美國財政部長Scott Bessent（L）和霍華德·盧特尼克（Howard Lutnick），我們...

許多讀者可能熟悉比特幣。然而，貨幣順序的新進入者是穩定的。他們是該鎮在DC中的話題 - Stablecoin球員正在做出重大的地緣政治和經濟行動。

Many readers might be familiar with Bitcoin. Yet a new entrant in the monetary order is stablecoins. They're the talk of the town in DC - and stablecoin players are making major geopolitical and economic moves.

許多讀者可能熟悉比特幣。然而，貨幣順序的新進入者是穩定的。他們是該鎮在DC中的話題 - Stablecoin球員正在做出重大的地緣政治和經濟行動。

What a stablecoin is

什麼是穩定的

A stablecoin is a cryptocurrency token issued by a company that pledges to exchange or redeem some asset in return for each token issued. The US dollar often backs stablecoins; for example, USDC (USD Coin issued by Circle) and USDT (Tether) are the largest stablecoins and they are backed by the US dollar.

Stablecoin是一家公司發行的加密貨幣代幣，該公司承諾交換或贖回某些資產，以換取每份發行的代幣。美元經常支持穩定的人；例如，USDC（Circle發行的USD硬幣）和USDT（Tether）是最大的Stablecoins，它們得到了美元的支持。

In the example of a US-backed stablecoin, an issuer will pledge to give you one US dollar for each token redeemed with them. This pledge means that you have to have faith in the underlying company to hold enough reserves to make you whole - and that they don’t engage in fractional reserve, meaning that they issue more tokens than they hold in terms of dollars, with the hope that people will not come and make a "run on their reserve" - similar to a bank run.

在美國支持的Stablecoin的示例中，發行人將保證為您與他們兌換的每個令牌為您提供一美元。這種承諾意味著您必須對基礎公司充滿信心，才能持有足夠的儲備以使您整體 - 並且他們不參與分數儲備金，這意味著他們發行的代幣遠遠超過了他們對美元的持有，希望人們不會來“在儲備金上運行” - 類似於銀行運營。

Some stablecoins are Euro-denominated and denominated in other currencies, such as the EURC. When Meta proposed the Libra Project (which became Diem) - the original idea was to create a stablecoin backed by a basket of currencies. There are also different stablecoins - from reserve-backed like the ones described to algorithmic stablecoins to even commodity-backed stablecoins that offer redemptions in gold for a token.

一些穩定的股幣以歐元的計時為主，並以其他貨幣（例如Eurc）計價。當Meta提出天秤座項目（成為Diem）時，最初的想法是創建由一籃子貨幣支持的穩定幣。也有不同的穩定幣 - ​​從像所描述的儲備一樣到算法穩定的穩定劑到甚至是商品支持的穩定的穩定的穩定股，這些穩定的stablecoins為代幣提供了黃金的贖回。

Stablecoins offer a token that can be used to settle payments in the underlying currency - a very popular solution for those without access to banking in the currency (ex, US dollar banking) or for those looking to avoid banking costs and the cost of transactions and wire transfers for cross-border remittances, micropayments and to a certain degree, merchant payments.

Stablecoins提供的代幣可以用來解決基本貨幣的付款 - 對於那些沒有貨幣（EX，美元銀行業）的人來說，這是非常流行的解決方案，或者對於那些希望避免銀行成本以及交易成本和交易成本和跨境匯款，微型付款，微型付款以及一定程度的商人付款的人。

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What is the difference between stablecoins and Bitcoin?

Stablecoins和比特幣有什麼區別？

Stablecoins and Bitcoin differ in several ways. One is that a stablecoin doesn’t need a native network -the most popular one, Tether, can be sent on whatever blockchain has the lowest fees. There are Tether integrations with Tron, Ethereum, and now, with the Lightning Network on Bitcoin. USDC follows the same principle - it can be transmitted across multiple chains, most notably its integration with the Coinbase-backed BASE layer. Stablecoins don't need a "blockchain" - they can work by using other chains to be transmitted.

穩定幣和比特幣在幾種方面有所不同。一個是，一個穩定的人不需要本機網絡​​ - 最受歡迎的網絡，即可以在任何具有最低費用的區塊鏈上發送。與Tron，以太坊以及現在，與比特幣上的Lightning Network有束縛集成。 USDC遵循相同的原理 - 它可以跨多個鏈條傳輸，最著名的是它與Coinbase支持的基礎層的集成。 Stablecoins不需要“區塊鏈” - 它們可以使用其他要傳輸的鏈條來工作。

Stablecoins rely on an issuing company that can back every token with real-world assets unlike Bitcoin. This dependency on a company also means that the company can be leveraged to freeze funds held in that stablecoin. A human CEO is responsive to political pressure in a way a neutral protocol would not be.

Stablecoins依靠一家發行公司，該公司可以與比特幣不同的是擁有現實世界中的所有代幣。對公司的這種依賴還意味著可以利用該公司凍結該公司的資金。人類首席執行官以中立協議的方式對政治壓力做出反應。

Unlike Bitcoin, the backing function is not peer-to-peer computers and large-scale markets but a single company acting as a banker of sorts. As a result, there isn’t a global network of peers, miners, or other stakeholders to hold stablecoins accountable beyond their internal practices.

與比特幣不同，背景功能不是點對點計算機和大規模市場，而是一家公司的單一公司。結果，沒有一個全球的同行，礦工或其他利益相關者網絡無法使穩定的穩定者超越其內部實踐。

Stablecoins have to hold reserves as part of their business model, and they make a profit on those reserves. For example, Tether holds many US Treasuries. This holding of reserves also means that stablecoins stay stable to the underlying asset's price. Bitcoin has volatility compared to fiat currencies like the US dollar because it has its own network and supply dynamics.

Stablecoins必須作為其業務模式的一部分持有儲備金，並且可以利用這些儲量。例如，繫繩持有許多美國國債。持有的儲備還意味著，穩定幣保持穩定的基礎資產的價格。比特幣與美元貨幣（如美元）相比具有波動性，因為它具有自己的網絡和供應動態。

Stablecoins are meant to be pegged 1:1 with an asset like the US dollar - and if it gets de-pegged, this might spell the end of that stablecoin. When it was found that Circle held reserves in Silicon Valley Bank, for example, that were threatened, USDC traded below the US dollar in Asia. This threat might have caused significant damage to USDC if their funds were not then guaranteed in the bailout of Silicon Valley Bank. And this is what caused the algorithmic stablecoin Terra to flame out.

穩定幣的本來是將1：1與美元這樣的資產固定的 - 如果它被固定，這可能會拼寫出該穩定的結束。例如，當發現Circle在矽谷銀行持有的儲量受到威脅時，USDC的交易價格低於亞洲美元。如果不保證矽谷銀行的救助，這種威脅可能會對USDC造成重大損失。這就是導致算法的穩定Terra燃燒的原因。

How are stablecoins playing out in global geopolitics?

Stablecoins如何在全球地緣政治上發揮作用？

Stablecoins are making an incredible amount of money with small teams, allowing them to exert much influence. They are the crux behind the Trump Administration’s argument that "crypto" strengthens the US dollar rather than vice versa. For example, Tether made about $13 billion in profits for 2024 while holding about $113 billion in direct or indirect holdings of US treasuries. For reference, that’s more than the $97 billion that Germany has in US treasuries, meaning Tether holds more US Treasury debt than a major G7 ally. Stablecoins now outrank countries in terms of buying and holding US debt.

Stablecoins與小型團隊一起賺了很多錢，使他們產生了很大的影響力。他們是特朗普政府論點的關鍵，即“加密”加強了美元，而不是反之亦然。例如，繫繩在2024年獲得了約130億美元的利潤，同時持有美國國債的直接或間接持有的約1,130億美元。作為參考，這超過了德國在美國國債的970億美元，這意味著Tether持有美國國庫債務比主要的G7盟友更多。 Stablecoins現在在購買和承擔美國債務方面超越國家。

Stablecoins are also a new way to access the US dollar without US banking - that seems hands-off,

Stablecoins也是不用美國銀行業務而獲得美元的新方法 - 這似乎是放手，