世界上最大的 6 种稳定币：它们如何运作以及所涉及的风险

稳定币已成为加密货币生态系统的重要组成部分。这些代币旨在保持固定价值，为交易者提供了管理风险、降低交易费用甚至赚取被动收入的可靠方式。

Stablecoins have become an essential part of the cryptocurrency ecosystem, providing a stable way to trade digital assets and reduce the volatility associated with cryptocurrencies like Bitcoin and Ethereum. These tokens are typically pegged to a fiat currency, most commonly the U.S. dollar, and aim to maintain a 1:1 value.

稳定币已成为加密货币生态系统的重要组成部分，提供了一种稳定的数字资产交易方式，并减少了与比特币和以太坊等加密货币相关的波动性。这些代币通常与法定货币（最常见的是美元）挂钩，并旨在维持 1:1 的价值。

While most stablecoins are backed by assets, a smaller category known as algorithmic stablecoins relies on technical mechanisms to keep the price stable. This approach is riskier because it’s more susceptible to market fluctuations and technical failures.

虽然大多数稳定币都有资产支持，但较小的一类称为算法稳定币，它依靠技术机制来保持价格稳定。这种方法风险更大，因为它更容易受到市场波动和技术故障的影响。

However, fiat-backed stablecoins, which are backed by real-world assets, currently dominate the market. Tether’s USDT and Circle’s USDC, the two largest stablecoins, collectively account for more than $167 billion in market cap.

然而，由现实世界资产支持的法定稳定币目前主导着市场。 Tether 的 USDT 和 Circle 的 USDC 这两种最大的稳定币的市值合计超过 1670 亿美元。

Issuers of fiat-backed stablecoins often establish a reserve fund holding real-world assets. So if a stablecoin is backed by the U.S. dollar, the issuer might hold $100 million to support 100 million stablecoins. When a user wants to redeem their stablecoin, the issuer can draw from this reserve to provide the equivalent amount of fiat currency.

法币支持的稳定币发行人通常会设立持有现实世界资产的储备基金。因此，如果稳定币由美元支持，发行人可能会持有 1 亿美元来支持 1 亿个稳定币。当用户想要赎回他们的稳定币时，发行人可以从该储备金中提取以提供等值的法定货币。

Here are the six largest stablecoins by market cap, as of Nov. 20, 2024, according to CoinMarketCap:

根据 CoinMarketCap 的数据，截至 2024 年 11 月 20 日，以下是按市值计算的六种最大的稳定币：

Tether (USDT)

泰达币（USDT）

With a market cap of $128.87 billion, Tether is the largest stablecoin in the world. It’s pegged to the U.S. dollar and operates on multiple blockchains, including Ethereum, Tron and Solana.

Tether 的市值为 1288.7 亿美元，是全球最大的稳定币。它与美元挂钩，并在多个区块链上运行，包括以太坊、Tron 和 Solana。

Tether is often credited with being the first successful stablecoin, and it has played a significant role in the growth of the cryptocurrency market. However, it has also faced controversy over its reserves and its close ties to a few large trading firms.

Tether 通常被认为是第一个成功的稳定币，它在加密货币市场的增长中发挥了重要作用。然而，它也因其储备及其与几家大型贸易公司的密切关系而面临争议。

USDC (USDC)

美元兑美元 (USDC)

USDC is a stablecoin pegged to the U.S. dollar, and it operates on multiple blockchains, including Ethereum. It’s managed by Circle, a financial technology company. USDC’s stability is ensured by a reserve of U.S. dollars, where each USDC token is backed by a corresponding dollar held with verified partners, often financial institutions.

USDC 是一种与美元挂钩的稳定币，在包括以太坊在内的多个区块链上运行。它由金融科技公司 Circle 管理。 USDC 的稳定性由美元储备来保证，其中每个 USDC 代币都由经验证的合作伙伴（通常是金融机构）持有的相应美元作为支持。

To create new USDC, users deposit U.S. dollars with Circle, which then issues an equivalent amount of USDC tokens on the blockchain. This process ensures every USDC in the market is backed by a real U.S. dollar.

要创建新的 USDC，用户将美元存入 Circle，然后 Circle 在区块链上发行等量的 USDC 代币。这个过程确保市场上的每一个 USDC 都有真正的美元支持。

While initially managed by a consortium called Centre, co-founded by Coinbase and Circle, Circle has since assumed sole responsibility for the management of USDC. However, Coinbase still maintains a minority stake in Circle.

虽然最初由 Coinbase 和 Circle 共同创立的 Centre 财团管理，但 Circle 自此开始全权负责 USDC 的管理。不过，Coinbase 仍保留 Circle 的少数股权。

Dai (DAI)

戴 (DAI)

Dai is a decentralized stablecoin operating on the Ethereum blockchain. It aims to maintain a stable value of one U.S. dollar through the use of smart contracts and a decentralized autonomous organization (DAO) known as MakerDAO.

Dai 是一种在以太坊区块链上运行的去中心化稳定币。它的目标是通过使用智能合约和称为 MakerDAO 的去中心化自治组织（DAO）来维持一美元的稳定价值。

Unlike centralized stablecoins like Tether, Dai’s issuance and management are decentralized, with no one entity controlling the process. Users can deposit different cryptocurrencies as collateral into smart contracts, which then mint DAI tokens. These collateralized assets help maintain DAI’s peg to the U.S. dollar.

与 Tether 等中心化稳定币不同，Dai 的发行和管理是去中心化的，没有任何实体控制这一过程。用户可以将不同的加密货币作为抵押品存入智能合约中，然后智能合约铸造 DAI 代币。这些抵押资产有助于维持 DAI 与美元的挂钩。

First Digital USD (FDUSD)

第一个数字美元（FDUSD）

First Digital USD is a stablecoin pegged to the U.S. dollar and operating on the Ethereum blockchain. It’s issued by FD121 Limited, a Hong Kong-based financial firm.

First Digital USD 是一种与美元挂钩并在以太坊区块链上运行的稳定币。它由香港金融公司 FD121 Limited 发行。

First Digital USD is designed to be backed by one U.S. dollar or equivalent assets, and its reserves are held in different accounts to ensure they remain separate from the firm’s other assets. These reserves are required to be held in cash or highly liquid assets.

First Digital USD 旨在由一美元或等值资产支持，其储备金存放在不同的账户中，以确保它们与公司的其他资产分开。这些准备金必须以现金或高流动性资产的形式持有。

A unique feature of FDUSD is its programmability, which allows the stablecoin to execute smart contracts. This capability can be used to facilitate escrow and insurance services without the need for intermediaries.

FDUSD 的一个独特功能是其可编程性，这使得稳定币能够执行智能合约。此功能可用于促进托管和保险服务，而无需中介机构。

USDD (USDD)

美元兑美元 (USDD)

USDD is a stablecoin pegged to the U.S. dollar and available on multiple blockchains, including Tron, Ethereum, BNB Chain and others. It was launched in May 2022 by Tron founder Justin Sun and the TRON DAO.

USDD 是一种与美元挂钩的稳定币，可在多个区块链上使用，包括 Tron、以太坊、BNB Chain 等。它由 Tron 创始人 Justin Sun 和 TRON DAO 于 2022 年 5 月推出。

This token is designed to be a decentralized alternative to traditional fiat currencies and centralized stablecoins like Tether and USDC. It’s an algorithmic stablecoin that relies on market incentives and a hybrid backing model.

该代币旨在成为传统法定货币和 Tether 和 USDC 等中心化稳定币的去中心化替代品。它是一种依赖市场激励和混合支持模型的算法稳定币。

PayPal USD (PYUSD)

贝宝美元 (PYUSD)

Launched in 2023, PayPal USD is a stablecoin pegged to the U.S. dollar and backed by the Paxos Trust Company, a U.S.-regulated custodian. It’s also the first stablecoin to be issued by a major U.S. financial services company.

PayPal USD 于 2023 年推出，是一种与美元挂钩的稳定币，由美国监管的托管机构 Paxos Trust Company 提供支持。这也是美国主要金融服务公司发行的第一个稳定币。

This stablecoin is fully backed by a mix of U.S. dollar deposits, short-term U.S. Treasurys and cash equivalents, ensuring its peg to

这种稳定币完全由美元存款、短期美国国债和现金等价物组合支持，确保其与美元挂钩