穩定幣：數位資產的門戶、金融一體化的催化劑

穩定幣是與傳統資產掛鉤的加密貨幣，透過減輕波動性和簡化數位資產的獲取，促進了加密貨幣的採用。儘管穩定幣演算法故障，但領先的穩定幣 USDT、USDC 和 BUSD 仍保持穩定。穩定幣架起了傳統金融和加密貨幣的橋樑，成為 DeFi 成長的催化劑。它們補充了法定貨幣，培養了更通用和相互關聯的全球金融格局，為加強跨境交易和貨幣政策實施提供了潛力。

Stablecoins: A Gateway to Digital Assets and a Catalyst for Financial Integration

穩定幣：數位資產的門戶和金融一體化的催化劑

Introduction

介紹

Stablecoins, digital currencies pegged to traditional assets, have played a significant role in bolstering the adoption of cryptocurrencies by mitigating their notorious volatility. As of this writing, they represent a substantial 11% of the global crypto market, with leading stablecoins USDT, USDC, and BUSD exhibiting remarkable stability over time.

穩定幣是與傳統資產掛鉤的數位貨幣，透過減輕加密貨幣臭名昭著的波動性，在促進加密貨幣的採用方面發揮了重要作用。截至撰寫本文時，它們佔全球加密貨幣市場的 11%，其中領先的穩定幣 USDT、USDC 和 BUSD 隨著時間的推移表現出顯著的穩定性。

Bridging Traditional Finance and Cryptocurrency

連結傳統金融和加密貨幣

Stablecoins have emerged as a crucial link between the established world of traditional finance and the burgeoning crypto ecosystem. They provide a stable and easily accessible on-ramp for investors seeking exposure to digital assets, fostering the growth of decentralized finance (DeFi), a rapidly evolving sector that has revolutionized financial services.

穩定幣已成為現有傳統金融世界與新興加密生態系統之間的重要連結。它們為尋求數位資產投資的投資者提供了穩定且易於訪問的入口，促進了去中心化金融（DeFi）的成長，這是一個快速發展的行業，徹底改變了金融服務。

Comparison with Fiat Currencies

與法定貨幣的比較

Fiat currencies, legal tender issued by governments, serve as the default medium of exchange and a store of value. While stablecoins share some similarities with fiat currencies, they also offer unique advantages that have propelled their popularity.

法定貨幣是政府發行的法定貨幣，是預設的交換媒介和價值儲存手段。雖然穩定幣與法定貨幣有一些相似之處，但它們也具有獨特的優勢，推動了其受歡迎程度。

Benefits of Stablecoins

穩定幣的好處

• Reduced Volatility: Stablecoins virtually eliminate the extreme price fluctuations that have plagued the cryptocurrency market, making them suitable for everyday transactions and investment strategies.
• Enhanced Liquidity: Stablecoins facilitate seamless trading and conversion between digital currencies and fiat, providing increased liquidity in the crypto market.
• Cross-Border Accessibility: Stablecoins enable faster and more cost-effective cross-border transactions, overcoming the challenges often associated with traditional financial systems.
• DeFi Integration: Stablecoins are the backbone of DeFi, enabling users to access a wide range of financial services without the need for intermediaries.

Risks of Stablecoins

降低波動性：穩定幣幾乎消除了困擾加密貨幣市場的極端價格波動，使其適合日常交易和投資策略。加密市場的流動性。無需透過網路即可獲得廣泛的金融服務需要中介機構。

• Algorithmic Failures: Some stablecoins rely on complex algorithms to maintain their peg, which can introduce vulnerabilities to smart contract bugs or market manipulation.
• Centralized Control: Fiat-collateralized stablecoins are backed by centralized entities, raising concerns about potential censorship or manipulation.
• Regulatory Uncertainty: The regulatory landscape for stablecoins remains fluid in many jurisdictions, creating uncertainty for investors and market participants.

Fiat Currencies in the Digital Age

演算法失敗：一些穩定幣依賴複雜的演算法來維持其掛鉤，這可能會引入智能合約錯誤或市場操縱的漏洞。 。

Fiat currencies continue to play a vital role in the global economy, facilitating trade and commerce. However, the advent of digital payment methods has led to a decline in the use of physical cash. In response, central banks worldwide are exploring the development of Central Bank Digital Currencies (CBDCs).

法定貨幣繼續在全球經濟中發揮至關重要的作用，促進了貿易和商業。然而，數位支付方式的出現導致實體現金的使用減少。為此，世界各地的中央銀行正在探索中央銀行數位貨幣（CBDC）的發展。

Central Bank Digital Currencies (CBDCs)

中央銀行數位貨幣（CBDC）

CBDCs are digital forms of fiat money issued by central banks on permissioned blockchains. They aim to provide a secure, efficient, and cost-effective alternative to existing payment systems while preserving the stability and trust associated with fiat currencies.

CBDC 是中央銀行在許可的區塊鏈上發行的法定貨幣的數位形式。他們的目標是為現有支付系統提供安全、高效且具成本效益的替代方案，同時保持與法定貨幣相關的穩定性和信任。

CBDC Benefits

CBDC 的好處

• Enhanced Cross-Border Transactions: CBDCs facilitate faster and cheaper international payments, reducing costs and barriers for businesses and individuals.
• Increased Financial Inclusion: CBDCs can extend financial services to unbanked populations, promoting financial literacy and economic empowerment.
• Improved Monetary Policy: CBDCs may enhance central banks' ability to implement monetary policy effectively, fostering economic stability and growth.

CBDC Concerns

增強跨國交易：CBDC 促進更快、更便宜的國際支付，降低企業和個人的成本和障礙。 。

• Privacy Issues: Some critics express concerns about the potential for CBDCs to compromise user privacy and financial autonomy.
• Centralization of Power: CBDCs may undermine the role of banks in the financial system, potentially leading to increased centralization and reduced competition.

Stablecoins and Fiat Currencies: Complementary Tools

隱私問題：一些批評者對 CBDC 可能損害用戶隱私和財務自主權表示擔憂。工具

Stablecoins and fiat currencies serve complementary roles in the evolving financial landscape. Stablecoins provide a gateway to the crypto ecosystem, facilitating seamless integration between traditional and digital assets. Fiat currencies, backed by the trust and stability of governments, remain essential for everyday transactions and large-scale financial operations.

穩定幣和法定貨幣在不斷發展的金融格局中發揮互補作用。穩定幣提供了通往加密生態系統的門戶，促進傳統資產和數位資產之間的無縫整合。以政府信任和穩定為後盾的法定貨幣對於日常交易和大規模金融運營仍然至關重要。

The Global Reserve Currency

全球儲備貨幣

The US dollar has reigned as the world's dominant reserve currency since the Bretton Woods agreement in 1944. However, with geopolitical shifts and the rise of emerging economies, the possibility of the dollar gradually losing its reserve status has gained traction.

自1944年布雷頓森林協定以來，美元一直是世界主要儲備貨幣。

Can a Stablecoin Become the Global Reserve Currency?

穩定幣能成為全球儲備貨幣嗎？

While stablecoins have attracted significant interest, it is unlikely that any single stablecoin will replace the US dollar as the global reserve currency. The collapse of algorithmic stablecoins like TerraUSD (UST) has further dampened such ambitions.

儘管穩定幣引起了人們的極大興趣，但任何單一穩定幣都不太可能取代美元成為全球儲備貨幣。 TerraUSD（UST）等演算法穩定幣的崩潰進一步削弱了這種雄心。

Investor Takeaway

投資者要點

Stablecoins and fiat currencies coexist in the financial ecosystem, each fulfilling distinct needs. Stablecoins offer reduced volatility and seamless access to digital assets, while fiat currencies provide stability and universal acceptance. Together, they contribute to a more diverse and interconnected global financial landscape.

穩定幣和法定貨幣在金融生態系統中共存，各自滿足不同的需求。穩定幣可以降低波動性並無縫存取數位資產，而法定貨幣則提供穩定性和普遍接受性。它們共同為更多樣化和相互關聯的全球金融格局做出了貢獻。

Frequently Asked Questions (FAQs)

常見問題 (FAQ)

1. Where can I buy, sell, and exchange stablecoins?

   我可以在哪裡購買、出售和兌換穩定幣？

   • Stablecoins can be traded on both centralized exchanges (e.g., Coinbase, Binance) and decentralized exchanges (e.g., Uniswap, Curve).

2. How transparent and auditable are stablecoin reserves?

   穩定幣可以在中心化交易所（例如 Coinbase、Binance）和去中心化交易所（例如 Uniswap、Curve）上進行交易。

   • Transparency and auditing practices vary among stablecoin issuers. Circle, the entity behind USDC, undergoes monthly audits by reputable third-party firms.

3. What is the market capitalization and circulating supply of stablecoins?

   穩定幣發行人的透明度和審計做法各不相同。 USDC背後的實體Circle每月接受信譽良好的第三方公司的審計。

   • The combined market capitalization of over 100 stablecoins tracked by DeFi Llama exceeds $133 billion as of this writing.

截至撰寫本文時，DeFi Llama 追蹤的 100 多種穩定幣的總市值超過 1,330 億美元。