Ethena Labs 通过比特币整合为 USDe 扩张铺平道路

USDe 的创建者 Ethena Labs 已添加比特币 (BTC) 作为其与美元挂钩的合成稳定币的抵押品，其目标是在当前 20 亿美元的流通量基础上大幅扩张。 Ethena 认为，引入比特币将增强流动性，并为 USDe 持有者创造更安全、更稳定的环境，因为 BTC 衍生品市场的增长率更快，可扩展性更好。

Ethena Labs Forges Path to Expand USDe with Bitcoin Integration

Ethena Labs 开辟了通过比特币整合扩展 USDe 的道路

In a bold move to bolster its synthetic dollar-pegged offering, Ethena Labs, the driving force behind USDe, has strategically integrated Bitcoin (BTC) as collateral, setting the stage for a significant expansion from its current $2 billion circulation.

USDe 背后的推动力 Ethena Labs 采取了一项大胆举措，战略性地将比特币 (BTC) 整合为抵押品，以支持其与美元挂钩的合成产品，为当前 20 亿美元流通量的大幅扩张奠定了基础。

Scaling Potential Catalyzed by Surging Bitcoin Open Interest

比特币未平仓合约激增推动扩大潜力

Ethena's astute decision coincides with a surge in Bitcoin open interest, which has witnessed a remarkable growth of 2.5 times from $10 billion to $25 billion in the past year alone. This trend suggests a substantial scaling opportunity for USDe, potentially increasing its circulation manifold.

Ethena 的精明决定恰逢比特币未平仓合约激增，仅在过去一年，比特币未平仓合约就从 100 亿美元增长了 2.5 倍，达到 250 亿美元。这一趋势表明 USDe 存在巨大的扩容机会，有可能增加其流通流形。

Enhancing Liquidity and Fortifying Security

增强流动性并强化安全性

The integration of Bitcoin into USDe's collateral framework is expected to unleash a wealth of benefits, including enhanced liquidity and a more secure and resilient environment for holders. Bitcoin's vast derivative markets, which surpass those of Ethereum in growth rate, provide greater scalability and liquidity for delta hedging.

将比特币整合到 USDe 的抵押品框架中预计将带来大量好处，包括增强流动性以及为持有者提供更安全、更有弹性的环境。比特币庞大的衍生品市场，其增长率超过了以太坊，为 Delta 对冲提供了更大的可扩展性和流动性。

Delta Hedging Strategy Underpins USDe Stability

Delta 对冲策略支撑美元稳定

To maintain USDe's peg, Ethena employs a delta hedging strategy, utilizing short positions in Ether or Ether-based derivatives. This approach effectively mitigates downward volatility by offsetting price declines in Ether, the primary collateral asset for USDe.

为了维持 USDe 的挂钩，Ethena 采用了 Delta 对冲策略，利用以太坊或基于以太坊的衍生品的空头头寸。这种方法通过抵消 USDe 的主要抵押资产 ETH 的价格下跌，有效地缓解了下行波动。

Diversification Beyond Ether

超越以太坊的多元化

Prior to the integration of Bitcoin, USDe relied solely on Ether (ETH), Tether (USDT), and Ether-based liquid staking tokens as collateral. The addition of Bitcoin diversifies the collateral pool, reducing concentration risk and enhancing overall stability.

在整合比特币之前，USDe 仅依赖以太坊 (ETH)、Tether (USDT) 和基于以太坊的流动质押代币作为抵押品。比特币的加入使抵押品池多样化，降低了集中风险并增强了整体稳定性。

Strategic Sourcing and Deployment of Collateral

抵押品的战略采购和部署

Ethena strategically sources its collateral from leading crypto exchanges, with Binance, ByBit, and OKX accounting for a combined 94%. This optimized deployment ensures efficient access to liquidity and minimizes counterparty risk.

Ethena 战略性地从领先的加密货币交易所采购抵押品，其中 Binance、ByBit 和 OKX 合计占 94%。这种优化的部署可确保有效获得流动性并最大限度地降低交易对手风险。

Staking Yield Considerations

质押收益考虑因素

While Bitcoin lacks native staking yield compared to staked Ether, Ethena highlights that during bullish periods, the impact of staking yields is less significant due to elevated funding rates that can exceed 30%.

虽然与质押的以太币相比，比特币缺乏原生质押收益率，但 Ethena 强调，在看涨时期，由于融资利率可能超过 30%，质押收益率的影响并不那么显着。

Distinguishing USDe from Stablecoins

区分 USDe 和稳定币

Ethena positions USDe as a unique alternative to traditional stablecoins by reducing reliance on the traditional banking system and providing greater flexibility for users. This distinction has contributed to USDe's ranking among the top five USD-denominated products by market capitalization, trailing only established stablecoins like USDT, USDC, DAI, and FDUSD.

Ethena 通过减少对传统银行系统的依赖并为用户提供更大的灵活性，将 USDe 定位为传统稳定币的独特替代品。这一区别使得 USDe 跻身市值排名前五的美元计价产品之列，仅落后于 USDT、USDC、DAI 和 FDUSD 等成熟稳定币。

Conclusion

结论

Ethena Labs' strategic integration of Bitcoin into USDe's collateral framework represents a transformative leap forward. By harnessing the growing Bitcoin derivative markets and leveraging sophisticated hedging techniques, Ethena sets the stage for substantial expansion, enhanced security, and broader market acceptance for its synthetic dollar offering. As the demand for digital assets continues to soar, USDe is poised to capture a significant market share and solidify its position as a leading innovator in the rapidly evolving world of cryptocurrencies.

Ethena Labs 将比特币战略性整合到 USDe 的抵押品框架中，代表着一次变革性的飞跃。通过利用不断增长的比特币衍生品市场并利用复杂的对冲技术，Ethena 为其合成美元产品的大幅扩张、增强的安全性和更广泛的市场接受度奠定了基础。随着对数字资产的需求持续飙升，USDe 有望占据重要的市场份额，并巩固其作为快速发展的加密货币世界中领先创新者的地位。