并非所有的美元稳定剂都是平等的 - 有些是坚实的地面，而另一些则建立在变化的沙子上。

由验证的价值存储支持的稳定币

Not all USD stablecoins are created equal — some stand on solid ground, while others are built on shifting sand. Although both fiat-backed and gold-backed stablecoins maintain a 1:1 peg to the US dollar, the strength of their collateral influences their long-term security, trustworthiness and resilience.

并非所有的美元稳定剂都是平等的 - 有些是坚实的地面，而另一些则建立在变化的沙子上。尽管由菲亚特支持的和黄金支持的稳定者都保持着1：1的钉子，但其抵押品的实力影响了他们的长期安全，可信赖性和韧性。

Most fiat-backed stablecoins depend on traditional financial instruments such as bank reserves, cash equivalents and commercial paper to maintain their peg. However, full collateralization claims of stablecoin issuers are not always accurate, and the composition of their reserves can often be unclear or misleading.

大多数菲亚族支持的稳定币依赖于传统金融工具，例如银行储备，现金等价物和商业纸，以维持其PEG。但是，稳定发行人的完全抵押索赔并不总是准确的，而且其储备的组成通常不清楚或误导。

For example, a 2021 report about a popular stablecoin with a USD peg revealed that just 2.9% of the said stablecoin’s reserves were in actual cash, while the majority were in other assets that are often deemed risky — like commercial paper and corporate bonds — raising concerns about liquidity in times of crisis.

例如，一份有关一个受欢迎的Stablecoin的2021年报告显示，仅2.9％的上述Stablecoin储量中，只有2.9％的储备金是实际的现金，而大多数资产中的大多数人通常被认为是有风险的，例如商业纸张和公司债券 - 在危机时期引起人们对流动性的担忧。

The stability of fiat-backed stablecoins depends entirely on the banks holding their reserves. When financial institutions collapse, liquidity crises and depegging follow — just as experienced in 2023. This dependence on traditional banking highlights a core weakness: fiat-backed stablecoins are only as stable as the institutions backing them.

由菲亚特支持的稳定稳定的稳定性完全取决于持有储量的银行。当金融机构崩溃，流动性危机和depeggging的崩溃时，就像在2023年一样。对传统银行业务的这种依赖突出了核心弱点：菲亚·支持的stablecoins仅与支持他们的机构一样稳定。

In short, the instability of fiat-backed models calls for a more resilient alternative that doesn’t rely on bank reserves or cash equivalents.

简而言之，以菲亚特支持的模型的不稳定要求，需要一种更具弹性的替代方案，不依赖银行储备或现金等效物。

A stablecoin backed by a proven store of value

由验证的价值存储支持的稳定币

Gold Dollar (USDKG), a gold-collateralized USD stablecoin, offers a more secure and reliable alternative to overcome the vulnerabilities of stablecoins. Introduced by the Ministry of Finance of the Kyrgyz Republic, USDKG takes a fundamentally different approach by eliminating banking risk and anchoring its value to a universally recognized hard asset: gold.

金美元（USDKG）是一种金色的美元稳定股，为克服稳定的脆弱性提供了一种更安全和可靠的替代方案。 USDKG是由吉尔吉斯共和国财政部提出的，通过消除银行风险并将其价值固定在普遍认可的硬资产：黄金方面，采取了根本不同的方法。

Unlike fiat-backed stablecoins, which rely on traditional financial institutions, Gold Dollar is fully secured by physical gold reserves. With its 1:1 peg to the US dollar, USDKG removes banking risks, liquidity concerns and regulatory uncertainties, ensuring long-term stability.

与依靠传统金融机构的菲亚特支持的稳定股不同，黄金美元由实物黄金储备完全确保。 USDKG凭借其1：1钉到美元，消除了银行风险，流动性问题和监管不确定性，以确保长期稳定。

As one of the world’s most stable and trusted financial instruments, gold is independent of the risks associated with fiat reserves. Contrary to debt-backed fiat stablecoins, gold is a tangible store of value that remains resilient during financial volatility.

作为世界上最稳定，最值得信赖的金融工具之一，黄金独立于与菲亚特储备有关的风险。与债务支持的菲亚特·斯ablecoins相反，黄金是一种有形的价值存储，在财务波动期间仍然具有弹性。

Source: USDKG

资料来源：USDKG

Through a fully verifiable proof-of-reserves model, the gold-backed stablecoin guarantees that every token in circulation is backed by accurate, accessible gold, reinforcing trust and reliability.

通过完全可验证的储备验证模型，金牌稳定的stablecoin保证了流通中的每个令牌都以准确，易于访问的黄金，增强信任和可靠性为支持。

The power of gold as reserve

黄金作为储备的力量

From a user perspective, choosing a gold-collateralized stablecoin provides three definite advantages:

从用户的角度来看，选择一个金色的稳定剂提供了三个确定的优势：

1. Hard asset security

1。硬资产安全

A gold-backed stablecoin benefits from the stability and reliability of gold, which is a hard asset immune to financial crises and liquidity shortages.

黄金支持的稳定的稳定性受益于黄金的稳定性和可靠性，这是对金融危机和流动性短缺的艰巨资产。

For users, this means peace of mind — their stablecoin holdings are not exposed to bank failures and sudden withdrawal freezes. No matter what happens in the financial sector, USDKG retains its value because it is backed by an asset that has stood the test of time.

对于用户而言，这意味着安心 - 他们的稳定持有的持有量不会暴露于银行失败和突然撤离冻结。无论金融领域发生什么情况，USDKG都保留其价值，因为它得到了经受了时间考验的资产的支持。

2. Transparency with independent audits

2。独立审核的透明度

Unlike fiat-backed stablecoins that often operate with opaque reserve reports and unverified claims, USDKG’s gold reserves are independently audited. This level of transparency guarantees that every token is backed by accurate, verifiable gold, eliminating the risk of fractional reserves or misleading collateral claims.

与经常在不透明的储备报告和未验证的索赔中运作的菲亚特支持的稳定币不同，USDKG的黄金储备是独立审计的。这种透明度的水平保证了每个令牌都得到准确，可验证的黄金的支持，从而消除了部分储备金或误导抵押索赔的风险。

Government-held gold reserves fully back USDKG. Source: USDKG

政府拥有的黄金储备完全返回了USDKG。资料来源：USDKG

With the gold-backed stablecoin, what users see is what users get. Each token is backed by verified gold reserves, ensuring transparency and eliminating the trust issues associated with fiat-backed stablecoins.

借助黄金支持的Stablecoin，用户看到的是用户获得的。每个令牌都得到经过验证的黄金储备的支持，以确保透明度并消除与菲亚特支持的稳定稳定的信任问题。

3. Overcollateralization for long-term stability

3。过度稳定性

Fiat-backed stablecoins often operate on fractional reserves, meaning they may not always have enough backing to cover all redemptions, especially during financial stress.

由菲亚特支持的稳定蛋白经常以分数储量运作，这意味着它们可能并不总是有足够的支持来支付所有赎回，尤其是在财务压力期间。

In contrast, USDKG ensures full and overcollateralized gold reserves, meaning its value remains stable even during economic downturns and market volatility. For users, this means a stablecoin they can trust for long-term savings, cross-border payments and financial uncertainty.

相比之下，USDKG确保了充分和过度填充的黄金储量，这意味着即使在经济低迷和市场波动期间，它的价值仍然稳定。对于用户而言，这意味着他们可以信任长期储蓄，跨境支付和财务不确定性的稳定币。

Navigating regulatory challenges

导航监管挑战

Beyond its gold-backed stability and transparency, USDKG addresses one of the most significant concerns for stablecoins: regulatory compliance.

USDKG除了具有黄金支持的稳定性和透明度外，还解决了稳定剂的最重要问题之一：法规依从性。

As financial watchdogs tighten their grip on fiat-backed stablecoins — citing concerns over mismanaged reserves, opaque audits and systemic risks — regulatory scrutiny is reaching new heights.

由于金融监管机构收紧了对菲亚族支持的稳定蛋白的控制 - 引用了对管理不善的储量，不透明的审计和系统性风险的担忧 - 监管审查正在达到新的高度。

USDKG operates within a strict regulatory framework, ensuring full transparency and undergoing regular third-party audits of its gold reserves. Following a verifiable proof-of-reserves model eliminates the fractional backing risks seen in private stablecoins, offering users a legally compliant and fully collateralized alternative.

USDKG在严格的监管框架内运行，确保对其黄金储备的定期透明度和定期进行第三方审核。遵循可验证的证明模型，消除了在私人稳定中看到的分数支持风险，从而为用户提供了合法兼容且完全抵押的替代方案。

Unlike privately issued stablecoins that must constantly defend their reserves, USDKG operates under a framework that benefits from Kyrgyz government oversight — strictly for authenticity, trust and collateral verification. In contrast to CBDCs, which are fully state-managed, USDKG’s issuance and operation remain independent

与必须不断捍卫自己的储备的私人发行的稳定币不同，USDKG在一个受益于吉尔吉斯政府监督的框架下运营 - 严格是为了真实性，信任和抵押核对。与完全管理的CBDC相反，USDKG的发行和运营仍然独立