{"id":611,"date":"2025-02-12T10:18:19","date_gmt":"2025-02-12T10:18:19","guid":{"rendered":"https:\/\/community.ex.io\/?p=611"},"modified":"2025-02-12T11:06:47","modified_gmt":"2025-02-12T11:06:47","slug":"collapse-of-a-stablecoin","status":"publish","type":"post","link":"https:\/\/community.ex.io\/zh\/2025\/02\/12\/collapse-of-a-stablecoin\/","title":{"rendered":"\u7a69\u5b9a\u5e63\u7684\u5d29\u6f70"},"content":{"rendered":"<p>\u7a69\u5b9a\u5e63\u53ef\u4ee5\u5206\u70ba\u5169\u985e\u2014\u2014\u62b5\u62bc\u7a69\u5b9a\u5e63\u548c\u975e\u62b5\u62bc\u7a69\u5b9a\u5e63\u3002\u62b5\u62bc\u7a69\u5b9a\u5e63\u662f\u6307\u5176\u50f9\u683c\u8207\u53c3\u8003\u8cc7\u7522\u639b\u9264\u7684\u865b\u64ec\u8cc7\u7522\uff0c\u4f8b\u5982\u6cd5\u5b9a\u8ca8\u5e63\u3001\u5546\u54c1\u6216\u5176\u4ed6\u865b\u64ec\u8cc7\u7522\u3002\u975e\u62b5\u62bc\u7a69\u5b9a\u5e63\u5247\u901a\u904e\u81ea\u52d5\u5316\u7b97\u6cd5\u8abf\u6574\u4f9b\u9700\u4f86\u7dad\u6301\u5176\u50f9\u683c\u3002\u8981\u66f4\u597d\u5730\u4e86\u89e3\u7a69\u5b9a\u5e63\uff0c\u8acb\u9ede\u64ca <strong><a href=\"https:\/\/community.ex.io\/zh\/2024\/06\/18\/what-are-stablecoins\/\" title=\"\u9019\u88cf\">\u9019\u88cf<\/a><\/strong>.\u00a0<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>\u7576\u7a69\u5b9a\u5e63\u4e0d\u7a69\u5b9a\u6642<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u8fd1\u5e74\u4f86\uff0c\u6709\u591a\u500b\u56e0\u7d20\u5c0e\u81f4\u7a69\u5b9a\u5e63\u812b\u9264\u3002\u4e3b\u8981\u56e0\u7d20\u5305\u62ec\u7f3a\u4e4f\u76e3\u7ba1\u3001\u5927\u578b\u52a0\u5bc6\u4ea4\u6613\u6240\u7684\u6cbb\u7406\u548c\u98a8\u96aa\u7ba1\u7406\u554f\u984c\u3001\u50b3\u7d71\u91d1\u878d\u9ad4\u7cfb\u7684\u58d3\u529b\uff0c\u4ee5\u53ca\u70ba\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u63d0\u4f9b\u6d41\u52d5\u6027\u7684\u6578\u5b57\u8cc7\u7522\u6c60\u7684\u4e0d\u5e73\u8861\u3002&nbsp;<\/p>\n\n\n\n<p><strong>\u62b5\u62bc\u7a69\u5b9a\u5e63<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u7a69\u5b9a\u5e63\u8207\u4e2d\u592e\u9280\u884c\u865b\u64ec\u8ca8\u5e63\uff08CBDC\uff09\u4e0d\u540c\uff0c\u5f8c\u8005\u662f\u6cd5\u5b9a\uff08\u653f\u5e9c\u652f\u6301\uff09\u8ca8\u5e63\u7684\u865b\u64ec\u7248\u672c\uff0c\u7a69\u5b9a\u5e63\u662f\u7531\u79c1\u4eba\u5be6\u9ad4\u904b\u71df\u7684\uff0c\u6642\u5e38\u5c0d\u5176\u6301\u6709\u7684\u57fa\u790e\u5132\u5099\u7f3a\u4e4f\u900f\u660e\u5ea6\u3002\u7a69\u5b9a\u5e63\u66fe\u591a\u6b21\u5931\u53bb\u8207\u53c3\u8003\u8cc7\u7522\u7684\u639b\u9264\uff0c\u9019\u4e3b\u8981\u662f\u7531\u5e02\u5834\u4e8b\u4ef6\u9a45\u52d5\u7684\uff0c\u5982 FTX \u5d29\u76e4\u3001\u76e3\u7ba1\u57f7\u6cd5\u884c\u52d5\u3001\u6301\u6709\u7684\u5132\u5099\u4e0d\u8db3\u3001\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u5354\u8b70\u7684\u5b89\u5168\u6f0f\u6d1e\uff0c\u4ee5\u53ca\u5c0d\u7a69\u5b9a\u5e63\u6d41\u52d5\u6027\u6c60\u7684\u653b\u64ca\u3002&nbsp;<\/p>\n\n\n\n<p><strong>\u975e\u62b5\u62bc\u7a69\u5b9a\u5e63<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u6b64\u6a21\u578b\u901a\u904e\u8abf\u6574\u8ca8\u5e63\u7684\u4f9b\u61c9\u4f86\u7dad\u6301\u7a69\u5b9a\u6027\u3002\u7576\u50f9\u683c\u8d85\u904e\u9810\u671f\u6c34\u5e73\u6642\uff0c\u6703\u6316\u6398\u66f4\u591a\u7684\u8ca8\u5e63\u4e26\u62cd\u8ce3\u4ee5\u964d\u4f4e\u50f9\u683c\u3002\u76f8\u53cd\uff0c\u5982\u679c\u50f9\u683c\u4f4e\u65bc\u9810\u671f\u6c34\u5e73\uff0c\u7cfb\u7d71\u6703\u8cfc\u8cb7\u8ca8\u5e63\u4ee5\u63d0\u9ad8\u50f9\u683c\u3002\u7576\u5132\u5099\u8cc7\u91d1\u4e0d\u8db3\u4ee5\u9032\u884c\u8cfc\u8cb7\u6642\uff0c\u6703\u767c\u884c\u8ca8\u5e63\u767c\u884c\u6b0a\uff0c\u6388\u4e88\u672a\u4f86\u5229\u6f64\u6b0a\u5229\u3002Basis \u64f4\u5c55\u4e86\u9019\u4e00\u6a21\u578b\uff0c\u4ee5\u89e3\u6c7a\u8ca8\u5e63\u767c\u884c\u6b0a\u5c0d\u6b7b\u4ea1\u87ba\u65cb\u7684\u8106\u5f31\u6027\uff0c\u5373\u80a1\u50f9\u4f9d\u8cf4\u65bc\u8ca8\u5e63\u9700\u6c42\u7684\u6062\u5fa9\u3002\u82e5\u7121\u9700\u6c42\u6062\u5fa9\uff0c\u767c\u884c\u80a1\u6b0a\u53ef\u80fd\u5c0e\u81f4\u7cfb\u7d71\u5d29\u6f70\u3002\u4e00\u500b\u4f8b\u5b50\u662f Terra UST \u7684\u5d29\u6f70\uff0c\u9019\u662f\u4e00\u7a2e\u975e\u62b5\u62bc\u7a69\u5b9a\u5e63\u3002&nbsp;<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>\u7a69\u5b9a\u5e63\u5931\u6557\u7684\u6b77\u53f2\u4e8b\u4ef6<\/strong>&nbsp;<\/p>\n\n\n\n<p><strong>Terra UST \u5d29\u6f70\uff082022\u5e745\u6708\uff09<\/strong> Terra \u7684 UST \u5d29\u6f70\u5c55\u793a\u4e86\u7121\u76e3\u7ba1\u7a69\u5b9a\u5e63\u7684\u5371\u96aa\uff0c\u5c0e\u81f4\u5e02\u5834\u50f9\u503c\u5927\u5e45\u640d\u5931\u4e26\u66ab\u6642\u5f71\u97ff\u4e86 Tether \u7684 USDT \u50f9\u503c\u3002&nbsp;<\/p>\n\n\n\n<p><strong>FTX \u7834\u7522\uff082022\u5e7411\u6708\uff09<\/strong> FTX \u7684\u7834\u7522\u5c0e\u81f4 USDT \u812b\u9264\uff0c\u5f15\u767c\u5c0d\u884c\u696d\u50b3\u67d3\u7684\u64d4\u6182\u4e26\u5c0d\u5176\u4ed6\u6578\u5b57\u8cc7\u7522\u5e73\u53f0\u9020\u6210\u9023\u9396\u53cd\u61c9\u3002&nbsp;<\/p>\n\n\n\n<p><strong>USDC \u812b\u9264\uff082023\u5e743\u6708\uff09<\/strong> USDC \u56e0\u66b4\u9732\u65bc\u77fd\u8c37\u9280\u884c\u800c\u5931\u53bb\u8207\u7f8e\u5143\u7684\u639b\u9264\uff0c\u8dcc\u81f3\u4f4e\u65bc 0.90 \u7f8e\u5143\uff0c\u7a81\u986f\u4e86\u50b3\u7d71\u91d1\u878d\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u4e4b\u9593\u4e92\u806f\u7684\u98a8\u96aa\uff0c\u4e26\u5f71\u97ff\u4e86\u5176\u4ed6\u7a69\u5b9a\u5e63\u5982 BUSD \u548c DAI\u3002&nbsp;<\/p>\n\n\n\n<p><strong>\u6d41\u52d5\u6027\u6c60\u4e0d\u5e73\u8861\uff082023\u5e746\u6708\uff09<\/strong> Curve Finance \u548c Uniswap \u7b49\u5e73\u53f0\u4e0a\u7684\u4e0d\u5e73\u8861\u6d41\u52d5\u6027\u6c60\u5c0e\u81f4\u7a69\u5b9a\u5e63\u812b\u9264\uff0c\u5c55\u793a\u4e86\u5e02\u5834\u64cd\u7e31\u7684\u8106\u5f31\u6027\u4ee5\u53ca\u5927\u578b\u5e02\u5834\u53c3\u8207\u8005\u5c0d\u7a69\u5b9a\u5e63\u5e02\u5834\u7684\u5f71\u97ff\u3002&nbsp;<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>\u9999\u6e2f\u7684\u76e3\u7ba1\u767c\u5c55<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u7f3a\u4e4f\u660e\u78ba\u7684\u76e3\u7ba1\u5c0d\u6295\u8cc7\u8005\u4fe1\u4efb\u69cb\u6210\u91cd\u5927\u6311\u6230\uff0c\u5f71\u97ff\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u63a5\u53d7\u3002\u9452\u65bc\u7d71\u91d1\u878d\u8207\u865b\u64ec\u8cc7\u7522\u4e4b\u9593\u7684\u806f\u7e6b\u65e5\u76ca\u589e\u5f37\uff0c\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff08HKMA\uff09\u6b63\u5728\u70ba\u9999\u6e2f\u7684\u7a69\u5b9a\u5e63\u767c\u884c\u8005\u5236\u5b9a\u76e3\u7ba1\u898f\u7bc4\u3002\u70ba\u4e86\u6e96\u5099\u5be6\u65bd\u9019\u4e9b\u76e3\u7ba1\uff0cHKMA \u5728 2024 \u5e74 3 \u6708\u555f\u52d5\u4e86\u4e00\u500b\u6c99\u76d2\u8a08\u5283\uff0c\u4ee5\u4fc3\u9032\u7576\u5c40\u8207\u884c\u696d\u4e4b\u9593\u95dc\u65bc\u63d0\u8b70\u76e3\u7ba1\u6a19\u6e96\u7684\u8a0e\u8ad6\u3002<sup>1<\/sup>.&nbsp;<\/p>\n\n\n\n<p>\u5728 2024 \u5e74 7 \u6708\uff0c\u9999\u6e2f\u91d1\u878d\u670d\u52d9\u53ca\u5eab\u52d9\u5c40\u8207 HKMA \u9032\u884c\u7684\u806f\u5408\u8aee\u8a62\u5f8c\uff0c\u9999\u6e2f\u653f\u5e9c\u516c\u5e03\u4e86\u300a\u7a69\u5b9a\u5e63\u6cd5\u6848\u300b\uff08\u201c\u6cd5\u6848\u201d\uff09\uff0c\u8a72\u6cd5\u6848\u65bc 2024 \u5e74 12 \u6708 18 \u65e5\u9032\u884c\u4e86\u9996\u6b21\u7acb\u6cd5\u5be9\u8b70\u3002<sup>2<\/sup>.&nbsp;<\/p>\n\n\n\n<p><strong>\u514d\u8cac\u8072\u660e<\/strong>\uff1a\u6b64\u8655\u5305\u542b\u7684\u5167\u5bb9\u50c5\u4f9b\u53c3\u8003\u548c\u6559\u80b2\u76ee\u7684\u3002  \u865b\u64ec\u8cc7\u7522\u50f9\u683c\u9762\u81e8\u8f03\u9ad8\u7684\u5e02\u5834\u98a8\u96aa\u548c\u50f9\u683c\u6ce2\u52d5\u3002\u60a8\u7684\u6295\u8cc7\u50f9\u503c\u53ef\u80fd\u6703\u4e0b\u964d\u6216\u4e0a\u5347\uff0c\u4e26\u4e14\u60a8\u53ef\u80fd\u7121\u6cd5\u6536\u56de\u6295\u8cc7\u91d1\u984d\u3002\u60a8\u5c0d\u81ea\u5df1\u7684\u6295\u8cc7\u6c7a\u5b9a\u627f\u64d4\u5168\u90e8\u8cac\u4efb\uff0c\u6211\u5011\u5c0d\u60a8\u53ef\u80fd\u906d\u53d7\u7684\u4efb\u4f55\u640d\u5931\u4e0d\u627f\u64d4\u4efb\u4f55\u8cac\u4efb\u3002\u60a8\u61c9\u8a72\u53ea\u6295\u8cc7\u60a8\u719f\u6089\u4e14\u4e86\u89e3\u98a8\u96aa\u7684\u7522\u54c1\u3002\u60a8\u61c9\u4ed4\u7d30\u8003\u616e\u60a8\u7684\u6295\u8cc7\u7d93\u9a57\u3001\u8ca1\u52d9\u72c0\u6cc1\u3001\u6295\u8cc7\u76ee\u6a19\u548c\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c\u4e26\u5728\u9032\u884c\u4efb\u4f55\u6295\u8cc7\u4e4b\u524d\u8aee\u8a62\u7368\u7acb\u8ca1\u52d9\u9867\u554f\u3002\u904e\u53bb\u7684\u8868\u73fe\u4e26\u4e0d\u662f\u4ed6\/\u5979\u672a\u4f86\u8868\u73fe\u7684\u53ef\u9760\u6307\u6a19\u3002\u6211\u5011\u5e73\u53f0\u4e0a\u7684\u5167\u5bb9\u4e0d\u5305\u542b\u5efa\u8b70\u6216\u63a8\u85a6\u3002\u672c\u8cc7\u6599\u4e0d\u61c9\u88ab\u8996\u70ba\u8ca1\u52d9\/\u6295\u8cc7\u5efa\u8b70\u3002&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>A stablecoin can be divided into two categories \u2013 collateralised and non-collateralised stablecoins. Collateralised stablecoins are virtual assets which price is pegged to a reference asset, for instance a fiat currency, a commodity, or even other virtual assets. Non-Collateralised stablecoins maintain their price by adjusting the demand and supply by an automated algorithm. To have [&hellip;]<\/p>","protected":false},"author":4,"featured_media":612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,4,6],"tags":[],"class_list":["post-611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-articles","category-crypto-101","category-dive-into-web3"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/posts\/611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/comments?post=611"}],"version-history":[{"count":2,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/posts\/611\/revisions"}],"predecessor-version":[{"id":617,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/posts\/611\/revisions\/617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/media\/612"}],"wp:attachment":[{"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/media?parent=611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/categories?post=611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/community.ex.io\/zh\/wp-json\/wp\/v2\/tags?post=611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}