USDZ是来自Circle Ventures的Anzen的Stablecoin，其价格不稳定。

该令牌现在的交易价格约为0.9534美元，比预期的PEG $ 1的价格显着下降。这使投资者和市场参与者在谈论。

Anzen's USDZ, a stablecoin backed by Circle Ventures, has been exhibiting considerable price instability recently.

Anzen的USDZ是由Circle Ventures支持的Stablecoin，最近表现出相当大的价格不稳定。

The token is now trading at about $0.9534, having dropped from the expected peg of $1, which has got investors and market participants talking. They are now questioning the stablecoin’s stability and future viability. While the intention was for USDZ to track the value of the US dollar, recent events have caused some to wonder if the problem is with the underlying reserves.

该令牌现在的交易价格约为0.9534美元，已经从预期的PEG下降了1美元，这使投资者和市场参与者在谈论。他们现在正在质疑Stablecoin的稳定性和未来的生存能力。尽管USDZ的目的是跟踪美元的价值，但最近的事件导致一些人怀疑基础储备是否存在问题。

USDZ, which has an approximate total supply of 120 million tokens, is backed mainly by cash, cash equivalents, and credit portfolios. If one were to attempt to account for all the different types of assets backing USDZ, one would arrive at a figure of about $122 million. By this reckoning, the reserves backing USDZ are theoretically sufficient to maintain the coin’s peg to the dollar.

USDZ的总供应总额约为1.2亿代币，主要由现金，现金等价物和信贷投资组合支持。如果一个人试图解释USDZ的所有不同类型的资产，那么一个人的数字约为1.22亿美元。据此，在理论上，后备USDZ的后备足以将硬币的钉子保持在美元上。

However, underwriting concerns arise from the fact that only about 5.27% of USDZ’s reserve assets are cash or cash equivalents, which augurs poorly for the stablecoin’s ability to maintain its peg during market stress. Most of the backing of USDZ comes from non-liquid assets, such as credit portfolios, which may not be as accessible or stable as one would like in times of market turbulence. This is not only a modern take on dollar backing, but it also has some folks worried about whether USDZ can really withstand significant market fluctuations—especially when liquidity is critical for maintaining the stable peg.

但是，承保担忧是由于以下事实引起的，即USDZ的储备资产中只有约5.27％是现金或现金同等物品，这对于Stablecoin在市场压力中保持其PEG的能力的预言较差。 USDZ的大部分支持都来自非液体资产，例如信用组合，在市场动荡时期，这些资产可能不像人们想要的那样易于访问或稳定。这不仅是对美元支持的现代意义，而且还有一些人担心USDZ是否能真正承受明显的市场波动，尤其是在流动性对于维持稳定的PEG至关重要时。

USDZ’s recent price drop, which has gone as low as $0.9534, underscores the possible dangers connected to these reserve placements. In a moment of market panic or when the token needs liquidity to prop it up, the cash and cash equivalent reserves seem paltry. Just how are we supposed to defend the peg in anything resembling a believable way?

USDZ最近的价格下跌率低为0.9534美元，突显了与这些储备金安置有关的可能危险。在市场恐慌的时刻，或当令牌需要流动性来支撑它时，现金和现金同等储量似乎很虚弱。我们应该如何以类似可信的方式来捍卫钉子？

And guess what? We’re not alone in facing this not-so-enviable situation. Other stablecoins have run into difficulties when their reserves weren’t liquid enough, weren’t diversified enough, or some combination of both.

猜猜是什么？我们并不孤单地面对这种不太可喜的情况。当其储备还不够液体，没有足够多样化或两者的某种组合时，其他稳定的稳定币也遇到了困难。

Anzen has obtained some degree of credibility in its stablecoin endeavor, USDZ, through partnership with Circle Ventures, a major player in the stablecoin and cryptocurrency markets. Circle’s association, especially in light of its flagship product, USDC, has instilled a good deal of confidence in USDZ’s supposed stability. But what happens when even a stablecoin backed by such nineteenth-century financial figures as Franklin, Hamilton, and Twain starts to experience price fluctuations?

Anzen通过与Stablecoin和Cryptocurrency Markets的主要参与者Circle Ventures合作，在其Stablecoin努力USDZ的Stablecoin努力中获得了一定程度的信誉。 Circle的协会，尤其是鉴于其旗舰产品USDC，对USDZ所谓的稳定性充满信心。但是，即使是由富兰克林，汉密尔顿和吐温等十九世纪财务人物支持的稳定者，也会发生什么？

How unstable is USDZ? For traders and investors who rely on stablecoins for consistent value in a highly volatile market, this is a particularly concerning question. Stablecoins like USDZ are often used to hedge against price declines in other cryptocurrencies, providing reassurance and refuge for investors seeking to park their assets in a stable, dollar-pegged token. But if the token you’re using as a refuge starts to fluctuate in price, then what are you using as a refuge?

USDZ有多不稳定？对于依靠Stablecoins在高度波动的市场中持续价值的贸易商和投资者来说，这是一个特别令人担忧的问题。像USDZ这样的Stablecoins通常用于对冲其他加密货币的价格下跌，为寻求将其资产停放在稳定的美元，美元固定的代币中的投资者提供了放心和避难所。但是，如果您用作避难所的代币开始波动，那么您将用作避难所呢？

USDZ’s price is now more stable. This isn’t true for traders and investors. It fluctuates like another cryptocurrency and is even seen by some as a not-so-much-stable stablecoin. This perception has opened up — and continues to open up — debates in the crypto community about what makes a consistently reliable stablecoin. Among the most mentioned are:

USDZ的价格现在更加稳定。对于交易者和投资者来说，事实并非如此。它像另一种加密货币一样波动，甚至被某些人视为不太稳定的稳定稳定性。这种看法已经在加密货币社区中就始终可靠的稳定稳定性的辩论开放并继续开放。其中最多提到的是：

How transparent are its reserves?

它的储量有多透明？

How liquid are they?

他们有多液体？

How resilient are they to large-scale shocks, like, say, the bankruptcy of a major player?

他们对大规模冲击的韧性有多韧性，例如主要球员的破产？

After all, if we’re storing our wealth in something called a stablecoin, it should be stable, right?

毕竟，如果我们将自己的财富存储在称为Stablecoin的东西中，那应该是稳定的，对吗？

The recent instability and depegging of USDZ highlight how much more stable we need stablecoins to be. When it comes to risks, I think USDZ has a couple of big ones that could contribute to a repeat situation like we’ve seen play out recently.

USDZ最近的不稳定性和depegging突出了我们需要稳定的多稳定性。当涉及风险时，我认为USDZ有几个大型大型，可以像我们最近看到的那样有助于重复的情况。

First off, USDZ’s reserves could be a lot more liquid; in fact, its reserve mix is so illiquid that it may be causing the volatility we’ve seen lately. Second, we’re still learning a lot about how to manage the kind of credit risk that’s present in USDZ’s portfolios. To fully trust any stablecoin, we need to be able to see and understand that risk.

首先，USDZ的储量可能会更液体。实际上，它的储备混合物非常流动性，以至于它可能导致我们最近看到的波动性。其次，我们仍在了解有关如何管理USDZ投资组合中存在的那种信用风险的知识。为了完全信任任何稳定的稳定，我们需要能够看到和理解这种风险。

In addition, Anzen must repair the peg and reestablish the price of USDZ to guarantee that it can function as a secure and dependable stablecoin. Doing so will likely require a blend of different strategies: they will need to diversify their reserve assets, enhance their liquidity management, and deal with the wider market in order to restore the faith that its stakeholders need to have in the token for it to work.

此外，Anzen必须修复钉子并重新建立USDZ的价格，以确保它可以作为安全且可靠的稳定稳定性。这样做可能需要融合不同的策略：他们将需要多样化其储备资产，增强其流动性管理并与更广泛的市场打交道，以恢复其利益相关者在代币中需要工作的信念。

The peg must be maintained, and the stablecoin’s design must ensure that it is stable in the ever-evolving world

必须维护钉子，并且稳定的设计必须确保它在不断发展的世界中保持稳定