---
title: "什么是 Stablecoin？"
canonical: https://wavect.io/zh/glossary/stablecoin/
language: zh
description: "一种旨在保持稳定价值的区块链代币，通常锚定一单位法定货币，让你能在链上交易而不受加密货币价格波动的影响。"
image: "https://wavect.io/img/general/bak/open_graph_preview.jpg"
---

技术

# Stablecoin

一种旨在保持稳定价值的区块链代币，通常锚定一单位法定货币，让你能在链上交易而不受加密货币价格波动的影响。

最近审阅: 2026-06-02 审阅人 [Kevin Riedl](/zh/team/kevin-riedl/) [wiki ↗](https://www.wikidata.org/wiki/Q139796365)

稳定币是一种试图与稳定资产保持锚定的代币，几乎总是美元。其要点是保留区块链的结算速度和全球触达，而不带有那种使比特币或 ETH 无法作为记账单位的波动性。你可以像收发电子邮件那样持有、发送和接收稳定币：数秒内最终确认、跨境、无需银行居中。这就是真正的用例，尤其适用于流入和流出银行基础设施薄弱地区的支付与汇款。

锚定如何维持，决定了风险。法币支持的稳定币（USDC、USDT）在银行账户中持有真实的美元和国债，并按每美元铸造一枚代币。锚定的可靠程度只取决于储备和发行方的诚信，因此储备证明很重要。加密抵押的稳定币（DAI）以链上资产超额抵押，用托管风险换取市场崩盘时的清算风险，它们也是大多数 [DeFi](/zh/glossary/defi/) 借贷的支柱。算法稳定币试图凭供应机制、在没有真实支持的情况下维持锚定，而那片墓地（Terra/UST，数十亿蒸发）正是严肃从业者避开它们的原因。

欧盟的监管图景如今已是具体的，而非理论上的。在 MiCA 之下，稳定币（电子货币代币和资产参考代币）被明确纳入监管，带有储备、披露和发行方授权方面的要求，而且规则限制了非欧元稳定币在欧盟境内大规模用于日常支付的方式。对任何在奥地利或更广的欧盟、在稳定币轨道上构建支付流程的企业而言，问题不再是「这是否被允许」，而是「哪一种币、由谁发行、在哪一项授权之下」。这是一个要在你写集成之前就做的设计决策，因为给一个已上线的支付产品事后补合规，是那条昂贵的路。

我们在稳定币轨道上构建过支付基础设施（Scramble），也做过稳定币相邻的系统（Zybra），所以这个立场有据可依：稳定币是加密货币中用于转移价值的、最真正实用的 [web3](/zh/glossary/web3/) 原语，而锚定从来都不是免费的。请始终弄清楚是什么在支撑这枚币、谁能冻结它，以及在挤兑时会发生什么。我们的 [区块链工作](/zh/services/blockchain/) 把锚定模型当作头等的设计决策来对待。

// FAQ

## 常见问题

### 什么是稳定币？

一种被设计为保持稳定价值的区块链代币，几乎总是一美元，让你能在链上数秒内跨境结算而不受加密货币波动的影响。它是加密货币中最接近数字现金的东西。

### 法币支持与算法稳定币有何区别？

法币支持的币（USDC、USDT）以真实美元作储备，其可信程度只取决于这些储备和发行方。算法稳定币凭供应机制、在没有真实支持的情况下维持锚定，并有一段漫长的崩盘历史（Terra/UST）。严肃的从业者坚持使用储备证明充分的法币支持币或超额抵押币。

### 锚定有多安全？

从来不是免费的。法币支持的币带有储备风险和冻结风险（发行方可以将某个地址列入黑名单）。超额抵押的币在崩盘时带有清算风险。算法币带有脱锚归零的风险。请始终弄清楚是什么在支撑这枚币、谁能冻结它，以及在银行挤兑时会发生什么。

相关术语

- [DeFi](/zh/glossary/defi/)
- [Web3](/zh/glossary/web3/)
- [Blockchain](/zh/glossary/blockchain/)

相关服务

- [区块链](/zh/services/blockchain/)

相关案例研究

- [Scramble Pay](/zh/case-studies/scramble-pay/)
- [ZybraMoney](/zh/case-studies/zybra-money/)

相关指南

- [如何挑选软件开发公司](/zh/software-development-guide/how-to-choose-a-software-agency/)

聊聊

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