分享两份稳定币相关的报告

稳定币很火。

“区块链应用的圣杯”,“加密世界的印钞权”,“不受人为控制的自由货币”,从项目方到交易所甚至到传统金融领域,大家都想做,人人都在聊。
—— 潘超,“算法稳定币”是一个伪命题!

目前实现稳定币的思路,大致有三。

第一是法币债务抵押。通俗的说,就是将一定数量的法币抵押到存管机构中,然后在链上发出数量相同的数字货币。每一枚数字货币,背后都有等值法币抵押,一旦数字货币持有者要求兑换回法币,则发行者必须立刻等额兑现。从这个意义上说,稳定币只是发行在区块链上的法币债务符号。在百分之百现金准备的情况下,这种模式本身既没有扩张也没有收缩法币的发行量,只是把一部分法币挪到了区块链上,发行者并不真正拥有铸币权。

第二是数字资产债务抵押。这是区块链上特有的一种模式,就是将区块链上的去中心化数字资产(比特币、以太币等)抵押到一个智能合约中,来发行相对于法币稳定的数字货币。这一模式的代表是 MakerDAO 项目。这种方式可以认为是拥有“部分铸币权”。一方面,智能合约可以自己选择铸币抵押资产的类型,这是央行特有的权力,另一方面,这种方式发出来的数字货币,是可兑现的。用户随时可以通过智能合约将这些数字货币兑现为背后的抵押资产,这又跟央行货币不兑现不同。

第三是算法央行,即模拟央行根据 CPI 或一篮子货币价格调剂货币供给的算法,通过感知市场的供需关系来灵活扩张和收缩数字货币供给,试图达成价格的稳定。这是一种完全拥有铸币权的方式,完全模拟央行操作。但是,由于没有政府权威的注入,这种模式只是徒具其表,目前没有成功的实例。
—— 孟岩,Facebook 数字货币:缘起、意义和后果

Tina 姐 上个月在微信群里 share 的两份关于 Stablecoins 的报告,估计这会儿一个 Q 还没过,里面的内容都要再更新了吧。

2019 State of Stablecoins Report

第一份来自 Blockchain.comGarrick Hileman,在上个月 BBC 关于 GlobalCoin 的报道中,文末就引用了他的评论。

But Garrick Hileman, a researcher at London School of Economics, said the GlobalCoin project could be one of the most significant events in the short history of crypto-currencies.
—— BBC, Facebook plans to launch ‘GlobalCoin’ currency in 2020

The 2019 report builds on its predecessor to provide an updated and expanded look at the current state of the stablecoin market – a space where we expect to see significant innovation in the coming years. It includes:

  • New research primers on three leading stablecoins: Paxos Standard, Stasis and Reserve
  • A new in-depth comparison of Paxos Standard, USD Coin and Gemini Dollar
  • Expanded data profiles on 34 stablecoins, including many new stablecoins (the report is twice the size of its predecessor!)
  • Refreshed data and analysis across the full report to reflect the substantial changes observed over the last six months; and

An overview of how to gain investment exposure to the growing use of stablecoins
—— Blockchain.com/research

The State of Stablecoins 2019, Hype vs. Reality in the Race for Stable, Global, Digital Money

第二份来自,George Samuel Samman1

The report, entitled “The State of Stablecoins 2019: Hype vs. Reality in the Race for Stable, Global, Digital Money” is based on information collected from 40 crypto and stablecoin firms. The report’s lead author is George Samman, a blockchain and cryptocurrency advisor. According to the document, Samman “was commissioned to research the stablecoin landscape and then independently report his findings for the broader industry to learn from.”

Today, money is broken in some parts of the world — governments have a hard time maintaining stable value in their currencies, which dramatically reduces the wealth of the people in those nations. The result is a severe lack of transparency and trust in many of the world’s monetary systems.

Sixteen countries today face annual inflation rates of more than 20%, whereas other economies face hyperinflation — like Venezuela, where inflation hit 80,000% in 2018. In these situations, it is difficult (if not impossible) for people to save and protect their money, making it increasingly hard for these families to ever dig out of poverty.

The world needs a stable, digital currency that gives people autonomy and control of their money globally.
Cryptocurrencies, like Bitcoin, were developed with the goal of fulfilling this global need. But the high volatility of today’s cryptocurrencies hinders their usefulness. Average citizens need a way to protect their money, a way send money to/receive money from their families in other countries, and merchants need a stable means of exchange in which to do business.

The stablecoin market emerged to fulfill those needs — providing people a stable store of value, a unit of account, and a means of exchange. And while the stablecoin market has made significant strides in the past year, there is still much work to be done. What’s needed is greater coordination amongst projects, and greater focus on the application of stablecoins to solving real-world problems in the places where they are needed the most. Working together, 2019 can become the year that stablecoins evolve to
become the usable, global, digital currency that the world so desperately needs.
—— Medium, Chaineum, The State of Stablecoins 2019

Binance Research, The Evolution of Stablecoins

https://info.binance.com/en/research/marketresearch/stablecoin-evolution.html


  1. 这位我不熟,有兴趣的可以去抓虾:Blog, Twitter, Linkedin