USDT 與 USDC：穩定幣之戰愈演愈烈

在快速發展的區塊鏈和加密貨幣領域，穩定幣已經佔據了獨特的利基市場。隨著世界越來越接近數位金融的主導地位，Tether (USDT) 和 USD Coin (USDC) 等穩定幣成為傳統法定貨幣和去中心化金融生態系統之間的重要橋樑。

In the rapidly evolving blockchain and cryptocurrency space, stablecoins have carved a unique niche. As the world moves closer to digital finance dominance, stablecoins like Tether (USDT) and USD Coin (USDC) serve as critical bridges between traditional fiat currencies and the decentralized financial ecosystem. With businesses and investors relying on stablecoins to navigate the volatile crypto markets, the debate around USDT vs. USDC has gained momentum in 2024. This article delves into the stability, use cases, and emerging trends shaping these two dominant stablecoins.

在快速發展的區塊鏈和加密貨幣領域，穩定幣已經佔據了獨特的利基市場。隨著世界越來越接近數位金融的主導地位，Tether (USDT) 和 USD Coin (USDC) 等穩定幣成為傳統法定貨幣和去中心化金融生態系統之間的重要橋樑。隨著企業和投資者依靠穩定幣來駕馭波動的加密貨幣市場，圍繞 USDT 與 USDC 的爭論在 2024 年愈演愈烈。

Understanding Stablecoins: The Pillars of Digital Finance

了解穩定幣：數位金融的支柱

Stablecoins are designed to maintain a consistent value, typically pegged to fiat currencies like the US Dollar. Unlike cryptocurrencies such as Bitcoin and Ethereum, which exhibit high volatility, stablecoins provide the stability required for trading, payments, and lending. They have become indispensable for facilitating liquidity across exchanges, mitigating risks in decentralized finance (DeFi), and fostering cross-border payments.

穩定幣旨在保持一致的價值，通常與美元等法定貨幣掛鉤。與比特幣和以太坊等具有高波動性的加密貨幣不同，穩定幣提供了交易、支付和借貸所需的穩定性。它們對於促進跨交易所的流動性、降低去中心化金融（DeFi）的風險和促進跨境支付變得不可或缺。

USDT and USDC dominate this landscape, but they are not created equal. Each has unique attributes that make it suitable for specific applications in blockchain ecosystems.

USDT 和 USDC 在這一領域佔據主導地位，但它們並非生而平等。每個都有獨特的屬性，使其適合區塊鏈生態系統中的特定應用程式。

USDT: The Veteran of the Stablecoin Market

USDT：穩定幣市場的元老

Launched in 2014, USDT is the oldest and most widely adopted stablecoin. It serves as a primary trading pair on numerous cryptocurrency exchanges and is renowned for its liquidity. With a market capitalization exceeding $83 billion as of early 2024, USDT continues to dominate trading volumes globally.

USDT 於 2014 年推出，是歷史最悠久、採用最廣泛的穩定幣。它是眾多加密貨幣交易所的主要交易對，並以其流動性而聞名。截至 2024 年初，USDT 的市值超過 830 億美元，繼續主導全球交易量。

Advantages of USDT:

USDT的優勢：

USDT is the most liquid stablecoin, facilitating seamless trading and hızlı transactions on major cryptocurrency exchanges.

USDT 是流動性最強的穩定幣，促進主要加密貨幣交易所的無縫交易和即時交易。

Its vast adoption and integration across exchanges, wallets, and dApps make it easily accessible to a wide range of users.

它在交易所、錢包和 dApp 中廣泛採用和集成，使其可以輕鬆地被廣泛的用戶使用。

Disadvantages of USDT:

USDT的缺點：

Despite being pegged to the US Dollar, USDT is not fully backed by cash equivalents and may experience slight variations in value during periods of market turbulence.

儘管與美元掛鉤，但 USDT 並沒有完全由現金等價物支持，並且在市場動盪期間可能會出現輕微的價值變化。

Its opacity and lack of transparency regarding reserve audits have drawn criticism from regulators and some investors.

其儲備審計的不透明性和缺乏透明度引起了監管機構和一些投資者的批評。

USDC: The Trustworthy Contender

USDC：值得信賴的競爭者

USD Coin, launched in 2018 by Circle and Coinbase, has quickly emerged as a reliable alternative to USDT. As of 2024, USDC has a market capitalization of approximately $35 billion and is particularly popular in regulated environments.

USD Coin 由 Circle 和 Coinbase 於 2018 年推出，已迅速成為 USDT 的可靠替代品。截至 2024 年，USDC 的市值約為 350 億美元，在受監管的環境中特別受歡迎。

Advantages of USDC:

USDC的優勢：

USD Coin is fully backed by cash and US Treasury bonds, ensuring a 1:1 peg to the US Dollar at all times.

USD Coin 完全由現金和美國國債支持，確保始終與美元 1:1 掛鉤。

Its attestations and regular audits by leading accounting firms provide investors with a high level of trust and confidence.

領先會計師事務所的認證和定期審計為投資者提供了高度的信任和信心。

Disadvantages of USDC:

USDC的缺點：

Compared to USDT, USDC has lower liquidity on some cryptocurrency exchanges, especially those catering to specific regions or markets.

與 USDT 相比，USDC 在某些加密貨幣交易所的流動性較低，尤其是那些針對特定地區或市場的交易所。

Its strong focus on regulatory compliance may limit its availability in certain jurisdictions.

它對監管合規性的強烈關注可能會限制其在某些司法管轄區的可用性。

Comparing Stability: USDT vs. USDC

穩定性比較：USDT 與 USDC

One of the key metrics in assessing stablecoins is their ability to maintain a consistent peg to the US Dollar. Both USDT and USDC excel in this regard, but their methods differ.

評估穩定幣的關鍵指標之一是其與美元保持一致掛鉤的能力。 USDT 和 USDC 在這方面都表現出色，但方法不同。

USDT maintains its peg through a combination of techniques, including over-collateralization and burning or minting tokens as needed. It aims for a reserve ratio of at least 1:1, backed by cash, cash equivalents, and other assets. However, USDT’s reserves have not been fully audited or disclosed, leading to questions about its stability.

USDT 透過多種技術來維持其錨定匯率，包括超額抵押以及根據需要銷毀或鑄造代幣。其目標是準備金率至少為 1:1，並以現金、現金等價物和其他資產為支持。然而，USDT 的儲備尚未經過充分審計或揭露，導致對其穩定性產生質疑。

On the other hand, USDC is fully backed by cash and US Treasury bonds, ensuring a 1:1 peg to the dollar. It undergoes regular audits by leading accounting firms like Grant Thornton LLP to attest to its reserves. This transparency and adherence to regulatory standards have made USDC a preferred choice among institutions and investors seeking a stablecoin with strong trust guarantees.

另一方面，USDC 完全由現金和美國國債支持，確保與美元 1:1 掛鉤。它接受致同會計師事務所（Grant Thornton LLP）等領先會計師事務所的定期審計，以證明其儲備金。這種透明度和對監管標準的遵守使 USDC 成為尋求具有強大信任保證的穩定幣的機構和投資者的首選。

Use Cases in 2024: Where Do They Shine?

2024 年的用例：它們的亮點在哪裡？

USDT’s Use Cases

USDT 的用例

USDT is primarily used as a trading pair on cryptocurrency exchanges, enabling hızlı transactions and liquidity.

USDT 主要用作加密貨幣交易所的交易對，以實現交易和流動性。

It also serves as a medium for storing value and transferring funds across borders due to its wide acceptance.

由於其廣泛接受，它也可以作為儲值和跨境轉移資金的媒介。

Moreover, USDT is extensively utilized in decentralized finance (DeFi) protocols for lending, borrowing, and yield farming activities.

此外，USDT 廣泛用於借貸、借貸和流動性挖礦活動的去中心化金融（DeFi）協議中。

USDC’s Use Cases

USDC 的用例

USD Coin is commonly used for payments and remittances, thanks to its integration with platforms like PayPal and Visa.

由於與 PayPal 和 Visa 等平台的集成，美元硬幣通常用於支付和匯款。

It is also employed in DeFi applications, offering lending and borrowing opportunities with stablecoin pairs.

它也用於 DeFi 應用，提供穩定幣對的借貸機會。

Additionally, USDC is used for cross-chain liquidity and bridging protocols, facilitating asset movements between different blockchains.

此外，USDC也用於跨鏈流動性和橋接協議，促進不同區塊鏈之間的資產流動。

Regulatory Impacts: The Shaping of Stablecoin Policies

監管影響：穩定幣政策的製定

Both USDT and USDC have been affected by the growing wave of cryptocurrency regulations. The Biden administration’s executive orders and the European Union’s MiCA framework highlight the importance of transparency and reserve audits. USDC has benefited from this environment, as its compliant nature aligns with the global push for regulated crypto assets. In contrast, USDT’s opacity has kept it under scrutiny, although its resilience remains commendable.

USDT 和 USDC 都受到了日益增長的加密貨幣監管浪潮的影響。拜登政府的行政命令和歐盟的 MiCA 框架凸顯了透明度和準備金審計的重要性。 USDC 受益於這種環境，因為其合規性質與全球推動受監管的加密資產一致。相比之下，USDT 的不透明性使其受到密切關注，儘管其韌性仍然值得稱讚。

Looking Ahead: Trends to Watch in 202

展望未來：202 年值得關注的趨勢