#卡尔达诺稳定币提案 Cardano's proposals in the stablecoin sector reflect a dual path of technological innovation and compliance exploration. Its core projects include Djed, USDA, and privacy stablecoins, aiming to build a diversified stablecoin ecosystem.

Djed Algorithmic Stablecoin

As Cardano's first algorithmic stablecoin, Djed adopts a dual-token model: the dollar-pegged stablecoin DJED and the reserve token SHEN. Its design avoids the 'death spiral' risk similar to TerraUST through an over-collateralization rate of 400%-800% and an intelligent contract locking mechanism (such as only allowing minting or burning tokens within a specific reserve ratio range). SHEN holders are incentivized through collateral premium distribution, while emergency reserves enhance stability in extreme market conditions.

USDA Fiat-Collateralized Stablecoin

Launched by Emurgo, USDA is backed by a 1:1 reserve in US dollars, with transparent and auditable smart contracts, emphasizing compliance and security. It aims to become a core tool for payments and DeFi on the Cardano network, enhancing predictability of transaction costs.

Privacy Stablecoin Innovation

Founder Hoskinson proposed the development of cash-level privacy stablecoins, balancing privacy with anti-money laundering compliance needs through a selective disclosure mechanism, such as only opening part of the transaction information to regulators. This initiative aims to break through the dilemma faced by traditional privacy coins (like Monero) due to compliance resistance.

Challenges and Risks

Although Cardano's stablecoins emphasize security in mechanism design, they still face challenges such as regulatory uncertainty (like the EU ban on privacy coins) and insufficient market depth. Additionally, the security of smart contracts, volatility of collateral assets, and the need for user education are also key constraints.

Cardano's stablecoin proposals attempt to bridge decentralized finance and compliance frameworks through diversified models and technological innovation, but their long-term stability still relies on ecosystem maturity and regulatory adaptability.