【标普】USDC稳定币稳定性评估及其储备基金运作方式

??,2023?12?12? ??????(S&P Global Ratings)?????????????,?????????????????????????????:

 

 

?????????????,??1(???)?5(?)?????????????:

• ????(???????????:??????????????????????????????):
• 1?(very strong):???????????–??,?????????’AA’?,?????????’A-1+’????????,?????????,???1??
• 2?(strong):????????????????????????????????,??????’A’??????????’A-2’??????????,???????????,?2??
• 3?(adequate):???????????????2?????,??????????????(??????????????????),?????????,3????
• 4?(constrained):????????????????????????????,?????????????????????,??????,?????4?,????
• 5?(weak):????????????(????????????),??????????????????????,??????????,??5?,????

 

???USDC????????:

????

??????????USDC???????????2?(?)?USDC?Circle???????????(Circle)???

???USDC??????1?(???)?USDC??????????????,??????????????????????????Circle????(CRF)??????????2023?9?29?,????????100%?????????,???????36%???,56%?????,9%????????,?5%??????,???CRF????????????

?????????2?(?),????????,???Circle??,??????????????????Circle???USDC???????????????Circle??????????????????USDC??????????????????,???????????????

????,??12???????????USDC??????2023?3?,Circle??????8%??USDC???????????(SVB),????????????13%?

??????????????????????,?????????,???????????????????????????????????????,??????????

 

????:1? | ????

USDC?Circle???2018?9????????????????????,?????????????????????????????????????????????CRF????????????,?BlackRock?????????,BlackRock???????????????CRF???????2023?9?29????,??12?????????BlackRock????,???????????????

USDC????????????????????2023?9?29??????,????250???,?????????USDC???249?????????????,??36%???,56%?????,9%????CRF?????????,????????????BlackRock?2023?11?21????,CRF???243????,67%???????????,33%????????CRF???12.4??????????????,???????5%,???????????USDC???????????9?????,Circle????CRF????????????,??????,????????80%???????????????????????USDC????????,????????????????????????Circle??,???????????????,????????????????????

USDC???????,?????????????????2023?11?21??????,CRF????????????7?,?????????????????,??????????????????????????USDC???????????

?????

???????????????????????????????????????????Circle??????????????????,????USDC???????????(SVB),????2023?3?????????????????

 

??:????????????

USDC????????????????????????Circle????????????,?????????????????,Circle?????33??????,Circle????????????????????
???????????????????????????2023?9???????????????????????,????????????????,Circle???????????????????,?????????2023?11?22?,Circle?????????????2023?11?21??BlackRock??CRF??????

 

????:??????,?????????

Circle????????????????????????????USDC???????????????????,???????????????????????Circle???USDC???,Circle????????????????????????

Circle??,USDC?????????Circle????,??Circle??,??????????(??????????651?)?????????,??????????????,??????????????????????????Circle?????????????,????????,????????????????????

Circle?????????????,??????????????????????????????????????????,Circle????????????????2021??

 

???????:?????????

?Circle????USDC????????????Circle??????A???(???????????????)??????Circle??USDC?????????????????(KYC)??????????,???B???,??????Circle????????????????,????Circle?????Coinbase,??1:1????USDC??????Circle?Coinbase???USDC???????????????????Coinbase?????????????,??????????????????????

??????,USDC????????,???????????????????????????

????????,??????????????,??USDC????????????????????

 

????????:??????????????????

USDC???????ERC-20????????????????,USDC?????14??????,?????USDC??????????

2023?4?,Callisto???USDC??????????,????????????????,????????????,??????????????????????????????????????????????–???????????–??????????????????

Circle?????????(CCTP),?????????????,???????(????)?????,??USDC????????????CCTP?????????Chainsecurity???,??????????

2022?3?,Circle?HackerOne????????????,??????????????????????USDC????????????,?????????????????????????

 

????:???????????????????

???????,USDC?????????????????2023?3?,USDC?????????????1?????87%,????13%,???Circle???33????USDC?????????????,???????USDC??????8%????3?11??13????,Circle????????????????Signature Bank?Silvergate Bank???????,Coinbase??????USDC????????,??Coinbase????????USDC????????????????????,????????????????,???????????????????????3???????,USDC?????????,??2023?12?11?,???????245???,??2022???,??????500????

 

Aiying???

Circle????(CRF)?????????????

Circle????(CRF)?????,????(Raise)???(Invest)???(Manage)???(Redeem)???,???????????,??????????USDC(???)?????????????????:

1???(Raise):

CRF????????USDC?????????USDC?,?????????CRF?

????????????????????,?????USDC??????????

 

2???(Invest):

CRF??????????????????????,????????

??????????????????????,?????????

 

3???(Manage):

Circle??CRF?????,????????????????

?????????????????USDC????,???1:1??????

 

4???(Redeem):

?USDC??????????,CRF?????????????

???????CRF????(???)?????,????????

???????????USDC??????????CRF?????????????????,???????USDC?????????????,?????????,CRF??????????????USDC?????????????CRF????????????????,???????USDC?????????????

 

 

??:???Aiying????,???Aiying??,????????,?????????????????”????:Aiying compliance”,??????????