor Fitzgerald. As of October 26, Tether reported holding $100 billion in US Treasury bonds, over 82,000 Bitcoins (approximately $5.5 billion), and 48 tons of high-quality gold.

抵押品和託管：Tether 由法定儲備金支持，包括現金、現金等價物和美國國債，並由 Cantor Fitzgerald 託管。截至 10 月 26 日，Tether 報告持有 1,000 億美元的美國國債、超過 82,000 個比特幣（約 55 億美元）和 48 噸優質黃金。

Supply and Usage Trends: The supply of USDT is $113.4 billion, which has decreased by 5.73% over the past month. Despite a 5.27% increase in transfer volume, the number of active addresses has decreased by 6.11%, indicating a decline in user activity.

供應及使用趨勢：USDT供應量為1,134億美元，較上月減少5.73%。儘管轉帳量增加了5.27%，但活躍地址數卻下降了6.11%，顯示用戶活躍度下降。

USDC

美國農業部

Collateral and Custody: USDC is fully backed by fiat reserves and managed by BNY Mellon, Customers Bank, and Cross River Bank.

抵押品和託管：USDC 完全由法定儲備金支持，並由紐約梅隆銀行、客戶銀行和 Cross River Bank 管理。

Supply and Usage Trends: The supply of USDC is $33.6 billion, with a decrease of 2.46%, but transfer volume surged by 29.95%. The number of active addresses increased by 23.45%, indicating strong trading demand.

供應及使用趨勢：USDC供應量為336億美元，下降2.46%，但轉帳量激增29.95%。活躍地址數成長23.45%，交易需求旺盛。

DAI

戴伊

Collateral and Custody: This over-collateralized stablecoin uses ETH, BTC, private credit, and US Treasury bonds as collateral, custodied by Coinbase Custody, Sygnum Bank, and Wedbush Securities.

抵押品和託管：這種超額抵押穩定幣使用 ETH、BTC、私人信貸和美國國債作為抵押品，由 Coinbase Custody、Sygnum Bank 和 Wedbush Securities 託管。

Supply and Usage Trends: The supply of DAI is $5 billion. Although the supply decreased by 2.75%, transfer volume grew by 40.52%, and active addresses increased by 45.35%, reflecting rising adoption and trading activity.

供應和使用趨勢：DAI 的供應量為 50 億美元。儘管供應量下降了 2.75%，但轉帳量增加了 40.52%，活躍地址增加了 45.35%，反映出採用率和交易活動的增加。

USDe

美元

Collateral and Custody: USDe is a synthetic stablecoin that achieves delta neutrality using ETH, ETH LSTs, BTC, and USDT, custodied by Copper, Ceffu, and Cobo.

抵押品和託管：USDe 是一種合成穩定幣，使用 ETH、ETH LST、BTC 和 USDT 實現 Delta 中性，由 Copper、Ceffu 和 Cobo 託管。

Supply and Usage Trends: The supply of USDe is $2.7 billion. Although transfer volume slightly decreased, the number of active addresses increased slightly, indicating stability in its usage patterns.

供應與使用趨勢：USDe 的供應量為 27 億美元。儘管傳輸量略有下降，但活躍地址數量略有增加，顯示其使用模式穩定。

PYUSD (PayPal USD)

PYUSD（貝寶美元）

Collateral and Custody: PYUSD is issued by PayPal and is fully backed by fiat assets (such as US Treasury bonds, cash, and equivalents), custodied by State Street Bank and Trust Company and Customers Bank.

抵押品和託管：PYUSD 由 PayPal 發行，完全由法定資產（例如美國國債、現金和等價物）支持，由道富銀行、信託公司和客戶銀行託管。

Supply and Usage Trends: PYUSD is the smallest stablecoin by supply, with a total of $598 million. Its transfer volume increased by 58.75%, and active addresses grew by 153.7

供應與使用趨勢：PYUSD 是供應量最小的穩定幣，總量為 5.98 億美元。轉帳量成長58.75%，活躍地址成長153.7