中新经纬客户端10月16日电(张哲)USDT爆仓了。
On October 16th, the central- and mid-latitude client (Chang Chul) USDT blew up.
在波动剧烈的币市中，一直被投资者视为“救命稻草”的主流稳定币，如今险些成为压死韭菜们的“最后一根稻草”。
In a highly volatile currency market, which has been considered by investors as the dominant stabilizing currency of “savory straw”, it is now close to becoming the “last straw” that crushes the pickles.
疯狂2小时
{\bord0\shad0\alphaH3D}It's two hours crazy.
10月15日下午，让币圈投资者惊心动魄的一刻出现了。运行已有5年之久的USDT，在2小时内暴跌8%。
On the afternoon of October 15, a moment of shock for the currency circle investors appeared. The USDT, which had been running for five years, dropped by 8 per cent in two hours.
USDT暴跌(10月15日行情) 截图来源：coinmarketcap官网
On October 15th, USDT fell.
在15日上午8时左右的小幅下跌之后，市场信心开始崩溃，大量USDT被抛售，换成比特币、ETH、瑞波币甚至各类平台币。
After a small fall of around 8 a.m. 15 a.m., market confidence began to collapse and a large number of USDTs were sold in Bitcoin, ETH, Ribocos and even various forms of platform currency.
恐慌在下午达到顶点，13时起，USDT价格进入疯狂下跌模式，两小时内跌至最低点。
The panic reached its peak in the afternoon and, from 1300 hours onward, the USDT price went into an insane downward pattern, falling to its lowest point in two hours.
发行USDT的Tether公司，彼时承诺投资者随时以1：1比例兑付美元。但此时，USDT价格最低点在四大平台上的折算价格甚至不足0.9美元。作为最主流的稳定币，这在USDT的历史上还是头一次。
Tether, the company that issues USDT, promises investors a 1:1 ratio at any time. But at this point, the lowest USDT price is even less than $0.9 on the four platforms. As the most dominant stable currency, it was the first time in the history of the USDT.
同时，主流数字货币对USDT价格全线上涨。其中比特币短线上涨尤为瞩目，火币网和币coin等多平台数据显示，比特币一度上涨最高突破7600USDT高位，涨幅高达18%，远超USDT当日跌幅。此外，大多数主流数字货币近24小时的涨幅均近10%。
At the same time, mainstream digital currencies have risen on the full USDT price line. Among these, short-line increases in bitcoin are particularly striking, with data from multiple platforms such as the signnet and coin coin showing that bitcoins have risen by up to a maximum of 7,600 USDT, up 18%, far above the same day. Moreover, most mainstream digital currencies have increased by almost 10% in almost 24 hours.
截图来源：币coin客户端(Bitfinex交易所K线生成)
Screenshot source: Coin Client (K Line Generation of Bitfinex Exchange)
截图来源：火币pro官网
Screenshot from: Fire money pronto
Coinmarketcap行情显示，USDT大幅下跌的同时TOP10币种均不同程度上涨，其中比特币涨势为最 截图来源：coinmarketcap官网
Coinmarketcap shows that while the USDT has fallen sharply, the TOP 10 currencies have risen to varying degrees, with bitcoin rising to the top of the screen: the coinmarkcap official network
USDT暴跌之后，各大交易所纷纷上线了其他稳定币种，包括TUSD、USDC、GUSD、PAX。
Following the collapse of the USDT, major exchanges entered other stable currencies, including TUSD, USDC, GUSD, PAX.
某数字货币交易所上线4中稳定币的海报
Poster on a digital currency exchange on line 4 to stabilize the currency
作为最主流的稳定币，USDT一直被币市投资者视作“避险资产”。如今，投资者们对其稳定性的信任，反而成为了他的风险点。这不禁令人质疑，稳定币真的稳定吗？各稳定币种之间又有何区别？
As the most dominant stabilizing currency, the USDT has been treated as a “risk-free asset” by currency-market investors. Today, investor confidence in their stability has become his risk point.
什么是稳定币？
What's a stable currency?
加密货币一直以剧烈的价格波动而著称，“过山车式”的价格浮动在币市中并不罕见。尽管这种波动受到各路投资者的追逐，但也阻碍了加密货币在现实应用场景中的落地。
Encrypted currencies have always been known for their dramatic price fluctuations, and the price of “circumbuses” is not uncommon in currency markets. While this volatility is pursued by investors from all walks of life, it also discourages the location of encrypted currencies in real-life applications.
稳定币的出现，也是旨在解决加密货币的波动问题。市面上比较受欢迎的稳定币包括USDT、DAI、PAX和TUSD。
The emergence of stable currencies is also intended to address the volatility of encrypted currencies. The more popular stable currencies on the market include USDT, DAI, PAX, and TUSD.
算力智库创始人燕丽在接受中新经纬客户端(微信公众号：jwview)采访时介绍道，稳定币的本质仍为加密货币，不过其价值永久性得同另一种货币挂钩。“与稳定币挂钩的货币不一定是法定货币，也可能是黄金、钻石、石油等可与法定货币进行比价的等价物。”燕丽指出。
In an interview with a new and medium-latitude client (Wetwiew: jwview), Yan Ri, founder of the Calculator, explained that the essence of a stable currency is still an encrypted currency, although its value is permanently tied to another currency. “The currency tied to a stable currency may not necessarily be the legal currency, but may also be the equivalent of gold, diamonds, oil, etc., that can be compared to the legal currency.” Yanli pointed out.
Tehter承诺投资者可以随时使用USDT与USD进行1:1兑换 截图来源：Tether官网
Tehter promised investors to use USDT for 1:1 conversion at any time with USD.
由于入场较早，提到稳定币，人们往往最先想到的就是USDT，即泰达币，它是Tether公司推出的基于稳定价值货币美元(USD)的代币Tether USD(简称USDT)，1USDT=1美元，用户可以随时使用USDT与USD进行1:1兑换。
As a result of early entry and the reference to a stable currency, it is often thought first of all that the USDT, or Tidal currency, is Tether's token based on the stable value of the United States dollar (USD), 1USDT = US$ 1, which is readily available to users for 1:1 conversion with the USD.
介于法定货币和波动型加密货币之间，稳定币一直以安全和稳定著称于币市——既有加密货币的安全、匿名和全球支付机制，也具有法定货币的价值稳定性。
Between legal and volatile encrypted currencies, the stabilizing currency has been known for its security and stability in the currency market — with secure, anonymous and global payment mechanisms for encrypted currencies, as well as legal currency value stability.
因此不少投资者把稳定币作为币币交易(即以加密货币兑换加密货币；与之相对应的是法币交易，即以法定货币如人民币、美元等兑换加密货币)的工具。在币市行情不稳定时，也有些投资者会将手中的波动型加密货币兑换为稳定币来躲避币市动荡。
As a result, a number of investors use stable currencies as instruments for currency transactions (i.e., the exchange of encrypted currencies in encrypted currencies; this corresponds to transactions in French, i.e., the exchange of encrypted currencies in statutory currencies, such as the renminbi, the United States dollar, etc.). In times of currency instability, there are also investors who convert volatile encrypted currencies into stable currencies to avoid currency instability.
稳定币未必稳定
稳定币的本质虽然是去中心化的加密货币，但与波动型加密货币不同的是，稳定币有特定的发行机构，具有显著的中心化特征，因此稳定币未必稳定。
While the essence of a stable currency is decentralized encrypted currency, unlike a volatile, encrypted currency, it has a specific issuer with a distinct central character, and therefore it is not necessarily stable.
“稳定货币的发行机构需要在特定的托管银行账户中存储一定的货币，这些货币的价值与该机构发行的加密货币应该是等价的。”燕丽告诉中新经纬客户端(微信公众号：jwview)，“以1：1锚定美金的USDT为例，假设Tether公司已经发行了21亿美金的USDT，该公司就应该在其托管银行账户里相应存放21亿美金，但是投资者对于Tether在银行账户中的储值是无法查询的，只能通过公司公布的财报或者商务公告来获知相关信息。”
“Stabilizing money issuing agencies need to store a certain amount of money in a specific trust bank account, the value of which should be equal to that of the encrypted currency issued by that institution.” Yin Ri told the Chinese and Chinese clients of the new latitude (micro-public: jwview), “as an example of USDT with an anchor dollar, assuming that Tether had already issued USDT with US$ 2.1 billion, the company should have deposited the corresponding $2.1 billion in its trust bank account, but investors can only obtain relevant information about Teth's bank account value, which is untraceable, by means of a company's published treasury or commercial bulletin.”
“如此一来，就有可能发生各种‘意外情况’。比如，公司用这21亿美金去做其他的投融资；或者仅仅在托管账户中存放一定比例的保证金而不足额存储；甚至在日后超发加密货币……然而对于这些意外情况的发生，投资者无从得知，于是便产生了中心化风险。”燕丽补充道。
“There is a risk of ‘unforeseen events’. For example, companies use these $2.1 billion to finance other investments; or merely deposit a percentage of the deposit in a trust account without full storage; or even over-screw encrypted currency in the future... However, investors do not know about these contingencies, and there is a risk of centralization.” Yanli adds.
很多交易所在USDT暴跌之后纷纷上线了其他稳定币种，比如由美国纽约金融服务局(NYDFS)批准发行、同样锚定美元价值的GUSD、PAX；高盛子公司Circle基于ERC-20发行的USDC……
A number of exchanges went to other stable currencies after the collapse of the USDT, such as GUSD, PAX, which was approved by the New York Financial Services Agency (NYDFS) of the United States, which also anchors the value of the dollar; and the USDC, which was issued by the Goldman Sachs subsidiary Circle on the basis of the ERC-20.
燕丽认为，虽然这些币种的技术细节与背书机构各异，但本质上与USDT无异，做空成本较低，且存在一定的信用风险和系统风险。一旦被短线操控，极易暴跌引发市场动荡。
According to Yin Li, while the technical details of these currencies are different from those of the endorsement agencies, they are essentially the same as USDT, are less costly to do, and there are credit and system risks. Once manipulated by short lines, they are highly vulnerable to market volatility.
专家谈USDT暴跌：
The expert on strong talks about the USDT crash:
短线或有操控，跌势实为必然
谈及USDT此次的暴跌，燕丽表示，“虽然昨天在整个USDT交易环节的短线变化中存在市场操纵和套利的可能性，但是这次USDT暴跌的趋势是必然的。” Referring to the current collapse of the USDT, Yanli stated that “although yesterday there was the possibility of market manipulation and arbitrage in the short-line changes throughout the USDT trading chain, the current downward trend of the USDT is inevitable”. “近段时间，全球资产市场都处于下行趋势，币市、股市皆不景气，所以投资者对资产市场未来一段时间的预判也是做空趋势。为了尽量让自己的资产保值，币市投资者会倾向于卖出资产，即将其持有的加密货币兑换为稳定币，待市场行情好转后再买入。随着兑换稳定币USDT的人不断增多，投资者对USDT的关注度也就提升了。”燕丽说。 “In recent times, global asset markets have been on a downward trend, and currency and stock markets have been depressed, so investors’ prognosis of asset markets for some time to come is also an empty trend. In order to maximize the value of their assets, money-market investors tend to sell assets, convert their holdings of encrypted currencies into stable currencies, and buy them when market conditions improve. Tether曾承诺，每发行一枚USDT将向银行存入1美元，以保证USDT的稳定性。新浪财经曾报道称，频繁的增发让外界质疑USDT是否真的有足额美元与之锚定，加之与Tether合作的波多黎各银行出现违约、资不抵债等负面问题不断爆出，用户对Tether的信任一直处在瓦解的边缘。 Tether promised to deposit US$ 1 for each release to the bank to ensure US$ 1 for the stability of the USDT. It has been reported that frequent surges have led the outside world to question whether the USDT is really anchored in the full dollar, and that negative problems such as defaults and defaults in Puerto Rican banks working with Tether continue to erupt, and users’ confidence in Teth has been on the verge of collapse. “没有定期的审计计划，中心化严重，信息不透明……当投资者意识到自己的资产可能得不到足额偿付后，便会折价抛售它们。所以，USDT的跌势早已注定，只是早晚的问题而已。”燕丽向中新经纬客户端(jwview)指出，“至于暴跌过程中的短线套利行为，USDT在17年和今年的1月份、3月份都有过类似操作，只不过是又一次韭菜收割运动，在币市也不足为奇。” “There is no regular audit plan, it is highly centralized and the information is not transparent... Investors sell their assets when they realize that they may not be paid in full. So, the fall of the USDT has long been doomed, and it is only a matter of time before. “As for short-line arbitrage during the crash, there was a similar operation by the USDT in 17 years and in January and March of this year, it was just another pick-up campaign, not surprising in the currency market.” USDT价格正缓慢回升(10月16日16:00) 截图来源：coinmarketcap官网 USDT prices are slowly regressing (16:00 October) 10月15日下午的疯狂2小时，是收割狂欢与腥风血雨并演的2小时。稳定币这颗“救命稻草”的爆仓，似乎加速了数字货币“去中心化”本质的回归，又似乎迎来了新一轮的“稳定币表演赛”。 Two hours of madness on the afternoon of October 15, two hours of gathering carnivals and blizzards. Stable currency, the “life-saving straw” explosion, seems to have accelerated the return to the essence of digital currency “decentralization” and a new round of “stable currency performances”. 但这根“救命稻草”，又压死了多少根韭菜？(中新经纬APP) But this is a life-saving straw, and how many hyenas have been crushed? 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编以其它方式使用。 New latitude rights in are reserved and may not be reproduced or summarized in any other way by any unit or individual without written authorization. 关注中新经纬微信公众号(微信搜索“中新经纬”或“jwview”)，看更多精彩财经资讯。 focuses on new and medium-latitude micro-message public (wet search for "medium and new latitude" or "jwview") for more excellent financial information. 
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