Fiat-Backed Stablecoins | 法币抵押稳定币

USDT (Tether) and USDC (Circle) dominate the stablecoin market with over $100B combined supply. These are backed 1:1 by fiat reserves held in bank accounts and treasuries. They offer price stability but require trust in the issuer's reserve management and auditing practices. USDT和USDC主导稳定币市场，总供应量超1000亿美元。它们由银行账户和国债中的法币储备1:1支持。

Crypto-Collateralized Stablecoins | 加密抵押稳定币

DAI by MakerDAO is the leading decentralized stablecoin, overcollateralized by ETH and other crypto assets. CDPs (Collateralized Debt Positions) require 150-170% collateral ratios. Interest rates adjust algorithmically based on demand. This model is transparent but capital-inefficient. MakerDAO的DAI是领先的去中心化稳定币，由ETH等加密资产超额抵押。CDP需要150-170%的抵押率。

Algorithmic Stablecoins | 算法稳定币

Algorithmic stablecoins use seigniorage models or rebasing mechanisms to maintain peg without collateral. UST's collapse demonstrated the risks. Frax Finance uses a partially-algorithmic fractional-algorithmic model that has proven more resilient. This category carries the highest risk but highest potential efficiency. 算法稳定币使用铸币税模型或rebase机制维持锚定。UST的崩盘展示了风险。Frax Finance的部分算法模型已被证明更有韧性。

Regulatory Landscape | 监管环境

The EU's MiCA regulation provides the first comprehensive stablecoin framework, requiring e-money licenses and strict reserve requirements. The US is developing similar legislation through the Lummis-Gillibrand bill. Regulation will likely increase transparency but raise compliance costs. 欧盟的MiCA法规提供了首个全面的稳定币框架。美国正在通过Lummis-Gillibrand法案制定类似立法。

Stablecoin Use Cases | 稳定币应用场景

Beyond trading, stablecoins enable cross-border payments, remittances, DeFi lending, and yield generation. They serve as on-ramp/off-ramp for crypto markets and dollar access in countries with unstable currencies. Institutional adoption is growing through payment processors like Stripe and PayPal. 除交易外，稳定币还用于跨境支付、汇款、DeFi借贷和收益生成。机构采用正在增长。