[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-stablecoin-categories-explained-builders-zh":3,"article-related-stablecoin-categories-explained-builders-zh":31,"series-industry-8966917c-ee90-4060-bd74-226dd20686da":79},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":23,"views":27,"created_at":28,"published_at":29,"topic_cluster_id":30},"8966917c-ee90-4060-bd74-226dd20686da","stablecoin-categories-explained-builders-zh","穩定幣四類與保釘判讀","\u003Cp data-speakable=\"summary\">這篇教你把\u003Ca href=\"\u002Ftag\u002F穩定幣\">穩定幣\u003C\u002Fa>分成四類，並判斷它們各自怎麼維持錨定。\u003C\u002Fp>\u003Cp>這篇給要做錢包、交易所、\u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 介面、風險研究的人看。照著做完，你會得到一份可重複使用的分類流程，能判斷一個穩定幣屬於哪一類、錨定靠什麼維持、主要風險在哪裡，以及適合放進哪種產品。\u003C\u002Fp>\u003Cp>你也會得到一份固定欄位的比較表，之後看到法幣擔保、加密抵押、算法或合成美元、商品擔保這四種設計，都能用同一套標準整理。\u003C\u002Fp>\u003Ch2>開始之前\u003C\u002Fh2>\u003Cul>\u003Cli>可上網的瀏覽器，並能開啟 \u003Ca href=\"https:\u002F\u002Fwww.eco.com\u002F\" target=\"_blank\" rel=\"noopener\">Eco 的穩定幣文章\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fdefillama.com\u002Fstablecoins\" target=\"_blank\" rel=\"noopener\">DeFiLlama stablecoins dashboard\u003C\u002Fa>，以及 \u003Ca href=\"https:\u002F\u002Fdocs.ethena.fi\u002F\" target=\"_blank\" rel=\"noopener\">Ethena 文件\u003C\u002Fa>。\u003C\u002Fli>\u003Cli>基本懂 Ethereum、智能合約、錢包與轉帳流程。\u003C\u002Fli>\u003Cli>選用 Node 20+ runtime，若你要自己寫腳本查儲備或抓價格。\u003C\u002Fli>\u003Cli>一個筆記檔或試算表，欄位包含 backing type、redemption path、collateral ratio、risk flags。\u003C\u002Fli>\u003Cli>熟悉 USDC、USDT、DAI 或 USDS、USDe 這些常見參考資產。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>Step 1: 辨認抵押資產\u003C\u002Fh2>\u003Cp>先找出代幣背後是什麼資產，因為 backing 是分類的第一把鑰匙。法幣擔保通常對應現金與短天期美債，加密抵押對應鏈上資產，合成美元依靠衍生品或程式規則，商品擔保則對應金條或白銀。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782171171529-87l4.png\" alt=\"穩定幣四類與保釘判讀\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cpre>\u003Ccode>Category checklist:\n- Fiat-backed: cash, T-bills, bank custodian\n- Crypto-collateralized: ETH, stETH, WBTC, other onchain assets\n- Algorithmic or synthetic-dollar: perp shorts, mint-burn logic, rebasing rules\n- Commodity-backed: gold or silver in a vault\u003C\u002Fcode>\u003C\u002Fpre>\u003Cp>你應該能把代幣放進四個桶中的其中一個，而且不會含糊。如果你還說不出 backing 是什麼，代表文件不完整，或你還沒看儲備揭露。\u003C\u002Fp>\u003Ch2>Step 2: 追出贖回路徑\u003C\u002Fh2>\u003Cp>接著要弄清楚持有人怎麼回到面值，因為保釘靠的不只是儲備，還有贖回機制。法幣擔保通常能透過發行方或授權通路 mint 與 redeem，加密抵押通常靠還債解鎖抵押物，合成美元靠市場中性部位，商品擔保則對應特定重量的金屬索取權。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782171168958-8kvr.png\" alt=\"穩定幣四類與保釘判讀\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>把完整流程寫下來：存入、鑄造、二級市場交易、贖回、結算。這條路徑若公開且可套利，價格通常會貼近 1 美元或商品參考價。若路徑封閉，即使有資產，價格也可能偏離錨定。\u003C\u002Fp>\u003Cp>你應該能直接回答「我贖回時會發生什麼事」。如果答案\u003Ca href=\"\u002Fnews\u002Frust-forum-checkins-turn-vague-work-into-plans-zh\">模糊\u003C\u002Fa>，這顆穩定幣就該提高風險分數。\u003C\u002Fp>\u003Ch2>Step 3: 檢查超額抵押與儲備品質\u003C\u002Fh2>\u003Cp>這一步是看保釘有多少緩衝。加密抵押\u003Ca href=\"\u002Fnews\u002Fgke-system-metrics-tpu-hpa-cloud-monitoring-zh\">系統\u003C\u002Fa>通常要求 100% 以上的抵押率，常見會到 145% 甚至更高，才能扛住價格下跌。法幣擔保通常不靠超額抵押，而是靠儲備品質、託管與資產期限。商品擔保則看金庫託管與配置品質。\u003C\u002Fp>\u003Cp>把重要數字記下來：抵押率、儲備組成、驗證頻率、託管地點。像 \u003Ca href=\"\u002Ftag\u002Fusdc\">USDC\u003C\u002Fa>、USDT 主要靠現金等價物與短天期美債；DAI 或 USDS 依賴鏈上抵押與儲備模組；USDe 則是多頭現貨加空頭永續的對沖結構，所以它的「儲備」其實是一個市場中性部位。\u003C\u002Fp>\u003Cp>你應該能看出它是靠超額抵押、流動儲備，還是靠對沖撐住錨定。這會直接告訴你，它能承受多大壓力才會失守。\u003C\u002Fp>\u003Ch2>Step 4: 標出主要失效模式\u003C\u002Fh2>\u003Cp>這一步要找出壓力來時最先壞掉的是什麼。法幣擔保常見失效點是儲備或託管問題。加密抵押常見失效點是抵押物暴跌，清算速度跟不上 keeper 與 oracle。合成美元常見失效點是 funding 轉負，或交易所對手方出問題。商品擔保常見失效點是金庫、保險或贖回流程卡住。\u003C\u002Fp>\u003Cp>你可以用四個情境快速測試：銀行出問題、ETH 跌 30%、funding 變負、金庫發生爭議。哪個情境最傷，就代表那一類的真實風險，而不是行銷文案。\u003C\u002Fp>\u003Cp>你應該為每個代幣標出一個主失效模式。如果你看到好幾個都很危險，就把它標成高風險，先記最弱的一環。\u003C\u002Fp>\u003Ch2>Step 5: 選對使用場景\u003C\u002Fh2>\u003Cp>最後把類型對回用途。支付、交易、DeFi 流動性通常最適合法幣擔保，因為流動性深、搬運成本低。抗審查與鏈上原生借貸，較適合加密抵押。做 delta-neutral 收益\u003Ca href=\"\u002Fnews\u002Fmicron-anthropic-memory-ai-infrastructure-deal-zh\">策略\u003C\u002Fa>時，合成美元可能更合拍。若要持有黃金曝險，商品擔保最直接。\u003C\u002Fp>\u003Cp>你可以用一個簡單矩陣決策：流動性、可贖回性、監管姿態、資本效率、資產特定風險。實務上，大額轉帳多半還是走 USDC 或 USDT，因為流動性會跟供給一起集中。\u003C\u002Fp>\u003Cp>你應該能為每個使用情境選出一個明確答案。如果兩個選項差不多，就先選你能最快驗證贖回路徑的那個。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>指標\u003C\u002Fth>\u003Cth>基準／優化前\u003C\u002Fth>\u003Cth>結果／優化後\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>分類清晰度\u003C\u002Ftd>\u003Ctd>只寫 stablecoin 標籤\u003C\u002Ftd>\u003Ctd>依 backing 與保釘機制切成四類\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>風險檢查\u003C\u002Ftd>\u003Ctd>只看單一 headline 指標\u003C\u002Ftd>\u003Ctd>同時檢查 backing、redemption、collateral ratio、failure mode\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>用途選擇\u003C\u002Ftd>\u003Ctd>按品牌或知名度選幣\u003C\u002Ftd>\u003Ctd>按流動性、託管與結算需求選幣\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>常見錯誤\u003C\u002Fh2>\u003Cul>\u003Cli>把儲備等同於保釘機制。修法：先查贖回路徑，再看 attestations 裡的資產清單。\u003C\u002Fli>\u003Cli>以為所有穩定幣都是法幣擔保。修法：先確認它是超額抵押、對沖結構，還是商品連動。\u003C\u002Fli>\u003Cli>忽略託管與平台風險。修法：確認儲備放在哪裡、空頭在哪裡開、誰能凍結或贖回。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>接下來可以看什麼\u003C\u002Fh2>\u003Cp>下一步可以把不同發行方並排比較，讀儲備報告、驗證頻率與支援鏈，再做一份給 treasury、協議或交易所用的風險評分表。\u003C\u002Fp>","給開發者的穩定幣分類指南，照步驟判斷四種穩定幣的抵押、贖回與風險。","eco.com","https:\u002F\u002Feco.com\u002Fsupport\u002Fen\u002Farticles\u002F11788896-stablecoin-categories-explained-comparing-the-major-types",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782171171529-87l4.png","industry","zh","ffe38f11-5842-4a41-a78c-aeba5d3f6f94",[17,18,19,20,21,22],"stablecoin","DeFi","Ethereum","reserve","collateral","USDC",[24,25,26],"先看 backing，再看 redemption path，才能正確分類穩定幣。","四類穩定幣的核心差異在保釘機制，不只是名稱。","用同一套欄位比較儲備、抵押率、託管與失效模式，才能做出可重複的風險判斷。",0,"2026-06-22T23:32:24.299214+00:00","2026-06-22T23:32:24.287+00:00","caa87b65-9bbc-46fe-bba8-4f4158dd2d8b",{"tags":32,"relatedLang":38,"relatedPosts":42},[33,34,36],{"name":17,"slug":17},{"name":35,"slug":35},"ethereum",{"name":18,"slug":37},"defi",{"id":15,"slug":39,"title":40,"language":41},"stablecoin-categories-explained-builders-en","Stablecoin Categories Explained for Builders","en",[43,49,55,61,67,73],{"id":44,"slug":45,"title":46,"cover_image":47,"image_url":47,"created_at":48,"category":13},"9bff47f9-faba-408a-b0f9-83d050ed3ab6","rwa-tokenization-turns-assets-into-on-chain-rails-zh","RWA 代幣化把資產變上鏈通道","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782184696459-t7qe.png","2026-06-23T03:17:50.080174+00:00",{"id":50,"slug":51,"title":52,"cover_image":53,"image_url":53,"created_at":54,"category":13},"0bcd7d43-04e9-455e-b0c0-a9d9679a50a2","micron-anthropic-deal-earnings-signal-zh","Micron 合約把財報變訊號","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782183794288-6y4p.png","2026-06-23T03:02:49.715904+00:00",{"id":56,"slug":57,"title":58,"cover_image":59,"image_url":59,"created_at":60,"category":13},"2e953e03-6c74-468e-ab2f-9b698a3b2d39","blackwell-mlperf-training-6-0-sweep-zh","Blackwell 6.0 讓訓練速度、規模、穩定性一起升級","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782181969967-chye.png","2026-06-23T02:32:25.659395+00:00",{"id":62,"slug":63,"title":64,"cover_image":65,"image_url":65,"created_at":66,"category":13},"039f17cc-fbd9-4c4a-9427-952af4c962ec","ai-companies-should-stop-pretending-midterm-spending-is-neut-zh","AI 公司該停止把中期選舉支出說成中立","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782181064576-t6xw.png","2026-06-23T02:17:18.930817+00:00",{"id":68,"slug":69,"title":70,"cover_image":71,"image_url":71,"created_at":72,"category":13},"ecd1f521-2d1a-411a-a7c0-bcd68193a21b","ai-market-map-list-better-signal-than-newsletters-zh","這份 AI 市場地圖清單，比大多數 AI 電子報更有訊號","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782180167709-2byc.png","2026-06-23T02:02:21.657988+00:00",{"id":74,"slug":75,"title":76,"cover_image":77,"image_url":77,"created_at":78,"category":13},"7f4bb192-1d04-415b-90b1-59dccbee2ca4","worldcoin-rally-credibility-test-not-breakout-zh","Worldcoin 的上漲不是追價訊號，而是可信度測試","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782179259708-dou4.png","2026-06-23T01:47:18.884145+00:00",[80,85,90,95,100,105,110,115,120,125],{"id":81,"slug":82,"title":83,"created_at":84},"ee073da7-28b3-4752-a319-5a501459fb87","ai-in-2026-what-actually-matters-now-zh","2026 AI 真正重要的事","2026-03-26T07:09:12.008134+00:00",{"id":86,"slug":87,"title":88,"created_at":89},"83bd1795-8548-44c9-9a7e-de50a0923f71","trump-ai-framework-power-speech-state-preemption-zh","川普 AI 框架瞄準電力、言論與州權","2026-03-26T07:12:18.695466+00:00",{"id":91,"slug":92,"title":93,"created_at":94},"ea6be18b-c903-4e54-97b7-5f7447a612e0","nvidia-gtc-2026-big-ai-announcements-zh","NVIDIA GTC 2026 重點拆解","2026-03-26T07:14:26.62638+00:00",{"id":96,"slug":97,"title":98,"created_at":99},"4bcec76f-4c36-4daa-909f-54cd702f7c93","claude-users-spreading-out-and-getting-better-zh","Claude 用戶更分散，也更會用","2026-03-26T07:22:52.325888+00:00",{"id":101,"slug":102,"title":103,"created_at":104},"bd903b15-2473-4178-9789-b7557816e535","openclaw-raises-hard-question-for-ai-models-zh","OpenClaw 逼問 AI 模型價值","2026-03-26T07:24:54.707486+00:00",{"id":106,"slug":107,"title":108,"created_at":109},"eeac6b9e-ad9d-4831-8eec-8bba3f9bca6a","gap-google-gemini-checkout-fashion-search-zh","Gap 把結帳搬進 Gemini","2026-03-26T07:28:23.937768+00:00",{"id":111,"slug":112,"title":113,"created_at":114},"0740e53f-605d-4d57-8601-c10beb126f3c","google-pushes-gemini-transition-to-march-2026-zh","Google 把 Gemini 轉換延到 2026 年 3…","2026-03-26T07:30:12.825269+00:00",{"id":116,"slug":117,"title":118,"created_at":119},"e660d801-2421-4529-8fa9-86b82b066990","metas-llama-4-benchmark-scandal-gets-worse-zh","Meta Llama 4 分數風波又擴大","2026-03-26T07:34:21.156421+00:00",{"id":121,"slug":122,"title":123,"created_at":124},"183f9e7c-e143-40bb-a6d5-67ba84a3a8bc","accenture-mistral-ai-sovereign-enterprise-deal-zh","Accenture 攜手 Mistral AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":126,"slug":127,"title":128,"created_at":129},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]