稳定币在支付和价值存储中的作用

美元和欧元等法定货币是全球商业的支柱，由中央银行和政府发行和控制。

Stablecoins, a type of cryptocurrency pegged to a stable asset like fiat currency, are increasingly touted as a bridge between traditional finance and crypto.

稳定币是一种与法定货币等稳定资产挂钩的加密货币，越来越多地被誉为传统金融和加密货币之间的桥梁。

As highlighted in a recent report by the Federal Reserve Bank of Atlanta, stablecoins are poised to play a significant role in the future of payments. The report notes that these digital assets could rival credit or debit cards in terms of adoption, given their growing acceptance and the vast market potential.

正如亚特兰大联邦储备银行最近的一份报告所强调的那样，稳定币有望在未来的支付中发挥重要作用。该报告指出，鉴于这些数字资产的接受度不断提高以及巨大的市场潜力，它们在采用方面可以与信用卡或借记卡相媲美。

notably, stablecoins, such as Tether (USDT), are now widely used by retailers like Overstock, Chipotle, Whole Foods and GameStop, among others, to accept cryptocurrency payments from their customers.

值得注意的是，Tether (USDT) 等稳定币现在被 Overstock、Chipotle、Whole Foods 和 GameStop 等零售商广泛使用，以接受客户的加密货币付款。

In recent news, Tether, the crypto firm behind the world’s most used stablecoin USDT, announced Monday it would be moving its headquarters to El Salvador.

最近的消息显示，世界上最常用的稳定币 USDT 背后的加密货币公司 Tether 周一宣布将把总部迁至萨尔瓦多。

Unlike the usual crypto rollercoaster of value volatility, stablecoins bring an alleged dose of stability to the digital currency game, while at the same time being able to function as a store of value, a medium of exchange and a unit of account.

与通常的价值波动的加密货币过山车不同，稳定币为数字货币游戏带来了所谓的稳定性，同时能够充当价值储存、交换媒介和记账单位。

The growing embrace of blockchain within financial services and payments is reflected in the strong interest among traditional financial firms, with Bank of America holding over 80 blockchain-related patents, and its multinational peers such as HSBC, Barclays, J.P. Morgan Chase, UBS and others currently participating in stablecoin-centric banking pilots.

区块链在金融服务和支付领域的日益普及反映在传统金融公司的强烈兴趣上，美国银行拥有 80 多项区块链相关专利，汇丰银行、巴克莱银行、摩根大通、瑞银等跨国同行也有这种兴趣。目前正在参与以稳定币为中心的银行试点。

Understanding what stablecoins are, how they’re minted, issued and used, as well as the differences between the many different varieties out there, is crucial to enterprise enablement and adoption of the novel asset as a both payment mechanism and store of value.

了解稳定币是什么，它们是如何铸造、发行和使用的，以及许多不同品种之间的差异，对于企业支持和采用这种新型资产作为支付机制和价值存储至关重要。

The Role of Stablecoins in Payments and Value Storage

稳定币在支付和价值存储中的作用

Fiat currencies such as the U.S. dollar and the euro are the backbone of global commerce, issued and controlled by central banks and governments. These authorities not only provide stability but also establish and oversee the financial rails these currencies ride on. While this centralized system ensures reliability and broad utility, it also imposes strict limitations on access and usage.

美元和欧元等法定货币是全球商业的支柱，由中央银行和政府发行和控制。这些当局不仅提供稳定性，还建立和监督这些货币所依赖的金融轨道。虽然这种集中式系统确保了可靠性和广泛的实用性，但它也对访问和使用施加了严格的限制。

Stablecoins are meant to mimic the stability of fiat by pegging their value to a reserve asset, such as fiat currency, commodities or even other cryptocurrencies, while offering greater interoperability across financial systems.

稳定币旨在模仿法定货币的稳定性，将其价值与法定货币、大宗商品甚至其他加密货币等储备资产挂钩，同时提供跨金融系统更大的互操作性。

“This isn’t about replacing existing systems. It’s about providing an additional option. Where stablecoins offer superior benefits, customers will naturally gravitate toward them,” Miles Paschini, CEO at FV Bank, told PYMNTS.

“这并不是要更换现有系统。这是为了提供一个额外的选择。 FV 银行首席执行官迈尔斯·帕斯基尼 (Miles Paschini) 告诉 PYMNTS，如果稳定币能够提供卓越的好处，客户自然会被它们所吸引。

“As more banks integrate blockchain capabilities, customers will have greater choice in transferring value,” he added. “We’re blazing the trail for a future where blockchain is just another payment rail.”

“随着越来越多的银行整合区块链功能，客户在转移价值方面将有更多选择，”他补充道。 “我们正在为未来开辟道路，让区块链成为另一种支付方式。”

While stablecoins have yet to prove themselves as a ubiquitous payment mechanism, their use is growing, and the infrastructure supporting them continues to mature.

虽然稳定币尚未证明自己是一种无处不在的支付机制，但它们的使用正在不断增长，并且支持它们的基础设施也在不断成熟。

Stablecoins come into existence through a meticulous process of minting and issuance, one that typically involves creating new tokens pegged to a stable asset, such as a fiat currency, a basket of assets or commodities like gold. The minting process varies depending on the type of stablecoin — centralized or decentralized — but the general concept is to ensure that the stablecoin is backed by collateral and can be redeemed for the equivalent value in the underlying asset.

稳定币是通过精心铸造和发行的过程而产生的，该过程通常涉及创建与稳定资产（例如法定货币、一篮子资产或黄金等商品）挂钩的新代币。铸造过程根据稳定币的类型（集中式或分散式）而有所不同，但总体概念是确保稳定币有抵押品支持，并且可以兑换为等值的基础资产。

Centralized stablecoins, like USDC (USD Coin) and USDT (Tether), are issued by central entities (like Circle or Tether). The minting process for these stablecoins is both straightforward as well as largely dependent on the trust in the issuing entity.

中心化稳定币，如 USDC（美元硬币）和 USDT（Tether），由中央实体（如 Circle 或 Tether）发行。这些稳定币的铸造过程既简单又很大程度上取决于对发行实体的信任。

The minting process begins when a user deposits fiat currency (e.g., USD) with the company that issues the stablecoin. For example, a user might deposit $1,000 into the issuer’s bank account or reserve. Once the collateral is received, the issuer mints an equivalent amount of stablecoins. So, if a user deposits $1,000, they will receive 1,000 USDC (since USDC is pegged 1:1 with the U.S. dollar).

当用户向发行稳定币的公司存入法定货币（例如美元）时，铸造过程就开始了。例如，用户可以将 1,000 美元存入发行人的银行账户或准备金。一旦收到抵押品，发行人就会铸造等量的稳定币。因此，如果用户存入 1,000 美元，他们将收到 1,000 USDC（因为 USDC 与美元 1:1 挂钩）。

The issuing company then holds the fiat currency in reserves and may keep these reserves in a bank account, money market funds or other low-risk financial instruments. When a user wishes to redeem their stablecoins, they can return them to the issuer, who then “burns” the stablecoins (removes them from circulation) and sends the equivalent fiat back to the user. For instance, if a user returns 1,000 USDC, they’ll get $1,000 back.

然后，发行公司持有法定货币储备，并可能将这些储备保存在银行账户、货币市场基金或其他低风险金融工具中。当用户希望赎回他们的稳定币时，他们可以将其退还给发行人，然后发行人“销毁”稳定币（将其从流通中删除）并将等值的法币发送回用户。例如，如果用户退回 1,000 USDC，他们将获得 1,000 美元。

Issuers mint stablecoins onto various blockchains to leverage the unique features that different blockchains offer. Blockchains can generally be categorized as either third-party (public) or first-party (private). A third-party blockchain, like Ethereum, is an open and decentralized blockchain used by many participants and developers to build applications, whereas a first-party blockchain, such as Ripple (XRP Ledger), is typically controlled or maintained by a single entity or a smaller group of stakeholders,

发行人在各种区块链上铸造稳定币，以利用不同区块链提供的独特功能。区块链通常可以分为第三方（公共）或第一方（私有）。第三方区块链（例如以太坊）是一种开放且去中心化的区块链，许多参与者和开发人员使用它来构建应用程序，而第一方区块链（例如 Ripple（XRP Ledger））通常由单个实体或单个实体控制或维护。较小的利益相关者群体，