USDZ是來自Circle Ventures的Anzen的Stablecoin，其價格不穩定。

該令牌現在的交易價格約為0.9534美元，比預期的PEG $ 1的價格顯著下降。這使投資者和市場參與者在談論。

Anzen's USDZ, a stablecoin backed by Circle Ventures, has been exhibiting considerable price instability recently.

Anzen的USDZ是由Circle Ventures支持的Stablecoin，最近表現出相當大的價格不穩定。

The token is now trading at about $0.9534, having dropped from the expected peg of $1, which has got investors and market participants talking. They are now questioning the stablecoin’s stability and future viability. While the intention was for USDZ to track the value of the US dollar, recent events have caused some to wonder if the problem is with the underlying reserves.

該令牌現在的交易價格約為0.9534美元，已經從預期的PEG下降了1美元，這使投資者和市場參與者在談論。他們現在正在質疑Stablecoin的穩定性和未來的生存能力。儘管USDZ的目的是跟踪美元的價值，但最近的事件導致一些人懷疑基礎儲備是否存在問題。

USDZ, which has an approximate total supply of 120 million tokens, is backed mainly by cash, cash equivalents, and credit portfolios. If one were to attempt to account for all the different types of assets backing USDZ, one would arrive at a figure of about $122 million. By this reckoning, the reserves backing USDZ are theoretically sufficient to maintain the coin’s peg to the dollar.

USDZ的總供應總額約為1.2億代幣，主要由現金，現金等價物和信貸投資組合支持。如果一個人試圖解釋USDZ的所有不同類型的資產，那麼一個人的數字約為1.22億美元。據此，在理論上，後備USDZ的後備足以將硬幣的釘子保持在美元上。

However, underwriting concerns arise from the fact that only about 5.27% of USDZ’s reserve assets are cash or cash equivalents, which augurs poorly for the stablecoin’s ability to maintain its peg during market stress. Most of the backing of USDZ comes from non-liquid assets, such as credit portfolios, which may not be as accessible or stable as one would like in times of market turbulence. This is not only a modern take on dollar backing, but it also has some folks worried about whether USDZ can really withstand significant market fluctuations—especially when liquidity is critical for maintaining the stable peg.

但是，承保擔憂是由於以下事實引起的，即USDZ的儲備資產中只有約5.27％是現金或現金同等物品，這對於Stablecoin在市場壓力中保持其PEG的能力的預言較差。 USDZ的大部分支持都來自非液體資產，例如信用組合，在市場動盪時期，這些資產可能不像人們想要的那樣易於訪問或穩定。這不僅是對美元支持的現代意義，而且還有一些人擔心USDZ是否能真正承受明顯的市場波動，尤其是在流動性對於維持穩定的PEG至關重要時。

USDZ’s recent price drop, which has gone as low as $0.9534, underscores the possible dangers connected to these reserve placements. In a moment of market panic or when the token needs liquidity to prop it up, the cash and cash equivalent reserves seem paltry. Just how are we supposed to defend the peg in anything resembling a believable way?

USDZ最近的價格下跌率低為0.9534美元，突顯了與這些儲備金安置有關的可能危險。在市場恐慌的時刻，或當令牌需要流動性來支撐它時，現金和現金同等儲量似乎很虛弱。我們應該如何以類似可信的方式來捍衛釘子？

And guess what? We’re not alone in facing this not-so-enviable situation. Other stablecoins have run into difficulties when their reserves weren’t liquid enough, weren’t diversified enough, or some combination of both.

猜猜是什麼？我們並不孤單地面對這種不太可喜的情況。當其儲備還不夠液體，沒有足夠多樣化或兩者的某種組合時，其他穩定的穩定幣也遇到了困難。

Anzen has obtained some degree of credibility in its stablecoin endeavor, USDZ, through partnership with Circle Ventures, a major player in the stablecoin and cryptocurrency markets. Circle’s association, especially in light of its flagship product, USDC, has instilled a good deal of confidence in USDZ’s supposed stability. But what happens when even a stablecoin backed by such nineteenth-century financial figures as Franklin, Hamilton, and Twain starts to experience price fluctuations?

Anzen通過與Stablecoin和Cryptocurrency Markets的主要參與者Circle Ventures合作，在其Stablecoin努力USDZ的Stablecoin努力中獲得了一定程度的信譽。 Circle的協會，尤其是鑑於其旗艦產品USDC，對USDZ所謂的穩定性充滿信心。但是，即使是由富蘭克林，漢密爾頓和吐溫等十九世紀財務人物支持的穩定者，也會發生什麼？

How unstable is USDZ? For traders and investors who rely on stablecoins for consistent value in a highly volatile market, this is a particularly concerning question. Stablecoins like USDZ are often used to hedge against price declines in other cryptocurrencies, providing reassurance and refuge for investors seeking to park their assets in a stable, dollar-pegged token. But if the token you’re using as a refuge starts to fluctuate in price, then what are you using as a refuge?

USDZ有多不穩定？對於依靠Stablecoins在高度波動的市場中持續價值的貿易商和投資者來說，這是一個特別令人擔憂的問題。像USDZ這樣的Stablecoins通常用於對沖其他加密貨幣的價格下跌，為尋求將其資產停放在穩定的美元，美元固定的代幣中的投資者提供了放心和避難所。但是，如果您用作避難所的代幣開始波動，那麼您將用作避難所呢？

USDZ’s price is now more stable. This isn’t true for traders and investors. It fluctuates like another cryptocurrency and is even seen by some as a not-so-much-stable stablecoin. This perception has opened up — and continues to open up — debates in the crypto community about what makes a consistently reliable stablecoin. Among the most mentioned are:

USDZ的價格現在更加穩定。對於交易者和投資者來說，事實並非如此。它像另一種加密貨幣一樣波動，甚至被某些人視為不太穩定的穩定穩定性。這種看法已經在加密貨幣社區中就始終可靠的穩定穩定性的辯論開放並繼續開放。其中最多提到的是：

How transparent are its reserves?

它的儲量有多透明？

How liquid are they?

他們有多液體？

How resilient are they to large-scale shocks, like, say, the bankruptcy of a major player?

他們對大規模衝擊的韌性有多韌性，例如主要球員的破產？

After all, if we’re storing our wealth in something called a stablecoin, it should be stable, right?

畢竟，如果我們將自己的財富存儲在稱為Stablecoin的東西中，那應該是穩定的，對嗎？

The recent instability and depegging of USDZ highlight how much more stable we need stablecoins to be. When it comes to risks, I think USDZ has a couple of big ones that could contribute to a repeat situation like we’ve seen play out recently.

USDZ最近的不穩定性和depegging突出了我們需要穩定的多穩定性。當涉及風險時，我認為USDZ有幾個大型大型，可以像我們最近看到的那樣有助於重複的情況。

First off, USDZ’s reserves could be a lot more liquid; in fact, its reserve mix is so illiquid that it may be causing the volatility we’ve seen lately. Second, we’re still learning a lot about how to manage the kind of credit risk that’s present in USDZ’s portfolios. To fully trust any stablecoin, we need to be able to see and understand that risk.

首先，USDZ的儲量可能會更液體。實際上，它的儲備混合物非常流動性，以至於它可能導致我們最近看到的波動性。其次，我們仍在了解有關如何管理USDZ投資組合中存在的那種信用風險的知識。為了完全信任任何穩定的穩定，我們需要能夠看到和理解這種風險。

In addition, Anzen must repair the peg and reestablish the price of USDZ to guarantee that it can function as a secure and dependable stablecoin. Doing so will likely require a blend of different strategies: they will need to diversify their reserve assets, enhance their liquidity management, and deal with the wider market in order to restore the faith that its stakeholders need to have in the token for it to work.

此外，Anzen必須修復釘子並重新建立USDZ的價格，以確保它可以作為安全且可靠的穩定穩定性。這樣做可能需要融合不同的策略：他們將需要多樣化其儲備資產，增強其流動性管理並與更廣泛的市場打交道，以恢復其利益相關者在代幣中需要工作的信念。

The peg must be maintained, and the stablecoin’s design must ensure that it is stable in the ever-evolving world

必須維護釘子，並且穩定的設計必須確保它在不斷發展的世界中保持穩定