泰达币(USDT)是Tether公司推出的基于稳定价值货币美元(USD)的代币Tether USD(下称USDT)，1USDT=1美元，用户可以随时使用USDT与USD进行1:1兑换。Tether 公司严格遵守1：1的准备金保证，即每发行1个 USDT 代币，其银行账户都会有1美元的资金保障。用户可以在 Tether 平台进行资金查询，以保障透明度。USDT 由全球最大的加密货币交易平台之一 Bitfinex 组建的泰德公司 (Tether Limited)发行，用户将美元储备在泰德公司的银行账户，泰德公司发行价格等于一美元的美元凭证，即 USDT。
Tedarco is Tether USD (hereinafter USDT), a proxy based on the stable value of the United States dollar (USD) introduced by Tether, and 1USDT = US$1. Users can use the USDT for 1:1 conversions at any time. Tether strictly adheres to the 1:1 reserve guarantee that each issue of a USDT token will have a $1 guarantee in its bank account. Users can search for funds on Tether platform to ensure transparency. USDT is issued by Tetfinex, one of the world’s largest encrypted currency trading platforms, and the user keeps the dollar in Ted’s bank account, and Ted issues a dollar-denominated voucher, USDT.
泰德公司声称100%资产储备，用户可以在其平台上1:1 将USDT 兑回美金。目前 USDT 已经成为主流交易所的基础锚定货币，拥有20亿美金的流通量，并且价格基本保持1美元稳定。
Ted claims a 100% asset reserve, and the user can return USDT to the United States dollar on its platform at 1:1. USDT is now the backbone of the mainstream exchange, with $2 billion in circulation, and the price remains essentially stable at $1.
但是一直以来，USDT 因审计不公开、中心化和涉嫌超额发行以操纵比特币价格而饱受质疑，甚至有人将 USDT 视为庞氏骗局。市场上也出现了一些其他稳定币(锚定币)的替代品，如受 Bittrex 交易所支持的 TrueUSD，MakerDAO 的 Dai 。
However, USDT has been called into question for audit secrecy, centralization, and suspected over-issues to manipulate bitcoin prices, and even USDT has been seen as a Ponzi scam. There are also alternatives to other stable currencies in the market, such as TrueUSD, MakerDAO, which is supported by the Bittrex Exchange.
与比特币不受监管的出发点相反，稳定的加密货币可以提供解决方案，最理想的稳定币就是那些拥有稳定价值的加密货币。它们同样拥有比特币的优点，但价格却更加稳定而不会出现较大起伏。这些优点使得稳定币更适合用于价值储藏，交换媒介以及记账单位。
Contrary to the unsupervised point of departure for bitcoins, stable encrypted currencies can provide solutions, the ideal of which is those with stable value. They also have the advantage of bitcoins, but prices are more stable without large fluctuations.
虽然去中心化的稳定币具有高度实验性，但它们的成功实施可能会成为全球经济长期基本面改善的主要催化剂。价格稳定性的缺乏，阻碍了加密货币取代大多数法币，而稳定币则可以提供解决方案。政府和货币的脱钩能够消除政府对国家经济管理不善，而造成的恶性通货膨胀政策，经济操控和其他破坏性政策。
While decentralized stable currencies are highly experimental, their successful implementation could be a major catalyst for long-term improvements in the fundamentals of the global economy. Lack of price stability prevents encrypted currencies from replacing most French currencies, while stabilizing currencies can provide solutions.
最初的时候，稳定币给人的唯一印象是：它是波动极小的加密货币。现在，稳定币的预期作用已经远远超出纯粹套利工具的范畴，而是进入了一个更高的境界——在漫漫熊市中，成为全球货币的希望。
Initially, the only impression of a stable currency was that it was an encrypted currency with minimal volatility. Now, the intended role of a stable currency goes far beyond a purely arbitrage tool, but rather into a higher context – the hope of becoming a global currency in a covetous bear market.
USDT是稳定币的代表，市场份额超过90%。在这种情况下，不由许多人质疑，一家私人公司发行的虚拟货币，虽然号称能1:1兑换美元，但它真的靠谱吗?当初为了真正建立第一个被机构普遍采用的稳定币，Tether的对手们，如TrueUSD、Havven、USDCoin和Stronghold，都加入了这场竞争。
The USDT represents a stable currency, with a market share of more than 90%. In this case, it is not up to many to question whether the virtual currency issued by a private company, even though it is called 1:1-to-dollar, is truly reliable.
到目前为止，稳定币主要还是由交易者在使用，这导致了USDT交易量和市值的飙升。从短期来看，对于交易者来说，不管USDT的价值如何锚定美元，如何得到支持或管理，这些似乎并不重要。尽管缺乏透明度，但得益于其中心化特点和业务关系，USDT在稳定币市场稳居第一，市值是其最接近的竞争对手TrueUSD的30倍。
In the short term, it does not seem important for traders to be supported or managed, regardless of the USDT’s value as anchoring the dollar. Despite the lack of transparency, thanks to its centralization and business relations, the USDT is in the forefront of the stable currency market, 30 times the market value of its closest competitor, TrueUSD.
稳定币靠什么盈利?
What's the profit from a stable currency?
首先，来源于手续费用户提现需支付 5% 手续费，也就是平台服务费。对于投资者来说，他们会问USDT有什么特殊之处吗?凭什么只有它能够跟美元基本保持1:1的兑换比例?发行它的机构又是什么背景呢?我们为何要信任它呢?我们都知道，任何货币的发行，它背后都是需要有一定的资产来支撑背书的，比如说上世纪中期的各国货币，就是依靠各国所拥有的黄金资产来支撑。
First, the user of the process charge now pays 5% of the fees, that is, the bill for platform services. For investors, they ask what is special about the USDT. Why is it the only one-to-one ratio that can be basically held against the dollar? What is the context of the institution that issues it? Why should we trust it? We all know that any currency is issued with certain assets behind it to support endorsement, for example, the currencies of countries in the middle of the last century, which depend on the gold assets that each country has at its disposal.
其次，获得利息，当Tether公司收取用户1美元时，相应的会把1USDT给到用户，当用户交回1USDT给Tether公司时，Tether公司再把1美元还给用户。在用户持有1USDT期间，1美元产生的利息则归Tether公司所有。Tether公司通过1:1锚定美元的发行规则，把用户持有美元时间变为自己的时间，从而获得美元存入银行的利息。这就意味着，Tether公司发行的USDT越多，所获得的利息就越多。
Second, interest is earned, and when Tether collects $1 from the user, it gives 1 USDT to the user, and when the user returns 1 USDT to Tether, Tether returns another US$ 1 to the user. During the user's possession of 1 USSDT, the interest generated by US$ 1 is owned by Tether. Tether takes interest on the dollar deposited in the bank by using the 1:1 anchored dollar distribution rule to convert the user's United States dollar time into its own time. Bitfinex和Tether之间存在关联关系，推测其可能违规挪用 8.5亿美元储备资金。
On 25 April 2019, the New York Attorney General's Office issued a statement stating that: 但作为稳定币龙头的 USDT，其真实资产状况正式被打上问号。
As soon as the news came out, the USDT fell, the USDT/CNY off-site price fell from 6.95 to about 6.7, and the rest of the stable currency premium, PAX, USDC, etc. 3-5%. Although the negative news did not cause a massive panic, Bitfinex's official response stated that the lawsuit was false,
The stable currency is based on transparency in the use of reserves. And Tether and Bitfinex were established in the British Virgin Islands,
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