White Paper

U.S. Treasury Securities (UST) are national bonds issued by the U.S. Department of the Treasury through the Bureau of the Public Debt. To promote overall economic development, the government raises funds by issuing bonds to borrow money from investors. Bond purchasers can earn interest and get back their principal at maturity, while the government successfully promotes economic growth.

Transferable Treasury bonds are divided into short-term, medium-term, and long-term securities based on their duration, including Treasury Bills, Treasury Notes (T-Note), Treasury Bonds (T-Bond), and Treasury Inflation Protected Securities (TIPS).

USDT is a stablecoin issued by Tether company in 2014. According to Tether's guarantee, whenever they issue a USDT token, they ensure that there are corresponding USD reserves as backing, maintaining the value of each USDT at around one US dollar. Stablecoins add value-stable assets to the cryptocurrency market, reducing risks brought by price fluctuations.

USDT Operating Mechanism Issuance and Redemption When users purchase USDT from Tether with US dollars, they lock an equivalent amount of dollars in Tether's accounts. At the same time, Tether issues a corresponding number of USDT to the buyers. These USDT can be transferred and stored via blockchain and can be traded on exchanges that support USDT. When users want to exchange USDT back to US dollars, they can trade with Tether using USDT, and Tether will destroy these USDT and release the corresponding US dollars to users, ensuring the 1-to-1 peg relationship between USDT and USD.

The Federal Reserve has now launched a service allowing direct purchase of US Treasury bonds through Dapps, making it convenient and efficient, achieving mutual benefits!

白皮書

美國公債 (U.S. Treasury Securities，UST) 是美國財政部透過美國公債局發行的國家公債，為了促進整體經濟發展藉由發行債券募集資金向投資者借錢，購買債券者可從中獲取利息並在到期時拿回本金，政府也可成功促進經濟。

美債可轉讓債券按照時間長短分成短期、中期及長期，包含短期國庫券 （Treasury Bills）、 國庫票據 （Treasury Notes , T-Note）、國庫債券 （Treasury Bonds , T-Bond）和抗通膨債券（Treasury Inflation Protected Securities，TIPS）。

USDT是一款由Tether公司於2014年發行的穩定幣。據Tether公司保證，每發行一個USDT代幣時，他們都會確保有相應的美元儲備作為支持，將每個USDT的價值穩定在一美元左右。穩定幣為加密貨幣市場加入價值穩定的資產，減少價格波動帶來的風險。

USDT的運作機制 發行與兌換 當用戶以美元向Tether公司購買USDT時，他們將在Tether公司的賬戶中鎖定等值的美元。同時，Tether公司會發行相應數量的USDT給買家。這些USDT可以透過區塊鏈進行傳輸和存儲，並且可以在支持USDT的交易所進行交易。當用戶想把USDT兌換為美元時，他們可以向Tether公司以USDT作為交易，Tether公司會銷毀這些USDT並釋放相應的美元給用戶，保證USDT與美元的1對1的挂鉤關係。

美聯儲現在推出在Dapp直接可以購買美債，方便快捷，實現共利！