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在币圈生态中，掌握稳定币就意味着握住了入金通道，进而把控了流量命脉。前阵子USDT的大跌风波，让“空仓被套”这一新概念深入人心。即使在牛市遥不可见的当下，许多投资者仍选择将手中的虚拟货币兑换为USDT而非人民币，究其原因，便捷性是首要因素，他们期待着抄底时机的到来。
Even at a time when the bull market is not visible, many investors choose to convert their virtual currency to USDT instead of RMB, for the reason that ‘strong’ convenience is the primary factor 小标题一：USDT何以保持如此稳定？
1. 通常情况下，买入USDT应导致其增值，卖出则应贬值，但为何USDT波动微乎其微呢？原来，USDT由泰达公司发行，这家公司与知名交易所Bitfinex有着千丝万缕的联系。由于香港银行拒绝直接充值美元至交易所，泰达公司推出USDT作为法币与数字货币之间的桥梁，并公开承诺1USDT始终等于1USD。
Normally, buying USDTs should lead to value added and selling them should be depreciated, but why is there little volatility in USDTs? Originally, USDTs were issued by Teda, a company that is inextricably linked to a well-known exchange, Bitfinex. Since the Bank of Hong Kong refused to charge the United States dollar directly to the exchange, Teda introduced USDT as a bridge between French and digital currencies, and publicly promised that 1 USDT would always be equal to 1 USD.
2. USDT之所以能维持极低的波动率，源于泰达公司的另一个承诺——每发行1美元的USDT，便会在银行存入等值的1美元作为储备金。这样一来，当用户用USDT兑换美元时，都能得到保证。尽管兑换过程中会收取5%手续费，但这正是泰达公司的盈利来源。基于市场对USDT锚定美元的共识，买卖单都会围绕1美元的价格波动，从而确保了其稳定性。
The reason for USDT to maintain a very low rate of volatility stems from a further commitment by Tedda — that each $1 USDT issued will be deposited into the bank as a reserve at the equivalent of US$ 1. This guarantee will be obtained when the user converts USDT to the dollar. While a 5% fee will be levied on the exchange process, this is the profit source for the company. Based on the market consensus on USDT anchoring the dollar, the purchase and purchase order will fluctuate around US$ 1, thereby ensuring its stability.
小标题二：USDT背后的“猫腻”与食物链顶端地位1. 目前USDT已发行30亿美元，理论上泰达公司应在银行持有30亿美元存款。但实际上，多数用户并不急于将USDT兑换成美元，这就意味着泰达公司可能只需存储少量美元储备即可应对用户的兑换需求。
USDT has now issued $3 billion, and the theory is that the company should hold $3 billion in bank deposits. In practice, however, most users are not in a hurry to convert USDT into United States dollars, which means that the company may need only a small dollar reserve to respond to the user’s exchange needs.
2. 泰达公司利用这种机制，实际上通过发行超出储备金覆盖范围的USDT，近乎零成本地换取比特币、以太坊等主流数字货币，实现套现。这揭示了稳定币实乃区块链行业食物链顶端的存在，悄无声息地吞噬利润。
The use of this mechanism by Teda has in fact resulted in a near-zero-cost exchange for mainstream digital currencies, such as bitcoin and Taiku, through the issuance of USDTs that exceed the reserve coverage. This has revealed the existence of `strong' as a stable currency at the top of the food chain in the block chain, .
3. 就在数日前的惊魂三小时，USDT价格突降引发市场恐慌，众多投资者纷纷抛售USDT转投比特币、以太坊等主流币种，比特币在Bitfinex上短时间飙升20%，其他主流币种也普遍上涨约10%。然而，事后证实此次大跌系谣言所引发，USDT并未出现实质性问题。
3. Just a few hours ago, USDT prices plunged into a panic in the market, with a large number of investors selling USDT to mainstream currencies such as Bitcoin, Etheria, 20% short-term surge in Bitfinex, and about 10% in other mainstream currencies. However, it was confirmed that the fall was triggered by rumours that the USDT had not materialized.
小标题三：稳定币战场的新格局与火币的战略布局1. 鉴于今年行情持续低迷，资金盘热潮退去后，市场目光转向了稳定币。目前市场上已涌现超过30种稳定币，其中USDT虽财务状况不明朗，但仍凭借先发优势和与Bitfinex的关系稳坐龙头宝座。
1. In view of this year's continued low level of interest and the retreat of the capital boom, the market has turned to a stable currency. There are now more than 30 stable currencies in the market, of which the USDT, despite its uncertain financial situation, still stands at the helm with its pre-existing advantages and ties to Bitfinex.
2. 火币在USDT风波后迅速响应，上线PAX、TUSD、USD、GUSD四种稳定币，并招募相关机构交易方、承兑商、场外做市商等。尤其是GUSD，作为全球首个受美国监管机构批准的稳定币，意义非凡。
2. The tender responded quickly after the USDT wave, with four stable currencies: the online PAX, TUSD, USD, GUSD, etc., and recruited the relevant agencies as dealers, depositors, off-site marketers, etc. The GUSD, in particular, is of great significance as the first stable currency in the world to be approved by the United States regulatory agencies.
3. 火币此举意在推行自家综合稳定币解决方案——HUSD。用户充值上述四种稳定币时，在账户内均体现为HUSD，提币时可自由选择提取任一稳定币，若某一种存量不足，也可提取其他稳定币替代。这样做既削弱了USDT在火币的交易份额，又弥补了新上线稳定币交易量不足的问题，通过融合四种稳定币于一体，使它们在火币平台都等同于HUSD，实现了灵活转换和使用。
This move is intended to promote an integrated home-grown currency stabilization solution, HUSD. When users fill the four stable currencies mentioned above, they are represented in the accounts as HUSD, and they are free to draw on any of the stable currencies and, if one stock is insufficient, other stable currencies. This will both reduce the share of the USDT in the currency exchange and compensate for the problem of new-line stabilization of the volume of currency transactions by combining the four stable currencies, making them equivalent to HUSD in the currency platform, making them flexible for conversion and use.
4. 火币抢先一步，将稳定币与自身平台深度绑定，无论未来哪种稳定币崛起，都在其掌控之中。因为掌握稳定币即掌握了入金通道，进而锁定流量，聚集更多用户在自家交易所进行交易，从而赚取丰厚的手续费、上币费以及构建火币生态的各类创新业务收入。如今的USDT就是最好的例证。
The sword takes a step ahead and binds the stable currency to the depth of its own platform, regardless of which stable currency rises in the future. Because `strong' holds the stable currency, it captures the access to gold, thereby locks the flow and brings together more users to trade on its own exchange , thereby generating substantial fees, upper currency fees, and a variety of innovative business revenues to build the currency's ecology.
本文来源：每日区块先知
Source: Daily Presbyterian.
原标题：USDT：食物链顶端的巨兽，吃掉你不吐骨头
Original title: USDT: A giant beast at the top of the food chain. Eating you don't spit bones.
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