科普｜谁在铸造你的“数字钱包”？三种稳定币机制与背后的财富游戏

Core Viewpoint - Stablecoins provide a stable digital currency option that is pegged to fiat currencies, primarily the US dollar, to facilitate transactions in a volatile cryptocurrency market [2][15]. Group 1: Emergence of Stablecoins - Stablecoins emerged to address the volatility of cryptocurrencies like Bitcoin, which are unsuitable for daily transactions [2]. - The core principle of stablecoins is that one stablecoin equals one US dollar, providing a reliable medium of exchange [2]. Group 2: Types of Stablecoin Issuance Mechanisms - There are three main types of stablecoin issuance mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic [3][6]. - Fiat-collateralized stablecoins, such as USDT and USDC, are backed by bank deposits or government bonds, generating interest income for the issuing platform [3][8]. - Crypto-collateralized stablecoins, like DAI, require users to over-collateralize their assets, which can lead to high liquidation risks [5][10]. - Algorithmic stablecoins, such as UST, rely on market mechanisms to maintain their peg but have shown vulnerabilities, as seen in the collapse of UST [6][11]. Group 3: Profit Models of Stablecoins - The profit model for fiat-collateralized stablecoins involves earning interest on the reserve assets, with USDT projected to generate over $10 billion in revenue in 2024 [9][8]. - Crypto-collateralized stablecoins charge users a stability fee for minting, which funds the operational costs of the protocol [10]. - Algorithmic stablecoins previously offered high yields to attract users but ultimately relied on continuous new investments, leading to unsustainable practices [11]. Group 4: Regulatory Developments and Applications - Hong Kong is exploring a government-regulated approach to stablecoins, focusing on real asset backing and rapid redemption capabilities [12][14]. - Institutions like JD.com and Standard Chartered are participating in pilot programs to issue stablecoins pegged to the Hong Kong dollar [13]. - Practical applications of stablecoins include cross-border B2B settlements, supply chain payments, and interactions with digital currencies like the digital yuan [15].