Ethena Labs 提议将 SOL 添加到 USDe 的抵押品组合中

如果该提案获得批准，SOL 将加入 BTC 和 ETH 的行列，成为 Ethena 的抵押品组合。

Ethena Labs, the entity behind the development and maintenance of USDe, has put forth a proposal to integrate Solana (SOL) into the synthetic stablecoin’s treasury collateral mix.

Ethena Labs 是 USDe 开发和维护的实体，它提出了将 Solana (SOL) 整合到合成稳定币的国库抵押品组合中的提案。

Unlike stablecoins such as Tether (USDT) or Circle (USDC), which are fully backed by fiat assets at a 1:1 ratio, USDe is a synthetic stablecoin. The stablecoin maintains its $1 peg by using stablecoin collateral and a hedged cash-and-carry trade, which involves taking futures positions with large open interest available to stabilize value, supported by a reserve fund to navigate risk in fluctuating market conditions.

与 Tether (USDT) 或 Circle (USDC) 等稳定币完全由法定资产以 1:1 的比例支持不同，USDe 是一种合成稳定币。该稳定币通过使用稳定币抵押品和对冲现金套利交易来维持与 1 美元的挂钩，其中涉及持有大量未平仓合约的期货头寸，以稳定价值，并得到储备基金的支持，以应对波动的市场条件中的风险。

If approved by Ethena’s Risk Committee, which operates independently of Ethena Labs, SOL will be gradually integrated as a collateral asset for USDe, with an initial allocation target of $100-200 million in SOL positions. This initial allocation would represent roughly 5-10% of SOL’s open interest, which is comparable to Ethena’s 3% stake in Bitcoin’s global open interest and 9% stake in ETH.

如果获得独立于 Ethena Labs 运作的 Ethena 风险委员会的批准，SOL 将逐步整合为 USDe 的抵押资产，SOL 头寸的初始分配目标为 100-2 亿美元。这一初始分配将约占 SOL 未平仓合约的 5-10%，相当于 Ethena 持有的比特币全球未平仓合约的 3% 和 ETH 的 9% 的股份。

The proposal also suggests utilizing liquid staking tokens (LSTs) such as BNSOL and bbSOL, in a manner similar to Ethena’s use of ETH LSTs, which currently constitute one-third of its ETH allocation.

该提案还建议使用 BNSOL 和 bbSOL 等流动性质押代币（LST），其方式类似于 Ethena 使用 ETH LST，目前后者占其 ETH 分配的三分之一。

Recently, Ethena announced the allocation of $46 million from its USDe reserve fund to tokenized real-world asset investments in BlackRock’s BUIDL, Mountain’s USDM, Superstate’s USTB, and Sky’s USDS, reflecting DeFi’s shift towards generating yield from asset-backed tokens.

最近，Ethena 宣布从其 USDe 储备基金中拨款 4600 万美元，用于 BlackRock 的 BUIDL、Mountain 的 USDM、Superstate 的 USTB 和 Sky 的 USDS 的代币化现实资产投资，反映出 DeFi 向通过资产支持代币产生收益的转变。