What are Stablecoins?

稳定币是一种被编程用来锚定其他资产价值的加密货币，如政府货币或黄金。

许多投资者被稳定币所吸引，，因为它们提供了加密货币的效率性和透明度，同时还缓解了这些资产有时会出现的极端波动。  

然而，交易者和投资者应注意，并非所有稳定币都是平等的。 

截至2020年，主要有两大类稳定币，法币抵押型稳定币和加密抵押型稳定币，两类型稳定币都可在Kraken等交易平台找到。 

不过，稳定币种类繁多。据统计目前有超过 By some counts, there are over 200个活跃的稳定币项目， 它处理的 交易量甚至超过了Paypal的移动点对点支付平台Venmo。

不知道从哪里开始了解这个加密资产类别？下面我们将解释稳定币是如何运作的，以及为什么稳定币可能是添加到您加密资产组合中的一个具有吸引力的加密资产。

All stablecoins seek to mimic the price of another asset, but they don’t all accomplish this in the same way. This means that some stablecoins may be riskier than others and more prone to the price fluctuations they claim to provide safety from. 

Cash-Collateralized Stablecoins

Cash-collateralized stablecoins are cryptocurrencies backed 1-to-1 by an underlying government currency (like USD or EUR) stored in a traditional financial institution.  

This type of stablecoin was first introduced in 2014 when startup Tether Limited released USDT, a dollar-backed cryptocurrency designed to trade 24/7 on the global crypto market. As of 2020, Tether remains the most widely used stablecoin around the world.

Like USDT, cash-collateralized stablecoins are generally managed by a central operator, who tracks their circulation and allows users to mint and redeem tokens in their custody. 

In some cases, these reserves are even regularly audited to ensure that the amount of tokens traded is equal to the reserves held by the firm.

Examples of cash-collateralized stablecoins include USDT and USDC (pegged to the USD).

Crypto-Collateralized 

Crypto-collateralized stablecoins are collateralized by one or more cryptocurrencies.

These assets generally lack a central administrator, and instead rely on an open software to enable borrowers to lock crypto assets (thus collateralizing them) and generate new stablecoins in the form of loans.

To account for the volatility of the underlying cryptocurrency, these stablecoins are often over collateralized, meaning that the deposit amount required is typically a higher percentage than the value of the stablecoin. 

If borrowers wish to redeem their locked cryptocurrencies, they have to return the stablecoins to the protocol and pay a fee. 

Due to their design, the stablecoin supply cannot be altered by anyone in the network. Instead, contracts are programmed to respond to changes in the market price of the locked assets.

Examples of crypto-collateralized stablecoins include DAI, Havven, and BitUSD.

Algorithmic Stablecoins

Algorithmic stablecoins are digital assets that rely on smart contracts to regulate their stability. 

Rather than using deposits of cryptocurrencies or issuing and redeeming debt, the software behind algorithmic stablecoins programmatically adjusts the supply of the cryptocurrency as the demand for it fluctuates. 

If demand is high, the price of each stablecoin will exceed the intended peg, and the software will increase the supply. Alternatively, if demand is low, the supply will decrease. 

Examples of algorithmic stablecoins include Ampleforth and Yam.

Users may be interested in purchasing stablecoins as they offer all the benefits of traditional cryptocurrencies, such efficiency and transparency, while protecting from price volatility. 

Further, like other cryptocurrencies, they are borderless, programmable and easy to transfer at low cost, offering a valuable alternative to traditional banking institutions. 

Kraken users can quickly transfer supported stablecoins DAI and USDT to their accounts and exchange them for other cryptocurrencies. 

Now you're ready to take the next step and buy some cryptocurrencies!