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

GateNews

2026-03-16 04:21:33

USDC-0,02%

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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