{"id":4254,"date":"2026-01-10T09:04:49","date_gmt":"2026-01-10T01:04:49","guid":{"rendered":"https:\/\/theexchain.com\/algorithmic-vs-fiat-backed-stablecoins-understanding-the-risk-profiles\/"},"modified":"2026-01-10T09:04:49","modified_gmt":"2026-01-10T01:04:49","slug":"%e6%bc%94%e7%ae%97%e6%b3%95%e5%9e%8b%e8%88%87%e6%b3%95%e5%b9%a3%e6%93%94%e4%bf%9d%e5%9e%8b%e7%a9%a9%e5%ae%9a%e5%b9%a3%ef%bc%9a%e7%90%86%e8%a7%a3%e5%85%b6%e9%a2%a8%e9%9a%aa%e7%89%b9%e5%be%b5","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e6%bc%94%e7%ae%97%e6%b3%95%e5%9e%8b%e8%88%87%e6%b3%95%e5%b9%a3%e6%93%94%e4%bf%9d%e5%9e%8b%e7%a9%a9%e5%ae%9a%e5%b9%a3%ef%bc%9a%e7%90%86%e8%a7%a3%e5%85%b6%e9%a2%a8%e9%9a%aa%e7%89%b9%e5%be%b5\/","title":{"rendered":"\u7b97\u6cd5\u7a69\u5b9a\u5e63\u8207\u6cd5\u5b9a\u7a69\u5b9a\u5e63\uff1a\u77ad\u89e3\u98a8\u96aa\u72c0\u6cc1"},"content":{"rendered":"<p>\u6f14\u7b97\u6cd5\u578b\u8207\u6cd5\u5e63\u64d4\u4fdd\u578b\u7a69\u5b9a\u5e63\uff1a2025 \u5e74\u7d42\u6975\u98a8\u96aa\u6307\u5357 \u7a69\u5b9a\u5e63\u5e02\u5834\u5448\u73fe\u7206\u70b8\u6027\u6210\u9577\uff0c\u6d41\u901a\u91cf\u5df2\u7a81\u7834 $232 \u5104\uff0c\u4e26\u63a8\u52d5\u5e74\u5ea6\u4ea4\u6613\u91cf\u8d85\u904e $27.6 \u5146\u3002 \u9019\u4e9b\u65e8\u5728\u7dad\u6301\u50f9\u503c\u7a69\u5b9a\u7684\u6578\u4f4d\u8cc7\u7522\uff0c\u5df2\u6210\u70ba\u7dad\u7e6b\u52a0\u5bc6\u8ca8\u5e63\u4e16\u754c\u4e0d\u53ef\u6216\u7f3a\u7684\u9ecf\u5408\u5291\u3002\u5f9e\u5373\u6642\u8de8\u5883\u652f\u4ed8\u5230\u8907\u96dc\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u5354\u8b70\uff0c\u7121\u4e0d\u4ef0\u8cf4\u5b83\u5011\u7684\u904b\u4f5c\u3002\u7136\u800c\uff0c\u4e26\u975e\u6240\u6709\u7a69\u5b9a\u5e63\u90fd\u662f\u4e00\u6a23\u7684\u3002 \u5728\u300c\u7a69\u5b9a\u300d\u9019\u5c64\u8868\u9762\u627f\u8afe\u4e4b\u4e0b\uff0c\u5176\u5be6\u860a\u85cf\u8457\u6839\u672c\u4e0d\u540c\u7684\u67b6\u69cb\u3001\u98a8\u96aa\u7279\u5fb5\u53ca\u4fe1\u4efb\u5c64\u7d1a\u30022022 \u5e74 Terra \u7684 UST \u906d\u9047\u707d\u96e3\u6027\u5d29\u76e4\uff0c\u5c0e\u81f4\u8d85\u904e $60 \u5104\u7684\u50f9\u503c\u84b8\u767c\uff0c\u9019\u7121\u7591\u662f\u4e00\u8a18\u9bae\u660e\u4e14\u4ee4\u4eba\u96e3\u4ee5\u5fd8\u61f7\u7684\u8b66\u9418\u3002 \u5c0d\u65bc\u4efb\u4f55\u6301\u6709\u3001\u4f7f\u7528\u6216\u57fa\u65bc\u6578\u4f4d\u8cc7\u7522\u9032\u884c\u958b\u767c\u7684\u4eba\u4f86\u8aaa\uff0c\u7406\u89e3\u6cd5\u5e63\u64d4\u4fdd\u578b\u7a69\u5b9a\u5e63\u8207\u6f14\u7b97\u6cd5\u578b\u7a69\u5b9a\u5e63\u4e4b\u9593\u7684\u6839\u672c\u5dee\u7570\uff0c\u4e0d\u50c5\u50c5\u662f\u5b78\u8853\u5c64\u9762\u7684\u554f\u984c\u2014\u2014\u66f4\u662f\u4fdd\u8b77\u60a8\u8cc7\u672c\u7684\u95dc\u9375\u3002 \u672c\u6307\u5357\u5c07\u5e36\u60a8\u6df1\u5165\u63a2\u7d22\u7a69\u5b9a\u5e63\u7684\u591a\u5143\u5149\u8b5c\uff0c\u800c\u6700\u7d42\u7684\u6289\u64c7\u6b78\u7d50\u65bc\u4e00\u500b\u95dc\u9375\u554f\u984c\uff1a\u60a8\u662f\u4fe1\u4efb\u64c1\u6709\u900f\u660e\u5132\u5099\u7684\u53d7\u76e3\u7ba1\u5be6\u9ad4\uff0c\u9084\u662f\u4fe1\u4efb\u4e0d\u53ef\u8b8a\u66f4\u7684\u7a0b\u5f0f\u78bc\u8207\u7d93\u6fdf\u6fc0\u52f5\u6a5f\u5236\uff1f \u6838\u5fc3\u5206\u6b67\uff1a\u62b5\u62bc\u54c1 vs. \u7a0b\u5f0f\u78bc \u5f9e\u672c\u8cea\u4e0a\u4f86\u8aaa\uff0c\u6240\u6709\u7a69\u5b9a\u5e63\u90fd\u65e8\u5728\u5c07\u5176\u50f9\u503c\u8207\u53c3\u8003\u8cc7\u7522\u639b\u9264\uff0c\u6700\u5e38\u898b\u7684\u662f\u7f8e\u5143\u3002\u800c\u5b83\u5011\u5982\u4f55\u7dad\u6301\u9019\u7a2e\u639b\u9264\uff0c\u6b63\u662f\u5169\u8005\u5206\u9053\u63da\u9463\u7684\u95dc\u9375\u6240\u5728\u3002\u6cd5\u5e63\u64d4\u4fdd\u578b\u7a69\u5b9a\u5e63\uff08\u62b5\u62bc\u578b\u6a21\u5f0f\uff09\uff1a\u53ef\u5c07\u5176\u8996\u70ba\u50b3\u7d71\u8ca8\u5e63\u7684\u6578\u4f4d\u5316\u5448\u73fe\u3002 \u5c0d\u65bc\u6bcf\u679a\u6d41\u901a\u4e2d\u7684\u4ee3\u5e63\uff08\u4f8b\u5982\u4e00\u679a USDC\uff09\uff0c\u767c\u884c\u65b9\u6703\u5728\u5132\u5099\u4e2d\u6301\u6709\u76f8\u61c9\u55ae\u4f4d\u7684\u6cd5\u5e63\uff08\u4e00\u7f8e\u5143\uff09\u6216\u7b49\u503c\u7684\u512a\u8cea\u6d41\u52d5\u6027\u8cc7\u7522\uff0c\u4f8b\u5982\u7f8e\u570b\u570b\u5eab\u5238\u3002 \u5176\u7a69\u5b9a\u6027\u7531\u73fe\u5be6\u4e16\u754c\u4e2d\u7684\u93c8\u4e0b\u8cc7\u7522\u63d0\u4f9b\u652f\u6490\u3002\u77e5\u540d\u4f8b\u5b50\u5305\u62ec USDC\uff08Circle\uff09\u3001USDT\uff08Tether\uff09\u548c EURC\u3002 \u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\uff08\u4ee3\u78bc\u9a45\u52d5\u6a21\u5f0f\uff09\uff1a\u9019\u985e\u7a69\u5b9a\u5e63\u64fa\u812b\u4e86\u50b3\u7d71\u7684\u62b5\u62bc\u6a21\u5f0f\u3002\u5b83\u5011\u4e26\u975e\u900f\u904e\u73fe\u91d1\u5132\u5099\u4f86\u7dad\u6301\u8207\u6cd5\u5e63\u7684\u639b\u9264\uff0c\u800c\u662f\u900f\u904e\u81ea\u52d5\u5316\u6f14\u7b97\u6cd5\u548c\u667a\u6167\u5408\u7d04\uff0c\u6839\u64da\u5e02\u5834\u9700\u6c42\u52d5\u614b\u8abf\u6574\u4ee3\u5e63\u4f9b\u61c9\u91cf\u3002\u82e5\u50f9\u683c\u8dcc\u7834 $1\uff0c\u7cfb\u7d71\u4fbf\u6703\u6536\u7e2e\u4f9b\u61c9\u91cf\uff08\u92b7\u6bc0\u4ee3\u5e63\uff09\u3002 \u82e5\u50f9\u683c\u9ad8\u65bc $1\uff0c\u5247\u64f4\u5927\u4f9b\u61c9\uff08\u9444\u9020\u65b0\u4ee3\u5e63\uff09\u3002\u5176\u300c\u80cc\u66f8\u300d\u6b63\u662f\u7a0b\u5f0f\u78bc\u672c\u8eab\u53ca\u5176\u6240\u5275\u9020\u7684\u7d93\u6fdf\u6fc0\u52f5\u6a5f\u5236\u3002\u4f8b\u5b50\u5305\u62ec Ampleforth (AMPL) \u4ee5\u53ca\u81ed\u540d\u662d\u8457\u3001\u73fe\u5df2\u505c\u7528\u7684 TerraUSD (UST)\u3002 \u5e55\u5f8c\u904b\u4f5c\uff1a\u5404\u6a5f\u5236\u7684\u904b\u4f5c\u539f\u7406 \u6cd5\u5e63\u64d4\u4fdd\u6a5f\u5236\uff1a\u900f\u660e\u5ea6\u8207\u8d16\u56de \u6cd5\u5e63\u64d4\u4fdd\u578b\u7a69\u5b9a\u5e63\u7684\u7a69\u5b9a\u6027\u5efa\u7acb\u5728\u5e7e\u500b\u76f8\u4e92\u95dc\u806f\u7684\u652f\u67f1\u4e4b\u4e0a\uff1a \u767c\u884c\u65b9\uff1a\u7531\u4e2d\u592e\u5316\u5be6\u9ad4\uff08\u5982 Circle \u6216 Tether\uff09\u8ca0\u8cac\u9444\u9020\u8207\u8d16\u56de\u4ee3\u5e63\u3002 \u5132\u5099\u91d1\uff1a\u8981\u4f7f\u7a69\u5b9a\u5e63\u88ab\u8996\u70ba\u5b8c\u5168\u6709\u64d4\u4fdd\uff0c\u5132\u5099\u91d1\uff08\u73fe\u91d1\uff0b\u73fe\u91d1\u7b49\u50f9\u7269\uff09\u7684\u50f9\u503c\u5fc5\u9808\u7b49\u65bc\u6216\u8d85\u904e\u6d41\u901a\u4e2d\u4ee3\u5e63\u7684\u7e3d\u5e02\u503c\u3002\u5b9a\u671f\u7684\u7b2c\u4e09\u65b9\u6838\u8b49\uff08\u4f8b\u5982\u56db\u5927\u6703\u8a08\u5e2b\u4e8b\u52d9\u6240\u7684\u6708\u5ea6\u5831\u544a\uff09\u5c0d\u65bc\u9a57\u8b49\u9019\u4e00\u9ede\u81f3\u95dc\u91cd\u8981\u3002 \u8d16\u56de\u6a5f\u5236\uff1a\u7d93\u6388\u6b0a\u7684\u4f7f\u7528\u8005\u53ef\u5c07\u5176\u4ee3\u5e63\u4ee5 1:1 \u7684\u6bd4\u4f8b\u8d16\u56de\u70ba\u57fa\u790e\u6cd5\u5e63\u3002 \u9019\u5f62\u6210\u4e86\u4e00\u500b\u5f37\u5927\u7684\u5957\u5229\u5faa\u74b0\uff1a\u82e5\u4ee3\u5e63\u5728\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u50f9\u683c\u70ba $0.99\uff0c\u4ea4\u6613\u8005\u53ef\u8cb7\u5165\u8a72\u4ee3\u5e63\uff0c\u518d\u5411\u767c\u884c\u65b9\u4ee5 $1.00 \u7684\u50f9\u683c\u8d16\u56de\uff0c\u4e26\u5c07\u5229\u6f64\u6536\u5165\u56ca\u4e2d\uff0c\u5f9e\u800c\u5c07\u5e02\u5834\u50f9\u683c\u63a8\u56de\u9328\u5b9a\u50f9\u4f4d\u3002 \u76e3\u7ba1\u8207\u5408\u898f\uff1a\u767c\u884c\u65b9\u65e5\u76ca\u53d7\u5230\u5982\u6b50\u76df\u300a\u52a0\u5bc6\u8cc7\u7522\u5e02\u5834\u6cd5\u6848\u300b\uff08MiCA\uff09\u7b49\u76e3\u7ba1\u6846\u67b6\u7684\u7d04\u675f\uff0c\u9019\u4e9b\u6cd5\u898f\u5c0d\u5132\u5099\u8cc7\u7522\u7684\u54c1\u8cea\u3001\u8a17\u7ba1\u53ca\u8cc7\u8a0a\u62ab\u9732\u8a2d\u6709\u56b4\u683c\u8981\u6c42\u3002\u300c\u5168\u984d\u64d4\u4fdd\u300d\u7684\u95dc\u9375\u6982\u5ff5\uff1a\u9019\u662f\u7dad\u6301\u4f4e\u98a8\u96aa\u7a69\u5b9a\u6027\u7684\u4e0d\u53ef\u59a5\u5354\u689d\u4ef6\u3002 \u82e5\u67d0\u7a69\u5b9a\u5e63\u7684\u5e02\u503c\u70ba $50 \u767e\u842c\uff0c\u4f46\u5132\u5099\u91d1\u50c5\u6709 $40 \u767e\u842c\uff0c\u5373\u5c6c\u62b5\u62bc\u4e0d\u8db3\u3002\u4e00\u65e6\u767c\u751f\u5371\u6a5f\uff0c\u50c5\u80fd\u8d16\u56de\u50f9\u503c $40 \u767e\u842c\u7684\u4ee3\u5e63\uff0c\u9019\u5c07\u5c0e\u81f4\u4fe1\u5fc3\u5d29\u6f70\uff0c\u9032\u800c\u4f7f\u91d8\u4f4f\u6a5f\u5236\u5931\u6548\u3002 \u6f14\u7b97\u6cd5\u5f15\u64ce\uff1a\u6fc0\u52f5\u6a5f\u5236\u8207\u53cd\u5c04\u6027 \u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u904b\u4f5c\u65bc\u4e0d\u540c\u7684\u5c64\u9762\uff0c\u901a\u5e38\u5c07\u53bb\u4e2d\u5fc3\u5316\u8996\u70ba\u9996\u8981\u76ee\u6a19\u3002\u5e38\u898b\u6a21\u578b\u5305\u62ec\uff1aRebase \u6a21\u578b\uff08\u4f8b\u5982 Ampleforth\uff09\uff1a\u60a8\u7684\u9322\u5305\u9918\u984d\u6703\u6ce2\u52d5\u3002\u82e5\u5354\u8b70\u9700\u8981\u589e\u52a0\u4f9b\u61c9\u91cf\u4ee5\u58d3\u4f4e\u50f9\u683c\uff0c\u4fbf\u6703\u5411\u6240\u6709\u6301\u6709\u8005\u767c\u653e\u66f4\u591a\u4ee3\u5e63\u3002 \u82e5\u8981\u6e1b\u5c11\u4f9b\u61c9\u91cf\uff0c\u5247\u6703\u5f9e\u6240\u6709\u9322\u5305\u4e2d\u6263\u9664\u4ee3\u5e63\u3002\u60a8\u6301\u6709\u7684\u4f9b\u61c9\u91cf\u6bd4\u4f8b\u4fdd\u6301\u4e0d\u8b8a\uff0c\u4f46\u5be6\u969b\u6301\u6709\u7684\u4ee3\u5e63\u6578\u91cf\u6703\u96a8\u4e4b\u8b8a\u5316\u3002\u9444\u5e63\u5229\u6f64\uff0f\u591a\u4ee3\u5e63\u6a21\u578b\uff08\u4f8b\u5982 Terra UST\uff09\uff1a\u6b64\u6a21\u578b\u63a1\u7528\u96d9\u4ee3\u5e63\u7cfb\u7d71\u3002 \u5176\u4e2d\u4e00\u7a2e\u662f\u7a69\u5b9a\u5e63\uff08UST\uff09\uff0c\u53e6\u4e00\u7a2e\u5247\u662f\u6ce2\u52d5\u6027\u8f03\u9ad8\u7684\u300c\u6cbb\u7406\u300d\u6216\u300c\u7de9\u885d\u300d\u4ee3\u5e63\uff08LUNA\uff09\u3002\u7576 UST \u50f9\u683c\u9ad8\u65bc $1 \u6642\uff0c\u4f7f\u7528\u8005\u53ef\u92b7\u6bc0\u50f9\u503c $1 \u7684 LUNA \u4f86\u9444\u9020 1 UST\uff0c\u5f9e\u800c\u5c0d UST \u9020\u6210\u8ce3\u58d3\u3002 \u7576 UST \u4f4e\u65bc $1 \u6642\uff0c\u4f7f\u7528\u8005\u53ef\u92b7\u6bc0 1 UST \u4f86\u9444\u9020 $1 \u50f9\u503c\u7684 LUNA\uff0c\u5f9e\u800c\u5c0d UST \u7522\u751f\u8cb7\u76e4\u58d3\u529b\u3002\u6ce2\u52d5\u6027\u4ee3\u5e63\uff08LUNA\uff09\u7684\u8a2d\u8a08\u76ee\u7684\u5728\u65bc\u5438\u6536\u50f9\u683c\u6ce2\u52d5\u3002 \u98a8\u96aa\u5206\u6790\uff1a\u4e26\u5217\u6bd4\u8f03 \u98a8\u96aa\u985e\u5225 \u6cd5\u5e63\u64d4\u4fdd\u7a69\u5b9a\u5e63 \u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63 \u4e3b\u8981\u98a8\u96aa \u4ea4\u6613\u5c0d\u624b\u65b9\u8207\u8a17\u7ba1\u98a8\u96aa\u3002\u60a8\u5fc5\u9808\u4fe1\u4efb\u767c\u884c\u65b9\u80fd\u8aa0\u5be6\u6301\u6709\u4e26\u7ba1\u7406\u5132\u5099\u91d1\uff0c\u4e26\u5c65\u884c\u8d16\u56de\u7fa9\u52d9\u3002 \u5132\u5099\u7684\u54c1\u8cea\u3001\u6d41\u52d5\u6027\u53ca\u9694\u96e2\u4fdd\u7ba1\u81f3\u95dc\u91cd\u8981\u3002\u6a21\u578b\u8207\u53cd\u5c04\u6027\u98a8\u96aa\u3002\u7a69\u5b9a\u6a5f\u5236\u672c\u8eab\u53ef\u80fd\u5931\u6548\u3002\u8a72\u7cfb\u7d71\u5bb9\u6613\u9677\u5165\u300c\u6b7b\u4ea1\u87ba\u65cb\u300d\u2014\u2014\u7576\u5e02\u5834\u4fe1\u5fc3\u55aa\u5931\u5c0e\u81f4\u62cb\u552e\u6642\uff0c\u6703\u89f8\u767c\u6f14\u7b97\u6cd5\u6536\u7e2e\uff0c\u9032\u800c\u52a0\u5287\u6050\u614c\u3002 \u50f9\u683c\u7a69\u5b9a\u7d00\u9304 \u5f37\u52c1\u3002USDC \u548c USDT \u7b49\u4e3b\u8981\u7a69\u5b9a\u5e63\u5728\u6975\u7aef\u5e02\u5834\u9031\u671f\u4e2d\u5747\u7dad\u6301\u4e86\u8207\u7f8e\u5143\u7684\u639b\u9264\uff0c\u50c5\u51fa\u73fe\u904e\u77ed\u66ab\u4e14\u53ef\u6062\u5fa9\u7684\u504f\u96e2\uff08\u4f8b\u5982\uff0cUSDC \u5728 SVB \u9280\u884c\u5012\u9589\u671f\u9593\u7684\u812b\u9264\u554f\u984c\u5728\u6578\u65e5\u5167\u5373\u7372\u89e3\u6c7a\uff09\u3002 \u8868\u73fe\u4e0d\u4f73\u3002\u6b77\u53f2\u4e0a\u66fe\u767c\u751f\u591a\u8d77\u5099\u53d7\u77da\u76ee\u7684\u5931\u6557\u6848\u4f8b\u3002UST \u5f9e $1 \u66b4\u8dcc\u81f3\u50c5\u503c\u5e7e\u7f8e\u5206\uff0c\u4fbf\u662f\u6700\u56b4\u91cd\u7684\u4f8b\u5b50\uff0c\u9019\u986f\u793a\u51fa\u5927\u898f\u6a21\u904b\u4f5c\u4e0b\uff0c\u7121\u62b5\u62bc\u6216\u62b5\u62bc\u4e0d\u8db3\u7684\u6f14\u7b97\u6cd5\u6a21\u578b\u6975\u70ba\u8106\u5f31\u3002\u900f\u660e\u5ea6\u9ad8\uff08\u8996\u767c\u884c\u6a5f\u69cb\u800c\u5b9a\uff09\u3002 Circle \u7b49\u9818\u8ecd\u4f01\u696d\u6703\u983b\u7e41\u63d0\u4f9b\u8a73\u7d30\u7684\u5132\u5099\u8b49\u660e\u3002\u76e3\u7ba1\u6846\u67b6\u6b63\u8feb\u4f7f\u696d\u754c\u5168\u9762\u63d0\u9ad8\u900f\u660e\u5ea6\u3002\u4f4e\u81f3\u4e2d\u7b49\u3002\u5118\u7ba1\u7a0b\u5f0f\u78bc\u662f\u516c\u958b\u7684\uff0c\u4f46\u8907\u96dc\u7684\u7d93\u6fdf\u4e92\u52d5\u4ee5\u53ca\u5c0d\u5e02\u5834\u884c\u70ba\u7684\u4f9d\u8cf4\uff0c\u6bd4\u7c21\u55ae\u7684\u9280\u884c\u9918\u984d\u66f4\u96e3\u5be9\u8a08\u548c\u9810\u6e2c\u3002 \u53bb\u4e2d\u5fc3\u5316 \u4f4e\u3002\u4f9d\u8cf4\u4e2d\u592e\u767c\u884c\u6a5f\u69cb\uff0c\u4f7f\u5176\u5bb9\u6613\u53d7\u5230\u76e3\u7ba1\u884c\u52d5\u548c\u5be9\u67e5\u7684\u5f71\u97ff\u3002\u9ad8\u3002\u9019\u662f\u6838\u5fc3\u50f9\u503c\u4e3b\u5f35\u3002\u900f\u904e\u53bb\u4e2d\u5fc3\u5316\u7684\u667a\u6167\u5408\u7d04\u904b\u4f5c\uff0c\u65e8\u5728\u5be6\u73fe\u6297\u5be9\u67e5\u6027\u3002\u76e3\u7ba1\u72c0\u6cc1 \u65e5\u8da8\u660e\u6717\u3002MiCA \u7b49\u6846\u67b6\u63d0\u4f9b\u4e86\u5408\u898f\u9014\u5f91\uff0c\u5c07\u5176\u8996\u540c\u96fb\u5b50\u8ca8\u5e63\u5c0d\u5f85\u3002 \u7f8e\u570b\u64ec\u8b70\u7684\u6cd5\u5f8b\uff08GENIUS \u6cd5\u6848\uff09\u65e8\u5728\u5efa\u7acb\u806f\u90a6\u8a31\u53ef\u5236\u5ea6\u3002\u9ad8\u5ea6\u4e0d\u78ba\u5b9a\u4e14\u554f\u984c\u91cd\u91cd\u3002MiCA \u7b49\u6cd5\u898f\u662f\u91dd\u5c0d\u8cc7\u7522\u80cc\u66f8\u578b\u4ee3\u5e63\u8a2d\u8a08\u7684\u3002\u7d14\u6f14\u7b97\u6cd5\u578b\u7a69\u5b9a\u5e63\u5f88\u53ef\u80fd\u7121\u6cd5\u7b26\u5408\u9019\u4e9b\u6a19\u6e96\uff0c\u5728\u652f\u4ed8\u7528\u9014\u4e0a\u5c07\u9762\u81e8\u9650\u5236\u6216\u7981\u4ee4\u3002\u5c0d\u4f7f\u7528\u8005\u7684\u8907\u96dc\u5ea6 \u4f4e\u3002\u529f\u80fd\u985e\u4f3c\u6578\u4f4d\u7f8e\u5143\uff1b\u5bb9\u6613\u7406\u89e3\u3002 \u6975\u9ad8\u3002\u9700\u7406\u89e3\u4ee3\u5e63\u7d93\u6fdf\u5b78\u3001\u91cd\u7f6e\u6a5f\u5236\u53ca\u591a\u4ee3\u5e63\u7cfb\u7d71\u3002UST \u6848\u4f8b\u7814\u7a76\uff1a\u7576\u6f14\u7b97\u6cd5\u5931\u9748\u6642 TerraUSD \u7684\u5d29\u76e4\u662f\u95dc\u65bc\u6f14\u7b97\u6cd5\u98a8\u96aa\u7684\u6c7a\u5b9a\u6027\u6559\u8a13\u3002 UST \u66fe\u662f\u524d\u4e94\u5927\u7a69\u5b9a\u5e63\u4e4b\u4e00\uff0c\u63a1\u7528\u8207 LUNA \u7d50\u5408\u7684\u96d9\u4ee3\u5e63\u6a21\u578b\u30022022 \u5e74 5 \u6708\uff0c\u5728\u6574\u9ad4\u5e02\u5834\u4e0b\u884c\u4e4b\u969b\uff0cAnchor \u5354\u8b70\uff08\u8a72\u5354\u8b70\u63d0\u4f9b\u7121\u6cd5\u6301\u7e8c\u7684 UST \u6536\u76ca\u7387\uff09\u906d\u9047\u5927\u898f\u6a21\u3001\u6709\u7d44\u7e54\u7684\u63d0\u73fe\uff0c\u5f15\u767c\u4e86\u5de8\u5927\u7684\u62cb\u552e\u58d3\u529b\u3002 \u539f\u672c\u7b97\u6cd5\u6a5f\u5236\u61c9\u80fd\u900f\u904e\u5957\u5229\u5c07\u532f\u7387\u62c9\u56de\u9328\u5b9a\u6c34\u5e73\uff1a\u7576 UST \u8dcc\u7834 $1 \u6642\uff0c\u7528\u6236\u53ef\u71c3\u71d2 UST \u4ee5\u9444\u9020\u5ec9\u50f9\u7684 LUNA\u3002\u7136\u800c\uff0c\u6b64\u8209\u5c0e\u81f4\u5e02\u5834\u6e67\u5165\u5927\u91cf LUNA\uff0c\u4f7f\u5176\u50f9\u683c\u66b4\u8dcc\u3002 \u96a8\u8457 LUNA \u66b4\u8dcc\uff0c\u8a72\u6a5f\u5236\u5fb9\u5e95\u5931\u9748\u2014\u2014\u71c3\u71d2 UST \u4f86\u9444\u9020\u5e7e\u4e4e\u4e00\u6587\u4e0d\u503c\u7684 LUNA \u5df2\u4e0d\u518d\u6709\u5229\u53ef\u5716\u3002\u6b7b\u4ea1\u87ba\u65cb\u52a0\u901f\u52a0\u5287\uff1a\u66f4\u591a UST \u62cb\u552e \u2192 \u66f4\u591a LUNA \u9444\u9020 \u2192 LUNA \u50f9\u683c\u5d29\u76e4 \u2192 \u4fe1\u5fc3\u5fb9\u5e95\u55aa\u5931\u3002 \u77ed\u77ed\u6578\u65e5\u5167\uff0cUST \u4fbf\u4e0d\u53ef\u9006\u8f49\u5730\u812b\u9264\uff0c\u6467\u6bc0\u4e86\u6574\u500b Terra \u751f\u614b\u7cfb\u7d71\u3002\u9019\u8b49\u660e\u4e86\u6f14\u7b97\u6cd5\u8207\u6fc0\u52f5\u6a5f\u5236\u8a2d\u8a08\uff0c\u6839\u672c\u7121\u6cd5\u62b5\u79a6\u7531\u6050\u614c\u9a45\u52d5\u7684\u5927\u898f\u6a21\u64e0\u514c\u3002\u76e3\u7ba1\u6d6a\u6f6e\u76e3\u7ba1\u683c\u5c40\u6b63\u9010\u6f38\u660e\u6717\uff0c\u4e14\u660e\u986f\u504f\u5411\u6cd5\u5b9a\u8ca8\u5e63\u64d4\u4fdd\u7684\u6a21\u5f0f\uff1a\u6b50\u76df\u7684\u300a\u52a0\u5bc6\u8cc7\u7522\u5e02\u5834\u6cd5\u6848\u300b\uff08MiCA\uff09\uff1a \u91dd\u5c0d\u300c\u8cc7\u7522\u53c3\u8003\u4ee3\u5e63\u300d\uff08ARTs\uff09\u8207\u300c\u96fb\u5b50\u8ca8\u5e63\u4ee3\u5e63\u300d\uff08EMTs\uff09\u5efa\u7acb\u5168\u9762\u76e3\u7ba1\u6846\u67b6\uff0c\u5f37\u5236\u8981\u6c42\u56b4\u683c\u7684\u5132\u5099\u91d1\u652f\u6301\u3001\u8a17\u7ba1\u53ca\u767c\u884c\u8005\u57f7\u7167\u3002\u7f3a\u4e4f\u9069\u7576\u80cc\u66f8\u7684\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u4e0d\u7b26\u5408\u6b64\u898f\u7bc4\u3002 \u7f8e\u570b\u7acb\u6cd5\u63d0\u6848\uff1a\u300aGENIUS \u6cd5\u6848\u300b\u65e8\u5728\u5c07\u7a69\u5b9a\u5e63\u767c\u884c\u65b9\u7d0d\u5165\u806f\u90a6\u76e3\u7ba1\u7bc4\u570d\uff0c\u4e26\u660e\u78ba\u9650\u5236\u5c07\u7121\u64d4\u4fdd\u7684\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u7528\u65bc\u652f\u4ed8\u3002 \u82f1\u570b\u8207\u4e9e\u6d32\uff1a\u63a1\u53d6\u985e\u4f3c\u8def\u7dda\uff0c\u76e3\u7ba1\u6a5f\u69cb\u5f37\u8abf\u5132\u5099\u54c1\u8cea\u3001\u900f\u660e\u5ea6\u53ca\u6d88\u8cbb\u8005\u4fdd\u8b77\u2014\u2014\u9019\u4e9b\u6a19\u6e96\u672c\u5c31\u70ba\u7ba1\u7406\u5b8c\u5584\u7684\u6cd5\u5e63\u64d4\u4fdd\u7a69\u5b9a\u5e63\u6240\u5929\u7136\u6eff\u8db3\u3002\u9019\u6ce2\u76e3\u7ba1\u63a8\u52d5\u4e0d\u50c5\u95dc\u4e4e\u7ba1\u63a7\uff1b\u66f4\u5728\u65bc\u5c07\u6578\u4f4d\u8cc7\u7522\u5b89\u5168\u5730\u6574\u5408\u81f3\u5168\u7403\u91d1\u878d\u9ad4\u7cfb\u4e2d\uff0c\u800c\u900f\u660e\u4e14\u7531\u8cc7\u7522\u64d4\u4fdd\u7684\u4ee3\u5e63\u6b63\u662f\u52dd\u4efb\u6b64\u89d2\u8272\u7684\u4e0d\u4e8c\u4e4b\u9078\u3002 \u9078\u64c7\u60a8\u7684\u7a69\u5b9a\u5e63\uff1a\u7528\u9014\u6307\u5357 \u60a8\u7684\u9078\u64c7\u61c9\u8207\u4e3b\u8981\u76ee\u6a19\u53ca\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u76f8\u7b26\uff1a\u82e5\u60a8\u512a\u5148\u8003\u91cf\u8cc7\u672c\u4fdd\u5168\u8207\u53ef\u9810\u6e2c\u6027\uff0c\u8acb\u9078\u64c7\u6cd5\u5b9a\u8ca8\u5e63\u64d4\u4fdd\u7684\u7a69\u5b9a\u5e63\uff08\u5982 USDC \u6216 EURC\uff09\u3002 \u60a8\u9700\u8981\u6578\u4f4d\u7f8e\u5143\u7528\u65bc\u652f\u4ed8\u3001\u5132\u84c4\uff0c\u6216\u4f5c\u70ba\u52a0\u5bc6\u8ca8\u5e63\u6ce2\u52d5\u4e2d\u7684\u907f\u98a8\u6e2f\u3002\u60a8\u5f9e\u4e8b B2B \u652f\u4ed8\u3001\u8cc7\u91d1\u7ba1\u7406\u6216\u8de8\u5883\u532f\u6b3e\uff0c\u800c\u7d50\u7b97\u6700\u7d42\u6027\u8207\u4f4e\u6ce2\u52d5\u6027\u81f3\u95dc\u91cd\u8981\u3002\u60a8\u91cd\u8996\u5408\u898f\u6027\u8207\u900f\u660e\u5ea6\uff0c\u4e26\u50be\u5411\u4fe1\u4efb\u7d93\u5be9\u8a08\u7684\u6a5f\u69cb\uff0c\u800c\u975e\u5be6\u9a57\u6027\u7a0b\u5f0f\u78bc\u3002 \u60a8\u662f\u6b63\u5728\u6574\u5408\u52a0\u5bc6\u8ca8\u5e63\u652f\u4ed8\u901a\u9053\u7684\u50b3\u7d71\u6a5f\u69cb\u6216\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u4e26\u9700\u8981\u4f01\u696d\u7d1a\u3001\u5177\u5099\u98a8\u96aa\u7ba1\u7406\u529f\u80fd\u7684\u89e3\u6c7a\u65b9\u6848\u3002\u82e5\u7b26\u5408\u4ee5\u4e0b\u60c5\u6cc1\uff0c\u60a8\u53ef\u80fd\u6703\u5c0d\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u611f\u8208\u8da3\uff08\u4f46\u9808\u6975\u5ea6\u8b39\u614e\uff09\uff1a\u53bb\u4e2d\u5fc3\u5316\u8207\u6297\u5be9\u67e5\u6027\u662f\u60a8\u51cc\u99d5\u65bc\u7a69\u5b9a\u6027\u4e4b\u4e0a\u7684\u7d55\u5c0d\u6700\u9ad8\u50f9\u503c\u3002 \u60a8\u6df1\u5ea6\u53c3\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u5be6\u9a57\uff0c\u4e26\u4e86\u89e3\u5982\u4f55\u8207\u8907\u96dc\u7684\u667a\u6167\u5408\u7d04\u7cfb\u7d71\u4e92\u52d5\u3002\u60a8\u5177\u5099\u6975\u9ad8\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c\u4e14\u5c07\u81ea\u8eab\u7684\u53c3\u8207\u8996\u70ba\u5c0d\u4e00\u7a2e\u5275\u65b0\uff08\u5118\u7ba1\u5c1a\u672a\u7d93\u8b49\u5be6\uff09\u7d93\u6fdf\u6a21\u5f0f\u7684\u652f\u6301\u3002 \u7d50\u8ad6\uff1a\u4fe1\u4efb\u7d55\u975e\u53ef\u6709\u53ef\u7121\u57fa\u672c\u4e8b\u5be6\u662f\uff0c\u6240\u6709\u7a69\u5b9a\u5e63\u90fd\u96e2\u4e0d\u958b\u4fe1\u4efb\u3002\u5728\u6cd5\u5e63\u64d4\u4fdd\u6a21\u5f0f\u4e0b\uff0c\u60a8\u4fe1\u4efb\u7684\u662f\u53d7\u76e3\u7ba1\u7684\u5be6\u9ad4\u53ca\u5176\u5be9\u8a08\u6a5f\u69cb\uff1b\u5728\u6f14\u7b97\u6cd5\u6a21\u5f0f\u4e0b\uff0c\u60a8\u4fe1\u4efb\u7684\u662f\u667a\u6167\u5408\u7d04\u4e0d\u53ef\u8b8a\u66f4\u7684\u908f\u8f2f\uff0c\u4ee5\u53ca\u5e02\u5834\u53c3\u8207\u8005\u5728\u5371\u6a5f\u4e2d\u7684\u7406\u6027\u884c\u70ba\u3002 \u5e02\u5834\u5df2\u900f\u904e\u8cc7\u672c\u6295\u7968\u8868\u9054\u7acb\u5834\uff1a\u7a69\u5b9a\u5e63\u7e3d\u5e02\u503c\u4e2d\uff0c\u8d85\u904e 90% \u5c6c\u65bc\u6cd5\u5e63\u64d4\u4fdd\u578b\u3002\u5118\u7ba1\u6f14\u7b97\u6cd5\u6a21\u578b\u4ee3\u8868\u4e86\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u4e2d\u4ee4\u4eba\u8457\u8ff7\u7684\u65b0\u9818\u57df\uff0c\u4f46\u5176\u5728\u5927\u898f\u6a21\u904b\u4f5c\u4e0b\u7684\u8868\u73fe\u537b\u986f\u5f97\u8106\u5f31\u3002 \u5c0d\u65bc\u7d55\u5927\u591a\u6578\u4f7f\u7528\u8005\u2014\u2014\u5f9e\u9032\u884c\u532f\u6b3e\u7684\u500b\u4eba\u5230\u7ba1\u7406\u8cc7\u91d1\u7684\u300a\u8ca1\u661f\u300b500 \u5f37\u4f01\u696d\u2014\u2014\u9818\u5148\u7684\u6cd5\u5e63\u64d4\u4fdd\u7a69\u5b9a\u5e63\u6240\u5c55\u73fe\u7684\u7d93\u5be6\u8b49\u7684\u7a69\u5b9a\u6027\u3001\u65e5\u76ca\u6e05\u6670\u7684\u76e3\u7ba1\u6846\u67b6\u4ee5\u53ca\u900f\u660e\u7684\u904b\u4f5c\u6a21\u5f0f\uff0c\u6b63\u662f serious\u3001risk-aware \u63a1\u7528\u8005\u552f\u4e00\u53ef\u884c\u7684\u9014\u5f91\u3002 \u96a8\u8457\u6578\u4f4d\u8cc7\u7522\u751f\u614b\u7cfb\u7d71\u65e5\u8da8\u6210\u719f\uff0c\u6f14\u7b97\u6cd5\u578b\u8207\u6cd5\u5e63\u64d4\u4fdd\u578b\u7a69\u5b9a\u5e63\u4e4b\u9593\u7684\u4e8c\u5206\u5c0d\u7acb\uff0c\u5c07\u6301\u7e8c\u5b9a\u7fa9\u98a8\u96aa\u683c\u5c40\u3002\u8acb\u660e\u667a\u6289\u64c7\uff0c\u56e0\u70ba\u5728\u8ffd\u6c42\u7a69\u5b9a\u7684\u904e\u7a0b\u4e2d\uff0c\u4fe1\u8cf4\u7684\u4f86\u6e90\u6bd4\u4efb\u4f55\u4e8b\u7269\u90fd\u66f4\u70ba\u91cd\u8981\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>Algorithmic vs. Fiat-Backed Stablecoins: The Ultimate Risk Guide for 2025 The stablecoin market has exploded, surpassing $232 billion in circulation and facilitating over $27.6 trillion in annual transaction volume. These digital assets, designed to maintain a stable value, have become the indispensable glue holding the crypto universe together. They power everything from instant cross-border payments [&hellip;]<\/p>","protected":false},"author":1,"featured_media":4253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-4254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/4254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=4254"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/4254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/4253"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=4254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=4254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=4254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}