Arthur Hayes: Crust on the dust - Creating a Bitcoin-based Stablecoin
原文标题：《 Arthur Hayes：灰尘上的外壳——创建基于比特币的稳定币 》
Original article by Arthur Hayes
Kate, Marsbit
(Any of the following views are the author's own and should not be used as a basis for investment decisions, nor should they be construed as recommendations or recommendations for engaging in investment transactions.)
As winter draws to a close in the Northern Hemisphere, I must leave my winter wonderland and return to the steaming jungle. The transition to spring has begun, and the shredding experience that once guaranteed awe-inspiring soon becomes even more dangerous. We are entering what is known as the "dusty" phase of the ski season.
During this transition period, temperature changes increase throughout the day, even reaching above freezing on sunny days. This causes the snow to melt during the day and then refreeze each night. If another layer of fresh powder falls on this hard layer overnight, then you'll wake up to what looks like a beautiful snowpack - but when you get there and your skis start carving, your legs will scream in pain at your all-out effort to get through the snow below for the first time this season.
The cryptocurrency market has a similar life cycle. From their lofty beginnings, when Satoshi Nakamoto first blessed the world with their teachings, his followers built many castles on dubious, hard, flimsy foundations. Right now, one of those foundations in particular -- the connective tissue between stablecoins, cryptocurrencies, and legal financial markets -- is the subject of a great deal of scrutiny and constercountry. As concerns mount, it's worth reexamining and reminding ourselves of the raison d 'etre of Stablecoins. Only then can we understand why their continued existence remains important, determine what form they take most appropriately and determine how we can best remedy the current situation.
Why
Bitcoin is created in the process of mining. Bitcoin miners expend energy and compete with each other to quickly solve a complex mathematical puzzle. The winner of this contest will be rewarded with newly created bitcoins. It's one of the few ways to get Bitcoin.
The most common way to get Bitcoins is to buy them from someone. In the beginning, OG miners were basically the only people you could buy it (since circulation was so low, they were the ones producing it effectively). If you bought some, you were probably (and still are) using the dollar because it's the global reserve currency. Thus, the most widely quoted Bitcoin exchange rate is (and remains)BTC/USD.
As legal tender, the dollar must be held within the western legal financial system. Sure, you can use cash, but in a global economy with a trillion dollar GDP, cash is not a practical means of exchange. This reality more or less forces people who want to buy bitcoin to use Western banking systems. Banks must be used to transfer dollars from buyers to sellers of bitcoin.
The ultimate question is, how do we eliminate the need to use dollars or any other legal currency to buy bitcoin? To solve this puzzle would require most of the world's largest economy to pay for goods and salaries in Bitcoin. This is the dream of any serious Bitcoin user - if we succeed, many people will earn Bitcoins by working and thus no longer need to use banking services. But despite all our efforts, there is still a chance that we will never reach this ultimate state.
Right now, we're stuck in purgatory. We have escaped the hell of the pure statutory financial world before 2009, but we have not yet ascended to heaven with our Satoshi, sitting there looking down on the vile fiat money devil from on high.
What
What do we need fiat money for in crypto capital markets?
Capital flow in and out
If you want to use bitcoin as a financial asset and swap it easily between it and fiat currencies like the U.S. dollar, you will most likely use an exchange platform that can hold your dollars and bitcoins in custody.
For the dollar portion of a given trade, the trading platform requires a bank account. It's not easy for trading platforms to get and keep bank accounts. Remember, fundamentally, the whole goal of Satoshi Nakamoto's followers of justice was to create a parallel financial system that did not require banking services. You can see why banks might refuse to service cryptocurrency companies whose ultimate goal is to siphon off a significant portion of banking business. The only real reason some banks are willing to provide services to cryptocurrency companies is that, at the end of the day, banks are focused on maximizing short-term profits, while cryptocurrency companies are willing to pay high fees while not earning interest on legal deposits. Basically, some managers are sacrificing the long-term profitability of the banking system in order to beef up bonuses for years to come.
The BTC portion of a given transaction is easy. You have downloaded the BitcoinCore, and in a few hours, you have a fully functional financial system. You can accept bitcoin and transfer money without permission.
transaction
Real traders and market makers are not privy to the success or failure of bitcoin (and cryptocurrencies). They must do so because it is not their job to take a medium - or long-term view. Their sole focus is to make a profit by providing liquidity 24/7.
One of the prerequisites for performing its duties well is to be able to move quickly and cheaply between dollars and cryptocurrencies. But the Western banking system does not make it easy for them to do so, because it does not allow them to move money quickly and economically - whether you are trying to move money between internal depositors or between external banks. Given that banking is an oligopoly protected by a government franchise, banks have no incentive to try to become faster or cheaper.
As a result, crypto traders need to move their money back and forth between dollars and cryptocurrencies more quickly. To solve this problem, traders realized they needed to create a Token on the public blockchain that could be moved as easily as bitcoin, but that would represent and have the exact same value as the dollar. That way, they can easily move their money in and out of the dollar, functionally the same as in and out, but without having to wait for the slow-moving Western banking system. If someone created such a product, traders would be able to convert their digital dollars into dollars almost 24/7, at a cost of just a few cents per trade.
How
这导致了稳定币的诞生，稳定币是存在于比特币或以太坊等公共区块链上的 Token ，但其价值正好等于一美元 (或另一种法定货币的一张纸币，尽管最大的稳定币是以美元计价的)。Tether 是第一个美元稳定币，2014 年在 Omni 网络上发行 (托管在比特币之上)。今天，USDT 可以在广泛的区块链上使用和交易，如以太坊、波场和币安智能链。
Trading platforms and traders are flocking to USDT(and stablecoins) because it doesn't require each participant to get his or her own bank account to hold fiat money. This allows them to focus on what they got into crypto for - to help create a new financial system, rather than playing pie with bank officials who work 9 to 5 Monday through Friday. As long as the Tether organization can satisfy its banking partners and prove to them that Tether holds $1 or dollar cash equivalents for each USDT (for example, short-term Treasury bills), then the USDT can trade like dollars on the crypto capital market. When the USDT is returned to Tether for redemption, Tether instructs its bank where to wire the equivalent amount of dollars held in its account.
Suddenly, entire businesses were available because they no longer had to worry about opening and keeping bank accounts. Binance, for example, has not had a legal bank account for years, even though it has become the world's largest spot trading platform. Even today, with Binance now allowing US dollars to be deposited through traditional banks, the most liquid trading pairs on trading platforms are not US dollars, but other stablecoins such as USDT, BUSD, or USDC.
Trading companies that use stablecoin also have an advantage because they don't have to worry about waiting for a lot of wire transfers of dollars coming in and out of the company's bank account. If they can convert their initial legal capital into cryptocurrencies or legal stablecoins, they can trade as quickly as they want. When they need to retreat to the "safety" of fiat money, they can immediately withdraw all their funds into stablecoin for next to nothing.
Our goal
如今，稳定币解决了加密资本市场的一个非常现实的痛点。它们可能不完全符合加密货币的核心原则——也就是说，它们不是去中心化的——但稳定币的重点不是在不需要的地方创建去中心化的产品。相反，它们只是为了提供银行拒绝提供的法币 Token 化服务。
Bear with me, because I'm going to stray slightly here, but it's important to point out that not everything needs to be -- or even should be -- decentralized. This is why I think over-collateralized stablecoins (e.g. MakerDAO/DAI) and algorithmatic stablecoins (e.g. TerraUSD) are fundamentally unnecessary. But unfortunately (and dangerously), the market tends to confuse the real reason Stablecoins exist -- which is to allow traders to move quickly between fiat currencies and cryptocurrencies -- with the broader goal of the decentralization movement, which is to create a decentralized alternative to any centralized institution or entity, These institutions or entities may create inequality for the masses.
The reality is that we already have a decentralised alternative to value exchange that inhibits the risks of centralised banking. It's called Bitcoin. Stablecoins were not intended as another decentralized store of value - again, they were intended to bridge the gap between centralized and decentralized finance.
The problem with Stablecoin today is not centralization. It is that no reputable, mature banking institution is willing to start its own bank. If JP Morgan, the best run commercial bank in the world, had launched a set of G10 fiat Stablescoins, it would have instantly put USDT, USDC (Circle), BUSD (Binance) and others out of business. Unlike the companies behind some of our existing stablecoin options, no one doubts that Jamie Dimon's institution knows how to take deposits and redeem them when needed. Jpmorgan also fully understands how to use a public blockchain and integrate the technology into a coherent workflow. Onyx, the company's in-house blockchain group, has been working on this for years. On top of that, jpmorgan is a "too big to fail" bank and a member of the Treasury Borrowing Advisory Committee, which advises the US Treasury. If something went wrong and jpmorgan couldn't pay, the Fed would print the money needed to shield jpmorgan's customers from losses.
JPM Coin will attract hundreds of billions of dollars in assets in all major currencies. All trading platforms and traders will adopt it immediately. The only problem is that it would also destroy the trillions of dollars that the global banking system earns each year from trading and foreign exchange fees.
Suddenly you don't need to pay hefty bank fees to move your money. Just send JPM coins over the Ethereum network, which will cost you at most a few dollars in network fees. Switching between currencies - say between dollars and euros - and paying ridiculous price differentials will become a thing of the past, as you can swap freely and cheaply between dollar JPM coins and euro JPM coins. Curve will set up a JPM EUR/USD pool where you can trade forex 24/7 for less than 0.01%.
Of course, it's not all bad for jpmorgan, as they will benefit from the extra deposits. It can lend those deposits to the Fed and earn interest on them without any risk to the Fed. But, it would devastate the business of the other banking partners overnight and severely affect the company's future earnings. In a 2022 report, McKinsey estimated that global banks would lose $2.1 trillion in annual revenue if retail central bank digital currencies (CBDCS) were successfully launched.
That's why no bank with an account at the Fed will issue stablecoins unless the government instructs them to do so. This is also why, at this stage of the industry's development, some non-bank entities have -- and may continue to have -- the space to provide the stablecoin services that the crypto capital market desperately needs.
divorce
Silvergate and a number of other banks decided to stop servicing stablecoins such as USDC and BUSD, and given that the recent turmoil in the banking sector has reverberated through crypto, the industry must come together to create a new product.
其目标是创建一个价值 1 美元的 Token ，但不需要法定银行系统的服务。
The goal is not to create a decentralized fiat currency. MakerDAO is great, assuming it's actually decentralized, but for $1 worth, it needs to lock in value. $1 cryptocurrency. It removes more liquidity than it adds, which is a net negative for the system. What we need is a mechanism that allows you to lock in $1 worth of cryptocurrencies to get $1 worth of stablecoins.
Nakamoto Dollar, NakaDollar, NUSD potential
For those of you who don't like math, please accept my condolences. I guarantee that when you're done reading this article, you can go back to TikTok's thirst trap to reduce your cognitive abilities.
1 NUSD = $1 bitcoin + Short 1 bitcoin/dollar Reverse perpetual swap
Bitcoin inverse perpetual swap (e.g., Ticker: XBTUSD on BitMEX) $1 worth of bitcoin, paid in Bitcoin, has the following yield function:
$1 / bitcoin price, in dollars
If the bitcoin is worth $1, then the perpetual swap is worth 1 bitcoin, $1 per $1.
If the bitcoin is worth $0.50, then the perpetual swap's bitcoin is worth 2 bitcoins, or $1 / $0.50.
If the bitcoin is worth $2, then the perpetual swap is worth 0.5 bitcoin, or $1 / $2.
This function has some interesting properties.
As the value of bitcoin in US dollars falls and approaches US $0, the swap value in bitcoin is approaching infinity. This is a risk factor for the product, as there will only ever be 21 million bitcoins. The value of bitcoin has increased exponentially as the price of the dollar has fallen. This means that if bitcoin prices fall rapidly and the trading platforms on which these derivatives trades are traded are very illiquid, the potential for socialized losses increases. I'll explain why this is important later.
As the value of bitcoin in dollars increases and approaches infinity, the swap value in bitcoin approaches zero. This is very useful because it means that if you have a well-funded position and at the time of entry you deposit the exact amount of bitcoins that the swap represents, you have no chance of going bankrupt or being liquidated.
Let's prove it quickly.
Let's say you want to create a synthetic dollar or 1 unit of NUSD, the price of bitcoin is $1, and each XBTUSD swap is worth $1 bitcoin at any price.
To create 1 NUSD, I need to deposit 1 BTC on a derivatives trading platform (e.g. BitMEX) and short 1 XBTUSD swap.
Now the price of bitcoin has dropped from $1 to $0.10.
XBTUSD swap value BTC = $1 / $0.1 = 10 BTC
Profit and loss on XBTUSD swap position = 10 bitcoins (current value)- 1 bitcoins (initial value)= +9 bitcoins (I'm making money)
I deposited 1 bitcoin on the trading platform as a margin.
My total equity balance on the trading platform was 1 bitcoin (my initial deposit)+ 9 bitcoin (I profited from the XBTUSD position) and now my total balance is 10 bitcoin.
Bitcoin is now priced at $0.1, but I have 10 bitcoins, so the dollar value of my total portfolio remains the same, $1, $0.1 * 10 bitcoins.
Now the price of bitcoin has gone from $1 to $100.
XBTUSD swap value BTC = $1 / $100 = 0.01 BTC
XBTUSD swap position profit and loss = 0.01BTC (current value) -1 BTC(initial value)= -0.99BTC (I am losing money)
I deposited 1 bitcoin on the trading platform as a margin.
My total equity balance on the trading platform was 1 bitcoin (my initial deposit) -0.99 bitcoin (my loss on the XBTUSD position) and now my total balance is 0.01 Bitcoin.
The price of bitcoin is now $100, but I have 0.01 bitcoin, so the dollar value of my total portfolio remains the same, $1, $100 * 0.01 bitcoin.
As you can see, when the price goes up 100 times, I'm not broke.
This bitcoin + bitcoin/USD inverse perpetual swap relationship is so fundamental and important that I have to do the math every time I talk about it. This relationship allows us to collectively create equivalent dollars without having to touch the dollars held in the legal banking system or the stablecoins that exist in cryptocurrencies. Nor will it tie up more cryptocurrency collateral than it creates in legal value, as MakerDAO does.
trustee
这一点非常重要：NakaDollar 不会依赖敌对的法币银行来托管美元以使其被 Token 化，而是依赖于列出流动性逆永续掉期的衍生品交易平台。它不会去中心化——NakaDollar 解决方案的失败点将是中心化的加密货币衍生品交易平台。我排除了去中心化衍生品交易平台，因为它们的流动性远不及中心化交易，而且它们的定价预言机依赖于中心化现货交易平台的数据。
NakaUSD DAO
The first step is to create an organization that exists both in the legacy legal system and as an encrypted native DAO. The DAO must have a legacy legal presence, as it requires an account on all member trading platforms.
DAO 将发布自己的治理 Token ：NAKA。在初始阶段将创建有限数量的 NAKA Token 。第一次融资将用于为下沉池提供资金，其用例我将在后面描述，并创建初始 NUSD 供应库存。随后，NAKA 将从 DAO 分配，以换取在 DeFi 生态系统中提供流动性。例如，与 Uniswap 或 Curve 池上的另一种资产流动性相比，NAKA 可以发送给 NUSD 的提供者。此外，如果 NAKA Token 的需求量很大，DAO 可能会决定出售更多 NAKA 以进一步增加偿债基金的规模。
NAKA holders can vote on operational matters such as who the member trading platform is. Member trading platforms will hold BTC and short reverse perpetual swaps to support the exchange rate of 1 NUSD = 1 USD. The member exchange account will be in the name of the DAO. At a minimum, member trading platforms are required to offer bitcoin/dollar reverse perpetual swaps with Bitcoin as margin. Multiple member trading platforms are needed because the key is to involve as many crypto ecosystem administrators as possible and reduce single points of failure.
NAKA 治理 Token 和 NUSD 将是存在于以太坊区块链上的 ERC-20 Token 。
For the example below, assume that you have two member trading platforms -- BitMEX and Deribit. Both platforms offer bitcoin/dollar reverse perpetual swaps, XBTUSD, with Bitcoin as margin.
NAKA 持有者还将投票决定如何分配净息差。历史上，掉期交易对空头有净支付利息——这被称为资金，大多数掉期交易每 8 小时支付一次资金。随着时间的推移，以美元计算的 DAO 的净资产余额将超过未偿付的 NUSD Token 的价值。从会计角度来看，NakaDAO 的股东权益将是正的，并不断增长。
Authorized Participant (AP)
Only a few companies or individuals are allowed to create and redeem NUSD directly from DAOs.
I imagine the requirements for becoming an AP are as follows:
1. Have a fully verified account on each member trading platform.
2. Meet any authentication requirements for the DAO.
NUSD will trade against legal dollars at an explicit (e.g., NUSD/USD) or implicit (e.g., BTC/NUSD at a premium or discount to BTC/USD) value. If the NUSD trades at a premium, the AP will create 1 NUSD at the exchange rate of 1 NUSD = 1USD, sell 1 NUSD and take more than 1USD to make a profit. If the NUSD trades at a discount, AP will buy one NUSD at less than one dollar, then redeem one NUSD and receive one dollar to make a profit.
NakaDAO BTC/USD spot price
Daos need to have an opinion on the dollar value of bitcoin on a spot basis. This tells you how many swaps are needed to properly create the NUSD unit.
Each member trading platform has its own view on the spot price of BTC/USD.
Spot price = sum (member weight * Member BTC/USD Spot index)
For example:
BitMEX weight = 50%
Debit weight = 50%
BitMEX BTC/USD spot price = 100 USD
Deribit BTC/USD spot price = $110
NakaDAO BTC/USD Spot price = (50% * $100) + (50% * $110) = $105
create
An AP wants to create 100 NUSD.
NakaDAO BTC/USD spot price is $100.
There are two member trading platforms (BitMEX and Deribit), each with a 50% weighting.
$100 at the BTC/USD price of $100 is equivalent to 1 BTC.
If each XBTUSD swap is worth $1 bitcoin at any price, then to get a swap with a nominal value of $100, I need 100 swaps.
On each member exchange, the AP needs to:
0.5 BTC available margin = 50% * 1 BTC
50 XBTUSD short swap = 50% * 100 XBTUSD short swap
A block transaction messaging protocol like Paradigm will be used to cross bitcoin and exchange between DAOs and aps.
This is what happens when an AP and a DAO cross over two trading platforms:
AP ERC-20 Address:
收到 100 NUSD ERC-20 Token
AP on BitMEX:
Loss of 0.5 BTC margin
Close 50 XBTUSD short swaps or close 50 XBTUSD long swaps
AP on debit card:
Loss of 0.5 BTC margin
Close 50 XBTUSD short swaps or close 50 XBTUSD long swaps
DAO on BitMEX:
Gain 0.5 BTC margin
Open 50 short swaps on XBTUSD
The DAO on Deribit:
Gain 0.5 BTC margin
Open 50 short swaps on XBTUSD
DAO Ministry of Finance:
Increasing the NUSD liability by 100 means that 100 NUSD has been issued
To create an NUSD, the AP will pay a fee to the DAO.
redemption
AP wants to redeem N100 USD.
NakaDAO BTC/USD spot price is $100.
The AP must have NUSD 100 on the ERC-20 address.
A block transaction messaging protocol like Paradigm will be used to cross bitcoin and exchange between DAOs and aps.
AP ERC-20 Address:
Send 100 NUSD to the wallet address of the DAO
AP on BitMEX:
Gain 0.5 BTC margin
Open 50 short swaps on XBTUSD
AP on debit card:
Gain 0.5 BTC margin
Open 50 short swaps on XBTUSD
DAO on BitMEX:
Loss of 0.5 BTC margin
Complete 50 XBTUSD short swaps
The DAO on Deribit:
Loss of 0.5 BTC margin
Complete 50 XBTUSD short swaps
DAO Ministry of Finance:
Reducing NUSD liability by 100 means it burns NUSD by 100
AP will pay a fee to the DAO to redeem the NUSD.
As you can see, NUSD, BTC, and swaps are created and redeemed between AP, DAO, and their respective accounts on member trading platforms. The flow of dollars does not require the services of banks.
NakaDAO Balance sheet
Assets:
Bitcoin and bearish perpetual swaps held by member trading platforms.
Liabilities:
Total number of NUSD issued.
To verify that NakaDAO isn't kidding, we'll need an Ethereum blockchain browser like etherscan.io, as well as proof from the trading platform of DAO's bitcoin balance and DAO's total closing short swap position. Then, using the simple math described above, we can calculate the DAO's shareholder equity and ensure that the assets are greater than or equal to the liabilities.
As I mentioned above, swaps have historically paid net interest on short positions. People are interested in Bitcoin, and as a result, bitcoin holdings by member exchanges should grow. If so, when your net worth and liabilities are added together, you will have a surplus. There will also be periods when the shorts pay out the money on a net basis, in which case there may also be a deficit.
NakaDAO Sinking Fund
现在我将介绍三种风险。当我回顾这些风险时，请记住，最初的偿债基金和随后的 NAKA 治理 Token 销售可以帮助解决任何资本短缺问题。
Risk 1: Member exchange platform loses Bitcoin
Member-trading platforms can lose customers' Bitcoin deposits for a variety of reasons. The most likely culprits are either internal theft or external hackers. Either way, sinking funds must be used to help make up the difference.
Risk 2: Negative money
When money is negative, the holder of the swap pays interest to the long. This could cause bitcoin balances to fall to the point where the combined value of 1 NUSD is less than 1 USD. This is obvious because DAO assets will be worth less than liabilities. At that point, sinking funds must be tapped to make up the difference.
Risk 3: Socialization loss
As I described above, holders of short swaps have unrealized profits when the price of bitcoin falls. Given that the margin currency is bitcoin, and that the value of bitcoin owed by long-swap holders increases exponentially as the price falls, in some cases the heads will not be able to pay what they owe the shorts. That's when the trading platform steps in, either reducing the short's profit or closing some of the short position. Either way, once the correct ratio of bitcoin to short swaps is re-established, the DAO may short bitcoin because it is not being paid in full or is allowed to keep its desired total position. At this point, sinking funds must be used to make up the difference.
Industry support
For a variety of reasons, ecosystems of large centralized trading platforms should support this type of stablecoin -- and in doing so, they should name all cryptocurrency pairs fiat currency pairs as cryptocurrency pairs NUSD. This creates an inherent demand among traders to create and hold NUSD, which becomes a prerequisite for trading cryptocurrencies.
Using NUSD compared to other bank-dependent stablecoins eliminates the anxiety many traders have about whether the stablecoins they are using will be available tomorrow, next month, next year, etc. Removing that anxiety would allow for more trading, as traders would no longer worry that they might be stuck with a pile of stablecoins that could not be redeemed at a 1:1 dollar value.
Compared to other stablecoins, using NUSD would eliminate the core pillar of crypto FUD. I'm fucking tired of reading articles about so-and-so stablecoins being a Ponzi scheme, and as soon as someone exposes them, or their bank abandons them, the whole crypto house of cards collapses. The repetition of FUD keeps traders away, and we can easily eradicate it.
Widespread adoption of NUSD will prevent every major exchange from racing to create its own stablecoin in search of a competitive advantage. If most of the large players are member exchanges, everyone will benefit from the growth of NUSD. That would be far more favorable than the current situation where there is plenty of dollar stability. Imagine how bad it would be if Sam Bankman-Fried managed to fool people into trusting his FTX organization with more dollars to back Stablecoins. Believe it or not, FTX is in active discussions to seek approval to launch such a product. Thankfully, the coins exploded before they had a chance to steal more people's money.
We have the power
Cryptocurrency trading platforms and their depositors are wary of any centralized entity holding their wealth. Financial regulators around the world now have a real-life example of what can happen when crypto statutory deposits are rushed out - Silvergate is screwed because it did not properly manage the risk of a quick exit for its crypto deposits. It does not matter that Silvergate is a US regulated bank. Do you want to hang out here and see for yourself how a bank bankruptcy process works? Of course not - you would transfer your money to a banking institution that is considered safer at the first sign of danger.
It's one thing for a small backwater bank run by a bunch of puppets to fail. The aspect of the dollar Stablecoin ecosystem that most scares the Fed and the U.S. Treasury is this: What if the nearly $100 billion worth of Treasurys, notes and notes held by Tether, Circle and Binance together have to be disposed of within a few trading days to meet redemption requests? Liquidity in the Treasury market is well below historical levels because of bank regulations introduced after the 2008 financial crisis. It is no longer profitable (or possible) for banks to provide the same depth of liquidity in the Treasury market as in the past. So a $100 billion market sell-off of these bonds at a time of heightened volatility and reduced liquidity would lead to some serious market dysfunction.
Dollar fiat stablecoins simply won't be allowed to grow to the size needed to increase the market value of cryptocurrencies by trillions of dollars (assuming you think the total market value of cryptocurrencies is positively correlated with the total amount of dollar stablecoins in circulation). It is too risky for the US financial system to have all those dollars in the hands of institutions that must immediately liquidate their debts to meet their commitments to customers. Thus, while the big three banks (USDT, USDC and BUSD) may continue to exist, there is a ceiling on the overall growth of their deposit base.
The reason these large stablecoins hold a lot of Treasuries is that they pay interest and are virtually risk-free in dollar terms. Stablecoin issuers pay no interest to stablecoin holders. That's how they generate revenue.
但这不是担心的理由。作为加密货币的忠实信徒，我们拥有支持价值 1 万亿美元或更多的 NakaUSD 流通所需的工具和组织。如果这种解决方案被交易员和交易所所接受，它将导致比特币衍生品未平仓合约的大幅增长，进而创造出深度流动性。这对投机者和套期保值者都有好处。它将成为一个积极的飞轮，不仅有利于成员交易平台，而且有利于 DeFi 用户和其他任何需要美元 Token 的人，这些 Token 可以全天候低费用移动。
我真诚地希望一群积极进取的人开始研究这样的产品。这不应该由任何大型中心化交易平台拥有（例如，通过持有大量治理 Token ）或领导。如果我看到任何可靠的、独立的团队在开发类似的产品，我会尽我所能帮助他们实现它。
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