今日午后，USDT突然遭受重挫，跌幅最高触及7.5%，价格跌破0.88美元大关。与此同时，比特币等主流虚拟货币受到大量资金追捧，呈现显著上涨态势。
This afternoon, USDT suddenly suffered a severe setback, reaching a peak of 7.5%, and fell at a price of 0.88 dollars. At the same time, mainstream virtual currencies, such as Bitcoin, received significant financial support and showed a marked upward trend.
比特币短线表现抢眼，短时间内跃升至7500美元上方，过去24小时内涨幅逼近15%。市值排名前50的数字货币在同一时间段内平均涨幅接近10%。
Bitcoin’s short-term performance jumped to over $7,500 in a short period of time, reaching an increase of nearly 15 per cent in the last 24 hours. Digital currencies in the top 50 in the market value range increased by an average of nearly 10 per cent over the same period.
USDT暴跌背后的争议早些时候，BTC/USDT交易对因USDT增发而短暂上涨。此番USDT暴跌带来的BTC价格上涨引发了多方解读，有人视之为市场对稳定币及其审查制度的消极反馈，另一部分人则认为这是一场有预谋的暴动，最终得益者可能是那些推广其他稳定币的小型交易所，或者是小交易所为吸引用户而故意为之，进而迫使大型交易所接纳更多稳定币品种。
Earlier, BTC/USDT transactions briefly increased as a result of the increase in the USDT. The rise in the BTC prices caused by the collapse of the USDT triggered a multiplicity of interpretations, which were seen as negative feedback from the market on the stabilization of the currency and its review system, while others saw it as a premeditated riot that could end up benefiting from small exchanges that promote other stable currencies, or small exchanges that deliberately do so to attract users, thereby forcing larger exchanges to accept more stable currency varieties.
CoinMarketCap数据显示，USDT下跌之际，其他稳定币纷纷上涨，例如TUSD报价为7.97美元，24小时涨幅达12.65%；PAX报价7.48美元，涨幅近7%。而在Bibox平台上，GUSD/USDT交易对过去24小时涨幅为10.49%，当前报价为7.83美元。
CoinMarketCap data show that other stable currencies have risen at a time of decline, such as the TUSD offer of $7.97, a 24-hour increase of 12.65 per cent, and the PAX offer of $7.48, an increase of almost 7 per cent. On the Bibox platform, the GUSD/USDT transaction has increased by 10.49 per cent over the past 24 hours, and the current offer is $7.83.
之前Bianews曾在《普华永道涉足稳定币发行，但稳定币真的稳定吗？》一文中提出稳定币并不一定稳定的观点，而如今占据主导地位的USDT却出现暴跌，这究竟是阴谋、信任危机还是稳定币之路本身注定坎坷曲折呢？
Previously, Bianews had been involved in a steady currency issue in PricewaterhouseCoopers, but was it really stable? The idea that a stable currency was not necessarily stable, and the dominant USDT was now collapsing, was it a conspiracy, a crisis of trust, or the path to stability itself?
Tether信任危机发酵作为由加密公司Tether发行并号称与美元1:1锚定汇率的稳定币USDT，只有当投资者对其抱有信心时，USDT才可被视为美元的等价物，理论上可随时按1:1比率兑换美元。然而，Tether至今尚未公布过具有权威性的第三方审计报告，以证实其背后有足够的美元储备支持。
As a stable currency with an exchange rate of 1:1, issued by the encryption firm Tether, the USDT can be considered a dollar equivalent only if investors have confidence in it, and it can theoretically be converted to the United States dollar at a 1:1. However, Tether has not yet published an authoritative third-party audit report to confirm that there is sufficient United States dollar reserve support behind it.
早在2015年2月，比特币期货交易量最大的平台bitfinex开始支持USDT交易。然而今年年初，一份匿名报告显示，2017年3月29日至2018年1月4日期间，Tether共计发行了91批次USDT，而在这期间的48.7% BTC价格大涨均出现在USDT发行后的短短两小时内，而这段时间仅占到比特币全部交易时段的不到3%。
As early as February 2015, Bitfinex, the platform with the largest volume of futures transactions in Bitcoin, began to support USDT transactions. However, at the beginning of the year, an anonymous report showed that during the period 29 March 2017 to 4 January 2018, Tether had issued a total of 91 batches of USDT, while the 48.7 per cent BTC price increase during that period was only two hours after the release of USDT, which was less than 3 per cent of all transactions in Bitcoin.
Tether涉嫌滥用职权滥发USDT、操控BTC市场价格，且并未持有等值美元储备，同时缺乏符合正式审计标准的审计主体和内容，这些丑闻引起了广泛质疑。更有甚者指出Tether与bitfinex交易所的高层之间存在共管团队及复杂的关联关系。
These scandals, in which Tether is suspected of abuse of authority to inflate the USDT, manipulate the BTC market price and do not hold an equivalent dollar reserve, and lack the subject and content of an audit that meets formal auditing standards, have raised widespread questions. Moreover, it is noted that there are co-managing teams and complex connections at the top of the Tether and Bitfinex exchanges.
近期的这一波震荡可能与近期频发的负面消息有关。10月3日，彭博社消息称，USDT托管银行Noble Bank陷入资不抵债困境，包括Tether与bitfinex在内的多个重要客户流失，并正积极寻求新的买主。在此之前，Noble Bank曾在今年1月份与bitfinex达成了一项初步的债务重组协议。
On October 3, Bloomberg reported that the USDT hosting bank, Noble Bank, was in a debt overhang, with several important clients, including Tether and Bitfinex, losing and actively seeking new buyers. Prior to that, Noble Bank had reached an initial debt restructuring agreement with Bitfinex in January of this year.
Noble Bank风波及相关一系列文章引发公众对bitfinex偿债能力的质疑。紧接着在10月11日，bitfinex宣布暂时停止美元存取业务，新一轮质疑之声再起。
On October 11, Bitfinex announced a temporary suspension of the dollar access business, and a new round of questioning resumed.
尽管如此，近期内也有一些积极的消息传来。有分析师透露，bitfinex已与汇丰银行达成合作协议，并公开了自己的加密货币钱包，其中包括价值约10亿美元的14万个BTC、4亿美元的ETH及2亿美元的EOS。
Nevertheless, there have been some positive news in the near future. Analysts have revealed that bitfinex has entered into a cooperation agreement with HSBC and has made public his encrypted currency wallet, including 140,000 BTCs worth about $1 billion, $400 million ETHs and $200 million EOS.
作为币圈内的重要资金载体，此次USDT或许不会彻底垮塌，然而投资者对于持有USDT的信心基础取决于对Tether的信任程度，而该公司不透明的操作以及连续发生的警示信号都在侵蚀着这个信任基石。
As an important financial carrier within the currency circle, the USDT may not collapse once and for all, but the investor's confidence in holding the USDT depends on the level of trust in Tether, which is eroded by its opaque operations and successive warning signals.
稳定币尚未找到理想实现路径面对USDT存在的问题，其他稳定币能否成为更好的解决方案呢？目前市场上的稳定币主要采取以下几种实现“稳定”的方式：
Can other stabilizing currencies be a better solution in the face of the USDT problem? The current market’s stabilizing currency is mainly in the following ways:
利用中心化资产抵押
Use of centralized asset encumbrances
USDT便是以此方式运作，通过确保兑换比例来保障价值，旨在消除价格波动风险。然而这种方式带来的问题是，发行公司的中心化特性导致透明度低、缺乏有效监管，引发信任危机。
The USDT operates in such a way as to safeguard value by ensuring a rate of exchange, with the aim of eliminating the risk of price volatility. However, this approach raises the issue of the centrality of issuing companies, which leads to low transparency and a lack of effective regulation, leading to a crisis of trust.
市场中有其他稳定币试图通过增加监管来提升透明度，例如通过托管方式将团队与资金隔离，并实施KYC和AML审查等措施以维持合规性。但是，这么做无疑会在自由度方面做出妥协，并产生额外成本。
There are other stable currencies in the market that attempt to increase transparency by increasing regulation, for example by separating teams from funds through hosting, and implementing measures such as KYC and AML reviews to maintain compliance. But doing so would undoubtedly lead to a compromise on freedom, with additional costs.
在此基础上，市场上出现了一种新思路，即将中心化资产抵押替换为债务抵押，因为债务作为一种无需托管且能保持相对稳定价格的金融产品，可以同时降低信任风险和波动性风险。
On this basis, a new approach has emerged in the market, whereby centralized asset mortgages are replaced by debt mortgages, since debt, as a financial product that does not require trusteeship and maintains relatively stable prices, can simultaneously reduce the risk of trust and volatility.
利用加密资产抵押
Use of encrypted asset encumbrances
这种方式下，每发行一定价值的稳定货币，就需要存入N倍价值的其他加密货币作为抵押品，用户买入时增加抵押品，兑换时赎回抵押品。
In this way, for every stable currency issued of a certain value, other encrypted currency that is deposited at a higher value is used as collateral, which is purchased by the user in addition to the collateral that is redeemed at the time of conversion.
由于加密资产具备去中心化属性，这种方式消除了信任风险，却又引入了波动性风险。若市场出现剧烈波动，抵押品价值大幅缩水至低于对应代币面值时，可能导致强制平仓的情况发生。
As encrypted assets have decentralized properties, this eliminates the risk of trust but introduces a risk of volatility.
采用算法银行
Arithmetic banks
利用智能合约来模拟中央银行过去的调控功能，在代币供应过剩时减少货币发行，供应不足时增加货币发行，以此来管控代币价格。
Use smart contracts to simulate the regulatory functions of central banks in the past, reduce the issuance of currency in cases of oversupply and increase the issuance of currency in cases of undersupply, thereby regulating the price of the currency.
然而，这种方法建立在稳定币未来需求持续增长的假设之上。一旦稳定币需求收缩或爆发信任危机，算法银行也无力回天，因此虽然它消除了信任风险，但仍无法规避波动性风险。
However, this approach is based on the assumption that stable currency demand will continue to grow in the future. When stable currency demand shrinks or a crisis of trust erupts, algorithm banks will not be able to recover, so that, while it eliminates the risk of trust, it will not be able to avoid the risk of volatility.
综上所述，目前稳定币领域仍未发现完美的实现方式，相关探索仍在继续之中。
On the basis of the foregoing, there is still no perfect way to achieve this in the area of currency stabilization, and the related exploration is continuing.
业内专家观点针对此次USDT暴跌事件，业界专业人士纷纷发表见解。币信CEO吴钢在其朋友圈发表观点称：“所有与法币绑定对接的稳定币都无法保证绝对安全！每次问题暴露都会带来类似崩盘的效果，所以说稳定币并不稳定！比特币才是真正的稳定币。”
In response to the fall of the USDT, industry professionals have expressed their opinions. “All stable coins tied to French coins cannot guarantee absolute security. Every time problems are exposed, they have the effect of similar crashes, so that stability is not stable. Bitcoin is the real stable currency.”
数字货币分析师肖磊分析认为，USDT的信用风险绝不逊色于其他币种的价格风险。他指出，虽然USDT背后的确有美元资产支持，但现在尚无法确认具体的比例关系，因此完全崩盘的可能性不大。如果公开披露的资产仅为10亿美元，那么USDT的价格可能会下跌一半，因为当前市值约为20亿美元。
Digital currency analysts have analysed that USDT’s credit risk is by no means less than price risk in other currencies. He noted that while USDT has dollar assets behind it, it is not yet possible to identify a specific proportional relationship, so it is unlikely that total collapse will occur.
肖磊进一步表示，虽然USDT属于稳定币，但它存在信用风险和系统风险，这两类风险并不亚于其他币种的价格风险。即使USDT不会归零，但一旦出现大规模挤兑风险、信用机制崩溃，则其价格可能出现明显下滑。此外，肖磊提到，稳定币与法币之间的兑换并未建立起顺畅的机制，因此一旦USDT遭遇信用危机，投资者往往会先将其兑换成比特币、以太坊等数字货币，而非美元，这也导致了比特币等数字货币价格的大幅上涨。有数据显示，在半小时内，OKEx交易平台上的期货大额爆仓单已成交4062万USDT，未成交1749万USDT。
Moreover, Shaw mentioned that the exchange between the stable currency and the French currency did not establish smooth mechanisms, and that investors tended to convert them into bitcoin, taser, and not the United States dollar, in the event of a credit crisis, which led to a significant increase in the price of bitcoin and other digital currencies. According to some data, in half an hour, the bulk of futures on the OKEx trading platform had already been paid 406.2 million USDDTs and not 174.9 million USDDTs.
OKCoin创始人徐明星对此表示，近段时间以来，关于USDT的诸多担忧报道引起了OK的关注。OK一直在密切关注事态发展，并准备接入其他稳定币。一旦USDT出现问题，OK将会迅速切换至其他稳定币。徐明星提醒广大用户，持有USDT确实存在一定风险，建议大家应根据自身风险承受能力妥善管理USDT的风险。据某数据显示，OKEx平台在半小时内已成交的大额期货爆仓单高达4062万USDT，另有1749万USDT未能成交。
In response, the founder of OKCoin, Star Seo, has said that many of the concerns about USDT have been of concern to him for some time. OK has been following developments closely and preparing to access other stable currencies. If there is a problem with USDT, OK will quickly switch to other stable currencies.
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