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提起稳定币，很多人第一反应就是USDT，USDT也叫泰达币，是Tether公司推出的基于稳定价值货币美元（USD）的代币Tether USD，也就是将加密货币与法定货币美元挂钩的虚拟货币。同样与美元挂钩的稳定币还有USDC，二者在稳定币市场占绝对主导地位，在几乎所有主要加密货币交易所、钱包和应用程序中均可见其身影。

Many of the first reactions to this move are USDT, also known as Tedar, which is Tether’s token based on a stable value dollar (USD), a virtual currency that pegs an encrypted currency to a legal currency, the United States dollar. There are also USDC, which is also pegged to the dollar, both of which are absolutely dominant in the stable currency market and can be seen in almost all major encrypted currency exchanges, wallets, and applications.

一、什么是USDT？

What's a USDT?

USDT是由总部位于香港的Tether Limited在2014年首次发行的稳定加密货币，目的是在加密货币和法币之间架起桥梁，具有高流动性，但没有波动性。根据Tether公司关于USDT的介绍，USDT严格遵守1:1准备金保证，即每发行1个USDT代币，其银行账户都会有1美元的资金保障。USDT属于加密数字货币的一种，可以在钱包、交易平台上进行转账、存储和消费。但其特别之处在于USDT和美元按1:1的比例锚定。

USDT is a stable encrypted currency that was first issued in 2014 by Tether Limited, based in Hong Kong, with the aim of building bridges between encrypted currency and French currency, with high liquidity but no volatility. According to Tether, USDT strictly adheres to 1:1 reserve guarantee that its bank account will have a $1 guarantee for every USDT token issued. USDT is a type of encrypted digital currency that can be transferred, stored and consumed on wallets, trading platforms.

尽管USDT依然是世界上最大体量的稳定货币，但是市场占有率已大不如前，据Messari数据显示，USDT在稳定币市场的市值占比降至50%左右，而USDC因其透明安全已迅速崛起，成为以太坊链上的主要稳定币。

Although the USDT remains the world's largest stable currency, the market rate is much less than it was before. According to Messari, the market value ratio of the USDT in the stable currency market has fallen to about 50 per cent, while the USDC has emerged rapidly because of its transparent security, becoming the main stabilizing currency in the ether chain.

二、什么是USDC？

What's a USDC?

USDC由比特大陆、高盛集团、IDG、中金公司、光大和百度等投资的Circle公司发布，是一个完全抵押的美元稳定币，专业服务公司均富会计师事务所(Grant Thornton)每月公开报告Circle发行的USDC的财务状况。

USDC was issued by the Gold Company, , Guangda and

USDC背后的发行公司Circle目前拥有美国除夏威夷外各州、英国和欧盟的支付牌照以及纽约州BitLicense，是加密资产行业全球牌照数目最多的公司，拥有美元、英镑、欧元进出加密资产的合规通路。

The USDC-backed issuer, Circle, currently owns payment plates for states other than Hawaii, the United Kingdom and the European Union, as well as BitLicence, New York State, and is the largest global firm in the crypto-asset industry, with compliant access to encrypted assets in United States dollars, pounds sterling and euros.

与USDT只有Tether一个发行者不同，USDC可以由中心网络的其他成员机构发行和赎回。但其发行者需要满足许可、合规、会计以及技术和运营方面的要求。为了确保USDC保持稳定的一对一支持，发行人还必须用法币储备支持所有代币，并每月提供储备证明。根据2021年5月Circle的最新储备账户报告，流通中的USDC稳定币总数为221.8亿美元，而储备总额为222亿美元，仅次于USDT，成为世界第二大稳定币。

Unlike the USDT, which has only one issuer, USDC can be issued and redeemed by other members of the central network. Its issuers need to meet licensing, compliance, accounting, and technical and operational requirements.

三、USDT与USDC对比

III, USDT versus USDC

（1）透明度对比

(1) Transparency Comparison

Thether Limited 在USDT的白皮书中写道：

The same Limited wrote in a USDT white paper:

“Tethers，是一种法币挂钩的数字货币，所有 Tethers 都是通过 Omni Layer 协议在 Bitcoin 区块链上以代币形式首次发行，每一个发行流通的 Tethers 都与美元一比一挂钩，相对应的美元总量存储在香港 Tether 有限公司（即一个 Tether 币为一美元）。凭借 Tether Limited 的服务条款，持有人可以将 Tethers 与其等值法定货币赎回/兑换，或兑换成 Bitcoin。”

“Tethers, a digital currency linked to French currency, all   Tethers are issued for the first time in   Omni Layer protocol in   Bitcoin block chain in the form of tokens, each issued   Tethers is pegged to the dollar and the corresponding total dollar is stored in Hong Kong   Tether Limited (i.e., a & nbsp; Tether currency is one United States dollar). By   Teth Limited service terms, the holder may redeem & nbsp; Tethers and its equivalent legal currency, or convert to & nbsp; Bitcoin.”

Thether Limited声称Tether 的价格永远与法定货币的价格挂钩，其挂钩法币的储存量也永远大于或等于流通中的币量。但到底真实情况如何，恐怕只有Thether Limited自己知道。在2019年4月，Tether的律师向公众承认，在支持该数字资产的银行账户中，每发行一枚Tether并没有一美元进行对应。美国某政府机构也指出USDT某一时期的准备金只有70%，总之，USDT并未公开过审计报告，这也是目前USDT饱受诟病的地方。

In April 2019, Tether’s lawyer admitted that there was no dollar per bank account in which Tether was issued. A government agency in the United States also noted that only 70% of USDT’s reserves for a given period had been made public, and that USDT had not made public the audit report, which was where the USDT was currently suffering.

而USDC的发行公司Circle承诺有专业会计师事务所Grant Thornton公开报告其财务状况，相比USDT而言更加透明化，用户每购买1个USDC，Circle就会存1个USD到指定银行（Silvergate），并将铸造的USDC发给用户，从而保证其挂钩发币的储存量等于流通中的币量。这也是USDC目前大受推崇的另一主要原因。

The USDC issuer, Circle, promised to have a professional firm of accountants, Grant Thornton, report publicly on its financial position, which is more transparent than the USDT, with each user buying a USDC depositing one USD into a designated bank (Silvergate) and sending the forged USDC to the user, thus ensuring that its pegged currency stock is equal to the amount in circulation. This is another major reason why USDC is now highly favoured.

（2）交易对比

(2) Comparison of transactions

USDT和USDC都是被用作DeFi（去中心化金融）协议的交易对的热门选择。由于USDT有4年的领先优势，因此USDT长期以来一直是使用最广泛的稳定币，直至今日也在稳定币市场占据最高的持续交易量。

Both USDT and USDC have been used as a popular option for dealings under the DeFi (decentralized finance) agreement. Because of the USDT’s four-year lead, the USDT has long been using the most widely stable currency, and today it is also stabilizing the currency market’s highest continuing volume of transactions.

然而USDC因更加透明安全在一定程度上缩小了与USDT的差距，现在可以在许多与Tether相同的区块链上使用，甚至在一些上线平台上超过了USDT，最典型的就是Coinbase，作为在美最早上市的一批数字货币交易所， Coinbase唯一支持的稳定币就是USDC。

However, as a result of greater transparency and security, the USDC has somewhat narrowed the gap with the USDT, which can now be used in many of the same block chains as Tether, even exceeding the USDT on some of the upper-line platforms, most typically Coinbase, as the first digital currency exchange to be marketed in the United States, & nbsp; and Coinbase’s only support for stable currency is USDC.

稳定币提供了抵御其他币种容易出现的波动的能力，市场也给了客户选择多元稳定币的权利。虽然USDT仍然是稳定币市场的主导者，总供应量超过640亿美元，但USDC由于更为透明的审核机制使其在稳定币总供应量中的份额正在增长。

Stable currency offers the ability to withstand the volatility of other currencies, and markets give customers the right to choose multiple SDS currencies. While USDT remains the leader of the SDS market, with a total supply of more than $64 billion, the USDC’s share in the SDS is growing as a result of more transparent auditing mechanisms.

本文仅用于信息分享，不构成对任何经营行为与投资行为的建议，请严格遵守所在地区法律法规，不参与任何非法金融活动。

This paper is used only for information sharing and does not constitute a recommendation for any business or investment activity. Please comply strictly with the laws and regulations of the region in which it is located and do not engage in any illegal financial activity.

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