世界区块链币圈——十大稳定币！

本文摘选自书籍《稳定币经济（Stablecoin Economy）》的其中一个章节，列出了排名前 10 的稳定币，今天就让我们一起来了解下十大稳定币的简史吧！

This paper is taken from one of the chapters of the book Stablecoin Economics, which lists the top 10 stable currencies, so let's share today a brief history of the ten stable currencies!

Tether （USDT）

Tether是一种备受争议的加密货币。该公司于2014年7月推出RealCoin，并于11月由负责维持其法币储备（fiat reserves）的公司Tether Ltd.更名为Tether。于2015年2月开始在交易所交易。

Tether is a controversial encrypted currency. The company launched RealCoin in July 2014 and changed its French currency reserve to Tether in November.

该加密货币由存放在指定银行账户中的等值传统法币(如美元、欧元或日元)提供支撑。Tether是2015年在交易所上市的第一种稳定币，自那之后，它就成为了市场上交易量最大的资产之一。

The encrypted currency is supported by the equivalent traditional French currency (e.g., the United States dollar, the euro, or the Japanese yen) stored in the specified bank account. Tether is the first stable currency to be listed on the exchange in 2015, and since then it has become one of the most traded assets on the market.

• 作用

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Tether不需要借助不稳定的数字资产即可快速且有效地在交易所之间进行价值转移。其便利性以及“能够替代美元”这一事实吸引了很多股票巨头和日常交易者的目光。

Tether does not need to use unstable digital assets to move value quickly and efficiently between exchanges. Its convenience and the fact that it “can replace the dollar” attract the attention of many stock giants and day-to-day traders.

在最初设计时，Tether为发行的每1枚Tether都留存了1美元的储备金，因此它可以当之无愧地步入稳定币行列。然而，Tether Limited表示，没有任何合同能保证Tether代币持有者可以将其赎回或兑换为法定货币。2019年4月30日，Tether Limited的律师声称，每1 Tether背后仅有0.74美元的现金或现金等价物作为支撑。

At the time of the original design, Tether had retained a reserve of $1 for each Tether issued, so that it could well enter into a stable currency. However, Tether Limited stated that there was no contract to guarantee that Tether's money holder could redeem or convert it into a legal currency. On 30 April 2019, Teth Limited's lawyer claimed that only $0.74 of cash or cash equivalents were behind each Tether.

Tether Limited和Tether之所以备受争议是因为：该公司未能提供原本承诺的证明其具有充足储备金的审计报告，并且涉嫌操纵比特币价格，与Bitfinex交易所的关系不明确，以及明显缺乏长期银行业务关系。

It was disputed that the company had failed to provide the audit reports it had promised to demonstrate that it had sufficient reserves and that it was suspected of manipulation of Bitcoin prices, unclear relations with the Bitfinex exchange and a clear lack of long-term banking relationships.

《华尔街日报》援引作者大卫·杰勒德（David Gerard）的话说，“Tether像是加密交易的中央银行……但是其行为并不符合人们对负责且明智的金融机构的期待。”

The Wall Street Journal quoted the author David Gerard as saying, “Teth looks like a central bank for encrypted transactions... but does not act in accordance with expectations of responsible and wise financial institutions.”

或许是由于投资者们失去了信心，Tether的价格于2018年10月15日跌至0.9美元。据Bloomberg 报道，2018年11月20日，美国联邦检察官对Tether是否参与操控比特币价格进行了调查。在2019年，Tether的交易量超过比特币，成为了市场上日交易量和月交易量最高的币种。

Perhaps because investors lost confidence, Tether’s price fell to $0.9 on October 15, 2018. According to Bloomberg, on November 20, 2018, the U.S. federal prosecutor investigated whether Tether was involved in controlling Bitcoin prices.

• 协议

USDT曾声称每1 Tether背后都有1美元作为支撑，但在2019年3月14日进行了修改，将联署公司贷款也加入在内。

While USDT claimed that every one of them was supported by a dollar, it was amended on 14 March 2019 to include a joint venture loan.

2017年初，USDT开始像美国及其他国家的传统银行那样“印钞”。他们起初声称将不会增加其稳定币的供应量，但后来却反其道而行之。据称其在2017年年中，为了提高比特币的价格而增加了Tether的产量。

At the beginning of 2017, USDT began to “print” like traditional banks in the United States and other countries. They initially claimed that they would not increase the supply of their stable currency, but they did the opposite. In mid-2017, they allegedly increased the production of Tether in order to raise the price of Bitcoin.

• 争议

{\bord0\shad0\alphaH3D}It's a dispute.

在2018年收到大量针对Tether的欺诈指控后，其价格从1美元跌至85美分。

After receiving numerous allegations of fraud against Tether in 2018, the price fell from US$ 1 to 85 cents.

纽约司法部长曾指控Bitfinex交易所使用Tether资金来掩盖它自2018年年中以来失踪的8.5亿美元资金。由于Tether大幅增加了流通中的代币数量，破坏了其稳定性，导致市值一度高达数十亿美元，而实际上Tether最初市值只有几千万。Tether垄断了稳定币市场，开始发行USDT，却没有保留等值的USD储备。

The Minister of Justice in New York accused the Bitfinex Exchange of using Tether’s funds to cover up the $850 million that it has been missing since mid-2018. As Tether significantly increased the number of in-transit tokens, it undermined its stability, leading to a market value of billions of dollars at a time when, in fact, Tether initially had a market value of tens of millions.

据称，Bitfinex曾在2017年11月遭黑客攻击，价值3100万美元的Tether币被盗，引发了一次硬分叉。

Bitfinex was allegedly hacked into in November 2017 and $31 million worth of Tether coins was stolen, triggering a hard fork.

2018年1月，它又因没有进行必要的审核而遇到了另一障碍。在宣布与审计公司分道扬镳后，Bitfinex便被监管机构传唤。外界普遍担心，这家被指控缺乏透明度的公司是否有足够的外汇储备来支撑Tether币。

In January 2018, it faced another obstacle by failing to carry out the necessary audits. After the announcement that it had split up with the auditing firm, Bitfinex was summoned by the regulatory authority.

2019年4月，纽约总检察长莱蒂蒂亚·詹姆斯（Letitia James）指控加密货币交易平台Bitfinex的母公司iFinex Inc.隐瞒了投资客户和公司的共计8.5亿美元损失。法庭文件表明，这些资金在没有任何合同或协议的情况下被交给了一家名为Crypto Capital Corp.的巴拿马实体来处理提款请求。

In April 2019, the Attorney-General of New York, Letitia James, charged iFinex Inc., the parent company of the encrypted money-trading platform Bitfinex, for concealing a total loss of $850 million for investment clients and companies. Court documents indicate that these funds were handed over to a Panamanian entity, Crystal Capital Corp., in the absence of any contract or agreement.

据称，Bitfinex在资金丢失后，从Tether的现金储备中提取了至少7亿美元来掩盖缺口。但两家公司在声明中表示，“这些法庭文件中满是恶意编写的虚假谎言。相反，据我们了解，这些加密资金并没有丢失，而是处于扣押保护状态。我们一直在积极努力地实行补救措施，争取能尽快释放这笔资金。但遗憾的是，纽约总检察长办公室似乎有意要破坏这些努力，损害我们客户的利益”。

Bitfinex is said to have drawn at least $700 million from Tether's cash reserves to cover the gap after the funds were lost. But the two companies state in their statements that “these court documents are full of false and malicious fabrications. On the contrary, it is our understanding that these encrypted funds have not been lost, but are in a state of withholding protection. We have been working actively to implement remedial measures to secure their release as soon as possible. Unfortunately, the New York Attorney General's Office seems to be deliberately trying to undermine these efforts and to harm the interests of our clients”.

据《华尔街日报》报道，约80%的BTC交易都是在USDT的协助下完成的，保障了加密市场的流动性。

According to the Wall Street Journal, about 80 per cent of BTC transactions were carried out with the help of USDT, guaranteeing the liquidity of the encrypted market.

• 市值: $4,637,770,806
• 流通量: 4,642,367,414 USDT
• 历史价格波动: $0.84—$1.21
• 稳定性: 每1 USDT代币都在自有账户中存有相应的1美元(USD)投资。

> market value: $4,637,770,806

liquidity: $4,642,367,414 USDT

historical price fluctuations: $0.84-$1.21

stability: every $1 USDD in its own account has a corresponding $1 (USD) investment in its own account.

TrueUSD （TUSD）

TUSD是第一个完全由美元支撑且受监管的稳定币。TrueUSD声称自己是一家“致力于创造并提高稳定资产标准的金融科技公司”。进一步说，“联合信托（United Trust）正在建立一个‘具有传统法币为基础的稳定币优势，但以最纯粹的方式进行去中心化的’金融生态系统。该系统能帮助机构和企业无缝管理和交易其资产”。

TUSD is the first stable currency to be fully supported and regulated by the United States dollar. TrueUSD claims to be a “financial technology firm committed to creating and raising asset stability standards.” Further, the “United Trust” is building a ‘consolidated monetary ecosystem, based on traditional French currencies, but decentralized in the purest way.

截至2020年4月，TrueUSD在受法律保护的第三方托管账户上获得100%的美元担保，银行的各合作伙伴将提高收付款的效率和安全性。2018年3月1日进行的第一次独立审计证明TrustToken有近180万美元的储备金。

As of April 2020, TrueUSD received 100 per cent of the United States dollar guarantee on a legally protected third-party hosting account, and the bank's partners will improve the efficiency and security of the payments received. The first independent audit conducted on 1 March 2018 confirmed that TrustToken had a reserve of nearly $1.8 million.

• 作用

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“真正的代币只有在被市场用作价值储存和交换手段时才能成为货币。TrustUSD是一种能够防止通货膨胀和市场波动，并服务于世界上非银行用户层的稳定资产”。Tether声称他们是，“专为互联网打造的货币，任何你能用数字货币做的事情现在都能用数字现金做到。”

“TrustUSD is a stable asset that can prevent inflation and market volatility and serve the world’s non-bank user base.” Tether claims they are, “the money built exclusively for the Internet, anything you can do with digital money can now be done with digital cash.”

• 协议

买方通过KYC和AML审核，并按照托管协议将USD发送给信托公司。在他们检查过你的资金后，其API会指示我们的智能合约向你的以太坊公共地址发出等价的TrueUSD。

The buyer passes KYC and AML audits and sends USD to a trust under a trust agreement.

要想兑换美元的话，需要转移KYC/AML审核，从以太币注册地址发送带有TrueUSD代币的智能合约，然后托管银行将把资金发给你。账户上的财产完全合法，且收到的每一枚TrueUSD代币都可通过第三方托管机构兑换为1美元。

If you want to convert United States dollars, you need to transfer KYC/AML for clearance, send an intelligent contract with TrueUSD in a Tai currency registered address, and then the trust bank will send the funds to you.

据TrueUSD表示，“TrustUSD是一种通过算法增加和减少供应量以确保价格稳定的货币协议。我们协议的目标是在全球范围内实现大规模应用，并在多个区块链上为下一代去中心化应用提供动力”。

According to TrueUSD, “TrustUSD is a monetary agreement that assures price stability by increasing and reducing supply by algorithms. Our goal is to achieve large-scale applications on a global scale and to give impetus to next-generation decentralization applications on multiple block chains”.

“去中心化的稳定资产对加密货币的未来发展至关重要。加密货币具有改变金融格局的潜力。然而，价格波动仍是其大规模应用的主要障碍。对此，我们的答案是TrustUSD，一个即将成为全新全球货币的完全去中心化的独立货币协议。

“Decentralized stable assets are essential for the future development of encrypted currencies. Encrypted currencies have the potential to change the financial landscape. Price volatility, however, remains a major obstacle to their large-scale application. Our answer is trustUSD, a completely decentralized independent monetary agreement that is about to become a new global currency.

不想代替传统法币的加密货币是没有前途的。

There is no future for an encrypted currency that does not want to replace the traditional French currency.

TrustUSD希望能与主流商业系统合作，并被用作全球范围内可行的交易媒介。实际上，其协议机制非常简单：当代币价格超过1美元的目标价格时，协议将增加总供应量，直至价格达均衡状态。当代币价格降至1美元以下时，协议将收缩总供应量，直至价格再次达到1美元。”

TrustUSD wants to work with mainstream business systems and to be used as a viable trade medium on a global scale. In fact, its agreement mechanism is very simple: when the price of the current currency exceeds the target price of $1, the agreement will increase the total supply until the price is evenly balanced. When the current currency price falls below $1, the agreement will contract the total supply until the price again reaches $1.”

“这种TrustUSD协议原理非常简单，但却十分有效。许多稳定资产的系统虽然复杂，但却不是很有效，因为对于这种规模的项目来说，越简单的经济原理反而是越有价值的。与此同时，许多加密货币投资者们都希望看到能够真正摆脱腐败和市场操纵的稳定资产，而我们为此提供了解决方案。”

Many systems of stable assets, though complex, are not very effective, because the simpler economic principles are more valuable for projects of this magnitude. At the same time, many crypto-currency investors want to see stable assets that are truly free from corruption and market manipulation, and for which we offer solutions.”

• 市值: $142,264,155
• 流通量: 142,451,763 TUSD
• 历史价格波动: $0.934—$1.36
• 稳定性: 每枚TUSD代币都在第三方托管账户中有1美元(USD)支撑。

Market value: $142,264,155

circulation: $142,451,763 TUSD

historical price fluctuations: $0.934-$1.36

stability: each TUSD is supported by a dollar (USD) in a third-party hosting account.

Maker DAI

MakerDAI让用户能在不担心市场波动的情况下充分利用加密货币进行投资。其背后有多种策略共同作用以保持DAI的稳定。其白皮书注明了如何应对系统可能遇到的潜在问题，以及降低风险的具体措施。

MakerDAI allows users to make full use of encrypted currency investments without fear of market fluctuations. There are a number of strategies that work together to maintain DAI stability.

要想了解DAI，就必须先了解MakerDAO——以太坊区块链上的一个开源项目，也是一个创建于2014年的去中心化自治组织。Maker致力于将其稳定代币（DAI）相对于美元的波动性降到最低（MKR代币的持有者对代币进行管理）。通过一套包括执行投票（Executive Voting）和治理投票（Governance Polling）在内的科学治理系统，MKR持有者可以对Maker 协议以及DAI的财务风险进行管理，以确保其稳定性、透明度和效率。MKR投票权重与投票人在投票合约DSChief中所占的MKR金额成正比。

In order to understand DAI, it is important to learn about MakerDAO — an open-source project in the Tetsu block chain — and a decentralised self-governing organization created in 2014. Maker is committed to minimizing the volatility of his stable token (DAI) vis-à-vis the United States dollar (MKR-dealers manage the token). Through a system of scientific governance that includes the execution of voting and governance voting (Governance Polling), MKR holders can manage the Maker agreement and the financial risks of DAI to ensure stability, transparency and efficiency.

MakerDAI表示，“DAI有望成为“世界上第一个无偏见货币。DAI是一种稳定且去中心化的无偏见货币。任何企业或个人都能体验到数字货币的优势，实现无波动的财务自由。按你的需求即刻生成受控于你且价格稳定的货币。现在开始守护你的DAI，并赚取由Maker社区设定的DAI存储利率吧”。

MakerDAI says, "DAI can be the first non-prejudicing currency in the world. DAI is a stable, decentralised, non-biased currency. Any enterprise or individual can experience the advantages of digital money and achieve non-volatile financial freedom. Generate the currency that is controlled and priced by you immediately, according to your needs. Now watch over your DAI and earn the DAI storage rate set by the Maker community."

• 协议

“建立在以太坊区块链之上的Maker Protocol允许用户创建货币。当前，Maker Protocol是由Dai稳定币、Maker保险库（Maker Collateral Vaults），预言机（Oracles）和投票（Voting）构成。MakerDAO通过MKR持有者的投票权来决定关键参数（例如稳定费用、担保类型、担保率等），从而对Maker Protocol进行管理。作为以太坊区块链上最大的去中心化应用之一，Maker Protocol是第一个被广泛应用的去中心化金融应用”

“Maker Protocol, which is based on the chain of takata blocks, allows users to create money. At present, Maker Protocol is made up of Dai’s stable currency, the Maker Corporate Vaults, oracles, and voting (Voting). MakerDAO determines key parameters (e.g. stabilization costs, type of guarantee, guarantee rate, etc.) through the voting rights of MKR holders, so that Maker Protocol is managed. As one of the largest decentralized applications in the chain, Maker Protocol is the first to be widely applied to centralize financial applications.”

MakerDAI协议包含以下几个基金会：

The MakerDAI agreement includes the following foundations:

• Maker基金会

{\cHFFFFFF}{\cH00FFFF} {\cHFFFFFF}{\cH00FFFF} Maker Foundation

“Maker基金会（The Maker Foundation）作为全球Maker社区的一部分，与一些外部合作伙伴合作创建并发布了Maker Protocol。目前，它正与MakerDAO社区开展合作，引导项目的去中心化管理，并推动其实现完全去中心化。”

“The Maker Foundation, as part of the global Maker community, created and published the Maker Protocol in collaboration with external partners. It is currently working with the MakerDAO community to guide the decentralization of the project and promote its complete decentralization.”

• DAI基金会

{\bord0\shad0\alphaH3D}The DAI Foundation

“总部位于丹麦的DAI基金会实行自治，且独立于Maker基金会之外。该基金会旨在管理Maker社区的重要无形资产，如商标和代码版权，严格按照与其授权相关的客观法规进行运营。DAI基金会信托契约指出，该基金会旨在保护Maker Protocol中无法通过技术进行去中心化的内容。”

“The DAI Foundation, with its headquarters in Denmark, is autonomous and independent of the Maker Foundation. The Foundation aims to manage important intangible assets of the Maker community, such as trademarks and code copyrights, and operates strictly in accordance with objective regulations related to its mandate.

• Multi-Collateral DAI

在blog.makerdao.com上能找到可供MKR投票人选择评估的抵押类型。

The type of collateral that MKR voters can choose to assess can be found on Blog.makerdao.com.

“Maker Protocol的灵活性在于，只要有适当的风险参数，几乎任何类型的可代币化资产都可以作为抵押品。为了确保该系统能够支持多种资产类型，Maker 基金会内置了一系列‘连接器’，以实现MCD的现实抵押品测试和审计。

“Maker Protocol’s flexibility is that almost any type of monetized asset can be held hostage with appropriate risk parameters. To ensure that the system supports multiple asset types, the Maker Foundation has built a series of ‘connectors’ to achieve a realistic collateral test and audit of the MCD.

第一批被测试的抵押品类型是由Maker基金会根据多样性、平均数百万美元的日交易量和每个代币的相对稳定性进行选择的。

The first types of collateral tested were selected by the Maker Foundation on the basis of diversity, average daily transactions of millions of United States dollars and the relative stability of each currency.

MKR团队希望能通过DAI克服加密货币时常出现的剧烈价格波动。在白皮书中，该团队引用了“比特币在一天内下跌了25%，或在一个月内上涨了300%”的例子。Maker DAO团队认为，区块链技术需要借助稳定的数字资产才能充分发挥其潜力。因此他们引入了有抵押品作为支撑的DAI。

In the White Paper, the MKR team cited the example of “bitcoin fell by 25% in one day, or increased by 300% in one month.” The Maker DAO team argued that block chain technology required stable digital assets to reach its full potential. They therefore introduced a DAI backed by collateral.

尽管DAI稳定币的价格也等同于1美金，但DAI获得了以以太坊为基础的智能合约的支持。DAI通过外部市场因素（如抵押债仓CDPs、自主反应机制和外部经济激励）来保持稳定。因为只有用户才能创建和销毁代币，所以DAI更能实现去中心化。DAI代币仅在保证金支付后出现，在债务偿还后消失。

Although the price of DAI’s stable currency is also equivalent to US$ 1, DAI is supported by smart contracts based on the Taikus. DAI remains stable through external market factors (e.g. mortgage warehouses, CDPs, self-reaction mechanisms, and external economic incentives). Because only users can create and destroy tokens, DAI is more able to decentralize. DAI’s currencies appear only after bond payments and disappear after debt repayment.

因为其所有操作都是按照智能合约进行的，所以发行于MakerDAO平台的DAI更加透明和公平。就其市值而言，DAI目前排名60位，非常适合进行博彩、金融市场、国际贸易和透明审计方面的交易。同时，Maker还允许用户选择生态系统抵押类型。

Because all of its operations are under smart contracts, the DAI, which is distributed on the MakerDAO platform, is more transparent and fair. In terms of market value, DAI is currently 60-ranked, and is well suited for trading in gambling, financial markets, international trade, and transparent auditing.

• 市值: $117,349,145
• 流通量: 116,680,177 DAI
• 历史价格波动 $0.72—$1.37
• 稳定性: 要生成DAI代币，用户需要购买并抵押等值的以太坊ETH代币(以美元USD计)。若DAI价格上涨，则会激励用户继续生成代币。若价格下跌，用户则会将其DAI抛售回池中。

Market value

• : $117,349,145
• circulation: $116,680,177 DAI
• historical price fluctuations

  
  

  USD Coin （USDC）

  United States Dollar Coin （USDC）在2016年9月一经推出，便迅速成为锚定法币的最具影响力的代币之一。一年后，USDC的总供应量达到421,469,737，成为继Tether (USDT)之后锚定法币的第二大固定资产。USDC的发行受控，且反映现实中的资金流入情况。尽管偶尔会出现代币销毁的情况，但USDC整体持增长态势，因为它就像加密交易中的法币出口一样，许多稳定币都以此作为最终目标。

  Once launched in September 2016, United States Dollar Coin (USDC) quickly became one of the most influential tokens for anchoring coins. One year later, USDC's total supply reached 421,469,737, the second-largest fixed asset for anchoring coins after Tether (USDT). USDC's issuance was controlled and reflected a real flow of funds. Despite occasional cases of currency destruction, USDC as a whole was growing, as it did for the export of French currency in encrypted transactions, and many stable currencies were the ultimate goal.

  CENTER Consortium表示：“USDC已成为全球第二大最受欢迎的稳定币，它获得全球加密生态系统中100多家公司的全力支持，而且是第一个在不到一年的时间内发行量就达10亿美元的稳定币。”

  CENTER Consortium states: “USDC has become the second most popular stable currency in the world, with the full support of more than 100 companies in the global encryption ecosystem, and is the first to issue $1 billion in less than a year.”

  USDC是由Coinbase 交易所和Circle公司推出的稳定加密货币，定位为具有金融和运营透明度的稳定币。可在发行加密货币的Circle USDC应用程序中将加密货币兑换为法币，该应用程序中提供兑换、转账等一切业务。

  The USDC is a stable encrypted currency introduced by the Coinbase Exchange and Circle, which is located as a stable currency with financial and operational transparency.

  • 作用

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Circle推出了自己的美元稳定币——USD Coin (USDC)。作为一家市值30亿美元的金融科技初创公司，Circle已经进行了一系列交易，并押注表示尽管加密货币市场处于熊市，但加密经济仍将持续发展。

Circle has launched its own dollar-stabilized currency, USD Coin (USDC). As a $3 billion financial science and technology start-up company, the Circle has already made a series of transactions and is betting that the encryption economy will continue to grow despite the fact that the crypto-currency market is in a bear market.

USDC与美元1:1锚定。Circle强调，每枚USDC都有相应的美元作抵押，这些美元都存在需要定期审计和公开报告的账户中。

USDC is anchored with US$ 1:1. Circle stresses that each USDC has its corresponding dollar collateral, and that these dollars are held in accounts that require regular audit and public reporting.

“随着越来越多的商品和服务被代币化，智能合约平台将成为价值交换的基石。CENTRE的开放源代码和透明的稳定币架构能实现法币与智能合约间的交互，给开发者提供在区块链应用程序中使用现实货币的可行方法。”

"As more and more goods and services are monetized, the smart contracts platform will become the cornerstone of value exchange. The CENTRE open source code and a transparent and stable currency architecture allow for the interaction between French and smart contracts and provide developers with viable ways to use real currency in block-chain applications."

Circle的联合创始人杰里米·阿莱尔（Jeremy Allaire）和肖恩·内维尔（Sean Neville）表示，“Coinbase和Circle希望能够建立以加密和区块链基础架构为基础的开放性的全球金融系统，而实现这一愿景需要行业领导者们的共同协作，建立可共同操作的协议和标准。”

According to Jeremy Allaire and Sean Neville, co-founders of the Circle, “Coinbase and Circle want to be able to build an open global financial system based on encryption and block chain infrastructure, and the realization of this vision requires the concerted efforts of industry leaders to build common and workable agreements and standards”.

在发布时，有评论家曾质疑该金融系统的开放性，因为必须提供个人信息才能使用USDC。此外，USDC是具有KYC和AML审核的集中式代币。与比特币不同，用户无法完全控制自己的资金。USDC并不是去中心化加密货币，它充当着Circle资产负债表上可被列入黑名单或冻结数字条目的角色。

At the time of publication, commentators had questioned the openness of the financial system because it had to provide personal information in order to be able to use USDC. Moreover, USDC is a centralized currency with KYC and AML audits. Unlike Bitcoin, users cannot fully control their own funds.

• 协议

USDC在其网站上称，“USD Coin (USDC)是一种可被称作稳定币的加密货币。其价格稳定，且始终维持与美元1:1兑换。符合条件的客户可在Coinbase上凭持有的USD Coin获得奖励。

USDC reports on its website that “USD Coin (USDC) is an encrypted currency that can be called a stable currency.

CENTRE 表示USDC旨在“建立开放的世界金融体系。作为这项使命的一部分，我们希望每个人都能享受到世界法定货币（美元）的稳定性。USD Coin让没有银行账户或账户不足的人在任何国家（只需要一部手机）都可以持有由美元做支撑的资产。”

CENTRE states that the USDC aims to “establish an open world financial system.” As part of this mission, we want everyone to enjoy the stability of the world’s legal currency (US$).

CENTRE为其透明度而自豪，“由持有等值法币储备的受监管许可的金融机构发行。发行者需定期报告其美元储备持有量，Grant Thornton LLP每月都会发布相关储备报告”。

CENTRE is proud of its transparency, “is issued by a licensed financial institution holding a reserve of French equivalents.

Coinbase和Circle都非常认同可编程货币的必要性，“可编程货币开启了应用程序和业务的新世界：开发者可以用代码创建存储货币的账户；贷款更快、更便宜、更透明；支付（包括工资）更快、更便宜，实现全球集资以及透明且稳定的慈善捐款。”

Coinbase and Circle both strongly agree with the need for programmable money, “the programmable currency opens up a new world of applications and operations: developers can create accounts with codes to store money; loans are faster, cheaper and more transparent; payments (including wages) are faster and cheaper; global fund-raising and transparent and stable philanthropy contributions are achieved.”

经过Circle和Coinbase的共同努力，USDC供应量迅速增加。从最初只有约2400万的供应量，达到后来超4.5亿枚代币的供应峰值。现在，USDC作为稳定币市场的一部分，参与了169个推动Binance交易的配对交易。

As a result of the combined efforts of Circle and Coinbase, USDC supply has grown rapidly. From an initial supply of only about 24 million, it has reached a peak of over 450 million tokens. Today, USDC, as part of the stable currency market, is involved in 169 pairings that drive the Binance deal.

USDC还链接起东西方的多个交易所，被大多数主要市场运营商所接受。USDC是第一批对客户进行筛查，使用KYC以避免助长恐怖主义融资的稳定币之一。

USDC also links several exchanges in the East and West, which are accepted by most major market operators. USDC is one of the first currencies to screen customers and use KYC to avoid contributing to the financing of terrorism.

虽然USDC具有通过Coinbase支付系统向商家提供服务的优势，但它仅有约2亿美元的日营业额，与其他稳定币相比仍然很少。

While USDC has the advantage of providing services to businesses through the Coinbase payment system, it has only about $200 million in daily turnover, which remains small compared to other stable currencies.

USDC可由银行进行发行。因此CENTRE将目光置于全球市场，计划吸引更多国际银行，与Goldman Sachs、Bitmain和Blockchain Capital等公司开展合作。

USDC can be issued by banks. CENTRE therefore looks at the global market and plans to attract more international banks, working with Goldman Sachs, Bitmain and Blockchain Capital.

2020年3月，USDC成为了第一家在不到一年的时间内发行规模达10亿美元的稳定币。

In March 2020, USDC became the first to issue a stable currency of $1 billion in less than a year.

• 市值: $437,960,448
• 流通量: 436,495,713 USDC
• 历史价格波动: $0.97—$1.11
• 稳定性: 每枚USDC代币都有1美元作为储备。

Market value: $437,960,448 circulation: 436,495,713 USDChistorical price fluctuations: $0.97-$1.11 stability: US$ 1 per USDC token as reserve./ul>

Paxos Standard Token （PAX）

Paxos声称自己是“新数字美元。Paxos Standard (PAX)将美元的稳定性和区块链技术的效率相结合”。PAX是由Paxos信托公司开发的稳定币。于2018年9月10日上线，PAX价格与美元以1:1的比例锚定，并已获得纽约监管机构的批准。

Paxos claims to be a “new dollar.” Paxos Standard (PAX) combines the stability of the dollar with the efficiency of block chain technology.” PAX is a stable currency developed by the Paxos Trust. On 10 September 2018, PAX prices were set at 1:1 ratio to the dollar and approved by the New York regulators.

PAX是以区块链为基础的1:1锚定以太坊代币的稳定数字资产，现在已获得负责对资产发行和交易实施监管的纽约州金融服务局(NYDFS)的批准。

PAX, a 1:1 anchored stable digital asset based on a block chain, is now approved by the New York State Financial Services Authority (NYDFS), which is responsible for the regulation of asset issuance and transactions.

• 作用

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Paxos信托公司的目标是将数字资产的速度和安全性与老式金融系统的防护相结合。PAX旨在为加密货币市场提供稳定性和用户信心。

The objective of Paxos Trust is to combine the speed and security of digital assets with the protection of the old financial system.

Paxos本身是一家定位为“客户资金受托人和称职托管人”的信托公司，声称相较于其他竞争对手，其代币将为客户提供更可靠的保护。

Paxos is itself a trust company positioned as “customer fund trustees and competent trustees”, claiming that its tokens will provide more reliable protection to customers than other competitors.

Paxos联合创始人兼首席执行官查尔斯·卡斯卡里利亚（Charles Cascarilla）表示，PAX结合了传统法币的稳定性、强有力的监管、以及有望实现无阻力数字化价值流动的加密技术，从而提高了货币的效用。

Charles Cascarilla, co-founder and Chief Executive Officer of Paxos, stated that PAX combined the stability of traditional French currency, strong regulation, and encryption techniques that were expected to lead to unresistible digital value flows, thereby enhancing currency effectiveness.

• 协议

Paxos作为ERC-20 代币，可以由以太坊钱包用户进行接收和发送。交易按照以太坊网络的规则进行，并共享其所有功能（包括消除人为错误的智能合约）。

The transaction is done in accordance with the rules of the Etherno network and shares all of its functions (including smart contracts to eliminate human error).

Paxos信托的美元存款由美国政府国债或美国联邦存款保险公司（FDIC）担保的美国银行作为抵押持有，并被视为代币用户的财产。此外， PAX在流通时，会有相应的美元被作为储备保留。在兑换为美元后，PAX将被立即销毁。代币仅在有相应美元作为储备时才可以流通。

The dollar deposits in the Paxos Trust are held as collateral by United States banks guaranteed by the United States Government bonds or by the United States Federal Deposit Insurance Corporation (FIDC) and are considered to be the property of currency users. Moreover, when PAX is in circulation, the corresponding dollar is retained as a reserve. When converted to United States dollars, PAX is destroyed immediately.

PAX作为一种安全可靠的交易工具，还具备以下优良属性：无交易费、基于以太坊的交易、由Withum公司认证、完全由美元支撑。有以下多种优点：适合需要在加密货币波动期交易交易者；在加密货币交易方面较法币更具优势；更快、更便宜，在需要快速完成购买时更具实用性；可以在传统银行工作时间之外进行交易。

PAX, as a safe and reliable transaction tool, also has the following attributes: no transaction fees, Ether-based transactions, certified by Withum, supported entirely by the United States dollar. There are a number of advantages: it is suitable for those who need to deal during an encrypted currency fluctuation period; it is more advantageous than French currency in encryption currency transactions; it is faster and cheaper, and more practical when it is necessary to quickly complete purchases; and it can be done outside the working hours of traditional banks.

PAX可与站点上其他可用资产进行交易。你可以使用PAX购买或出售Bitcoin、Ethereum、Binance Coin、EOS、XRP、以及Stellar Lumens。作为ERC-20代币，它还保证了透明性。PAX现已跻身加密货币Top100。或许是由于它成功通过了两次审核，Nomic Labs的专家在检查中并没有发现任何问题。

PAX can be traded with other available assets at the site. You can purchase or sell Bitcoin, Etheeum, Binance Coin, EOS, XRP, and Stellar Lumens using PAX. As an ERC-20 token, it also guarantees transparency. PAX has now become Top 100. Perhaps because it successfully passed two audits, Nomic Labs’ experts did not find any problems during the examination.

• 市值: $198,898,483
• 流通量: 198,449,056 PAX
• 历史价格波动: $0.97—$1.10
• 稳定性:以美元（USD）作1:1抵押，受NYDFS控制和监管。

Market value: $198,898,483 circulation: $198,449,056 PAX historical price fluctuations: $0.97-$1.10 stability: $1:1 mortgaged in United States dollar (USD) and controlled and regulated by NYDFS.

Bitshares （BitUSD）

BitShares是一个开源、公开、基于区块链的实时金融平台。它提供类似于纽约证券交易所的内置去中心化资产交易所，适用于加密货币且无需信任中央机构，使用所有人都能访问的国际计算机网络来执行交易。BitShares还提供名为“BTS”的加密代币，可用于账户间转账、收取网络运营费用、并作为贷款抵押品。

BitShares is an open-source, open, block-based real-time financial platform. It provides a built-in decentralized asset exchange similar to the New York Stock Exchange, which applies to encrypted currency without trusting a central agency, using an international computer network accessible to all.

• 作用

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2013年6月2日，丹·拉雷默（Dan Larimer）发现了一种无需法币抵押即可创建法币-比特币交易所的方法：引入由同一区块链上的另一代币提供支撑的代币。此后，他和查尔斯·霍斯金森（Charles Hoskinson）向中国比特币企业家李笑来提交了一份商业计划书，并获得了公司发展投资。项目声明于2013年8月在CoinDesk和BitcoinTalk论坛一经发布，BitShares X项目便受到了广泛关注。

On 2 June 2013, Dan Larimmer discovered a way to create the French-bitcoin exchange without a French mortgage: to introduce a token supported by another coin on the same block chain. He and Charles Hoskinson have since made a presentation of a business plan to Li, a Chinese entrepreneur in Bitcoin, and obtained investment in corporate development. The project statement was released in August 2013 at the CoinDesk and BitcoinTalk forums, and widespread attention was paid to the BitShales X project.

2013年7月4日，霍斯金森和拉雷默创立了Invictus Innovations公司。同年10月，他们在亚特兰大比特币会议上提出了BitShares的概念。于2014年推出代币，2016年3月开始，该项目作为服务包成为微软AzureBlockchain的一部分。此后，霍斯金森作为比特币教育项目（Bitcoin Education Project）和卡达诺（Cardano）的创始人离开了团队。

On 4 July 2013, Hoskinson and Larremer founded the Incicus Innovations. In October of the same year, they presented the concept of BitShares at the Bitcoin conference in Atlanta. A token was launched in 2014, and the project became part of Microsoft AzureBlockchain in March 2016. After that, Hoskinson left the team as founder of Bitcoin Education Project and Cardano.

• 协议

共识是各方就一致行动作出决定的机制。共识技术是民主管理和自由市场活动协调的基础。形成共识决策的过程让所有参与者能够协商一致地选择行动方案。比特币是第一个将完全去中心化的共识方法与点对点网络相结合的系统，进而更有效地促进了以电子通信为媒介的价值转移。维护比特币网络的工作量证明结构能够有效地组织网络参与者：参与者之间不必相互信任也依然可以实现利益最大化。BitShares生态系统通过采用委托权益证明（Delegated Proof of Stake，DPoS）来寻找分布式共识决策的有效解决方案。

Consensus is the mechanism for making decisions about concerted action. Consensus technology is the basis for democratic governance and coordination of free market activities. The process of consensus decision-making allows all participants to choose the course of action by consensus. Bitcoin is the first system to combine a fully decentralized consensus approach with a point-to-point network, thus contributing more effectively to the transfer of the value of electronic communications as a medium.

分布式自治公司（Distributed Autonomous Companies ，DAC）受控于预定义规则，无需人工参与即可运行。这些规则表现为分配给利益相关者们的可公开审核的开源软件。人们可以通过购买公司“股份”成为利益相关者，而这些“股份”或许会为投资者带来分享其“利润”的机会。

Distributed autonomous companies (Distributed Autonomous Companies, DACs) are controlled by predefined rules that operate without manual involvement. These rules are seen as open source software that is publicly available to stakeholders.

BitShares社区是一个由个人组成的全球性网络，成员们有着共同的目标：参与各种分布式自治公司。该社区主要围绕着BitShares团队和使用Graphen（实现BitShares的工具包）的第三方工具来创建自己的分布式自治公司。BitShares社区讨论在BitSharestalk.org上公开进行。

The BitShares community is a global network of individuals with a common goal: to participate in a variety of distributed self-governing companies. The community focuses mainly on the BitShares team and on creating its own distributed self-governing companies using a third-party tool from Graphen (a toolkit to achieve BitShares). The BitShares community discussion is open at BitShaestalk.org.

BitUSD的价值由期货、法币、黄金、白银和其他资产作为支撑。其具有以下优势：由于资产价格的可预测性和极小的波动性，它是一种相对可靠的投资工具；能对冲突然发生的价格波动和市场波动；是一种不同于具有资本收益或损失的资产的记账单位。

BitUSD’s value is supported by futures, French currency, gold, silver and other assets. It has the following advantages: it is a relatively reliable investment instrument because of the predictability and minimal volatility of asset prices; it is able to account for price and market fluctuations that occur in the event of conflict; and it is a unit of account that is different from assets with capital gains or losses.

BitShares声称自己是“智能币（SmartCoins）”，并表示“智能币采用了差价合约概念（contract for difference），且可使多方实现可代替性。我们假设合同多方为BitUSD，担保抵押为BTS （BitShares核心资产）。要实现智能币的话，需遵循以下市场规则：

BitShares claims to be “SmartCoins” and states that “Smart Currency adopts the concept of differential contracts and allows multiple parties to become irreplaceable. We assume that multiple contracts are BitUSD and secure BTS (BitShares core assets). The following market rules are followed to achieve smart currency:

任何持有BitUSD的人都可以在24小时内以结算价格退出其头寸。最少抵押的空头头寸将被用于结算头寸。除非达到维持担保的上限，或者在强制平仓时被强制以最少抵押品进行平仓，否则空头头寸将永远不会到期。如果最小抵押品的空头头寸在价格区间没有足够的抵押品补仓，那么所有的BitUSD头寸将自动以最小抵押品的价格进行清算。

Any person holding BitUSD can exit its position at a settlement price within 24 hours. The minimum collateral empty position will be used to settle the position. The empty position will never expire unless the maximum amount of security is met, or the minimum collateral will be forced to level it up at the time of forced silos.

据BitShares表示，“对于投机者、储户、交易员和企业家等人来说，智能币是十分强大的工具。BitShares平台提供可供创新者们进行试验，利用自由市场发现最佳货币解决方案的工具集。

According to BitShares, “Smart money is a powerful tool for speculators, savers, traders, entrepreneurs, etc. BitShares provides a set of tools that can be tested by innovators using free markets to find the best monetary solutions.

• 市值: $2,066,629
• 流通量: 2,163,170 BITUSD
• 历史价格波动: $0.43—$1.25
• 稳定性：由美元（USD）1: 1抵押，以法币、白银、黄金和其他资产为支撑。

Market value: US$ 2,066,629 circulation: US$ 2,163,170 BITUSD historical price fluctuations: US$ 0.43-$1.25 stability: US$ 1:1 mortgaged, supported by French currency, silver, gold and other assets.

EOSIO （EOSDT）

Equilibrium EOSDT是为一款加密货币多元化的未来而设计的稳定币。构建于Equilibrium框架（该框架是以太坊架构上的EOS区块链）之上，这促使它成为一种更加稳定和实用的加密货币。

Equilibrium EOSDT is a stable currency designed for the future of encrypt currency diversification. It is built on the Equilibrium framework, which is a chain of EOS blocks in the Tails, which makes it a more stable and practical encrypt currency.

• 作用

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Equilibrium的首席执行官亚历克斯·梅利霍夫（Alex Melikhov）表示：“EOS区块链的速度非常快，具有巨大的网络容量和卓越的发展潜力。Equilibrium是构建去中心化稳定币的的框架和技术基础，我们在2019年4月推出的EODST Stablecoin证明了这一点。我们认为，就目前的吸引力而言，它是十分成功的”。

Alex Melikhov, Chief Executive Officer of Equilibrum, said: “EOS block chains are fast, with enormous network capacity and extraordinary development potential. Equilibrum is the framework and technical basis for building decentralised and stable currency, as we demonstrated in EODST Stablecoin, which we launched in April 2019. We believe is very successful in terms of current appeal.”

EOSDT是世界上第一个EOS区块链上的去中心化稳定币，与美元锚定，且背后有用户自己的加密资产作为支撑。

EOSDT is the world's first centralized and stable currency in the EOS block chain, anchored with the United States dollar and backed by the user's own encryption assets.

目前，EOSDT适用于EOS，并致力于为支持智能合约的多区块链上的资产支撑稳定币（asset-backed Stablecoins）构建基础。

Currently, EOSDT applies to EOS and is committed to building the foundation for assets in the multi-block chain that support smart contracts.

“我们选择以EOS区块链和EOSIO技术为起点，因为它比以太坊更快，交易费用几乎为零，且具有足够强大的基础架构，可以同时为大量用户提供高质量体验。EOS是我们的首选，因为它为跨链解决方案的实施提供了广阔的架构前景，同时还为EOSDT稳定币提供了多种形式的抵押品支持”

"We have chosen to start with the EOS block chain and EOSIO technology, because it is faster than ETA, with virtually zero transaction costs and a sufficiently strong infrastructure to provide a high-quality experience for a large number of users at the same time. EOS is our preferred option, as it provides a broad framework for the implementation of cross-chain solutions and multiple forms of collateral support for EOSDT’s stable currency."

• 协议

EOSDT 代币是Equilibrium智能合约平台的资产，该平台可用于创建资产支撑代币或全球首个EOS区块链上的去中心化稳定币。每枚EOSDT都与美元锚定。用户可以生成EOSDT并选择标的资产。

EOSDT is the asset of the Equilibrium Smart Contract Platform, which can be used to create assets to support decentralised stabilizers on the token or the world’s first EOS block chain. Each EOSDT is anchored to the dollar. Users can generate EOSDT and select the asset.

协议流程如下:用户在Equilibrium平台上使用EOSIO技术生成EOSDT代币。所有持有与Equilibrium架构兼容的数字资产的用户都可以利用具有直观用户界面的自助服务网关生成EOSDT稳定币。选择抵押选项，然后在智能合约中实现。该头寸持有已存放的抵押品，然后由用户决定要生成多少EOSDT。这些新铸造的稳定币由存放在头寸内的抵押品作为支撑，而这些抵押品可以通过支付等值的EOSDT和应计费用来收回。可以以任何方式（用于存储、加密交易、支付等）使用EOSDT代币。收回的抵押品可以由持仓人提取。该架构力求能始终保持抵押品与贷款的最小可行率。

The protocol process is as follows: the user uses EOSDO technology on the Equilibrium platform to generate EOSDT tokens. All users holding digital assets compatible with Equilibrium structures can use the self-service gateway with an intuitive user interface to generate EOSDT stabilizers. The mortgage option is selected and realized in an intelligent contract. The position holds the stored collateral and the user determines how much EOSDT will be generated. These newly forged stabilizers are supported by collateral stored in their positions, which can be recovered by paying the equivalent EOSDT and accrual costs. EOSDT currencies can be used in any way (for storage, encryption, payment, etc.).

EOSDAQ、Newdex和DEXEOS已经将EOSDT列为稳定币了，其推广也在进行过程中。

EOSDAQ, Newdex and DEXEOS have listed EOSDT as a stable currency, and its promotion is under way.

• 市值: $4,662,500
• 流通量: 4,600,116 EOSDT
• 历史价格波动: $0.91—$1.32
• 稳定性：加密抵押，或用选定的资产作为抵押。

Market value: $4,662,500

circulation: $4,600,116 EOSDT

historical price fluctuations: $0.91-$1.32 stability: encrypted mortgages or security against selected assets.

Gemini （GUSD）

Gemini Dollar (GUSD)是Gemini信托公司和纽约信托公司间合作的结果。

Gemini Dollar (GUSD) is the result of cooperation between Gemini Trust and New York Trust.

Gemini信托公司（LLC或Gemini）成立于2014年，是一家允许客户买卖和存储数字资产的数字货币交易和托管机构。该公司位于纽约，受NYDFS监管。

The Gemini Trust (LLC or Gemini) was established in 2014 as a digital currency transaction and custodian that allows customers to buy, sell and store digital assets. The company is based in New York and is supervised by NYDFS.

温克莱沃斯兄弟（Winklevoss twins）于2013年6月宣布成立Gemini，并于2014年成立了Gemini信托公司。2015年10月25日，Gemini正式开始发售。此后，该公司开始提供更多包括FIX和API支持在内的金融服务。2016年5月5日，纽约州州长安德鲁·库莫（Andrew Cuomo）宣布，Gemini成为美国第一家获得许可的以太坊交易所。此外，在2016年，Gemini报告称他们将允许用户在以太坊代码硬分叉后从交易所提取Ethereum Classic (ETC)。CNBC在第二个月通报了其最新进展后Gemini便成为了全球性新闻。

On May 5, 2016, the Governor of the state of New York, Andrew Cuomo, announced that Gemini was the first licensed company in the United States of America to trade with the Gemini Trust in June 2013 and the Gemini Trust in 2014. On October 25, 2015, Gemini officially started selling it. The company began to provide more financial services, including FIX and API support. In addition, in 2016, Gemini reported that they would allow users to extract Etheum Classic (ETC) from the Exchange after a hard break in the Taihu code. When CNBC reported on its latest developments in the second month, Gemini became a global news story.

据报道，Gemini是第一家在2017年12月推出比特币期货合约的交易所。《财富》杂志称，芝加哥期权交易所（CBOE）使用Gemini作为“比特币期货的每日结算基础”。彭博新闻报道，Gemini从2018年4月开始提供“大宗交易（Block Trading）”。大宗交易让用户能够在Gemini的连续订单账簿之外进行大额数字资产交易。这将在进行大额交易时创建额外的流动性机制。2018年4月，据路透社报道，Gemini将利用纳斯达克的SMARTS技术来对交易进行监控，进而打击交易所的欺诈行为，降低价格操纵的可能性。

Gemini was reported to be the first exchange to launch a Bitcoin futures contract in December 2017. Wealth magazine reported that Gemini was used by the Chicago Futures Exchange (CBOE) as the “daily basis for settlement of Bitcoin futures.” Bloomberg news reported that Gemini had been providing “Block Trading” since April 2018. Large deals allowed users to trade large amounts of digital assets outside Gemini’s successive order books. This would create an additional liquidity mechanism in the context of large transactions. In April 2018, Gemini reported that it would use SMART technology from Nasdak to monitor transactions, thereby combating exchange fraud and reducing the possibility of price manipulation.

2018年5月14日， NYDFS宣布批准Gemini在其平台上支持Zcash (ZEC)交易。NYDFS表示，这一决定“延续了纽约对市场创新和领导地位的长期承诺”。新闻还引用了Gemini首席执行官泰勒·温克莱沃斯（Tyler Winklevoss）的话“Gemini为成为世界上第一家获准提供Zcash交易和托管服务的交易所而感到自豪。”

On 14 May 2018, NYDFS announced its approval of Gemini's support for the Zcash (ZEC) deal on its platform. NYDFS states that this decision “continues New York's long-standing commitment to market innovation and leadership.” The news also quotes Gemini's CEO, Tyler Winklevos, “Gemini is proud to be the world's first exchange authorized to provide Zcash trading and hosting services”.

据彭博社2018年9月10日报道， GUSD已获得NYDFS的监管批准，将于当日开始交易。10月3日，Gemini获得了涵盖其交易所持有的所有数字资产的保险。彭博市场（Bloomberg Markets）表示，该保险由总部位于伦敦的公共风险咨询公司Aon代理，并由一家全球保险财团承保。

According to Bloomberg Markets, on 10 September 2018, GUSD has received regulatory approval from NYDFS and will start trading on that date. On 3 October, Gemini received insurance covering all digital assets held by his exchange. According to Bloomberg Markets, the insurance is represented by Aon, a London-based public risk consulting firm, and is insured by a global insurance consortium.

• 作用

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Gemini声称是“世界上第一个受监管的稳定币，旨在各类交易中实现大规模高可用性。GUSD会将美元的价值带入现代数字时代“。Gemini的成立旨在通过复杂的私钥和密码保护环境系统促进比特币购买和存储。GUSD被看作是Tether的直接竞争对手（尽管该公司被指控运营不透明）。卡梅伦·温克莱沃斯（Cameron Winklevoss）称，迄今为止，现有的所有与美元锚定的代币都不能被称为稳定币。

Gemini claims to be “the first regulated stable currency in the world to achieve large-scale high availability in all types of transactions.” GUSD will bring the value of the dollar into the modern digital age.” Gemini was created to facilitate the purchase and storage of Bitcoin by means of a complex private key and password protection system. GUSD is seen as a direct competitor of Tether (although the company is accused of not operating transparently). Cameron Winklevoss claims that, to date, all of the money that is anchored in the dollar cannot be called a stable currency.

Gemini表示，他们已经用代币取得了信任，“建立可行的稳定币既是计算机科学问题，又是信任问题。虽然比特币系统基于加密证明而非信任，但由于与法币锚定的稳定币依赖中央发行方，所以要求二者兼备。要想在(至少部分)依赖信任的体系中获得理想的结果就需要有监督。我们认为就稳定币而言，发行人必须获得许可并接受监管。因此，系统必须具有透明性并接受审查，从而确保其完整性并增强市场信心。Gemini信托公司作为GUSD的发行者，在NYDFS的直接监督和管理下运作，并受《纽约州银行法》和其他适用的美国法律法规的约束。公司具有合法发行GUSD所需的必要许可和登记。

Gemini states that they have gained confidence in the currency, that “the establishment of a viable stable currency is both a computer science and a trust issue. While the Bitcoin system is based on encryption proof rather than trust, it requires both because of its dependence on central issuers for stable currency, which is anchored with the French currency.

• 协议

Gemini白皮书中写道，“GUSD是由纽约一家信托公司发行的加密代币，严格按照1：1的汇率与美元锚定，并依据ERC20代币标准建立于以太坊网络之上。Gemini dollar是结合了美元信誉度、价格稳定以及加密货币的技术优势和美国监管机构监督的具有稳定价值的货币。作为符合ERC20的代币，GUSD可以在以太网上进行交易。代币在从Gemini平台提款时创建，在存入Gemini平台时赎回或销毁”。

The White Paper by Gemini states that “GUSD is an encrypted token issued by a New York trust company, anchored to the United States dollar at a strict rate of 1:1 and built on the ETA network according to the ERC-20 standard. Gemini dollar is a currency of stable value that combines the credibility of the dollar, price stability, and the technical advantages of the encrypted currency with the supervision of the United States regulatory body. As a token compatible with ERC 20, GUSD can deal with it online. It is created when drawing money from the Gemini platform and redeemed or destroyed when deposited with the Gemini platform”.

GUSD有以下几点明显优势：受NYDFS的直接监督，且完全服从美国相关法律法规。为其提供支撑的美元被存在美国控股公司State Street Corporation的特殊账户中，该账户由150位程序员进行开发。账户由联邦存款保险公司(FDIC)承保，账户中的美元数量与流通中的代币数量严格相符，由独立审计公司BPM Accounting and Consulting进行监督。

The dollar that supports it is in the special account of the United States holding company State Street Corporation, which is developed by 150 programmers. The account is insured by the Federal Deposit Insurance Corporation (FIDC) and the number of dollars in the account is strictly consistent with the number of currencies in circulation, supervised by the independent audit firm BPM Accounting and Consulting.

• 市值: $4,004,518
• 流通量: 3,968,720 GUSD
• 历史价格波动: $0.95—$1.19
• 稳定性：以美元(USD)1:1抵押，由NYDFS进行监管。

Market value: $4,004,518 circulation: $3,968,720 GUSD historical price fluctuations: $0.95-$1.19 stability: $1 (USD)1 mortgage, supervised by NYDFS.

Binance GBP (BGBP)

BGBP 稳定币的出现标志着Binance开始实现其加密货币交易雄心，即在Binance区块链上建立一系列与不同法币锚定的稳定币。

The emergence of BGBP stabilizing currencies marks the beginning of Binance's ambition to secure its encrypt currency transactions by creating a series of stable currencies anchored with different French currencies on the Binance block chain.

2019年7月19日，接受欧元（EUR）和英镑（GBP）的法币加密交易所Binance Jersey宣布其以英镑支撑的稳定币Binance BGBP上市。该数字资产以以太坊为基础，与英镑（GBP）锚定，并由法币储备支撑。

On July 19, 2019, Binance Jersey, a French-currency encryption exchange that accepts the euro (EUR) and the pound sterling (GBP), announced its listing of the pound-backed stable currency Binance BGBP. The digital asset is based on Taiwan, anchored with the pound sterling (GBP) and supported by French currency reserves.

Binance Jersey交易所于2019年6月初首次宣布正在测试一款由英镑支撑的稳定币。当时Binance的CEO赵长鹏证实只发行了价值200英镑的稳定币。在GBPB推出期间，仅有另外两个项目在提供英镑锚定稳定币: TrueGBP和eToro GBP 稳定币项目。

During the launch of the GBPB, only two other projects provided pound anchors: TrueGBP and eToro GPP.

• 作用

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Binance表示，他们希望通过为欧洲用户提供更好的交易体验，继续在加密领域提供更多选择。Binance的首席财务官周玮表示：“市场和Binance社区对稳定币多样性（包括与英镑锚定的稳定币）的需求越来越旺盛，BGBP的上市正是对此做出的回应。稳定币的用例和效用都有增加；自年初以来，BNB已经增长了两倍，并仍随着Binance Chain的推进在持续、快速增长。”

Binance states that they want to continue to offer more options in the field of encryption by providing better trading experiences for European users. Binance’s Chief Financial Officer, Zhou Xiang, said: “The market and the Binance community are increasingly demanding to stabilize currency diversity, including a stable currency anchored in the pound, which BGBP has responded to. The use and utility of stabilizing currencies has increased; since the beginning of the year, the BNB has tripled and continues to grow at a rapid pace as Binance Chain advances.”

• 协议

Binance Jersey表示，他们为来自世界各地的用户提供安全可靠的欧元（EUR）和英镑（GBP）与比特币（BTC）和以太币（ETH）交易，以及数字资产管理服务。

Binance Jersey stated that they provided secure and reliable euro (EUR) and pound sterling (GBP) transactions with Bitcoin (BTC) and Ether (ETH) for users from around the world, as well as digital asset management services.

Binance是由多种技术组成的区块链生态系统，服务于区块链发展和资金自由的伟大使命。

Binance is a multi-technology block chain ecosystem that serves the great mission of block chain development and financial freedom.

按交易量计算，Binance Exchange是全球领先的加密货币交易所，拥有来自180多个国家的用户。作为世界上最快的加密货币交易平台之一，Binance每秒可以处理超过140万份订单。平台专注于安全性、稳固性和执行速度。

By volume, Binance Exchange is the world’s leading encrypted currency exchange with users from more than 180 countries. As one of the world’s fastest encrypted currency trading platforms, Binance can handle more than 1.4 million orders per second.

1. Binance生态系统还包括：
2. Binance Labs：风险投资部门和孵化器；
3. Binance DEX ：在其本地社区驱动的区块链软件系统Binance Chain的基础上开发的去中心化交易平台；
4. Binance Launchpad ：代币销售平台；
5. Binance Academy ：其教育门户；
6. Binance Research：市场分析；
7. Binance Charity Foundation：由区块链驱动的捐赠平台，提供非营利性的可持续性援助；
8. rust Wallet：其官方多币钱包和DApps浏览器。

• 市值: 未知
• 流通量: 未知
• 历史价格波动: $1.19—$1.25 (~1 )
• 稳定性: 以英镑（GBP） 1:1抵押，储备金存放在Binance银行。

The Binance Ecosystem also includes: Binance Labs: Risk Investment Sector and Incubator; Binance DEX: Decentralized trading platform developed on the basis of Binance Chain, its local community-driven block-chained software system; binance Launchpad: Monet sales platform; Binance Academy: its education portal; Li>Binance Research: Market analysis;

Li>Binance Collection: Donor Platform driven by the Block Chain to provide non-profit sustainability assistance;

riust Wallet: its official multi-currency wallet and DApps browser;

$1> Market value: unknown circulation: unknown circulation: unknown price:

historical price > ;

bank reserve: $1-$1 >.

StableUSD （USDS）

Stably创建了Stably Dollar （USDS）和Stably Prime，并表示“Stably Dollar是世界上第七大以美元支撑的稳定币，在Binance和Bittrex等主要加密交易平台上都有出现”。Stably Prime自称是无边界账户，提供多种金融服务和产品，并可根据个人或机构的具体需求进行定制。

Stably created Stably Dollar (USDS) and Stably Prime and stated that “Stably Dollar is the seventh largest dollar-backed stable currency in the world, appearing on major encrypted trading platforms such as Binance and Bittrex.” Stably Prime claims to be a borderless account, offering a wide range of financial services and products and tailoring them to the specific needs of individuals or institutions.

2018年4月，Stably宣布开发StableUSD，后更名为Stably Dollar (USDS)。作为由Stably, Inc创建的监管透明稳定币，USDS与第三方托管机构持有的美元（USD）1:1锚定。Stably Inc.于2018年11月在以太坊区块链上开放了Stably Dollar的抢先体验。

In April 2018, Stably announced the development of StableUSD, which was renamed Stably Dollar (USDS). As the regulatory transparency and stability currency created by Stably, Inc., the dollar held by USDS with third-party trustees (USD):1 anchored.

• 作用

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Stably Inc.创始人Kory Hoang、Bryan Guy、David Zhang和Amiya Diwan共同创建了储备支撑的稳定币Stably Dollar。该代币旨在作为价格稳定的资产弥补其他稳定币的空白。

Starly Inc.’s founders, Kory Hoang, Bryan Guy, David Zhang, and Amiya Diwan, co-created a reserve-backed steady currency, Stably Dollar. The token is designed to fill other stable currency gaps as a price-stabilized asset.

Stably表示，“我们的使命是通过由区块链、稳定币和开放金融API驱动的无边界的新银行（Borderless Neobanking）平台，让金融交易变得更快、更便宜、更透明。

Stably said, “Our mission is to make financial transactions faster, cheaper and more transparent through a new borderless bank platform driven by block chains, currency stability and open financial API.

• 协议

Stably Dollar （USDS）由美国受监管的信托公司Prime Trust持有的美元担保。该公司在博客中写道，USDS使用经证实的集中式模型对所有发行的代币进行完全备份。发放过程允许使用比特币（BTC），以太币（ETH）或Tether （USDT）。

Stably Dollar (USDS) is guaranteed in United States dollars by Prime Trust, a United States-regulated trust company. The company writes in its blog that USDS uses a proven centralized model to fully back up all issues of currency. The distribution process allows the use of Bitcoin (BTC), in tae currency (ETH) or Tether (USDT).

交易的加密货币将通过第三方经理的中介在自由市场上兑换为美元。ForkLog报告称，然后将投放等额USDS，并通过智能合约发送给客户。

ForkLog reports that it will then place the equivalent USDS and send it to the customer through a smart contract.

Stably.io声明，“USDS是与美元1:1锚定的稳定币，美元储备存放于由Prime Trust管理的FDIC保险信托账户中。Prime Trust作为内华达州特许信托公司，是代币的官方受托管理机构。USDS目前是世界上第七大由美国支撑的稳定币，它在主要的加密交易所（如Binance、Binance DEX和Bittrex）上都有露面。目前USDS遵循以太坊ERC-20代币标准和Binance Chain的BEP-2标准，未来我们会将USDS扩展到包括EOS和Stellar在内的更多区块链协议中。

Stably.io states that “USDS is a stable currency with an anchor of US$ 1:1 and US dollar reserves are stored in the FDIC Insurance Trust account managed by Prime Trust. Prime Trust is the official trustee of the tokens, and USDS is now the seventh largest US-backed stable currency in the world, with its presence on major encryption exchanges (e.g. Binance, Binance DEX, and Bittrex). Currently, USDS follows the ERC-20 and the BEP-2 standards of Binance Chain, and we will extend USDS in the future to more district chain agreements, including EOS and Stellar.

Stably预测，“在不久的将来，Stably以及其他受监管的同伴们将发布更多以其他国家货币和重金属（如黄金、白银）为支撑的稳定币。我们还会扩展到具有更好性能（如速度、可扩展性和安全性）的其他区块链”。

Stably predicts that “in the near future, Stably and other regulated companions will issue more stable currencies supported by other national currencies and heavy metals (e.g. gold, silver). We will also expand to other block chains with better performance (e.g. speed, scalability and security).

• 市值: $1,440,845
• 流通量: 1,594,299 USDS
• 历史价格波动: $0.89—$1.13
• 稳定性: 以美元1:1抵押，存放于Prime信托公司。

Market value: $1,440,845 circulation: 1,594,299 USDS historical price fluctuations: $0.89-$1.13 stability: $1:1 mortgaged in Prime Trust.