USDT崩盘后，一大波稳定币出动，乍看是王者结果是青铜？

其他稳定币也没有从USDT的崩盘中受益。

最近，在USDT崩盘事件的刺激下，稳定币新贵们陆续登场。

Recently, under the stimulus of the USDT crash, the new pricers of the stable currency came to the scene.

高盛、比特大陆支持的Circle正式发布了USDC，火币推出了稳定币综合解决方案HUSD，OKEx则一口气上线了包括TUSD、USDC、GUSD、PAX在内的多个稳定币。稳定币一时间百家争鸣，空气里弥漫着一丝幸灾乐祸的味道。

The USDC was officially launched by the Goldman Sachs-Bit continent-backed Circle, which introduced a comprehensive stabilization currency solution, HUSD, and OKEx, which has reached out to a number of stable currencies, including TUSD, USDC, GUSD, PAX. The stable currency has a hundred rivalries at a time, and the air smells like a disaster.

10月15日，USDT价格遭遇闪崩，14时50分，USDT一度跌破0.92美元，报价0.9168美元，24小时跌幅达7.45%。众多新发行的稳定币开始想要伺机取代，但他们却忽略了一个事实，那就是，市场的不信任是会传染的。

On October 15, USDT prices collapsed and, at 1450 hours, USDT fell by $0.92 – an offer of $0.9168 – with a 24-hour fall of 7.45%. Many newly issued stabilizers began to try to replace them, but they ignored the fact that mistrust in the market of `strong' was contagious.

作为传递数字货币价值的桥梁，稳定币的存在有其价值，但现阶段，还没有一种稳定币能够真正做到稳定与信任的平衡。投资者并不愚蠢，却恐怕也只能选择将就。

As a bridge to transmit the value of digital money, there is value in stabilizing the existence of a currency, but at this stage there is no stable currency that can truly balance stability and trust. Investors are not stupid, but they can only choose to do so.

我们为什么需要稳定币？

Why do we need a stable currency?

稳定币是数字货币的一种，但与比特币、以太币等不同的是，它可以通过锚定法币和加密资产等手段维持币价的相对稳定。例如USDT与美元的汇率就维持在1:1左右，这与曾经的金本位制相似，即Tether公司每发出1个USDT，就会有1美元存在银行账户中。

Stable currency is a digital currency, but unlike Bitcoin, Ether, etc., can maintain relative stability in currency prices by anchoring French currency and encrypted assets. , for example, USDT to the United States dollar, is maintained at around 1:1, which is similar to the previous gold-based system, where Tether has a dollar in a bank account for every single USDT issue.

稳定币的出现，主要是为了解决数字货币世界与法币世界的冲突。如今数字货币市场已有近千亿美元的市值，但是仍然没有一个主流法币能够直接连接数字货币，人们主要还是以BTC、ETH等主流币作为交换媒介。

The emergence of now has nearly $100 billion in market value in the digital currency market, but there is still no mainstream French currency that can be directly connected to the digital currency, and it is mainly the BTC, ETH, etc. that is used as a medium of exchange.

但主流数字货币也存在价格不稳定的问题，这对数字货币市场乃至整个区块链技术的应用都会形成阻碍。例如在跨国汇款中，某人使用BTC进行转账，结果在转账进行期间BTC价格发生了变动，由此造成的损失或许比WesternUnion或PayPal收取的手续费还高。

But there is also price instability in mainstream digital currencies, which hinders the use of digital money markets and of block-chain technology as a whole. For example, in cross-border remittances, a person uses BTC for transfers, resulting in a change in BTC prices during the transfer, which may result in higher costs than WesternUnion or PayPal charges.

而稳定币其实就是担当了法币与数字货币之间的桥梁作用，在上述存在时间差的交易场景中，稳定币可以更好地保障持币者的财产安全。当然对投资者来说，稳定币还有更现实的用途，目前很多交易所都不支持法币直接兑换数字货币，需要一个稳定的数字货币作为兑换的中间件，另外当币市波动剧烈时，稳定币也可充当避风港。

Indeed, there is a more realistic use of stable currency for investors, and many exchanges do not currently support direct conversion of French currency to digital currency, which requires a stable digital currency as an intermediate for conversion, but also as a safe haven when the currency is volatile.

稳定币或将陷入集体信任危机

stabilizes the currency or will fall into a crisis of collective trust

虽然稳定币的需求存在，但当前无论是USDT还是众多稳定币新贵，都难以达到投资者真正的期许，即同时具备稳定与值得信任的属性。

While there is a need to stabilize the currency, it is currently difficult to reach the true promise of investors, that is, to have both stable and trustworthy attributes.

1.USDT崩盘的可怕在于，它并非无名小卒

The horror of the USDT crash is that it's not a nobody.

USDT在整个稳定币市场无疑是龙头老大的地位，除了成立时间早，其流通市值及成交额也遥遥领先，这也正是此次崩盘影响深远的原因。

In addition to its early start-up, the market value of its circulation and the value of its transactions are far ahead, which is certainly the reason why the collapse has far-reaching consequences.

2.矮子里挑将军，USDT仍是最稳定的稳定币

2. Picking up generals in the short run. USDT remains the most stable and stable currency.

如果从历史币价的浮动来看，在发行超过1年的稳定币中，USDT也是年化波动率最小的数字货币。因此，作为稳定币当中的标杆，本轮崩盘后对投资者信心造成的重创也是不言而喻的。

If the price of historical currencies fluctuates, the USDT is also the digital currency with the least annual volatility in issuing a stable currency for more than a year. So, as the pole of a stable currency, it is self-evident that the impact of this collapse on investor confidence is significant.

3.USDT暴跌后，其他稳定币也无法安好

3. With the collapse of the USDT, no other stable currency can be secured .

如果进一步分析各稳定币的价格变动，可以更加确信，稳定币的信任危机并非危言耸听。在比较USDT崩盘前后7个交易日各稳定币的价格浮动后，发现除bitCNY外，其余稳定币前后7个交易日价格均无显著差异。换句话说，其他稳定币并未能从USDT的崩盘中受益，投资者宁可选择其他避风港（如比特币）或者退出，也不倾向于选择相同类别的币种。

A further analysis of price movements in stable currencies makes it more certain that the crisis of confidence in stable currencies is not a shock. After comparing price fluctuations in stable currencies in the seven trading days before and after the USDT crash, it is found that there are no significant differences in prices between the seven stable currencies, except for BitCNY. , in other words, other stable currencies do not benefit from the USDT crash, and investors prefer other safe havens (e.g. bitcoins) or exits, and do not prefer the same type of currency.

稳定与信任只能是鱼与熊掌？

"Strange" stability and trust can only be fish and bear palms?

USDT与其他各类稳定币的前后价格表现说明，稳定币整体的市场信任度很低，而根本原因在于，目前几乎所有稳定币，都是在稳定与信任之间寻找某种妥协。

The pre- and post-price performance of the USDT and other types of stable currencies illustrates the low level of market confidence in stabilizing the currency as a whole, which is rooted in the fact that almost all of the stable currencies are currently seeking a compromise between stability and trust.

1.三类稳定币的风险

1. Risks of three types of stable currency

1）法定资产抵押型稳定币

1) Statutory assets mortgaged stable currency

为了实现币价稳定，这类稳定币采用的办法是与法定资产锚定，USDT就是其中的典型。然而，这类稳定币在解决价格浮动问题的同时，牺牲的是数字货币本应具有的去中心化属性。

In order to achieve currency stability, such stable currencies are based on the anchoring of legal assets, as is typical of the USDT. However, while addressing price fluctuations, such stable currencies are sacrificed at the expense of the decentralized attributes that digital currencies should have.

究其本质，USDT其实是一种私人债券。与国债相比，两者的差别就在于国家信用与公司信用的差别。再加上一些发行稳定币的公司信息不透明，投资者的信任度自然更低。

The difference between

2）加密资产抵押型稳定币

2) Encrypted asset mortgage stable currency

这类稳定币与比特币、以太币等加密资产锚定，并利用交易机器人来维持期望关联，从而维持币价与美元的相对稳定，典型代表是MakerDAO的DAI。

Such stable currencies are anchored in encrypted assets such as bitcoin, taser currency, and trade robots are used to maintain the desired correlation, thus maintaining relative stability between the currency and the United States dollar, typically represented by the DAI of MakerDAO.

DAI完全存在于区块链上，改进了前一类稳定币由于中心化导致的信任问题。但由于锚定的加密货币本身具有波动性，相比法定资产型稳定币，这类币的价格仍然不够稳定。

DAI is fully present in the block chain, improving the trust problems caused by the centralization of the former stable currency. , due to the volatility of the anchored encrypted currency itself, the price of such currency is still not stable enough than the legal asset-type stable currency.

3）无资产抵押型稳定币

3) No asset collateral for stable currency

这类稳定币相当于一个算法银行，无需任何抵押品，系统可以通过算法增发、销毁货币得以控制货币价值，去中心化程度也最高。

Such stable currencies are equivalent to an algorithmic bank, free of any collateral, and the system is able to control monetary values by adding to and destroying the currency, with the highest degree of centralization.

然而，在加密货币价格直线下降时，这类算法银行可能陷入死亡螺旋，加上对此稳定机制的知识门槛较高，也带来信任风险。相比前两者，这一类稳定币的浮动也最大。

However, when the price of an encrypted currency falls in a straight line, such algorithm banks may fall into a death spiral, which, together with a high threshold of knowledge about the mechanism for stabilization, also poses a risk of trust. also has the highest fluctuations in this type of stable currency compared to the previous two.

2.可见的未来并没有稳定币的完美替代品

2. There is no perfect alternative to a stable currency in the foreseeable future .

那么有没有一种稳定币可以兼顾稳定与信任？最近，随着GUSD这一受美国政府监管的稳定币出现，央行法定数字货币再次成为行业焦点。

Is there a stable currency that balances stability with trust? Recently, with the emergence of a stable currency that is regulated by the US government, central banks have once again become the focus of industry.

但是央行法定数字货币或许与大家期待的稳定币有些不一样。在央行数字货币研究所所长姚前以研究所名义发表的一篇论文中，法定数字货币系统只是局部采用了分布式记账，其中记账节点由央行和商业银行组成，而信息登记的功能由央行完成。区块链技术只不过通过在局部分布式记账、信息上链便于溯源、椭圆加密保护隐私等方面。

In a paper published by Yao, former Director of the Central Bank’s Digital Monetary Institute, on behalf of the Institute, the statutory digital monetary system has only partially adopted distributed accounting, with nodes comprising central banks and commercial banks, while the central bank performs the function of registering information. Block chain technology is merely one that preserves privacy through the local distribution of accounts, the information chain to facilitate traceability, ellipse encryption, etc.

这种系统本质上仍是中心化的，与人们期待的稳定币不是同一物种，在可见的未来也不会支持与其他数字货币的兑换。（参考：核财经《解读央行法定数字货币：不是你们想象的稳定币》）

The system of strong is still inherently central, not the same species as the expected stable currency, and will not support the exchange of other digital currencies in the foreseeable future.

也许短期内，缓慢成长的数字货币行业只能选择将就并不完美的稳定币。稳定币有关稳定与信任的矛盾，其实只是整个行业矛盾感的缩影。一方面构建去中心化的信任依旧令人向往，但另一方面，行业发展的程度却还无法证明它优于中心化的信任。

Perhaps, in the short term, the slow-growing digital money industry can only opt for less than perfect currency stability. The stability of the currency is a microcosm of an entire industry’s perception of stability and trust.

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