插圖來源：Investopedia / Daniel Fishel
Stablecoins: Definition, How They Work, and Types
By Adam Hayes
Updated June 13, 2024
https://www.investopedia.com/terms/s/stablecoin.asp
What Are Stablecoins?
Stablecoins are cryptocurrencies whose value is pegged, or tied, to that of another currency, commodity, or financial instrument. Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin (BTC), which has made crypto investments less suitable for everyday transactions.
Key Takeaways
l Stablecoins are cryptocurrencies that
attempt to peg their market value to some external reference.
l Stablecoins are more useful than volatile
cryptocurrencies as a medium of exchange.
l Stablecoins may be pegged to a currency
like the U.S. dollar or the price of a commodity such as gold.
l Stablecoins pursue price stability by
maintaining reserve assets as collateral or through algorithmic formulas that
are supposed to control supply.
l Stablecoins continue to come under scrutiny by regulators, given the rapid growth of the more than $162 billion market and its potential to affect the broader financial system.
Why Are Stablecoins So Important?
Though Bitcoin remains the most popular cryptocurrency, it tends to suffer from high volatility in its price, or exchange rate. For instance, Bitcoin's price rose from just under $5,000 in March 2020 to over $63,000 in April 2021, only to plunge almost 50% over the next two months. Intraday swings also can be wild; the cryptocurrency often moves more than 10% in the span of a few hours.2
All this volatility can be great for traders, but it turns routine transactions like purchases into risky speculation for the buyer and seller. Investors holding cryptocurrencies for long-term appreciation don't want to become famous for paying 10,000 Bitcoins for two pizzas. Meanwhile, most merchants don't want to end up taking a loss if the price of a cryptocurrency plunges after they get paid in it.
To serve as a medium of exchange, a currency that's not legal tender must remain relatively stable, assuring those who accept it that it will retain purchasing power in the short term. Among traditional fiat currencies, daily moves of even 1% in forex trading are relatively rare.
As the name implies, stablecoins aim to address this problem by promising to hold the value of the cryptocurrency steady in a variety of ways.
Some would argue that stablecoins are a solution in search of a problem, given the wide availability and acceptance of the U.S. dollar. Many cryptocurrency adherents, on the other hand, believe the future belongs to digital tender that is not controlled by central banks. With that in mind, four types of stablecoins, based on the assets used to stabilize their value, have been created.
1. Fiat-Collateralized Stablecoins
Fiat-collateralized stablecoins maintain a reserve of a fiat currency (or currencies), such as the U.S. dollar, as collateral, assuring the stablecoin's value.
Such reserves are maintained by independent custodians and are regularly audited, something that should be considered cautiously. Tether (USDT) and TrueUSD (TUSD) are popular stablecoins backed by U.S. dollar reserves and denominated at parity to the dollar. As of late June 2024, Tether (USDT) was the third-largest cryptocurrency by market capitalization, worth more than $112 billion.
2. Commodity-Backed Stablecoins
Somewhat of a sub-category of fiat-collateralized coins, commodity-backed stablecoins are cryptocurrencies that are pegged to the market value of commodities such as gold, silver, or oil. These stablecoins generally hold the commodity using third-party custodians or by investing in instruments that hold them.
One of the most popular commodity-backed tokens is Tether Gold (XAUt), a cryptocurrency backed by gold reserves. The gold is thought to be held by an unnamed custodian in Switzerland, as the terms of service state:
A Gold Token holder who has effectuated redemption can elect to receive physical delivery of their gold bar at a place of their choosing, acting reasonably, in Switzerland (subject to the payment of fees in accordance with the Gold Token Fee Schedule in effect at the time of redemption).
3. Crypto-Collateralized Stablecoins
Crypto-collateralized stablecoins are backed by other cryptocurrencies. Because the reserve cryptocurrency may also be prone to high volatility, such stablecoins are generally overcollateralized—that is, the value of cryptocurrency held in reserves exceeds the value of the stablecoins issued.
Cryptocurrencies worth $2 million might be held as a reserve to issue $1 million in a crypto-backed stablecoin, insuring against a 50% decline in the price of the reserve cryptocurrency. For example, MakerDAO's Dai (DAI) stablecoin pegged to the U.S. dollar but is backed by Ethereum (ETH) and other cryptocurrencies worth about 155% of the DAI stablecoin in circulation.
4. Algorithmic Stablecoins
Algorithmic stablecoins may or may not hold reserve assets. Their primary distinction is the strategy of keeping the stablecoin's value stable by controlling its supply through an algorithm, essentially a computer program running a preset formula.
In some ways, that's not so different from central banks, which also don't rely on a reserve asset to keep the value of the currency they issue stable. The difference is that a central bank like the U.S. Federal Reserve sets monetary policy publicly based on well-understood parameters, and its status as the issuer of legal tender does wonders for the credibility of that policy.
Algorithmic stablecoin issuers can't fall back on such advantages in a crisis. The price of the TerraUSD (UST) algorithmic stablecoin plunged more than 60% on May 11, 2022, vaporizing its peg to the U.S. dollar, as the price of the related Luna token used to peg Terra slumped more than 80% overnight.
Stablecoin Regulations
Stablecoins continue to come under scrutiny by regulators, given the rapid growth of the $162 billion market and its potential to affect the broader financial system.
In October 2021, the International Organization of Securities Commissions (IOSCO) said stablecoins should be regulated as financial market infrastructure alongside payment systems and clearinghouses. Its proposed rules focus on stablecoins that are deemed systemically important by regulators, those with the potential to disrupt payment and settlement transactions.
Moreover, politicians in the U.S. have increased calls for tighter regulation of stablecoins. For instance, in November 2021, Senator Cynthia Lummis (R-Wyoming) called for regular audits of stablecoin issuers, while others back bank-like regulations for the sector.
In 2024, Senators Lummis and Kirsten Gillibrand introduced a bill to create a regulatory framework for stablecoins. Their proposed framework would prohibit anyone from issuing a stablecoin unless they were a registered non-depository trust or a depository institution with authorization to issue them.
In Europe, under the Markets in Crypto Assets Regulation, which took effect in 2023, algorithmic stablecoins are essentially banned, and all others must have assets held in custody by a third party. Reserves must be liquid and have a 1:1 ratio of assets to coins.
Which Is the Best Stablecoin?
The most popular and largest stablecoin by market capitalization is Tether (USDT). It is pegged to the U.S. dollar at a 1:1 ratio and backed by reserves. It's also consistently in the top five cryptocurrencies by market cap. You can find Tether on most major crypto exchanges, including Kraken, Binance, and Coinbase.
The Bottom Line
Stablecoins are cryptocurrencies with a peg to other assets, such as fiat currency or commodities held in reserve. The intent behind them is to create a crypto asset with much lower price volatility, which makes them better for use in transactions.
Stablecoins have become or are becoming regulated in many jurisdictions because of the instabilities and losses that have occurred in past attempts to create stable coins.
（推介原因：這篇文章解釋穩定幣的基本概念，Investopedia 是值得推介的網上財經術語辭典。）
Pietro Odorisio 的貼文
Stablecoins and Money Laundering: Tether as a Case
Study
The Economist published a detailed investigation
titled:
“How Tether became money launderers’ dream currency” by Oliver Bullough.
The article retraces the origins and outcomes of Operation Destabilise, a UK-led investigation launched in 2021 following a routine roadside cash seizure. The operation uncovered a transnational laundering scheme linking narcotics gangs, ransomware groups, sanctioned individuals and state-affiliated actors all connected through the use of the Tether (USDT) stablecoin.
According to the report:
▪️Tether was used to bridge cash-based criminal profits in Europe with banked funds in Russia and beyond.
▪️A three-step laundering model emerged:
1.collection of physical cash
2. delivery
to sanctioned entities
3.compensation
via USDT
allowing cross-border movement of value outside the banking system.
▪️The cost of laundering via Tether was reportedly under 3%, much lower than traditional cash-based laundering networks.
▪️Tether operates with minimal regulatory oversight and selectively cooperates with law enforcement.
▪️As of January 2025, it held $113 billion in US Treasuries and reported over $13 billion in profits in 2024 with fewer than 200 employees.
The article also highlights some strategic developments that help explain Tether’s current positioning. The company entered into a partnership with Cantor Fitzgerald, a major U.S. financial institution. This collaboration has added a layer of perceived legitimacy to Tether, especially in light of its growing presence in global finance and political circles. At the same time, in early 2025, Tether relocated its headquarters from the British Virgin Islands to El Salvador, a country known for its pro-crypto stance.
According to the CEO, this move reflects a deliberate strategy to operate under regulatory frameworks more aligned with the company’s vision of financial freedom.
The investigation illustrates how stablecoins are reshaping international financial flows, raising new challenges for AML/CFT controls and prompting important questions about jurisdictional arbitrage, institutional partnerships and the role of private actors in global finance.
（推介原因：Pietro Odorisio 是金融罪案專家，他轉發 The Economist 的一篇文章，解釋最受歡迎的穩定幣 Tether (USDT) 如何被跨國犯罪集團用來洗黑錢，操作過程牽涉俄羅斯。穩定幣是加密貨幣，提供一個銀行系統以外的資金轉移渠道，適合用來洗黑錢。有鑑於此，多國的金融監管機構開始建立或收緊對穩定幣的監管。）
How Tether became money-launderers’ dream currency
The stablecoin is fuelling a global shadow economy.
And it’s never been more respectable
The Economist (Jul 4th 2025)
By Oliver Bullough
What may be the most consequential cryptocurrency investigation in recent times began on a November evening in 2021 in a defiantly offline location: the southbound carriageway of Britain’s M1 motorway. Metropolitan Police officers suspected a driver was carrying illicit cash, and pulled him over as he approached London.
（推介原因：這是 The Economist 的原文，作者 Oliver Bullough 是擅長調查報導的外國記者，專寫金融罪案，擁有英國和加拿大雙重國籍。他的文章和著作讓你明白金融罪案跟政治經濟、歷史文化和大國角力之間的複雜關係，讓讀者看見來龍去脈。）
Oliver Bullough
Contributing Editor
codastory.com
https://www.codastory.com/author/oliverbullough/
Contributing Editor Oliver Bullough is an award-winning journalist and author who writes Coda’s Oligarchy newsletter, and specializes in writing about financial crime. His journalism appears in the Guardian, the New York Times, GQ magazine, BBC radio and elsewhere. His most recent book is Butler to the World, which was longlisted for the 2022 FT Business Book of the Year. He lives near Hay-on-Wye, and is currently working on a new book about money laundering.
（推介原因：Oliver Bullough 的履歷和近作。）
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