区块链稳定代币研究进展

作为一种具有价值稳定属性的特殊加密货币，稳定代币不仅能够成为链接区块链加密资产和现实世界资产的桥梁，而且有潜力降低金融行业的中介成本、提高资金转移的效率.自摩根大通、Facebook等国际知名企业宣布其稳定代币计划后，稳定代币成为监管机构、企业界和科研机构的研究热点.本文通过对比法币、加密货币与稳定代币，深入分析了稳定代币的特征，然后从区块链基础设施、价值稳定机制、运营机制3个方面详细介绍了稳定代币的系统架构和运行机制.最后结合稳定代币的技术特点，分析了稳定代币系统面临的缺陷和可能的解决方案.

Research progress on stable coins

As a special cryptocurrency based on value-stable attributes,stable coins not only act as a bridge to link blockchain crypto assets and real-world assets,but also have the potential to be an effective tool for reducing the cost of intermediary services in the real financial industry and improving the efficiency of capital transmission.Since the announcement of stable token programs by internationally renowned companies such as JP Morgan and Facebook,the stable coins have become a research hotspot for financial regulators,business circles and scientific institutions.By comparing the legal currency,cryptocurrency and stable coins,this paper introduces the characteristics of stable tokens in detail,and then introduces the system architecture and operation mechanism of stable tokens from three aspects of blockchain infrastructure,value stability and operation mechanism.Finally,we analyze the defects and possible solutions of the stable token system combined with its technical characteristics.