並非所有的美元穩定劑都是平等的 - 有些是堅實的地面，而另一些則建立在變化的沙子上。

由驗證的價值存儲支持的穩定幣

Not all USD stablecoins are created equal — some stand on solid ground, while others are built on shifting sand. Although both fiat-backed and gold-backed stablecoins maintain a 1:1 peg to the US dollar, the strength of their collateral influences their long-term security, trustworthiness and resilience.

並非所有的美元穩定劑都是平等的 - 有些是堅實的地面，而另一些則建立在變化的沙子上。儘管由菲亞特支持的和黃金支持的穩定者都保持著1：1的釘子，但其抵押品的實力影響了他們的長期安全，可信賴性和韌性。

Most fiat-backed stablecoins depend on traditional financial instruments such as bank reserves, cash equivalents and commercial paper to maintain their peg. However, full collateralization claims of stablecoin issuers are not always accurate, and the composition of their reserves can often be unclear or misleading.

大多數菲亞族支持的穩定幣依賴於傳統金融工具，例如銀行儲備，現金等價物和商業紙，以維持其PEG。但是，穩定發行人的完全抵押索賠並不總是準確的，而且其儲備的組成通常不清楚或誤導。

For example, a 2021 report about a popular stablecoin with a USD peg revealed that just 2.9% of the said stablecoin’s reserves were in actual cash, while the majority were in other assets that are often deemed risky — like commercial paper and corporate bonds — raising concerns about liquidity in times of crisis.

例如，一份有關一個受歡迎的Stablecoin的2021年報告顯示，僅2.9％的上述Stablecoin儲量中，只有2.9％的儲備金是實際的現金，而大多數資產中的大多數人通常被認為是有風險的，例如商業紙張和公司債券 - 在危機時期引起人們對流動性的擔憂。

The stability of fiat-backed stablecoins depends entirely on the banks holding their reserves. When financial institutions collapse, liquidity crises and depegging follow — just as experienced in 2023. This dependence on traditional banking highlights a core weakness: fiat-backed stablecoins are only as stable as the institutions backing them.

由菲亞特支持的穩定穩定的穩定性完全取決於持有儲量的銀行。當金融機構崩潰，流動性危機和depeggging的崩潰時，就像在2023年一樣。對傳統銀行業務的這種依賴突出了核心弱點：菲亞·支持的stablecoins僅與支持他們的機構一樣穩定。

In short, the instability of fiat-backed models calls for a more resilient alternative that doesn’t rely on bank reserves or cash equivalents.

簡而言之，以菲亞特支持的模型的不穩定要求，需要一種更具彈性的替代方案，不依賴銀行儲備或現金等效物。

A stablecoin backed by a proven store of value

由驗證的價值存儲支持的穩定幣

Gold Dollar (USDKG), a gold-collateralized USD stablecoin, offers a more secure and reliable alternative to overcome the vulnerabilities of stablecoins. Introduced by the Ministry of Finance of the Kyrgyz Republic, USDKG takes a fundamentally different approach by eliminating banking risk and anchoring its value to a universally recognized hard asset: gold.

金美元（USDKG）是一種金色的美元穩定股，為克服穩定的脆弱性提供了一種更安全和可靠的替代方案。 USDKG是由吉爾吉斯共和國財政部提出的，通過消除銀行風險並將其價值固定在普遍認可的硬資產：黃金方面，採取了根本不同的方法。

Unlike fiat-backed stablecoins, which rely on traditional financial institutions, Gold Dollar is fully secured by physical gold reserves. With its 1:1 peg to the US dollar, USDKG removes banking risks, liquidity concerns and regulatory uncertainties, ensuring long-term stability.

與依靠傳統金融機構的菲亞特支持的穩定股不同，黃金美元由實物黃金儲備完全確保。 USDKG憑藉其1：1釘到美元，消除了銀行風險，流動性問題和監管不確定性，以確保長期穩定。

As one of the world’s most stable and trusted financial instruments, gold is independent of the risks associated with fiat reserves. Contrary to debt-backed fiat stablecoins, gold is a tangible store of value that remains resilient during financial volatility.

作為世界上最穩定，最值得信賴的金融工具之一，黃金獨立於與菲亞特儲備有關的風險。與債務支持的菲亞特·斯ablecoins相反，黃金是一種有形的價值存儲，在財務波動期間仍然具有彈性。

Source: USDKG

資料來源：USDKG

Through a fully verifiable proof-of-reserves model, the gold-backed stablecoin guarantees that every token in circulation is backed by accurate, accessible gold, reinforcing trust and reliability.

通過完全可驗證的儲備驗證模型，金牌穩定的stablecoin保證了流通中的每個令牌都以準確，易於訪問的黃金，增強信任和可靠性為支持。

The power of gold as reserve

黃金作為儲備的力量

From a user perspective, choosing a gold-collateralized stablecoin provides three definite advantages:

從用戶的角度來看，選擇一個金色的穩定劑提供了三個確定的優勢：

1. Hard asset security

1。硬資產安全

A gold-backed stablecoin benefits from the stability and reliability of gold, which is a hard asset immune to financial crises and liquidity shortages.

黃金支持的穩定的穩定性受益於黃金的穩定性和可靠性，這是對金融危機和流動性短缺的艱鉅資產。

For users, this means peace of mind — their stablecoin holdings are not exposed to bank failures and sudden withdrawal freezes. No matter what happens in the financial sector, USDKG retains its value because it is backed by an asset that has stood the test of time.

對於用戶而言，這意味著安心 - 他們的穩定持有的持有量不會暴露於銀行失敗和突然撤離凍結。無論金融領域發生什麼情況，USDKG都保留其價值，因為它得到了經受了時間考驗的資產的支持。

2. Transparency with independent audits

2。獨立審核的透明度

Unlike fiat-backed stablecoins that often operate with opaque reserve reports and unverified claims, USDKG’s gold reserves are independently audited. This level of transparency guarantees that every token is backed by accurate, verifiable gold, eliminating the risk of fractional reserves or misleading collateral claims.

與經常在不透明的儲備報告和未驗證的索賠中運作的菲亞特支持的穩定幣不同，USDKG的黃金儲備是獨立審計的。這種透明度的水平保證了每個令牌都得到準確，可驗證的黃金的支持，從而消除了部分儲備金或誤導抵押索賠的風險。

Government-held gold reserves fully back USDKG. Source: USDKG

政府擁有的黃金儲備完全返回了USDKG。資料來源：USDKG

With the gold-backed stablecoin, what users see is what users get. Each token is backed by verified gold reserves, ensuring transparency and eliminating the trust issues associated with fiat-backed stablecoins.

借助黃金支持的Stablecoin，用戶看到的是用戶獲得的。每個令牌都得到經過驗證的黃金儲備的支持，以確保透明度並消除與菲亞特支持的穩定穩定的信任問題。

3. Overcollateralization for long-term stability

3。過度穩定性

Fiat-backed stablecoins often operate on fractional reserves, meaning they may not always have enough backing to cover all redemptions, especially during financial stress.

由菲亞特支持的穩定蛋白經常以分數儲量運作，這意味著它們可能並不總是有足夠的支持來支付所有贖回，尤其是在財務壓力期間。

In contrast, USDKG ensures full and overcollateralized gold reserves, meaning its value remains stable even during economic downturns and market volatility. For users, this means a stablecoin they can trust for long-term savings, cross-border payments and financial uncertainty.

相比之下，USDKG確保了充分和過度填充的黃金儲量，這意味著即使在經濟低迷和市場波動期間，它的價值仍然穩定。對於用戶而言，這意味著他們可以信任長期儲蓄，跨境支付和財務不確定性的穩定幣。

Navigating regulatory challenges

導航監管挑戰

Beyond its gold-backed stability and transparency, USDKG addresses one of the most significant concerns for stablecoins: regulatory compliance.

USDKG除了具有黃金支持的穩定性和透明度外，還解決了穩定劑的最重要問題之一：法規依從性。

As financial watchdogs tighten their grip on fiat-backed stablecoins — citing concerns over mismanaged reserves, opaque audits and systemic risks — regulatory scrutiny is reaching new heights.

由於金融監管機構收緊了對菲亞族支持的穩定蛋白的控制 - 引用了對管理不善的儲量，不透明的審計和系統性風險的擔憂 - 監管審查正在達到新的高度。

USDKG operates within a strict regulatory framework, ensuring full transparency and undergoing regular third-party audits of its gold reserves. Following a verifiable proof-of-reserves model eliminates the fractional backing risks seen in private stablecoins, offering users a legally compliant and fully collateralized alternative.

USDKG在嚴格的監管框架內運行，確保對其黃金儲備的定期透明度和定期進行第三方審核。遵循可驗證的證明模型，消除了在私人穩定中看到的分數支持風險，從而為用戶提供了合法兼容且完全抵押的替代方案。

Unlike privately issued stablecoins that must constantly defend their reserves, USDKG operates under a framework that benefits from Kyrgyz government oversight — strictly for authenticity, trust and collateral verification. In contrast to CBDCs, which are fully state-managed, USDKG’s issuance and operation remain independent

與必須不斷捍衛自己的儲備的私人發行的穩定幣不同，USDKG在一個受益於吉爾吉斯政府監督的框架下運營 - 嚴格是為了真實性，信任和抵押核對。與完全管理的CBDC相反，USDKG的發行和運營仍然獨立