[20220516]IN11928_算法稳定与TerraUSD崩溃.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Algorithmic Stablecoins and the TerraUSD Crash May 16, 2022 What Are Algorithmic Stablecoins? Stablecoins are a type of cryptocurrency that aim to maintain a stable value. There are several classes of stablecoins that each use different methods to try to achieve this, one of which is algorithmic stablecoins. While no precise definition captures all of their features, algorithmic stablecoins typically use an algorithm or smart contract to manage the supply of tokens and guide their value to some reference asset (for example a fiat currency, such as the U.S. dollar). Algorithmic stablecoins generally do not attempt to achieve value by holding a reserve of fiat-denominated assets with a value in a 1:1 relationship with the value of the stablecoin. Instead, algorithmic stablecoins use different mechanisms to control the supply or value of the stablecoin, including the minting or burning of coins, rebasing, and arbitrage. What Happened with TerraUSD? TerraUSD (UST) stablecoin uses an arbitrage mechanism typical of some algorithmic stablecoin arrangements consisting of two coins or tokens: the stablecoin, in th