获得被动收入输出：标题：区块链领域的真实世界资产（RWA）

现实世界资产（RWA），在区块链领域，是指有形和无形资产，如房地产、艺术品、音乐和商品

them to earn a yield from their assets.

他们从自己的资产中赚取收益。

output: Real World Assets (RWAs) are tangible and intangible assets brought to the blockchain through tokenization. This process creates a digital version of a physical asset, such as real estate, art, music, or commodities, on a trustless smart contract. Developers generally create smart contracts that issue a token representing an RWA alongside an off-chain guarantee that the issued token is always redeemable for the underlying asset.

输出：真实世界资产（RWA）是通过代币化引入区块链的有形和无形资产。这个过程在无需信任的智能合约上创建了实物资产的数字版本，例如房地产、艺术品、音乐或商品。开发人员通常创建智能合约，发行代表 RWA 的代币，并提供链外保证，确保所发行的代币始终可兑换为基础资产。

Source: QIDs asset ventures

资料来源：QIDs asset Ventures

RWAs have been considered the holy grail amongst crypto investors and product builders. The size of global real estate, carbon credits, gold, art, and music markets, to name a few potentially tokenizable RWAs, is enormous, dwarfing the crypto market itself.

RWA 被认为是加密货币投资者和产品制造商的圣杯。全球房地产、碳信用额、黄金、艺术和音乐市场（仅举几个潜在可代币化的 RWA）的规模是巨大的，使加密货币市场本身相形见绌。

Stablecoins: A Popular RWA

稳定币：流行的 RWA

One specific Real World Asset has gained traction and is already incredibly popular. Stablecoins are a form of cryptocurrency and digitized real-world asset designed to offer price stability. They are typically pegged to a stable asset, such as fiat currencies like the US dollar or commodities like gold. It has been reported that the transaction volume of stablecoins has now exceeded Mastercard’s and is catching up with Visa.

一项特定的现实世界资产已经获得关注并且已经非常受欢迎。稳定币是加密货币和数字化现实世界资产的一种形式，旨在提供价格稳定性。它们通常与稳定资产挂钩，例如美元等法定货币或黄金等大宗商品。据报道，稳定币的交易量现已超过万事达卡，并正在追赶Visa。

Many describe stablecoins as crypto’s “killer app”, a relevant and desirable application that proves the core value of a larger technology. It is one of the emerging reasons why the broader financial market has begun to stand up and pay attention to the digital asset sector.

许多人将稳定币描述为加密货币的“杀手级应用程序”，这是一种相关且理想的应用程序，证明了更大技术的核心价值。这是更广泛的金融市场开始站起来并关注数字资产领域的新兴原因之一。

Mechanics of Stablecoins

稳定币的机制

Stablecoins are issued on blockchains with the same characteristics as any digital assets, aside from their back-ends. The majority of stablecoins can only be issued when the issuer receives or takes custody of the asset the stablecoin represents. This is known as 1:1 backing because, due to design choices like the ability to redeem stablecoins for the assets they represent, these assets can hold their value.

稳定币在区块链上发行，除了后端之外，其特征与任何数字资产相同。大多数稳定币只有在发行人收到或托管稳定币所代表的资产时才能发行。这被称为 1:1 支持，因为由于设计选择（例如将稳定币兑换为其所代表的资产的能力），这些资产可以保持其价值。

The most popular stablecoins, by some distance, are 1:1 backed US Dollars, including Tether (USDT) and USD Coin (USDC). Accessible, digital US dollars have been a haven for crypto traders seeking to lock in profitable Bitcoin and altcoin positions. Stablecoins immediately created a solution for the inherent volatility of emerging crypto tokens like Bitcoin and Ethereum, which are investable assets with high upsides but risky.

从某种程度上来说，最受欢迎的稳定币是 1:1 支持的美元，包括 Tether (USDT) 和 USD Coin (USDC)。对于寻求锁定有利可图的比特币和山寨币头寸的加密货币交易者来说，易于获取的数字美元一直是一个避风港。稳定币立即为比特币和以太坊等新兴加密代币的固有波动性创建了解决方案，这些代币是具有较高上涨空间但风险较大的可投资资产。

Bitcoin and Ethereum traders could stay on the blockchain with stablecoins, mitigating tax implications that come with the volatility of crypto price movements, while helping traders stay liquid onchain.

比特币和以太坊交易者可以使用稳定币留在区块链上，减轻加密货币价格波动带来的税收影响，同时帮助交易者保持链上的流动性。

Use Cases and Advantages of Stablecoins

稳定币的用例和优势

Beyond the trading use case, USD stablecoins are in many ways much easier and cheaper to obtain and transact than highly desirable fiat US Dollars. Holders can earn interest on USD stablecoins without identity restrictions through Web3 platforms, and salaries can be paid to stablecoin blockchain wallets just like they can bank accounts. When combined with tools like a crypto-backed debit card, stablecoin can open up a wide range of banking activities to individuals and businesses that may otherwise be excluded from the traditional banking sector.

除了交易用例之外，美元稳定币在许多方面都比非常理想的法定美元更容易、更便宜地获得和交易。持有者可以通过Web3平台不受身份限制地赚取美元稳定币利息，工资可以像银行账户一样支付到稳定币区块链钱包中。当与加密支持的借记卡等工具结合使用时，稳定币可以向个人和企业开放广泛的银行活动，否则这些个人和企业可能会被排除在传统银行业之外。

Stablecoins help Web3 users onboard to the blockchain and stay onchain. In August 2024, Brave New Coin spoke to Yat Siu, Co-founder and Chairman of Animoca Brands, one of the leading investors and builders of Web3 technology. He explained that — “Users will become accustomed to paying for Web3.0 goods and services with stablecoins – this also means that users will hold stablecoins for longer durations; once money is on-chain, it will stay there.”

稳定币帮助 Web3 用户加入区块链并保持在链上。 2024 年 8 月，Brave New Coin 采访了 Animoca Brands 的联合创始人兼董事长 Yat Siu，Animoca Brands 是 Web3 技术的领先投资者和建设者之一。他解释说——“用户将习惯用稳定币购买 Web3.0 商品和服务——这也意味着用户将更长时间地持有稳定币；一旦钱上链，它就会留在那里。”

This will be aided by Ethereum’s EIP:7702 and the ERC-4337 standard. The implementation of these upgrades will enable blockchain account separation on Ethereum and its connected networks. It is set to abstract away a lot of the complexities of the blockchain backend making the user experience more similar to that of a Web 2.0 experience.

以太坊的 EIP:7702 和 ERC-4337 标准将对此提供帮助。这些升级的实施将使以太坊及其连接网络上的区块链账户分离成为可能。它旨在抽象化区块链后端的许多复杂性，使用户体验更类似于 Web 2.0 体验。

USD Stablecoin wallets in many ways resemble global semi-regulated US Dollar bank accounts. Source: Allium

美元稳定币钱包在很多方面类似于全球半监管的美元银行账户。来源：葱属

Risks and Regulatory Concerns surrounding USD stablecoins

围绕美元稳定币的风险和监管担忧

While this use case is powerful, it has its problems. If a USD stablecoin were to get large enough and collapse as USD Terra (UST) did, the wider consequences for the global financial sector could be brutal.

虽然这个用例很强大，但也有其问题。如果美元稳定币变得足够大并像 USD Terra (UST) 那样崩溃，那么对全球金融部门的更广泛后果可能是残酷的。

It should be noted that UST was an algorithmic stablecoin, not a 1-for-1 backed one like popular incumbent USD stablecoins USDT and USDC. 1-for-1 stablecoins have to be backed by equal cash reserves, whereas algorithmic stablecoins like UST are propped by a volatile secondary digital asset that can swap between undercollaterizing and overcollaterizing the stablecoin it supports. This means its model was much riskier than most USD stablecoins available today.

应该指出的是，UST 是一种算法稳定币，而不是像流行的现有美元稳定币 USDT 和 USDC 那样的一对一支持的稳定币。一对一的稳定币必须由同等的现金储备支持，而像 UST 这样的算法稳定币则由不稳定的二级数字资产支撑，该资产可以在其支持的稳定币的抵押不足和抵押过度之间进行切换。这意味着它的模型比当今大多数美元稳定币的风险要大得多。

Banks in the United States are protected and regulated by entities like the FDIC and the US government, meaning they have safety and reassurance in the event of a black swan event.

美国的银行受到 FDIC 和美国政府等实体的保护和监管，这意味着在发生黑天鹅事件时它们可以安全放心。

FDIC which protects consumer bank accounts up to $

FDIC 保护消费者银行账户高达 $