加密货币中的硬挂钩：稳定波动性的综合指南

加密货币中的硬挂钩涉及将稳定币的价值与外部资产（通常是法定货币）联系起来，以确保价格稳定。它消除了波动性，为日常交易、借贷提供了稳定性。与允许轻微波动的软钉住相比，硬钉住保持固定汇率。 Tether (USDT) 等稳定币使用硬挂钩来与美元保持 1:1 的比率，并由储备资产支持。

Hard Pegging in Crypto: A Comprehensive Guide

加密货币中的硬挂钩：综合指南

Introduction

介绍

In the world of foreign exchange markets, pegging refers to the establishment of a stable exchange rate between two currencies. This mechanism ensures the stability of one currency against the fluctuations of another.

在外汇市场领域，挂钩是指在两种货币之间建立稳定的汇率。这种机制确保一种货币相对于另一种货币的波动保持稳定。

Similarly, in the realm of cryptocurrency, hard pegging involves linking the value of a stablecoin to an external asset, typically a fiat currency. This practice aims to provide stability and mitigate the inherent volatility associated with cryptocurrencies.

同样，在加密货币领域，硬挂钩涉及将稳定币的价值与外部资产（通常是法定货币）联系起来。这种做法旨在提供稳定性并减轻与加密货币相关的固有波动性。

Understanding Hard Pegging

了解硬挂钩

Cryptocurrency markets are known for their heightened volatility, which can hinder their adoption for practical applications such as borrowing, lending, and payments. Stablecoins emerged as a solution to this challenge by offering crypto assets with a stable value that remains unfazed by market fluctuations.

加密货币市场以其高度波动性而闻名，这可能会阻碍其在借贷和支付等实际应用中的采用。稳定币作为应对这一挑战的解决方案而出现，它提供了不受市场波动影响的稳定价值的加密资产。

Stablecoins are cryptocurrencies whose value is pegged to a fiat currency, such as the US dollar, or a commodity like gold. This price-pegging mechanism enables stablecoins to serve as an alternative to volatile cryptocurrencies, making them more suitable for everyday transactions.

稳定币是一种加密货币，其价值与美元等法定货币或黄金等商品挂钩。这种价格挂钩机制使稳定币能够作为不稳定的加密货币的替代品，使它们更适合日常交易。

The stability of stablecoins is maintained through the use of reserve assets as collateral. This ensures that stablecoins maintain a fixed 1:1 ratio with the asset they are backed by. For instance, Tether (USDT), a widely used stablecoin, is pegged to the US dollar at a 1:1 ratio. This means that for every USDT in circulation, there is $1 held in reserve in cash or near-cash US dollar-denominated assets.

稳定币的稳定性是通过使用储备资产作为抵押品来维持的。这确保了稳定币与其所支持的资产保持固定的 1:1 比率。例如，广泛使用的稳定币 Tether (USDT) 以 1:1 的比例与美元挂钩。这意味着每流通一枚 USDT，就有 1 美元以现金或准现金美元计价资产作为储备。

Tether's backing by US dollars is an example of hard pegging in crypto. This mechanism ensures that the stablecoin's value remains stable and does not fluctuate significantly. Consequently, the cryptocurrency maintains the same value as the asset it is pegged to.

Tether 由美元支持是加密货币硬挂钩的一个例子。这种机制保证了稳定币的价值保持稳定，不会出现大幅波动。因此，加密货币与其挂钩的资产保持相同的价值。

Hard Peg vs. Soft Peg: Distinguishing Features

硬挂钩与软挂钩：区别特征

Soft pegs function similarly to hard pegs but allow for slight variations in the value of the pegged asset or currency. Unlike hard pegs, which fix the exchange rate, soft pegs provide a degree of flexibility while stabilizing the currency's rate relative to the external asset.

软挂钩的功能与硬挂钩类似，但允许挂钩资产或货币的价值略有变化。与固定汇率的硬钉住汇率不同，软钉住汇率提供一定程度的灵活性，同时稳定货币相对于外部资产的汇率。

Cryptocurrencies often begin with a fixed rate and later fluctuate freely based on market conditions. Soft pegs are employed to stabilize a cryptocurrency's utility by providing a value range against its reserve currency. Thus, a soft peg in crypto incorporates an exchange rate policy that allows for slight deviations between the pegged cryptocurrency's value and the peg.

加密货币通常以固定汇率开始，然后根据市场状况自由波动。软挂钩用于通过提供相对于其储备货币的价值范围来稳定加密货币的效用。因此，加密货币中的软挂钩纳入了汇率政策，允许挂钩加密货币的价值和挂钩之间存在轻微偏差。

An example of a soft pegging of fiat currencies occurred between the Chinese Yuan and the US dollar from 1994 to 2005. The Chinese Yuan was pegged to the US dollar for over a decade and was allowed to appreciate by 2.1% against the dollar after 2005.

1994年至2005年，人民币与美元软钉住的一个例子。人民币与美元钉住了十多年，并在2005年之后被允许对美元升值2.1%。

In the crypto market, Tether exemplifies a cryptocurrency with both hard and soft pegging characteristics. While it is theoretically hard-pegged to the US dollar through collateralization, in practice, it has a soft peg that fluctuates slightly above or below one dollar based on market conditions and investor confidence in the stablecoin.

在加密货币市场中，Tether 是一种兼具硬挂钩和软挂钩特征的加密货币。虽然理论上它通过抵押与美元硬挂钩，但实际上，它具有软挂钩，根据市场状况和投资者对稳定币的信心，其波动幅度略高于或低于 1 美元。

Advantages and Limitations of Hard Pegging in Crypto

加密货币中硬挂钩的优点和局限性

Advantages:

优点：

• Elimination of Volatility: Cryptocurrencies pegged to external assets are immune to extreme price fluctuations that are prevalent in unpegged crypto assets.
• Stability: Hard pegging provides cryptocurrencies with stability, eliminating price fluctuations based on the underlying asset's stability.
• Utility: Hard-pegged cryptocurrencies can facilitate day-to-day activities such as borrowing, lending, payments, and remittances due to their predictable value.

Limitations:

消除波动性：与外部资产挂钩的加密货币不受未挂钩加密资产中普遍存在的极端价格波动的影响。稳定性：硬挂钩为加密货币提供了稳定性，消除了基于基础资产稳定性的价格波动。实用性：硬挂钩加密货币可以促进由于其价值可预测，因此无法用于日常活动，例如借款、贷款、付款和汇款。局限性：

• Depegging: Pegged cryptocurrencies can experience depegging, which occurs when the reserves backing the cryptocurrency are insufficient to support all issued tokens. This can result in a loss of trust and confidence among token holders.
• PESTLE Analysis Exclusion: Hard pegging in crypto does not account for external factors that may influence the value of the pegged currency or asset, such as deflation, devaluation, inflation, political instability, or regulation.
• Limited Price Appreciation: Fiat-pegged cryptocurrencies do not experience significant price appreciation or discovery beyond their peg, hindering their potential as a store of value or a profitable investment vehicle.

Importance of Hard Pegging in Crypto

脱钩：挂钩的加密货币可能会经历脱钩，当支持加密货币的储备不足以支持所有已发行的代币时，就会发生脱钩。这可能会导致代币持有者失去信任和信心。PESTLE 分析排除：加密货币中的硬挂钩并未考虑可能影响挂钩货币或资产价值的外部因素，例如通货紧缩、贬值、通货膨胀、政治不稳定或监管。有限的价格升值：与法定货币挂钩的加密货币不会经历显着的价格升值或超出其挂钩的发现，从而阻碍了它们作为价值储存或盈利投资工具的潜力。加密货币中硬挂钩的重要性

Hard pegging in crypto plays a crucial role in mitigating price volatility. Stablecoins with hard pegs offer a price-stable digital currency that can be utilized for payments, remittances, and lending activities. This stability enhances the utility and practicality of cryptocurrencies in everyday financial transactions.

加密货币的硬挂钩在缓解价格波动方面发挥着至关重要的作用。具有硬挂钩的稳定币提供了一种价格稳定的数字货币，可用于支付、汇款和借贷活动。这种稳定性增强了加密货币在日常金融交易中的效用和实用性。