Stablecoins are one of the most widely capitalized type of cryptocurrency. However, their risks vary significantly according to their design and are often poorly understood. We seek to provide a sound foundation for stablecoin theory, with a risk-based functional characterization of the economic structure of stablecoins. First, we match existing economic models to the disparate set of custodial systems. Next, we characterize the unique risks that emerge in non-custodial stablecoins and develop a model framework that unifies existing models from economics and computer science. We further discuss how this modeling framework is applicable to a wide array of cryptoeconomic systems, including cross-chain protocols, collateralized lending, and decentralized exchanges. These unique risks yield unanswered research questions that will form the crux of research in decentralized finance going forward.

中文翻译：

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稳定币 2.0：经济基础和基于风险的模型

稳定币是资本最广泛的加密货币类型之一。然而，它们的风险因设计而异，而且往往知之甚少。我们力求为稳定币理论提供良好的基础，并对稳定币的经济结构进行基于风险的功能表征。首先，我们将现有的经济模型与不同的托管系统相匹配。接下来，我们描述了非托管稳定币中出现的独特风险，并开发了一个模型框架，将经济学和计算机科学的现有模型统一起来。我们进一步讨论了这种建模框架如何适用于广泛的加密经济系统，包括跨链协议、抵押贷款和去中心化交易。