稳定币：去中心化金融十年的演变

自第一个稳定币 BitUSD 推出以来已有十年，标志着去中心化金融（DeFi）生态系统发生了重大演变。

Ten years have passed since the introduction of BitUSD, the first stablecoin, marking a significant evolution in the decentralized finance (DeFi) ecosystem. Today, stablecoins have become indispensable financial instruments in this field, with a total supply now exceeding $156 billion.

自第一个稳定币 BitUSD 推出以来已经过去了十年，标志着去中心化金融（DeFi）生态系统的重大演变。如今，稳定币已成为该领域不可或缺的金融工具，目前总供应量已超过 1560 亿美元。

BitUSD was introduced on July 21, 2014, on the BitShares blockchain by cryptocurrency pioneers Dan Larimer and Charles Hoskinson, aiming to maintain a stable value pegged to the US dollar at a 1:1 ratio. However, the decoupling event of BitUSD in 2018 revealed the complexities of early stable models.

BitUSD 于 2014 年 7 月 21 日由加密货币先驱 Dan Larimer 和 Charles Hoskinson 在 BitShares 区块链上推出，旨在以 1:1 的比例维持与美元挂钩的稳定价值。然而，2018年BitUSD的脱钩事件暴露了早期稳定模型的复杂性。

In contrast, modern stablecoins like Tether (USDT) and USD Coin (USDC) rely on substantial fiat reserves and other robust mechanisms to achieve significant stability. Today's stablecoins play a crucial role in the cryptocurrency and DeFi ecosystems, providing liquidity to exchanges, supporting loans, and enabling market participants to maintain investments in digital assets without frequently converting to fiat.

相比之下，Tether (USDT) 和 USD Coin (USDC) 等现代稳定币依靠大量的法定储备和其他强大的机制来实现显着的稳定性。如今的稳定币在加密货币和 DeFi 生态系统中发挥着至关重要的作用，为交易所提供流动性，支持贷款，并使市场参与者能够维持对数字资产的投资，而无需频繁转换为法定货币。

Types of Stablecoins

稳定币的类型

Stablecoins can be categorized based on their methods of maintaining price stability:

稳定币可以根据维持价格稳定的方法进行分类：

Fiat-Collateralized Stablecoins: These stablecoins are backed by fiat currency (such as the US dollar) held in reserve by a central custodian. For example, Tether (USDT) and USD Coin (USDC) are such examples. The issuer holds a fiat reserve equivalent to the issued stablecoins, ensuring that each coin can be redeemed at a 1:1 ratio, which not only stabilizes the coin's value but also enhances user trust.

法定货币抵押稳定币：这些稳定币以中央托管人储备的法定货币（例如美元）为支持。例如，Tether (USDT) 和 USD Coin (USDC) 就是这样的例子。发行人持有与发行的稳定币等值的法币储备，保证每枚稳定币都能以1:1的比例赎回，既稳定了稳定币的价值，又增强了用户的信任。

Crypto-Collateralized Stablecoins: These stablecoins are backed by other cryptocurrencies as collateral, such as MakerDAO's DAI. Users need to lock a certain amount of cryptocurrency (like Ethereum) as collateral. Due to the high volatility of cryptocurrency prices, these stablecoins typically use over-collateralization and employ automatic liquidation mechanisms to maintain their pegged value.

加密货币抵押稳定币：这些稳定币由其他加密货币作为抵押品支持，例如 MakerDAO 的 DAI。用户需要锁定一定数量的加密货币（如以太坊）作为抵押品。由于加密货币价格的高波动性，这些稳定币通常使用超额抵押并采用自动清算机制来维持其挂钩价值。

Algorithmic Stablecoins: These stablecoins rely on algorithms to adjust supply based on market demand without requiring actual collateral. For example, FRAX combines algorithmic and partially collateralized mechanisms, while TerraUSD (UST) previously used a minting tax model before its collapse. Their stability largely depends on market confidence and the robustness of the algorithms.

算法稳定币：这些稳定币依靠算法根据市场需求调整供应，而不需要实际抵押品。例如，FRAX 结合了算法和部分抵押机制，而 TerraUSD (UST) 在崩溃之前曾使用铸币税模型。它们的稳定性很大程度上取决于市场信心和算法的稳健性。

Top five stablecoins ranked by supply (Total supply: $155.1 billion, Source: Artemis)

按供应量排名前五的稳定币（总供应量：1551 亿美元，来源：Artemis）

Stablecoin Models: Collateral and Custody Analysis

稳定币模型：抵押品和托管分析

Tether (USDT)

泰达币（USDT）

Collateral and Custody: Tether is backed by fiat reserves, including cash, cash equivalents, and US Treasury bonds, and is custodied by Cantor Fitzgerald. As of October 26, Tether reported holding $100 billion in US Treasury bonds, over 82,000 Bitcoins (approximately $5.5 billion), and 48 tons of high-quality gold.

抵押品和托管：Tether 由法定储备支持，包括现金、现金等价物和美国国债，并由 Cantor Fitzgerald 托管。截至 10 月 26 日，Tether 报告持有 1000 亿美元的美国国债、超过 82,000 个比特币（约 55 亿美元）和 48 吨优质黄金。

Supply and Usage Trends: The supply of USDT is $113.4 billion, which has decreased by 5.73% over the past month. Despite a 5.27% increase in transfer volume, the number of active addresses has decreased by 6.11%, indicating a decline in user activity.

供应及使用趋势：USDT供应量为1134亿美元，较上月减少5.73%。尽管转账量增长了5.27%，但活跃地址数却下降了6.11%，表明用户活跃度下降。

USDC

美国农业部

Collateral and Custody: USDC is fully backed by fiat reserves and managed by BNY Mellon, Customers Bank, and Cross River Bank.

抵押品和托管：USDC 完全由法定储备支持，并由纽约梅隆银行、客户银行和 Cross River Bank 管理。

Supply and Usage Trends: The supply of USDC is $33.6 billion, with a decrease of 2.46%, but transfer volume surged by 29.95%. The number of active addresses increased by 23.45%, indicating strong trading demand.

供应及使用趋势：USDC供应量为336亿美元，下降2.46%，但转账量激增29.95%。活跃地址数增长23.45%，交易需求旺盛。

DAI

戴伊

Collateral and Custody: This over-collateralized stablecoin uses ETH, BTC, private credit, and US Treasury bonds as collateral, custodied by Coinbase Custody, Sygnum Bank, and Wedbush Securities.

抵押品和托管：这种超额抵押稳定币使用 ETH、BTC、私人信贷和美国国债作为抵押品，由 Coinbase Custody、Sygnum Bank 和 Wedbush Securities 托管。

Supply and Usage Trends: The supply of DAI is $5 billion. Although the supply decreased by 2.75%, transfer volume grew by 40.52%, and active addresses increased by 45.35%, reflecting rising adoption and trading activity.

供应和使用趋势：DAI 的供应量为 50 亿美元。尽管供应量下降了 2.75%，但转账量增长了 40.52%，活跃地址增长了 45.35%，反映出采用率和交易活动的增加。

USDe

美元

Collateral and Custody: USDe is a synthetic stablecoin that achieves delta neutrality using ETH, ETH LSTs, BTC, and USDT, custodied by Copper, Ceffu, and Cobo.

抵押品和托管：USDe 是一种合成稳定币，使用 ETH、ETH LST、BTC 和 USDT 实现 Delta 中性，由 Copper、Ceffu 和 Cobo 托管。

Supply and Usage Trends: The supply of USDe is $2.7 billion. Although transfer volume slightly decreased, the number of active addresses increased slightly, indicating stability in its usage patterns.

供应和使用趋势：USDe 的供应量为 27 亿美元。尽管传输量略有下降，但活跃地址数量略有增加，表明其使用模式稳定。

PYUSD (PayPal USD)

PYUSD（贝宝美元）

Collateral and Custody: PYUSD is issued by PayPal and is fully backed by fiat assets (such as US Treasury bonds, cash, and equivalents), custodied by State Street Bank and Trust Company and Customers Bank.

抵押品和托管：PYUSD 由 PayPal 发行，完全由法定资产（例如美国国债、现金和等价物）支持，由道富银行、信托公司和客户银行托管。

Supply and Usage Trends: PYUSD is the smallest stablecoin by supply, with a total of $598 million. Its transfer volume increased by 58.75%, and active addresses grew by 153.7

供应和使用趋势：PYUSD 是供应量最小的稳定币，总量为 5.98 亿美元。转账量增长58.75%，活跃地址增长153.7