穩定幣興起：你需要知道的事

加密貨幣市場經常大起大落、價格波動劇烈難以預測。這種不穩定性，令個人和企業難以把加密貨幣用作價值儲存或交換媒介，阻礙了在現實世界廣泛應用，也限制加密貨幣改變傳統金融系統的潛力。不過，為解決這個問題，一種新型加密貨幣出現了：穩定幣。

穩定幣的設計就是為了減低傳統加密貨幣的價格波動，使其更合適做日常交易或商業用途。穩定幣通常會把自身的價值與法定貨幣、商品或其他資產掛鉤。這種掛鉤（俗稱pegging）可確保無論市場多動盪，穩定幣的價值都能 relatively 固定。

穩定幣發展迅速，單是在近年市值已由2018年的10億美元，飆升至2024年約1,600億美元。這反映市場對穩定幣需求越來越大，以及其對加密貨幣生態的變革潛力。

甚麼是穩定幣？

穩定幣是一類針對維持穩定價值而設計的加密貨幣。有別於例如比特幣或以太幣等高波動性加密貨幣，穩定幣透過將自身價值掛鉤至法定貨幣、商品或其他資產，使價格較為穩定。掛鉤方式包括以資產作抵押。以法幣掛鉤為例，發行方需持有法幣儲備，並按1:1發行代幣，確保某穩定幣與美元價值等同。另外一種方式是算法調節，會根據市場需求自動調整穩定幣供應，常見做法為當市場價格低於掛鉤價值時，系統會增加供應以壓低價格至合理範圍。穩定幣根據掛鉤資產類別，可分為法幣抵押、商品抵押及加密資產抵押等，每種都有自身利弊，下文將詳細介紹。

穩定幣的類型

法幣抵押穩定幣

法幣抵押的穩定幣是指由現實法定貨幣（如美元、歐元）作抵押，並由中心化機構儲存發行，掛鉤貨幣一單位對應一單位穩定幣。常見例子包括:

Tether (USDT)： 與美元掛鉤，由發行方持有美元儲備支持。
USD Coin (USDC)： 與美元掛鉤，發行方持有等值美元儲備。
Paxos Standard (PAX)： 也是美元掛鉤並有儲備支持。

法幣抵押穩定幣主要優點：

[ ] 流通性高： 通常於多個交易平台有上市，買賣方便。
[ ] 波幅低： 價值與法幣掛鉤，波動小於普通加密貨幣。
[ ] 易於使用： 合適日常消費或賬單支付。

缺點則包括：

[ ] 中心化： 由發行機構控制，當中有單點失效風險。
[ ] 對手風險： 需要信任發行方能維持法幣儲備，否則價值或會損失。
[ ] 透明度不足： 儲備管理未必公開透明，用戶信心受影響。

商品抵押穩定幣

商品抵押穩定幣會以黃金、石油等商品做儲備作掛鉤，由中心化機構管理和發行。例如：

Tether Gold (XAU₮)： 每單位代表一安士符合LBMA標準的黃金儲備。

商品抵押穩定幣優點：

[ ] 分散投資： 能用商品資產豐富投資組合。
[ ] 抗通脹： 某些商品價格長期可升值，有助對沖通脹。
[ ] 保值作用： 如黃金等傳統資產一樣作為保值選擇。

不過它們亦有缺點：

[ ] 流動性不足： 相對法幣抵押穩定幣，商品抵押穩定幣較難快速買賣。
[ ] 儲存成本高： 發行方需存放商品，如黃金的儲存費用不菲。
[ ] 對手風險： 依靠發行機構妥善管理儲備資產。

加密資產抵押穩定幣

這類穩定幣以其他加密貨幣（如以太幣）作儲備，由去中心化協議管理，發行與價值全由智能合約/區塊鏈控制。例如：

DAI：與美元掛鉤，但由以太幣作儲備。
sUSD：用Synthetix (SNX) 代幣作儲備，掛鉤美元。

優點包括：

[ ] 去中心化： 由自動合約管理，降低中心化風險。
[ ] 透明度高： 儲備情況全部記錄於區塊鏈上，資料公開。
[ ] 靈活性高： 可於各種去中心化金融（DeFi）應用。

缺點則有：

[ ] 複雜： 用戶及開發人員要管理複雜的合約和算法。
[ ] 波動性： 掛鉤資產本身亦可能價值波動，影響穩定幣價值。
[ ] 智能合約風險： 價值依賴於合約安全性，合約漏洞或被攻擊會出現風險。

算法穩定幣

算法穩定幣不靠資產儲備，透過算法自動調整市場供應量以維持價格穩定。例子包括：

Terra (LUNA)： 算法穩定幣，掛鉤至一籃子法幣。
Ampleforth (AMPL)： 透過自動增減供應量維穩價格。

其優點為：

[ ] 潛在去中心化： 有機會減低權力集中風險。
[ ] 彈性高： 能夠自動適應市場變化，抗壓能力較佳。
[ ] 無儲備成本： 體系無需資產抵押，營運成本低。

但也有缺點：

[ ] 複雜性高： 需理解和維護複雜算法。
[ ] 操控風險： 算法可能遭惡意操作或利用，導致價格失控。
[ ] 流動性有限： 買賣時或會遇到流通量問題。

穩定幣的優勢

相較一般加密貨幣，穩定幣帶來多項好處，例如：

波動減少：致力維持幣值穩定，降低傳統加密貨幣的價格大起大落。 Increased adoption: Stablecoins can facilitate the adoption of cryptocurrencies by enabling easier everyday transactions for individuals and businesses.
穩定幣有助推動加密貨幣嘅普及和應用，因為佢令個人同企業每日交易變得更方便。
Improved usability: Stablecoins have the potential to enhance usability by simplifying the complexity that comes with traditional cryptocurrencies.
穩定幣可以簡化傳統加密貨幣帶來嘅複雜性，提升使用體驗。
Enhanced liquidity: Stablecoins can improve liquidity by providing a reliable store of value that can be easily converted into other assets. Stablecoins provide numerous advantages over traditional fiat currencies. These benefits include:
穩定幣提供可靠嘅價值儲存，可以輕鬆兌換其他資產，有助提升流動性。相比傳統法定貨幣，穩定幣有多項優勢，包括：
Faster settlement: Stablecoins can facilitate faster transactions and reduce costs associated with cross-border payments compared to traditional fiat currencies.
更快清算速度：穩定幣交易速度較傳統法定貨幣快，亦可以減少跨境支付成本。**
Lower fees: Stablecoins can decrease fees associated with fiat currencies, making sending and receiving payments more affordable.
手續費更低：相對傳統法定貨幣，穩定幣可以減低匯款手續費，令收發款項更加划算。**

Increased accessibility: Stablecoins offer a digital way to store value, making it accessible anywhere in the world.
提升可及性：穩定幣作為數碼價值儲存，全球任何地方都可以輕鬆使用。**

Use Cases for Stablecoins

Stablecoins have a multitude of potential applications, such as:
穩定幣有多種潛在應用，包括：

Payment Systems
支付系統

Stablecoins can create faster and more efficient payment systems, reducing the need for intermediaries and lowering fees.
穩定幣可以建立更加快速高效嘅支付系統，減少中間人並降低手續費。

Remittances
匯款

Stablecoins can simplify and reduce the cost of cross-border payments compared to traditional remittance systems.
穩定幣比傳統匯款系統更簡單同平，尤其適合跨境付款。

Decentralized Finance (DeFi)
去中心化金融（DeFi）

Stablecoins are essential for DeFi since they offer a stable value and can be used as collateral for loans, decentralized exchanges, and other DeFi applications.
去中心化金融需要穩定幣作為穩定價值，並可用作貸款抵押品、去中心化交易所及其他DeFi應用。

E-commerce
電子商貿

Stablecoins offer a quicker and cheaper online transaction option than traditional payment methods.
穩定幣提供比傳統支付方式更快、更平嘅網上交易選擇。

Supply Chain Finance
供應鏈金融

Stablecoins can facilitate supply chain finance by providing a stable store of value to settle transactions and manage inventory.
穩定幣提供穩定價值，適用於供應鏈結算同庫存管理，有助發展供應鏈金融。

Central Bank Digital Currencies (CBDCs)

Stablecoins can be a digital alternative to traditional fiat currencies and act as a stepping stone for CBDCs. Institutional Investment Stablecoins give institutional investors a stable value to hedge against cryptocurrency market volatility.
穩定幣可以作為傳統法定貨幣嘅數碼版本，亦係發展央行數碼貨幣（CBDC）嘅中間橋樑。對機構投資者嚟講，穩定幣提供穩定價值，有助對沖加密貨幣市場嘅波動。

Treasury Management
財資管理

Corporations can use stablecoins to manage their treasury operations. They provide a reliable store of value that can be used to settle transactions and facilitate cash flow.
企業可以利用穩定幣做財資操作，因其可靠儲值，可用於結算交易及促進現金流管理。

Challenges and Risks

Stablecoins have numerous advantages but also come with various challenges and risks. Some of the potential risks and challenges associated with stablecoins include:
儘管穩定幣有好多優點，但都有唔同風險同挑戰，包括：

Regulatory Uncertainty
監管不明朗

The regulatory landscape for stablecoins remains to be seen. Governments and regulatory bodies still need help to define how to treat them.
穩定幣嘅監管環境仲未明朗，政府同監管機構未有明確定義點樣處理相關問題。

Counterparty Risk
對手風險

Central authorities often issue stablecoins, which can pose counterparty risk if the issuer fails to maintain the collateralized reserve.
好多穩定幣由中心機構發行，如果發行方冇維持適當儲備，可能產生對手風險。

Security Risks
安全風險

Stablecoins may be exposed to various security risks, including hacking and other cyber attacks, which can compromise their stability and security.
穩定幣有可能受到黑客攻擊或其他網絡安全風險，影響穩定性同安全性。

Liquidity Risks
流動性風險

Stablecoins can be challenging to purchase and sell as they often have restricted liquidity.
穩定幣有時可能流通性不足，買賣會有困難。

Market Risks
市場風險

Stablecoins are not immune to market risks and are exposed to changes in interest rates and commodity prices.
穩定幣唔能夠完全避免市場風險，會受利率、商品價格等變化影響。

The Future of Stablecoins

The future of stablecoins is looking bright. Many experts believe stablecoins will be vital in developing the cryptocurrency market. Here are some potential developments that could shape the future of stablecoins:
穩定幣未來發展前景樂觀，唔少專家認為佢會成為加密貨幣市場嘅關鍵。以下係有機會形塑穩定幣未來嘅發展方向：

Increased Adoption: As more people and businesses become aware of stablecoins' benefits, we will likely see an uptick in their use in e-commerce, remittances, and other applications.
更高普及率：隨住愈來愈多人同企業了解穩定幣優勢，其應用於電商、匯款同其他場景會持續上升。**
Improved Regulation: Regulators are expected to provide more explicit guidance on treating stablecoins. This could increase confidence in the market and lead to more widespread adoption.
監管愈加明確：監管機構預料會針對穩定幣做出更清楚指引，有助提升市場信心，促進更大規模應用。**
Increased Competition: The stablecoin market is set to become more competitive, with more issuers entering the market and offering innovative products. This could lead to lower fees, better interest rates, and more user features.
競爭加劇：愈來愈多發行商進入市場，產品更創新，多元化選擇有機會令費用降低、利率更吸引同用戶功能提升。**
Integration with Traditional Finance: Stablecoins will likely be integrated with traditional finance, creating a seamless interaction between the two systems. This could result in greater efficiency and broader adoption of stablecoins.
融合傳統金融：穩定幣預期會同傳統金融融合，實現無縫對接，提升效率並推動更廣泛採用。**
Development of New Use Cases: New use cases for stablecoins are expected to emerge, such as in decentralized finance (DeFi) and gaming. This could lead to increased innovation and growth in the stablecoin market. Increased Focus on Security: Both issuers and users are expected to take steps to protect against hacking and other forms of cyber attacks, which will likely lead to an increased focus on security.
新應用場景發展：未來有更多穩定幣新用途出現，如DeFi、遊戲等，有助推動市場創新。無論發行商或用戶，人人都更加重視網絡安全，會主動加強防禦黑客及其他攻擊。**
Development of Central Bank Digital Currencies (CBDCs): Central banks are expected to develop digital currencies. This could lead to greater efficiency in the financial system and increased adoption of stablecoins.
央行數碼貨幣發展：好多央行都積極推CBDC，有助提升金融效率同增加穩定幣採用率。**

Stablecoins have the potential to transform our understanding of money and financial systems. They provide a reliable and secure store of value, quick and cost-effective transactions, and a range of other benefits that make them an attractive option for individuals and businesses. Although stablecoins come with risks and challenges, the potential advantages make them an exciting development in cryptocurrency. As the market evolves, we can anticipate higher adoption rates, better regulation, and the emergence of new use cases. If you are looking for a dependable store of value or a business seeking to streamline your financial operations, stablecoins are definitely worth considering.
穩定幣有潛力徹底改變我哋對金錢同金融系統嘅理解，佢可靠、安全，交易又快又平，並且有多項優點，對個人或企業都好吸引。雖然有風險同挑戰，但穩定幣嘅好處令佢成為加密貨幣發展中相當矚目一環。隨住市場演變，未來普及率會進一步提升，監管更規範，新應用場景亦會陸續出現。無論你係搵緊可靠嘅儲值工具，定係你企業想簡化金融運作，穩定幣都絕對值得考慮。