泰达币USDT是什么币？泰达币(USDT)是Tether公司推出的基于稳定价值货币美元(USD)的代币Tether USD(下称USDT)，1USDT=1美元，用户可以随时使用USDT与USD进行1:1兑换。Tether 公司严格遵守1：1的准备金保证，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。
Tedarco what is the currency of the USDT? Tedarco is a token introduced by Tether based on a stable value currency, the United States dollar (USD), and 1USDT = $1. Users can use the USDT at any time for 1:1.
用户可以在 Tether 平台进行资金查询，以保障透明度。USDT 由全球最大的加密货币交易平台之一 Bitfinex 组建的泰德公司 (Tether Limited)发行，用户将美元储备在泰德公司的银行账户，泰德公司发行价格等于一美元的美元凭证，即 USDT。
Users can access funds on Tether platforms to ensure transparency. USDT is issued by Tether Limited, one of the world’s largest encrypted currency trading platforms, which stores dollars in Ted’s bank account, and Ted’s United States dollar voucher, USDT.
泰德公司声称100%资产储备，用户可以在其平台上1:1 将USDT 兑回美金。目前 USDT 已经成为主流交易所的基础锚定货币，拥有20亿美金的流通量，并且价格基本保持1美元稳定。
Ted claims a 100% asset reserve, and the user can return USDT to the US dollar on its platform at 1:1. USDT is now the backbone of the mainstream exchange, with $2 billion in circulation, and the price remains essentially stable at $1.
但是一直以来，USDT 因审计不公开、中心化和涉嫌超额发行以操纵比特币价格而饱受质疑，甚至有人将 USDT 视为庞氏骗局。市场上也出现了一些其他稳定币(锚定币)的替代品，如受 Bittrex 交易所支持的 TrueUSD，MakerDAO 的 Dai 。
However, USDT has been called into question for audit secrecy, centralization, and suspected over-issues to manipulate bitcoin prices, and even USDT has been seen as a Ponzi scam. There are also alternatives to other stable currencies in the market, such as TrueUSD, MakerDAO, which is supported by the Bittrex Exchange.
稳定币USDT
Stable Currency USDT
与比特币不受监管的出发点相反，稳定的加密货币可以提供解决方案，最理想的稳定币就是那些拥有稳定价值的加密货币。它们同样拥有比特币的优点，但价格却更加稳定而不会出现较大起伏。这些优点使得稳定币更适合用于价值储藏，交换媒介以及记账单位。
Contrary to the unsupervised point of departure for bitcoins, stable encrypted currencies can provide solutions, the ideal of which is those with stable value. They also have the advantage of bitcoins, but prices are more stable without large fluctuations.
虽然去中心化的稳定币具有高度实验性，但它们的成功实施可能会成为全球经济长期基本面改善的主要催化剂。价格稳定性的缺乏，阻碍了加密货币取代大多数法币，而稳定币则可以提供解决方案。政府和货币的脱钩能够消除政府对国家经济管理不善，而造成的恶性通货膨胀政策，经济操控和其他破坏性政策。
While decentralized stable currencies are highly experimental, their successful implementation could be a major catalyst for long-term improvements in the fundamentals of the global economy. Lack of price stability prevents encrypted currencies from replacing most French currencies, while stabilizing currencies can provide solutions.
最初的时候，稳定币给人的唯一印象是：它是波动极小的加密货币。现在，稳定币的预期作用已经远远超出纯粹套利工具的范畴，而是进入了一个更高的境界——在漫漫熊市中，成为全球货币的希望。
Initially, the only impression of a stable currency was that it was an encrypted currency with minimal volatility. Now, the intended role of a stable currency goes far beyond a purely arbitrage tool, but rather into a higher context – the hope of becoming a global currency in a covetous bear market.
USDT是稳定币的代表，市场份额超过90%。在这种情况下，不由许多人质疑，一家私人公司发行的虚拟货币，虽然号称能1:1兑换美元，但它真的靠谱吗?当初为了真正建立第一个被机构普遍采用的稳定币，Tether的对手们，如TrueUSD、Havven、USDCoin和Stronghold，都加入了这场竞争。
The USDT represents a stable currency, with a market share of more than 90%. In this case, it is not up to many to question whether the virtual currency issued by a private company, even though it is called 1:1-to-dollar, is truly reliable.
到目前为止，稳定币主要还是由交易者在使用，这导致了USDT交易量和市值的飙升。从短期来看，对于交易者来说，不管USDT的价值如何锚定美元，如何得到支持或管理，这些似乎并不重要。尽管缺乏透明度，但得益于其中心化特点和业务关系，USDT在稳定币市场稳居第一，市值是其最接近的竞争对手TrueUSD的30倍。
In the short term, it does not seem important for traders to be supported or managed, regardless of the USDT’s value as anchoring the dollar. Despite the lack of transparency, thanks to its centralization and business relations, the USDT is in the forefront of the stable currency market, 30 times the market value of its closest competitor, TrueUSD.
稳定币靠什么盈利?
What's the profit for a stable coin?
首先，来源于手续费用户提现需支付 5% 手续费，也就是平台服务费。对于投资者来说，他们会问USDT有什么特殊之处吗?凭什么只有它能够跟美元基本保持1:1的兑换比例?发行它的机构又是什么背景呢?我们为何要信任它呢?我们都知道，任何货币的发行，它背后都是需要有一定的资产来支撑背书的，比如说上世纪中期的各国货币，就是依靠各国所拥有的黄金资产来支撑。
First, the user of the process charge now pays 5% of the fees, that is, the bill for platform services. For investors, they ask what is special about the USDT. Why is it the only one-to-one ratio that can be basically held against the dollar? What is the context of the institution that issues it? Why should we trust it? We all know that any currency is issued with certain assets behind it to support endorsement, for example, the currencies of countries in the middle of the last century, which depend on the gold assets that each country has at its disposal.
其次，获得利息，当Tether公司收取用户1美元时，相应的会把1USDT给到用户，当用户交回1USDT给Tether公司时，Tether公司再把1美元还给用户。在用户持有1USDT期间，1美元产生的利息则归Tether公司所有。Tether公司通过1:1锚定美元的发行规则，把用户持有美元时间变为自己的时间，从而获得美元存入银行的利息。这就意味着，Tether公司发行的USDT越多，所获得的利息就越多。
Second, interest is earned, and when Tether collects $1 from the user, it gives 1 USDT to the user, and when the user returns 1 USDT to Tether, Tether returns another US$ 1 to the user. During the user’s possession of 1 USDT, the interest on $1 is held by Teth. Tether takes interest on the dollar through the 1:1 anchor dollar distribution rule, turning the user’s time of holding the dollar into its own time, thereby earning interest on the dollar deposited into the bank. This means that the more the USDT issued by Teth, the more, the more the interest will be earned.
USDT币的信任危机
The USDT Trust Crisis
2018年，Tether身陷“操纵市场”风波，不透明的财务状况，莫名增发的USDT，超发、滥发等被公众质疑，直接体现在其价格波动上。然而，即便产生了“信任危机”，由于市场依然需要一种“稳定币”，而USDT虽然没有合法身份，却依然是“共识”总的价格尺度，因而“信用危机”并没有进一步发展成为“挤兑危机”。但是，由于作为“中介币”的特殊地位，人们开始深度调查任何与USDT有关的信息，以及背后Tether的利益结构，毕竟，具有“稳定币”的代币 如果并不能做到承诺的1:1兑换美元，“布雷顿森林体系”瓦解，对于数字币世界来说，都是一件大事。
In 2018, Tether was caught in a “manogering of the market” wave, an opaque financial situation, and the unbelievably increased USDT, which has been called into question by the public and is reflected directly in price volatility. However, even with the emergence of a “crisis of trust”, the market still needs a “stabilized currency” and, despite its lack of legal identity, the “consensual” price scale, so that the “credit crisis” has not further developed into a “crowding crisis.” But, because of its special status as an “intermediary currency”, people have begun an in-depth investigation of any information related to the USDT and the underlying interest structure of Teher, after all, a currency with a “stabilized currency” that, if not the promised $1:1 exchange, the “Breton Forest System” collapse is a major event for the digital currency world.
功夫不负有心人，Tether的幕后庄家Brock Pierce浮出水面。2012年，Bitfinex在中国香港注册成立，两年后，Tether在维尔京群岛注册成立，同年，Noble Bank在波多黎各注册成立，没有人知道这三家公司有什么关系。然而，这三家公司的幕后，却都是Brock Pierce 他将三家公司的业务紧密结合，创造出一个数字世界与现实世界夹缝中的金融帝国。首先，由Noble Bank为Tether进行储备美金的银行背书，有了背书，Tether就可以发行1:1 锚定美元的USDT，而Bitfinex则作为USDT流通的场所和管道。
In 2012, Bitfinex was registered in Hong Kong, China, and two years later, Tether was registered in the Virgin Islands. In the same year, Noble Bank was registered in Puerto Rico, and no one knew about the relationship between the three companies. However, the three companies were behind Brock Pierce, who linked the operations of the three companies to create a financial empire in a digital world that was cut off from the real world.
要知道，USDT并没有被美国当局认可，这个帝国也不在金融监管之下。即便政府如何提示国民防范虚拟数字货币的投资风险，也难以抵得过所谓“区块链媒体”与币圈媒体的“造富神话”。
You know, the USDT is not recognized by the United States authorities, and the empire is not under financial supervision. Even how the government alerts its citizens against the investment risks of virtual digital money, it is difficult to counter the so-called “favourable myths” of “block chain media” and currency media.
而政府难以依靠法律禁止民众参与，只能禁止公司主体在本国的经营，而无论是谁设计的公司构架，都会把当地认为“非法”的活动安排在合法的国家和地区，本国只有“媒体”、“运营”、“技术”等看似“合法”的团队和业务。
It is difficult for Governments to rely on laws that prohibit popular participation and only the conduct of business by the subjects of companies in their own countries, and whoever designs the corporate structure will place what they consider to be “illegal” activities in legitimate countries and regions, with only “media”, “operation”, “technology” and so on as to appear to be “lawful” teams and operations in the country.
且不说数字币本身就是脱离监管的，在互联网的大潮下，即便是中国的“长城”再高，也没拦得住搭梯子的国人。投机者依然疯狂的参与到这片没有规则的“处女地”的开垦中，试图以“一招鲜”的优势，攻城略地，让后来者“交税”，收割韭菜。
Not to mention that the digital currency itself is out of regulation, and that even China’s Great Wall is no longer high on the Internet. Speculators continue to be madly involved in the exploitation of this unruly “virtual land” and try, with the advantage of a “no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no”-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no”-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-no-
BitFinex和Tether是通过第三方渠道来打通的“银行业务”，而所谓的“三方服务公司”有很多都是关联公司，其中甚至有高层和员工的私人账户。这不仅造成1:1兑换的承诺可能成为“欺诈”，更可能导致其对通过私人账户或第三方服务公司进行储备的账户失去控制权。
BitFinex and Tether operate “banking” through third-party channels, and many of the so-called “trilateral service companies” are related companies, with even private accounts of senior and employees. This not only results in a promise of 1:1 conversions being “frauded”, but also in a loss of control over accounts held in reserve through private accounts or third-party service companies.
同时，由于公司注册主体的缘故，公司名下的资产甚少，而有限责任制则保证公司在破产清算之后，股东不会被连带。如果最坏的情况发生，USDT的持有者根本无法让Tether兑现承诺，而二级市场交易也会因为信任的崩塌失去“接盘侠”。
At the same time, because of the company’s registered subjects, there are few assets in the company’s name, and limited accountability guarantees that the company will not be associated with its shareholders after liquidation. If the worst happens, the holder of the USDT will not be able to keep Tether’s promise, and secondary market transactions will lose the “Associator” because of the collapse of trust.
2019年4月25号，纽约总检察长办公室发表声明称：Bitfinex和Tether之间存在关联关系，推测其可能违规挪用 8.5亿美元储备资金。
On 25 April 2019, the New York Attorney General's Office issued a statement stating that there was a link between Bitfinex and Tether, presumably misappropriation of $850 million in reserve funds.
而几个小时后Bitfinex也发布公告回应声称：自身资金充足，并同时指责前者的行为越权且充满恶意。
A few hours later, Bitfinex issued a public announcement in response to the statement that he was well-funded and accused the former of acting ultra vires and maliciously.
消息一出，USDT 应声下跌，USDT/CNY 场外价格由 6.95 下跌至 6.7 左右，PAX、USDC 等其余稳定币最高溢价 3～5%。尽管此次负面新闻未引起大规模恐慌，随后 Bitfinex 官方回应称该诉讼内容虚假，但作为稳定币龙头的 USDT，其真实资产状况正式被打上问号。
As soon as the news came out, the USDT fell, the USDT/CNY off-site price fell from 6.95 to around 6.7, and the rest of the stable currency premium, PAX and USDC, was 3 to 5%. Although the negative news did not cause a massive panic, Bitfinex’s official response claimed that the lawsuit was false, the real asset position of the USDT, which was the leader of the stable currency, was officially hit with a question mark.
其实，类似的事情已经不是第一次了。自去年10月USDT黑天鹅事件后，Tether再次因为储备金透明与合规的问题被推上风口浪尖。一波未平一波又起的风波也预示着USDT一手遮天的稳定币时代根基，逐渐在被动摇。
Since the USDT Black Swan incident last October, Tether has once again been pushed to the forefront by the question of transparency and compliance of reserves. A wave of unwinding winds has also heralded the foundations of the USDT’s steady currency era, which is gradually being shaken.
稳定币的根基在于储备金使用的透明。而Tether与Bitfinex设立于英属维尔京群岛，在建立之初，Tether本身就是有意躲避监管。也就是说USDT截至目前始终未能做到完全公开透明。
When Tether and Bitfinex were established in the British Virgin Islands, Tether himself intended to evade regulation. That is, the USDT has not been fully transparent until now.
如此的潜在风险存在，但鉴于Tether与Bitfinex的市场地位及关系，及当时市场上没有其他更多的稳定币可供选择，USTD依旧快速占领了整个稳定币的市场。
There are such potential risks, but, given the market position and relationship between Tether and Bitfinex, and the fact that there was no other stable currency option in the market at the time, the USTD continued to quickly occupy the stable currency market as a whole.
不健全的稳定币体系也为数字货币市场埋下了隐患，据统计，2018年一半的市场波动都是人为操纵，操纵媒介也主要是USDT。不过好在物极必反，一家独大的隐患，也为新生代稳定币的崛起留下了机会。
Poor and stable currency systems have also created a risk for the digital money market, where, according to statistics, half of all market fluctuations in 2018 were artificially manipulated, mainly by the USDT. But good things are counterproductive, and a single risk also leaves a window of opportunity for the emergence of a new generation of stable currencies.
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