Stablecoins tab tom nkag mus rau lub sijhawm muaj kev tsis txaus ntseeg zoo tom qab US Securities thiab Exchange Commission sau npe BUSD ib qho "kev ruaj ntseg tsis tau sau npe" thiab xaj Paxos kom tsis txhob minting cov tokens tshiab.
Puas yog cov kev txav no taw qhia kev ua tsov rog dav dua los ntawm Asmeskas cov tswj hwm ntawm cov npib ruaj khov? SEC puas tuaj yeem tshaj tawm tag nrho cov txiaj ntsig ruaj khov, lossis BUSD yog qhov tshwj xeeb?
Independent crypto reporter Amy Castor, uas tau npog cryptocurrencies txij li thaum 2016, ntseeg hais tias BUSD kev tawg yog tsom squarely ntawm lub ntiaj teb coob crypto pauv, Binance:
"Kev mus tom qab Paxos-tso tawm BUSD yog ib feem ntawm kev ua txhaum ntau dua ntawm crypto. Lawv tab tom mus tom qab jugular, thiab lawv npaj yuav txiav cov ntshav. "
Nws hais ntxiv, "Lawv xav tua BUSD vim tias BUSD tseem ceeb rau Binance, uas yog qhov loj tshaj plaws offshore crypto twv txiaj yuam pov. Binance pib-hloov txhua txhua US duas thiab nyiaj ruaj khov rau BUSD (tus pegged version). Tam sim no lawv yuav tau nrhiav lwm yam los pib hloov mus rau… tej zaum Tether. Yog li, tej zaum cov tub ceev xwm yuav tsom Tether tom ntej, qee yam uas tau ntev los lawm. "
Txawm hais tias ua ntej cov kev cai no txav mus rau BUSD, ntau qhov ntsuas tau pom tias muaj kev txhiv dim loj ntawm cov nyiaj npib ruaj khov thaum lub Cuaj Hlis 2022 thiab Lub Ob Hlis 2023. Lub txhab nyiaj puas tuaj yeem khiav ntawm kev txhiv dim ua rau muaj qhov tseem ceeb ruaj khov depegging qhov xwm txheej? Qee tus xav li ntawd, taw qhia rau cov nyiaj ntsuab khaws cia los ntawm cov nyiaj khaws cia ruaj khov, qhov xav tau rau kev txheeb xyuas thib peb, thiab kev sib raug zoo ntawm cov nyiaj ruaj khov thiab US Treasury.
Yog li, ruaj khov npaum li cas?
Hom stabilitycoins
Ib qho nyiaj ruaj khov tsuas yog ib qho token pegged rau tus nqi ntawm cov cuab yeej cuab tam, ib qho algorithm lossis fiat txiaj. Lawv tau nrov heev li de facto ua hauj lwm peev rau cov tub luam los yog raws li ib tug muaj kev ruaj ntseg haven rau nyiaj ntsuab tawm, nrog rau tag nrho cov nqi txiav txim siv stabilitycoins xyoo tas los. ntaus $ 7 trillion - uas yog ntau tshaj Mastercard.
Raws li lub Ob Hlis 10, peb qhov loj duas-daim ntawv teev npe fiat-collateralized stabilitycoins (USDT, USDC thiab BUSD) sawv cev yuav luag 12% ntawm tag nrho cov crypto lag luam cap thiab account rau 91.58% ntawm tag nrho cov khoom ruaj khov.
Muab hais tias US duas yog lub ntiaj teb no cia txiaj, stabilitycoins gravitate rau nws raws li ib tug peg, tab sis muaj lwm yam pawg. Asset-collateralized stabilitycoins siv cov khoom muaj nqis tiag tiag, xws li kub, rau cov khoom lag luam kom tswj hwm tus nqi ruaj khov, zoo li Paxos 'PAXG.
Stablecoins collateralized los ntawm pob tawb ntawm cryptocurrencies yog rov qab los ntawm lwm yam cryptocurrencies thiab stabilitycoins, uas tej zaum lawv tus kheej yog cov cuab tam-collateralized los yog fiat-collateralized. MakerDAO's Dai tau tsim cov qauv no. Dai yog ib qho algo-stablecoin txhawb nqa los ntawm ntau lwm cov nyiaj ruaj khov, Ether thiab qhwv Bitcoin.
Feem ntau muaj teeb meem, algorithmic stabilitycoins ua ke ib tug decentralized minting mechanism nrog economic incentives tswj lawv peg mus rau lub hom phiaj tus nqi, feem ntau yog tus duas. Cov txheej txheem tsis siv neeg - hauv kev xav - khaws lawv cov nqi ze rau lub hom phiaj ntawd. Kom meej meej tseem sim, nqe peg algorithms cia cov tub luam mint thiab hlawv npib raws li xav tau los tswj lawv tus nqi.
Thaum lub Tsib Hlis 2022, Terra's algorithmic stabilitycoin, UST, nto moo depegged vim nws lub voj voog nyob ruaj khov. Ntau lub hnab nyiaj siv qhov tsis zoo hauv Terra ecosystem thiab nws cov txheej txheem ua haujlwm. UST stabilitycoin - thiab nws cov khoom pov thawj token, LUNA - tawg, rub lub khw mus rau lwm lub caij ntuj no.
Cov xov xwm phem yog tias fiat-collateralized stabilitycoins tuaj yeem depeg hauv lub txhab nyiaj khiav.
Depegging thiab nyiaj ntsuab reserves
Stablecoins txav nce thiab nqis nrog lawv cov nyiaj duas pegs tas li, nyob rau hauv ib qho kev npaj ua ntej ntawm kev txav mus los. Ib qho me me ntawm qhov hloov pauv yog qhov qub, tab sis qhov tseem ceeb txav mus rau lub sijhawm ntev ua rau muaj kev txhawj xeeb depegging.
Sinclair Davidson, tus kws tshawb fawb nyiaj txiag ntawm RMIT University hais tias "Qhov teeb meem tiag tiag yog qhov tseeb ntawm nws tus kheej," said Sinclair Davidson. "Tsim ib qho kev hloov pauv nyiaj txiag ruaj khov yog sim thiab sim. Lub teb chaws-xeev tau ua tsis tiav, thiab tam sim no, kev lag luam ntiag tug tab tom sim ua ib yam. Yuav luag txhua qhov kev sib pauv pegged hauv tib neeg keeb kwm tau raug kev tawm tsam. "
Lub txhab nyiaj khiav yog ib qho kev ua tiav ntawm tus kheej, raws li cov neeg siv khoom sib tw kom thim cov nyiaj hauv kev ntshai ua ntej lwm tus tuav lawv rau nws. Stablecoins tuaj yeem depeg thiab muaj feem cuam tshuam ntawm kev kub ceev, raws li lawv tau muag ntawm ntau pua crypto pauv thiab pauv 24/7.
Qee qhov kev lav phib xaub yog cov kua dej tsawg dua, thiab cov txiaj ntsig ntawm cov khoom lag luam uas tau teev tseg tuaj yeem hloov pauv raws li tus nqi ntawm cov cuab yeej cuab tam thiab cov nqi hloov pauv mus rau nyiaj ntsuab. Txawm tias USDT, USDC thiab BUSD ntsib cov kev pheej hmoo uas nyuaj rau cov neeg ua lag luam crypto seasoned pom.
Piv txwv li, USDT cov ntaub ntawv pov thawj suav nrog cov nyiaj qiv nyiaj ruaj ntseg (8.7%) thiab lwm yam kev nqis peev (4%), nrog rau cov ntaub ntawv tsis paub txog lawv cov lus qhia txog kev loj hlob lossis kev ruaj ntseg hauv qab. USDT kuj npe Cov tuam txhab cov ntawv cog lus thiab cov hlau muaj txiaj ntsig (5.1%) hauv nws cov ntaub ntawv txheeb xyuas.
USDT tsab ntawv tshaj tawm hnub tim Lub Kaum Ob Hlis 2022 qhia tsuas yog 58.5% ntawm cov nyiaj ntsuab khaws tseg hauv US Treasurys, nrog rau hnub nyoog nruab nrab ntawm tsawg dua 60 hnub. Los ntawm kev sib piv, USDC thiab BUSD muaj 100% ntawm lawv cov khoom pov thawj nrog US Treasury Department ua cov ntawv cog lus thiab tseem muaj cov nyiaj ntsuab deposits.
Yog li, raws li fiat-collateralized stabilitycoins loj hlob nyob rau hauv kev ua lag luam cap, thib peb-tog soj ntsuam xyuas "cov ntaub ntawv pov thawj ntawm collateral" yuav dhau los ua ib feem tseem ceeb ntawm kev lag luam. Lawv twb yog ib qho teeb meem tseem ceeb txij li thaum FTX lub cev qhuav dej thiab rau DAO cov khoom muaj nqis, uas nws cov tokens yuav muaj kev kub ntxhov. Yog li, bank khiav depeg yog plausible.
Nyeem kuj
Kev txhiv dim tsis ntev los no depeg hem
Whale Alert - blockchain analytics system qhia txog kev kub nyhiab thiab mints rau USDT, USDC thiab BUSD - cov ntaub ntawv sau tseg tias txij li xyoo 2022 txog thaum ntxov 2023, muaj qhov nce ntxiv hauv kev txhiv nyiaj ruaj khov, feem ntau hauv BUSD.
Lub lag luam poob qis ntawm cov nyiaj npib ruaj khov no lees paub qhov no. Txij li thaum lawv cov khoom siv txhua lub sijhawm tau nce siab nyob rau lub Kaum Ib Hlis 2022 txog Lub Ob Hlis 10, 2023, kev sib koom ua ke $ 9.8 billion - lossis 7.23% ntawm cov nyiaj npib ruaj khov - tau txhiv thiab tawm hauv kev lag luam crypto. Ua ntej Lub Ob Hlis 13's SEC kev ua, BUSD twb sawv cev ntau dua 31% ntawm kev txhiv dim.
Crypto cov tub ua lag luam tej zaum yuav tsis tau pom qhov txo qis hauv cov nyiaj ruaj khov hauv kev lag luam crypto. Stablecoins poob qis los ntawm 16.5% kev ua lag luam cap mus rau 12.9% nyob rau peb lub hlis dhau los, tshem tawm yuav luag $ 10 nphom ntawm cov nyiaj tau los ntawm kev ua lag luam.
Kev txhiv loj loj tau txhais tau tias txo cov kua dej kom ruaj khov. Cov fiat-collateralized lossis Treasury-collateralized stabilitycoins yuav ntxhov siab-kuaj cov nyiaj ntsuab tam sim no ntawm tes (qhov 20% ntau nyob rau hauv rooj plaub ntawm USDC, 6% rau BUSD, thiab tsis paub piv rau USDT).
Yog li, "fiat-collateralized" tej zaum yuav yog ib tug misnomer, raws li mus txog 80% ntawm cov nyiaj tshuav nyiaj li cas yog tuav nyob rau hauv 30-hnub tas-saturity Treasury bills, nrog tsuas yog 20% tuav nyob rau hauv cov nyiaj ntsuab deposits.
Stablecoins zoo li yuav nyob ruaj khov thaum muaj kev lag luam poob. Txawm li cas los xij, kev thim nyiaj ntau ntawm cov nyiaj ruaj khov ntawm kev sib pauv hauv nruab nrab rau cov hnab nyiaj saib xyuas tus kheej lossis hauv fiat yuav ua rau qeeb. CEXs, fiat on- thiab off-ramps, tej zaum yuav tsis muaj cov nyiaj ruaj khov txaus kom tau raws li kev rho tawm, lossis qhov ntim ntawm cov nyiaj txhiv ruaj khov yuav loj dua li cov nyiaj ntsuab ntawm tes rau kev txhiv tam sim.
Cov piv txwv tom kawg yog untested tab sis ua tau. Thaum Lub Kaum Ob Hlis 13, 2022, Binance tau ncua ntau dua $ 1.6 nphom hauv USDC rho tawm, vim tias kev sib pauv tsis muaj USDC ntawm tes los pab nyiaj hais tias tshem tawm.
Qhov ncua sij hawm yog nyob ib ncig ntawm yim teev, tab sis cov kev txhiv dim qeeb no muaj peev xwm ua rau ib ntus depeg ib qho nyiaj ruaj khov.
Tau qhov twg los: https://cointelegraph.com/magazine/unstable-coins-de-pegging-bank-runs-other-risks-2023/