web3.0科普｜一文看懂稳定币 拆解6个区块链概念

Group 1: Nature of Stablecoins - Stablecoins are designed to maintain a price peg to the US dollar, functioning similarly to a prepaid supermarket card, ensuring a consistent value around $1 regardless of market fluctuations [1][2] - The mechanism behind maintaining the $1 peg involves real asset reserves or algorithmic adjustments, ensuring that each stablecoin is backed by $1 or equivalent assets [2] - Arbitrage opportunities arise when stablecoin prices deviate from the peg, allowing traders to buy low and sell high, thus helping to stabilize the price [3] Group 2: Types of Collateralization - There are three main types of stablecoin collateralization: fiat-collateralized (e.g., USDT, USDC), crypto-collateralized (e.g., DAI), and algorithmic mechanisms (e.g., UST) [4][5] - Fiat-collateralized stablecoins operate by locking in user deposits of dollars, issuing equivalent stablecoins, relying on trust in the issuing company [5] - Crypto-collateralized stablecoins require users to over-collateralize with cryptocurrencies, which can lead to forced liquidation during market downturns [6] - Algorithmic stablecoins attempt to control supply and demand through code without reserves, but have faced significant failures, leading to a loss of market confidence [7] Group 3: Business Model - Stablecoin companies generate revenue by investing user deposits in low-risk assets like US Treasury bonds, earning interest without paying interest to users [9][10] - The business model relies on the concept of using user funds for investment while providing no returns to the users, effectively treating user deposits as loans [11] Group 4: Use Cases - Stablecoins serve practical purposes beyond speculation, such as facilitating fast and low-cost cross-border payments, significantly improving the user experience compared to traditional banking [12][13] - In high-inflation countries, stablecoins act as a hedge against currency devaluation, allowing residents to preserve value [14] - In decentralized finance (DeFi), stablecoins are essential as a base currency for various financial activities, including lending and insurance [15] Group 5: Global Regulatory Landscape - The U.S. is proposing the "Genius Act," which mandates stablecoin companies to maintain high-quality reserves and prioritize user redemption rights [17] - The European Union's MiCA regulation focuses on comprehensive oversight of stablecoins, prohibiting interest payments and enhancing anti-money laundering measures [18] - In Asia, regions like Hong Kong are exploring stablecoin use in controlled environments to promote efficient cross-border payments and digital clearing [19] Group 6: Hong Kong's Stablecoin Initiatives - Hong Kong is testing multiple stablecoin projects, including HKD and offshore RMB stablecoins, aimed at enhancing cross-border trade settlements and small payments [21][22] - The initiative seeks to reduce traditional payment costs and delays, establishing a transparent and efficient digital payment network in Asia [22]