尽管今年全球经济都囿于新冠大流行带来的不确定性,加密货币的巨大增长,依旧使2020年成为了稳定币之年。尽管有些人将这种增长归因于加密发烧友对去中心化金融的浓厚兴趣,但其他人把它看作是确认法币流入加密生态的看涨信号。
Although this year’s global economy has been mired in the uncertainty created by the new crown pandemic, the huge increase in encoded currencies has made 2020 a stable currency year. While some attribute this growth to the keen interest of encryption fever friends in decentralizing finance, others see it as a sign of recognition of French currency inflows into the encoded ecology.
随着DeFi的不断发展,稳定币的普及程度也越来越高,这些稳定币过去曾从各种去中心化借贷项目中获得高额回报。稳定币还有助于弥合法定货币与数字资产之间的差距。今年年初,稳定币的交易量很高,其累计交易量在一个财政季度中首次超过900亿美元大关。尽管Tether(USDT)在稳定币市场中仍然占据最大的份额,但Dai和USDC也在2020年实现了切实的增长。
As DeFi continues to develop, the prevalence of stable currencies has increased, and these stable currencies have received high returns from various decentralized lending projects in the past. Stable currencies have also helped to bridge the gap between legal currencies and digital assets.
其中尤以与美元挂钩的稳定币Tether(USDT) 迅猛发展,USDT的市值在最近几周激增,可能也是有助于推动近期比特币的反弹的重要原因之一。
The rapid growth of the stable currency Tether (USDT), pegged in particular to the United States dollar, and the sharp increase in the market value of the USDT in recent weeks may also be one of the important factors contributing to the recent rebound of Bitcoin.
USDT今年市值增长近4倍
USDT's market value grew nearly fourfold this year.
担任Bitfinex和Tether两家公司首席技术官的Paolo Ardoino近日在其推特上表示,USDT的供应量在9天内增加了10亿枚,创下其历史上第二快的扩张速度。史上第一快的纪录是在2020年9月4日创造的,当时在8天内,USDT的流通供应量增加了10亿。
Paolo Ardoino, the chief technical officer of Bitfinex and Tether, recently tweeted that USDT supplies had increased by 1 billion in nine days, the second fastest expansion in history. The fastest record was created on 4 September 2020, when USDT flows increased by 1 billion in eight days.
据CoinMarketCap数据显示,自2020年开始,Tether的市值增长了近4倍。按照目前的流通供应量,Tether的市值在所有加密货币中列于第四位;USDT和其他所谓的稳定币提供了连通加密货币市场的法币门槛,从而最大限度地降低了价格波动,并确保数字资产出售后易于赎回。虽然USDT声称有真实的美元储备支持,但Tether从未出示过其银行账户的完整审计报告。
According to CoinMarketCap data, the market value of Tether has increased almost fourfold since 2020. At current liquidity, Tether’s market value is ranked fourth among all encrypted currencies; USDT and other so-called stable currencies provide a currency threshold to connect to the encrypted currency market, thereby minimizing price volatility and ensuring that digital assets are easily redeemed when they are sold. Although USDT claims to have real dollar reserve support, Tether has never presented a full audit report of its bank account.
2019年,彭博社的一份报告称,Tether的USDT并没有完全与美元挂钩,而是只有74%的流通供应有现金和短期证券支持;Tether也是由全球最大的加密货币交易所之一Bitfinex的同一个管理集团运营的。有人指控Tether和Bitinex操纵了2017年的牛市,不过由于去中心化加密货币市场的复杂性,证明这样的说法很困难。
In 2019, a Bloomberg report stated that Tether’s USDT was not fully pegged to the United States dollar, but that only 74% of the liquidity supply was supported by cash and short-term securities; Tether was also operated by the same management group as Bitfinex, one of the world’s largest encrypted currency exchanges. There were allegations that Tether and Bitinex had manipulated the cattle market in 2017, but the complexity of decentralizing the encrypted currency market proved difficult.
法律专家在今年早些时候告知Cointelegraph,像比特币这样的新兴资产的市场操纵范围将很难确定;同时,Tether仍然是行业内的主导稳定币,占稳定币市值的四分之三以上。
Legal experts informed Cointeelegraph earlier this year that market manipulation of emerging assets such as Bitcoin would be difficult to determine; at the same time, Tether remains the dominant stable currency within the industry, accounting for more than three quarters of the market value of the stable currency.
法定稳定币为何会受市场青睐?
Why would a legal stabilizer be favored by the market?
据报道,稳定币总供应量的增加使许多市场观察者感到困惑。一些分析师认为,随着人们对冲自己的头寸,稳定币的供应增加是一个看涨信号。其他人则认为这是人们退出加密货币领域的看跌信号。
The increase in the total supply of stable currencies is reported to be confusing for many market observers. Some analysts consider the increase in the supply of stable currencies to be a sign of increase as people hit their positions.
随着波动性的增加,更多的开发商将密切关注稳定币之间正在发生的变化,以创造减轻波动性的金融创新。现在的问题是,像Tether这样的稳定币是否会超越作为跨境支付协议的比特币,以太坊和其他加密货币的实用性,以及它们本身所锚定的法定货币。
As volatility increases, more developers will pay close attention to stabilizing the changes that are taking place between currencies in order to create financial innovation that mitigates volatility. The question now is whether stable currencies like Tether will go beyond the bitcoin that is used as a cross-border payment agreement, the utility of Tails and other encrypted currencies, and the legal currency that they themselves anchor.
从2012年首个稳定币的构思到Mastercoin项目的提案(即将加密货币与传统资产捆绑在一起以减轻价格波动的影响),开发人员已经习惯于使用美元作为充当稳定剂的资产。目前,开发人员正在尝试其他稳定资产,例如黄金、其他法定货币、甚至是加密货币。
From the idea of the first stable currency in 2012 to the proposal for the Mastercoin project (which would bind encrypted currency with traditional assets to mitigate the effects of price volatility), developers have become accustomed to using the United States dollar as an asset to serve as a stabilizer. Currently, developers are experimenting with other stable assets, such as gold, other legal currencies, and even encrypted currencies.
稳定币市场高涨的背后
Behind the boom in the stable currency market.
数字货币牛市,传统科技金融企业也对稳定币的关注高涨起来。不少企业都计划在2021年推出自己的稳定币。
Digital-currency bulls, and traditional technology-based financial firms have also raised concerns about currency stability. A number of companies are planning to introduce their own currency in 2021.
信用卡发行巨头VISA打算将他们的全球支付网络与Circle国际金融公司在以太坊区块链上发行的稳定币USDC连接起来。VISA与Circle的这一合作意味着VISA信用卡的发卡机构会开始将USDC软件集成到其平台并开始使用USDC作为进行收付款的货币,这也意味着VISA的6000万商家将有可能通过USDC进入数字货币的世界中来。
The credit card issuer VISA intends to connect their global payment network with the stable currency USDC, issued by the Circle International Finance Corporation on the Etherm block chain. This partnership between VISA and Circle means that the VISA credit card issuing agencies will start integrating the USDC software into their platforms and will start using the USDC as the currency to collect payments, which means that 60 million VISA traders will be able to enter the digital currency world through the USDC.
12月1号,全世界最大的社交媒体巨头Facebook 旗下的Libra协会也宣布,将他们开发的稳定币项目Libra更名为Diem,并将在2021年1月推出锚定美元的稳定币。
On December 1, the Libra Association, under the banner of Facebook, the world's largest social media giant, also announced that Libra, a stable currency project that they had developed, would be renamed Diem, and that it would launch a stable currency anchoring the United States dollar in January 2021.
此外还有一家华尔街巨头,纳斯达克的上市公司,叫做ZK Internaitonal的国际集团也在打稳定币的主意,在上一个周透漏打算为其子公司xSigma Lab提供资金,进入DEFI领域打造xSigma Defi的项目,它瞄准的就是稳定币去中心化交易所。
In addition, there is a Wall Street giant, an international group known as ZK Internaitonal, a listed company of NASDAQ, which was also working on the idea of stabilizing the currency by financing its subsidiary XSigma Lab's project in the field of DEFI to build XSigma Defi, the aim of which was to decentralize the currency.
以上是最近一段时间各个金融巨头在稳定币赛道的布局。其实稳定币的发展势头最近这一两年也确实越来越迅猛。尽管稳定币还有诸多问题让人们诟病,各种纷争的声音也不绝于耳。但其市场地位也日益引起各国政府的重视,稳定币的相关立法也在商讨中。
This is what the financial giants have been up to in recent times to stabilize the course of the currency. Indeed, the trend in the last two years has been increasing rapidly.
日前美国国会议员提出了一项新法案,该法案可能对所有稳定币实施全面监管。如通过,则任何任何与稳定币相关的服务首先要获得多个政府机构批准才能进行。这项被称为《稳定币法案》的法案旨在保护消费者免受新兴数字支付工具带来的风险,比如Facebook的Libra和其他稳定币。
The bill, known as the Stability Bill, aims to protect consumers from the risks posed by emerging digital payment instruments, such as Facebook Libra and others.
该法案的主要发起人、民主党国会女议员Rashida Tlaib表示,《稳定币法案》的目的是保护无法获得受监管金融服务的有色人种和其他少数民族。表示这是 “防止加密货币提供商重蹈传统大型银行针对中低收入居民的犯罪活动” 。
The main sponsor of the bill, Rashida Tlaib, a member of the National Assembly of the Democratic Party, stated that the aim of the Stability Bill was to protect colored and other minorities who did not have access to regulated financial services. This was “to prevent encrypted money providers from relapsing into the criminal activities of traditional large banks targeting low- and middle-income residents.”
法定稳定币有哪些?
What are the legal stabilizers?
与美元挂钩的稳定币有:
Stable currencies pegged to the United States dollar are:
Tether (USDT)
和其他所有稳定币一样,Tether的目标是让投资者利用与美元挂钩的加密货币来存储加密交易所得的利润。引用Tether官网的说法:“每一枚USDT始终都与我们在储备金中所持有的传统资产1:1挂钩。”这意味着,每发行1 USDT,该公司的账户中都会有相对应的1美元储备。根据Coinmarketcap的数据,目前,Tether是最受欢迎的稳定币,市值超过150亿美元,日交易量超过400亿美元。
Like all other stable currencies, Tether aims to allow investors to store profits from encrypted transactions using encrypted currencies pegged to the dollar. Citing Tether’s network: “Every USDT has always been tied to the traditional asset 1:1 we hold in the reserve.” This means that every USDT issued will have a corresponding dollar reserve in the company’s account. According to Coinmarkcap, at present, Teth is the most popular stable currency with a market value of more than $15 billion and a daily turnover of more than $40 billion.
尽管Tether的发行公司声称其代币是由流动储备100%支持的,但在过去,多方都对该公司的声明提出了质疑。但是,尽管争议颇多,USDT的流通数量最近从2020年初的略高于40亿美元增加到了150亿美元。大多数专家认为,DeFi为USDT的大规模造币做出了巨大贡献。
Although Tether’s issuing company claims that its currency is supported by 100% of its current reserves, in the past many questions have been raised about the company’s statements. But, despite much controversy, the circulation of USDT has recently increased from just over $4 billion at the beginning of 2020 to $15 billion.
此外,USDT的主导地位快速增长,使该币在日转账额方面超过了比特币和PayPal等支付平台,其数字超过35亿美元。随着以太坊网络的GAS费继续上涨,Tether现在计划将其大部分供应迁移到更快的网络。
Moreover, the dominance of the USDT has grown rapidly, bringing the currency to exceed its daily transfers to payment platforms such as Bitcoin and PayPal, with a figure of over $3.5 billion. With the continued increase in the cost of GAS on the Ethionet network, Tether now plans to move most of its supply to a faster network.
USDC
USDC由专注于区块链的金融服务提供商Circle于2018年发行,是与美元1:1挂钩的稳定币。就稳定币的透明性而言,Circle在其网站上声称,USDC储备金由顶级会计服务每月审核并向公众公开。
USDC was issued in 2018 by the financial service provider, Circle, which focuses on the block chain, and is a stable currency linked to US$ 1:1. In terms of currency stability transparency, Circle claims on its website that the USDC reserve is audited on a monthly basis by top accounting services and made publicly available.
与Tether一样,USDC也在快速增长,过去六个月的发行量增加了18亿美元以上。就在最近,Center(由Circle和Coinbase建立的财团,负责USDC管理机构的发展)宣布将USDC从以太坊扩展到其他区块链。此举旨在确保USDC保持足够的灵活性,以应对DeFi项目中出现的大规模金融创新。
Just recently, Center (a consortium set up by Circle and Coinbase, which is responsible for the development of the USDC administration) announced the expansion of the USDC from Etheria to other block chains. This is to ensure that the USDC remains flexible enough to respond to the massive financial innovations emerging from the DeFi project.
PAX
根据其网站,PAX Standard稳定币背后的公司Paxos表示,其稳定币是世界上流动性最高,监管最严格的。PAX在150多个交易所上市,日交易量超过1亿美元,流通中的PAX币总计达20亿美元。
According to its website, Paxos, the firm behind PAX Standard’s steady currency, says that its stable currency is the most mobile and highly regulated in the world. PAX is listed on more than 150 exchanges, trading more than $100 million a day, and the total amount of PAX in circulation amounts to $2 billion.
与其同行一样,PAX被包装为数字美元,可用于随时随地在全球范围内迅速转移资金。该稳定币建立在以太坊的ERC-20协议之上,客户资金则存放在由联邦存款保险公司(Federal Deposit Insurance Corporation)担保的独立账户中。
Like his peers, PAX is packaged into digital dollars that can be used to move funds quickly and anywhere in the world. The stable currency is based on Ether’s ERC-20 agreement, and the customer’s funds are held in an independent account guaranteed by the Federal Deposit Insurance Corporation.
BUSD
Binance USD(BUSD)是最大的加密货币交易所之一币安和Paxos合作推出的与美元挂钩的稳定币。到目前为止,该稳定币已获得纽约州金融服务部的批准。因此,纽约地区的其他金融机构就可以托管BUSD,而无需获得NYDFS的事先托管许可。
Binance USD (BUSD) is a stable dollar-linked currency introduced by one of the largest encrypted currency exchanges, in cooperation with Paxos. So far, it has been approved by the New York State Department of Financial Services.
为了使自己成为DeFi应用程序的首选稳定币,Binance USD最近在Dapper Labs的Flow区块链上推出。通过与Dapper Labs的合作—率先开发Crypto Kitties等加密游戏的团队—BUSD有望为希望构建基于稳定币的DeFi应用程序的开发人员打开大门。BUSD在币安智能链上也很受欢迎,币安智能链是一个启用了智能合约的区块链,旨在加速DeFi协议的开发。
In order to be the preferred stabilizing currency for the DeFi application, Binance USD has recently been launched on the Flow block chain in Dapper Labs. Working with Dapper Labs – the team that pioneered the development of encryption games such as Crystal Kitties – BUSD is expected to open the door to developers who want to build a DeFi application based on a stable currency. BUSD is also popular on the currency security smart chain, which is a block chain that activates smart contracts to accelerate the development of the DeFi protocol.
得益于币安在市场上的统治地位,BUSD也是增长速度最惊人的稳定币之一,其市值已经从年初的2000万左右增长到目前的5亿美元以上。
Thanks to the dominance of the currency on the market, BUSD is also one of the fastest growing and stable currencies, whose market value has grown from around 20 million at the beginning of the year to more than $500 million today.
TUSD
Tether因其中心化管理和缺乏透明度而受到批评,而TrueUSD(TUSD)则声称将反其道而行之。TUSD是基于TrustToken平台,与美元挂钩的稳定币,并声称基于透明的道德规范运行,为公众提供了托管银行账户中所存资金的实时证明。
Tether has been criticized for its centralized management and lack of transparency, while TrueUSD (TUSD) claims to be going the opposite way. TUSD is based on the TrustToken platform, a stable currency pegged to the United States dollar, and claims to operate on the basis of transparent ethics, providing the public with real-time proof of funds held in trust bank accounts.
甚至TUSD团队也无法访问托管账户,因为代替管理团队,智能合约已经到位,以帮助将美元与TUSD币之间的锚定比例保持在1:1。
Even the TUSD team was unable to access the hosting account because, instead of the management team, smart contracts were in place to help keep the anchor ratio between the United States dollar and TUSD at 1:1.
去年3月,TUSD与一家会计师事务所合作开发了一个仪表板,该仪表板使第三方能够查看流通中的TUSD以及其抵押法币资产。
Last March, TUSD, in cooperation with an accounting firm, developed a dashboard that enables third parties to view the TUSD in circulation and its mortgaged French currency assets.
除了TUSD之外,TrustToken平台还拥有由其他法定货币(包括英镑,澳元,加元和港元)支持的稳定币。它们都于2019年推出,并且大多在Uniswap上进行活跃交易,Uniswap是一个托管各种DeFi协议的去中心化交易所。
In addition to TUSD, the TrustToken platform has stable currencies supported by other statutory currencies (including Pound, AUS$, C$, and HK$). They were introduced in 2019, and mostly traded actively on Uniswap, a decentralized exchange hosting various DeFi agreements.
结语
Concluding remarks
随着 Omni 协议的老化,目前大部分上链的 Tether 都在以太坊网络中,近年来还有越来越多的其他竞争公链(如波场、EOS、Algorand 等)及 Layer2 扩容网络(OMG)上发行 USDT 。
With the ageing of the Omni agreement, most of the upper chain of Tether is now part of the Etheria network, and in recent years there has been an increasing number of other competitive public chains (e.g., wave fields, EOS, Algorand, etc.) and the release of USDT on the Layer2 augmentation network (OMG).
目前有越来越多的区块链及协议在支持 USDT ,除了以太坊及波场是承载最大 Tether 的公链外,还有很多协议也在发行稳定币,如 BCH 的 Simple Ledger(SLP),稳定币生态正在变得越来越多样化,满足不同的细分需求。
There is an increasing number of block chains and protocols supporting USDT, and in addition to the Ether and Bandar being the largest public chain carrying Tether, a number of agreements are issuing stable currency, such as the Simple Ledger (SLP) of BCH, which is becoming increasingly diverse in its ecology to meet different disaggregated needs.
除 USDT 外,目前常见的竞争稳定数字货币中规模最大就是USDC,还有数字货币超额抵押的去中心稳定币 Dai。目前竞争类稳定币占 USDT 流通市值约 32% ,且逐渐上升,虽然未与 Tether 构成直接竞争但是稳定币领域的参与者正越来越多元化。
In addition to USDT, the largest of the currently common competitively stable digital currencies is USDC, with digital currency over-collateralized to central-stabilize the currency Dai. Competition-type stable currencies now account for about 32% of the market value of the USDT circulation and are rising, and while not directly competing with Tether, participants in the stable currency field are increasingly diversified.
此外,BitTok也将逐步把主流稳定币纳入了平台交易服务体系,包括:USDT、USDC及HUSD等。据官方资料显示,BitTok数字资产交易平台定位于全球用户的数字资产智能管家,在2019年成立于新加坡,主要为全球用户提供数字资产币币交易、代币存储、投资增值等服务。目前,BitTok的注册用户超过百万,其中80%集中于亚洲,日活用户超过100,000人,社区合伙人超过5,000人,24小时交易量超过2亿美金。
In addition, BitTok will gradually integrate the mainstream stabilization currency into the platform’s trading services system, including: USDT, USDC, HUSD, etc. Official information indicates that BitTok Digital Asset Trading Platforms, located in digital asset smart managers for global users, were established in 2019 in Singapore, mainly to provide digital asset currency transactions, currency storage, investment value-added services for global users. Currently, BitTok has more than a million registered users, 80% of which are concentrated in Asia, more than 100,000 live users, over 5,000 community partners, and over $200 million in 24-hour transactions.
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