美国财政部长Scott Bessent（L）和霍华德·卢特尼克（Howard Lutnick），我们...

许多读者可能熟悉比特币。然而，货币顺序的新进入者是稳定的。他们是该镇在DC中的话题 - Stablecoin球员正在做出重大的地缘政治和经济行动。

Many readers might be familiar with Bitcoin. Yet a new entrant in the monetary order is stablecoins. They're the talk of the town in DC - and stablecoin players are making major geopolitical and economic moves.

许多读者可能熟悉比特币。然而，货币顺序的新进入者是稳定的。他们是该镇在DC中的话题 - Stablecoin球员正在做出重大的地缘政治和经济行动。

What a stablecoin is

什么是稳定的

A stablecoin is a cryptocurrency token issued by a company that pledges to exchange or redeem some asset in return for each token issued. The US dollar often backs stablecoins; for example, USDC (USD Coin issued by Circle) and USDT (Tether) are the largest stablecoins and they are backed by the US dollar.

Stablecoin是一家公司发行的加密货币代币，该公司承诺交换或赎回某些资产，以换取每份发行的代币。美元经常支持稳定的人；例如，USDC（Circle发行的USD硬币）和USDT（Tether）是最大的Stablecoins，它们得到了美元的支持。

In the example of a US-backed stablecoin, an issuer will pledge to give you one US dollar for each token redeemed with them. This pledge means that you have to have faith in the underlying company to hold enough reserves to make you whole - and that they don’t engage in fractional reserve, meaning that they issue more tokens than they hold in terms of dollars, with the hope that people will not come and make a "run on their reserve" - similar to a bank run.

在美国支持的Stablecoin的示例中，发行人将保证为您与他们兑换的每个令牌为您提供一美元。这种承诺意味着您必须对基础公司充满信心，才能持有足够的储备以使您整体 - 并且他们不参与分数储备金，这意味着他们发行的代币远远超过了他们对美元的持有，希望人们不会来“在储备金上运行” - 类似于银行运营。

Some stablecoins are Euro-denominated and denominated in other currencies, such as the EURC. When Meta proposed the Libra Project (which became Diem) - the original idea was to create a stablecoin backed by a basket of currencies. There are also different stablecoins - from reserve-backed like the ones described to algorithmic stablecoins to even commodity-backed stablecoins that offer redemptions in gold for a token.

一些稳定的股币以欧元的计时为主，并以其他货币（例如Eurc）计价。当Meta提出天秤座项目（成为Diem）时，最初的想法是创建由一篮子货币支持的稳定币。也有不同的稳定币 - ​​从像所描述的储备一样到算法稳定的稳定剂到甚至是商品支持的稳定的稳定的稳定股，这些稳定的stablecoins为代币提供了黄金的赎回。

Stablecoins offer a token that can be used to settle payments in the underlying currency - a very popular solution for those without access to banking in the currency (ex, US dollar banking) or for those looking to avoid banking costs and the cost of transactions and wire transfers for cross-border remittances, micropayments and to a certain degree, merchant payments.

Stablecoins提供的代币可以用来解决基本货币的付款 - 对于那些没有货币（EX，美元银行业）的人来说，这是非常流行的解决方案，或者对于那些希望避免银行成本以及交易成本和交易成本和跨境汇款，微型付款，微型付款以及一定程度的商人付款的人。

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What is the difference between stablecoins and Bitcoin?

Stablecoins和比特币有什么区别？

Stablecoins and Bitcoin differ in several ways. One is that a stablecoin doesn’t need a native network -the most popular one, Tether, can be sent on whatever blockchain has the lowest fees. There are Tether integrations with Tron, Ethereum, and now, with the Lightning Network on Bitcoin. USDC follows the same principle - it can be transmitted across multiple chains, most notably its integration with the Coinbase-backed BASE layer. Stablecoins don't need a "blockchain" - they can work by using other chains to be transmitted.

稳定币和比特币在几种方面有所不同。一个是，一个稳定的人不需要本机网络​​ - 最受欢迎的网络，即可以在任何具有最低费用的区块链上发送。与Tron，以太坊以及现在，与比特币上的Lightning Network有束缚集成。 USDC遵循相同的原理 - 它可以跨多个链条传输，最著名的是它与Coinbase支持的基础层的集成。 Stablecoins不需要“区块链” - 它们可以使用其他要传输的链条来工作。

Stablecoins rely on an issuing company that can back every token with real-world assets unlike Bitcoin. This dependency on a company also means that the company can be leveraged to freeze funds held in that stablecoin. A human CEO is responsive to political pressure in a way a neutral protocol would not be.

Stablecoins依靠一家发行公司，该公司可以与比特币不同的是拥有现实世界中的所有代币。对公司的这种依赖还意味着可以利用该公司冻结该公司的资金。人类首席执行官以中立协议的方式对政治压力做出反应。

Unlike Bitcoin, the backing function is not peer-to-peer computers and large-scale markets but a single company acting as a banker of sorts. As a result, there isn’t a global network of peers, miners, or other stakeholders to hold stablecoins accountable beyond their internal practices.

与比特币不同，背景功能不是点对点计算机和大规模市场，而是一家公司的单一公司。结果，没有一个全球的同行，矿工或其他利益相关者网络无法使稳定的稳定者超越其内部实践。

Stablecoins have to hold reserves as part of their business model, and they make a profit on those reserves. For example, Tether holds many US Treasuries. This holding of reserves also means that stablecoins stay stable to the underlying asset's price. Bitcoin has volatility compared to fiat currencies like the US dollar because it has its own network and supply dynamics.

Stablecoins必须作为其业务模式的一部分持有储备金，并且可以利用这些储量。例如，系绳持有许多美国国债。持有的储备还意味着，稳定币保持稳定的基础资产的价格。比特币与美元货币（如美元）相比具有波动性，因为它具有自己的网络和供应动态。

Stablecoins are meant to be pegged 1:1 with an asset like the US dollar - and if it gets de-pegged, this might spell the end of that stablecoin. When it was found that Circle held reserves in Silicon Valley Bank, for example, that were threatened, USDC traded below the US dollar in Asia. This threat might have caused significant damage to USDC if their funds were not then guaranteed in the bailout of Silicon Valley Bank. And this is what caused the algorithmic stablecoin Terra to flame out.

稳定币的本来是将1：1与美元这样的资产固定的 - 如果它被固定，这可能会拼写出该稳定的结束。例如，当发现Circle在硅谷银行持有的储量受到威胁时，USDC的交易价格低于亚洲美元。如果不保证硅谷银行的救助，这种威胁可能会对USDC造成重大损失。这就是导致算法的稳定Terra燃烧的原因。

How are stablecoins playing out in global geopolitics?

Stablecoins如何在全球地缘政治上发挥作用？

Stablecoins are making an incredible amount of money with small teams, allowing them to exert much influence. They are the crux behind the Trump Administration’s argument that "crypto" strengthens the US dollar rather than vice versa. For example, Tether made about $13 billion in profits for 2024 while holding about $113 billion in direct or indirect holdings of US treasuries. For reference, that’s more than the $97 billion that Germany has in US treasuries, meaning Tether holds more US Treasury debt than a major G7 ally. Stablecoins now outrank countries in terms of buying and holding US debt.

Stablecoins与小型团队一起赚了很多钱，使他们产生了很大的影响力。他们是特朗普政府论点的关键，即“加密”加强了美元，而不是反之亦然。例如，系绳在2024年获得了约130亿美元的利润，同时持有美国国债的直接或间接持有的约1,130亿美元。作为参考，这超过了德国在美国国债的970亿美元，这意味着Tether持有美国国库债务比主要的G7盟友更多。 Stablecoins现在在购买和承担美国债务方面超越国家。

Stablecoins are also a new way to access the US dollar without US banking - that seems hands-off,

Stablecoins也是不用美国银行业务而获得美元的新方法 - 这似乎是放手，