Delphi Digital:稳定币充足抵押不等于免受挤兑影响,风险已转移至发行方层面

USDC-0,01%

Gate News 消息,3 月 16 日,Delphi Digital 发推分析稳定币系统性风险。其表示,Tether 和 Circle 并非万无一失的系统,仅因其由短期国债和现金等价物按 1:1 比例提供抵押,并不意味着能免受潜在挤兑的影响。早在 2023 年初硅谷银行(SVB)倒闭期间,USDC 脱锚事件就已显露这种风险:USDC 原本是全额储备的,但当硅谷银行倒闭时,部分储备金暂时无法动用,这意味着风险只是向上转移了。在传统银行业中,支付风险通常分散在各机构之间;在稳定币体系中,支付通道或许是确定性的且自动化的,但原本在参与者之间消除的结算风险,如今已集中于发行方层面。该体系并未变得无风险,而是转变为垂直依赖的结构,这正是发行方集中度开始引发担忧的根本原因。

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