身边的经济学·社会常识英语精读30篇（5）
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Stablecoin Depegging Risk: An Introductory Framework
稳定币脱锚风险：入门框架
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Stablecoin depegging occurs when market price diverges significantly from its nominal anchor—typically the US dollar—due to structural liquidity or reserve weaknesses.稳定币脱锚是指其市场价格因流动性或储备金结构性缺陷，大幅偏离名义锚定物（通常为美元）。
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Unlike fiat currency crises, depegging risks stem less from sovereign insolvency and more from opaque collateral composition and redemption friction.与法币危机不同，脱锚风险主要源于抵押品构成不透明和赎回摩擦，而非主权债务违约。
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Reserve assets may include commercial paper, repo agreements, or even other volatile cryptoassets, creating hidden correlation exposure.储备资产可能包括商业票据、回购协议，甚至其他波动性加密资产，隐含关联性风险。
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Redemption mechanics often lack legal enforceability, turning theoretical parity into a fragile market consensus rather than a binding obligation.赎回机制往往缺乏法律约束力，使理论上的等价关系沦为脆弱的市场共识，而非强制义务。
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The 2022 TerraUSD collapse demonstrated how algorithmic stability mechanisms fail under coordinated withdrawal pressure without hard asset backing.2022年TerraUSD崩盘表明，在缺乏硬资产支撑时，算法稳定机制难以抵御协同性大规模赎回压力。
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Regulatory scrutiny now focuses on reserve transparency, redemption latency, and the enforceability of redemption rights across jurisdictions.监管审查现聚焦于储备透明度、赎回延迟，以及跨司法辖区赎回权的可执行性。
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Even 'over-collateralized' stablecoins face solvency risk if collateral valuation relies on illiquid or centrally priced assets.即便‘超额抵押’的稳定币，若抵押品估值依赖非流动性或中心化定价资产，仍面临偿付风险。
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Network effects amplify depegging: loss of confidence triggers arbitrage-driven selling, further depressing price and straining reserves.网络效应加剧脱锚：信心丧失引发套利驱动的抛售，进一步压低价格并耗尽储备。
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Systemic concern arises not from size alone but from embeddedness—stablecoins increasingly serve as settlement rails for institutional trading and lending.系统性风险不仅来自规模，更源于嵌入深度——稳定币日益成为机构交易与借贷的结算通道。
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Central bank digital currencies (CBDCs) are gaining traction partly because they eliminate private stablecoin counterparty and reserve opacity.央行数字货币（CBDC）日益受青睐，部分原因在于其消除了私人稳定币的交易对手风险与储备不透明问题。
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Risk assessment must therefore examine both balance sheet resilience and the velocity of confidence transmission across interconnected platforms.风险评估因此须兼顾资产负债表韧性，以及信心在互联平台间传导的速度。
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Ultimately, depegging reveals a foundational tension: programmable money requires programmable trust—but code cannot substitute for legal and institutional credibility.归根结底，脱锚暴露了根本张力：可编程货币需要可编程的信任——但代码无法替代法律与制度公信力。