分享兩份穩定幣相關的報告

穩定幣很火。

「區塊鏈應用的聖杯」,「加密世界的印鈔權」,「不受人為控制的自由貨幣」,從項目方到交易所甚至到傳統金融領域,大家都想做,人人都在聊。
—— 潘超,「演算法穩定幣」是一個偽命題!

目前實現穩定幣的思路,大致有三。

第一是法幣債務抵押。通俗的說,就是將一定數量的法幣抵押到存管機構中,然後在鏈上發出數量相同的數字貨幣。每一枚數字貨幣,背後都有等值法幣抵押,一旦數字貨幣持有者要求兌換回法幣,則發行者必須立刻等額兌現。從這個意義上說,穩定幣只是發行在區塊鏈上的法幣債務符號。在百分之百現金準備的情況下,這種模式本身既沒有擴張也沒有收縮法幣的發行量,只是把一部分法幣挪到了區塊鏈上,發行者並不真正擁有鑄幣權。

第二是數字資產債務抵押。這是區塊鏈上特有的一種模式,就是將區塊鏈上的去中心化數字資產(比特幣、以太幣等)抵押到一個智能合約中,來發行相對於法幣穩定的數字貨幣。這一模式的代表是 MakerDAO 項目。這種方式可以認為是擁有「部分鑄幣權」。一方面,智能合約可以自己選擇鑄幣抵押資產的類型,這是央行特有的權力,另一方面,這種方式發出來的數字貨幣,是可兌現的。用戶隨時可以通過智能合約將這些數字貨幣兌現為背後的抵押資產,這又跟央行貨幣不兌現不同。

第三是演算法央行,即模擬央行根據 CPI 或一籃子貨幣價格調劑貨幣供給的演算法,通過感知市場的供需關係來靈活擴張和收縮數字貨幣供給,試圖達成價格的穩定。這是一種完全擁有鑄幣權的方式,完全模擬央行操作。但是,由於沒有政府權威的注入,這種模式只是徒具其表,目前沒有成功的實例。
—— 孟岩,Facebook 數字貨幣:緣起、意義和後果

Tina 姐 上個月在微信群里 share 的兩份關於 Stablecoins 的報告,估計這會兒一個 Q 還沒過,裡面的內容都要再更新了吧。

2019 State of Stablecoins Report

第一份來自 Blockchain.comGarrick Hileman,在上個月 BBC 關於 GlobalCoin 的報道中,文末就引用了他的評論。

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

第二份來自,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. 這位我不熟,有興趣的可以去抓蝦:Blog, Twitter, Linkedin