Stablecoin攤牌：USDH，屈服和Defi的未來

USDH的目的是通過屈服模型來動搖Stablecoin遊戲。是Defi的未來，還是Pan中的另一個閃光燈？

Stablecoin Showdown: USDH, Yield, and the Future of DeFi

Stablecoin攤牌：USDH，屈服和Defi的未來

The stablecoin landscape is heating up, and USDH is throwing its hat in the ring with a tempting yield offering, but does it have what it takes?

Stablecoin景觀正在升溫，USDH以誘人的產量將其帽子扔在戒指上，但是它有需要的東西嗎？

The Rise of Yield-Bearing Stablecoins

承重穩定的穩定性的興起

Let's be real, stablecoins were initially just for trading. But now, they're evolving into something bigger – infrastructure. The numbers don't lie: stablecoin users and transfer volumes have exploded. And yield-bearing stablecoins like USDH are accelerating this shift by offering both stability and returns. It's like having your cake and eating it too.

讓我們成為現實，穩定幣最初只是用於交易。但是現在，他們正在發展成為更大的東西 - 基礎設施。這些數字不會說明：Stablecoin用戶和轉移量已經爆炸。像USDH這樣的承重穩定的穩定劑正在通過提供穩定性和回報來加速這種轉變。這就像吃蛋糕也吃了。

USDH: A New Challenger Appears

USDH：出現新的挑戰者

Hyperliquid is set to potentially welcome USDH, a stablecoin proposition with a 4.85% yield and a $25 million commitment to DeFi growth. That's a bold move. Sky is making a big bet, proposing to launch USDH on Hyperliquid with that juicy yield. Hyperliquid moves serious volume (around $378 billion each month), so the winner of this stablecoin gig gets a direct piece of that action. Sky argues that platforms should keep the revenue in-house to fuel DeFi growth instead of letting it leak to outside issuers.

Hyperliquid設置為可能歡迎USDH，這是一個穩定的命題，收益率為4.85％，對Defi增長的承諾為2500萬美元。那是一個大膽的舉動。 Sky正在做一個大賭注，提議以多汁的產量在Hyplliquid上推出USDH。超流動的人數嚴重（每月約為3780億美元），因此該Stablecoin演出的贏家獲得了直接的動作。 Sky認為，平台應保持內部收入以促進Defi增長，而不是讓其洩漏到外部發行人。

The Ripple Effect: RLUSD Burns and Market Dynamics

連鎖反應：RLUSD燃燒和市場動態

While USDH is making headlines, it's worth noting that Ripple's RLUSD is also playing the stablecoin game. Ripple burned over 2.71 million RLUSD to maintain its $1 peg, showing how supply is managed to ensure stability. It's all about keeping the amount of stablecoin equal to the fiat collateral. RLUSD is trading at parity, with a market cap of $728 million, and liquidity is spread across both centralized and decentralized venues.

儘管USDH成為頭條新聞，但值得注意的是，Ripple的RLUSD也在玩Stablecoin遊戲。 Ripple燃燒了超過271萬輛RLUSD，以保持其1美元的釘子，顯示瞭如何確保供應的穩定性。這全都是要保持與菲亞特抵押品相等的穩定量。 RLUSD的交易價格為平價，市值為7.28億美元，流動性分佈在集中化和分散的場地。

The Compliance Factor

合規因素

Sky is emphasizing its readiness for the GENIUS Act, which requires stablecoin issuers to hold one dollar in reserves for every token created, publish monthly reports, and operate under federal licenses. Compliance might seem like a pain, but it builds trust, which is crucial when institutions are moving serious capital. In this regulatory landscape, this can give it an edge.

Sky正在強調其對《天才法》的準備，這要求Stablecoin發行人為創建的每個代幣，發布月度報告並根據聯邦許可而持有一美元的儲備。合規性似乎是一種痛苦，但它建立了信任，這在機構搬遷嚴重的資本時至關重要。在這種監管景觀中，這可以使其優勢。

Aave and Bitget Wallet: Yield for the Masses

ave and Bitget錢包：群眾的收率

It's not just about USDH. Bitget Wallet partnered with Aave to launch Stablecoin Earn Plus, offering a sweet 10% APY on USDC. This shows that everyone wants in on the yield game. Bitget Wallet is making Aave's yields simple to access, allowing everyday savers to benefit from open and transparent finance. During the first week, they even offered an 18% APY. Now that's a party!

這不僅與USDH有關。 Bitget Wallet與AAVE合作推出了Stablecoin Earn Plus，在USDC上提供了10％的APY。這表明每個人都希望參加收益率遊戲。 Bitget Wallet使AAVE的收益率易於訪問，從而使日常儲戶可以從開放和透明的融資中受益。在第一周，他們甚至提供18％的APY。現在這是一個聚會！

The Future of Stablecoins: My Take

Stablecoins的未來：我的看法

The trend is clear: stablecoins are becoming more than just trading tools. They're evolving into revenue-generating assets that can fuel DeFi growth. Sky's proposal with USDH is a prime example. If validators approve it, USDH could set the template for how DeFi integrates stablecoins that work like regulated financial products but still pay yield to users. It is less about one stablecoin launch and more about the direction of decentralized finance. Platforms no longer want to outsource key infrastructure. They want their own compliant, revenue-generating currencies.

趨勢很明顯：不僅僅是交易工具，Stablecoins正在變得更加。他們正在發展為產生收入的資產，這些資產可以促進Defi增長。 Sky與USDH的建議是一個很好的例子。如果驗證者批准了它，USDH可以為Defi如何集成像受監管的金融產品但仍然向用戶支付收益的模板。它不少關於一個穩定的發射，而更多地涉及分散財務的方向。平台不再想外包關鍵基礎架構。他們想要自己的合規，收入產生的貨幣。

Final Thoughts: Buckle Up!

最終想法：搭扣！

The stablecoin space is getting wild, and USDH is just one piece of the puzzle. With yield-bearing options, compliance considerations, and major players like Ripple and Aave in the mix, it's an exciting time to be watching this space evolve. Who knows what the future holds, but one thing's for sure: it's gonna be a fun ride!

Stablecoin空間越來越瘋狂，USDH只是難題的一部分。有了承重的選擇，合規考慮以及像Ripple和Aave這樣的主要參與者，這是一個令人興奮的時刻，觀看了這個空間的發展。誰知道未來會有什麼，但可以肯定的是：這將是一個有趣的旅程！