为什么美联储降息会促进 Yieldcoin 的采用

美联储刚刚降息 50 个基点。我们相信这是代币化国债（“yieldcoins”）加速增长阶段的开始。原因如下。

The Federal Reserve’s recent decision to cut interest rates by 50 basis points could have a major impact on the growth of tokenized treasuries, or “yieldcoins,” according to Ondo Finance tweets.

Ondo Finance 推文称，美联储最近决定降息 50 个基点，可能会对代币化国债或“yieldcoins”的增长产生重大影响。

This move is a key development in the crypto economy, potentially signaling a shift in how investors view risk and opportunity in the on-chain world.

此举是加密经济的一个关键发展，可能标志着投资者看待链上世界风险和机遇的方式发生转变。

1/ Why the Fed’s Rate Cuts Could Supercharge Yieldcoin Adoption

1/ 为什么美联储降息可以促进 Yieldcoin 的采用

The Federal Reserve just cut rates by 50bps. We believe this is the start of an accelerated growth phase for tokenized treasuries (“yieldcoins”). Here’s why. ? https://t.co/wFPTJ0x5tI

美联储刚刚降息 50 个基点。我们相信这是代币化国债（“yieldcoins”）加速增长阶段的开始。原因如下。 ? https://t.co/wFPTJ0x5tI

— Ondo Finance (@OndoFinance) September 20, 2024

— Ondo 财经 (@OndoFinance) 2024 年 9 月 20 日

How Lower Rates Fuel Crypto Growth and Yieldcoin Evolution

较低的利率如何推动加密货币的增长和 Yieldcoin 的发展

Typically, lower interest rates drive investors to greater risk appetite, increasing the demand for leverage and higher-risk assets like cryptocurrency. This time, Ondo Finance predicts a similar trend, with demand rising for tokenized monetary equivalents.

通常，较低的利率会促使投资者提高风险偏好，从而增加对杠杆和加密货币等高风险资产的需求。这次，Ondo Finance 预测了类似的趋势，对代币化货币等价物的需求将会上升。

These assets have been a key part of the crypto landscape for a while now, enabling a range of activities within decentralized finance (DeFi) protocols. For instance, the March 2020 rate cuts led to a major growth spurt in both cryptocurrency and DeFi, as well as a multi-year high in stablecoin creation.

一段时间以来，这些资产一直是加密货币领域的关键部分，支持去中心化金融（DeFi）协议中的一系列活动。例如，2020 年 3 月的降息导致加密货币和 DeFi 大幅增长，以及稳定币创造量创多年来新高。

Fast forward to today, and stablecoins have hit an impressive $170 billion in supply, establishing themselves as one of the most successful use cases in the crypto world. Their value in facilitating frictionless trading, lending, and borrowing within DeFi is clear.

快进到今天，稳定币的供应量已达到令人印象深刻的 1700 亿美元，成为加密世界中最成功的用例之一。它们在促进 DeFi 内无摩擦交易、借贷方面的价值是显而易见的。

Yieldcoins, however, represent the next stage in this evolution, combining the functionality of stablecoins with the added benefits of yield and increased protection for investors.

然而，收益币代表了这一演变的下一阶段，它将稳定币的功能与收益的额外好处和对投资者的更多保护结合起来。

As interest rates fall and the cryptocurrency market becomes more sophisticated, the appeal of yieldcoins is evident. The demand for leverage and risk is likely to increase, making yieldcoins an attractive and cost-efficient form of collateral for market participants.

随着利率下降和加密货币市场变得更加复杂，yieldcoins 的吸引力显而易见。对杠杆和风险的需求可能会增加，这使得收益币成为对市场参与者有吸引力且具有成本效益的抵押品形式。

At the Drift Protocol, USDY, a yieldcoin, can be used as collateral for margin trading for perpetual contracts. This innovative feature allows traders to use the yield to offset funding costs, giving them a significant advantage over traditional assets where such funding would otherwise come out of their own pocket.

在 Drift 协议中，USDY（一种收益币）可以用作永续合约保证金交易的抵押品。这一创新功能允许交易者使用收益来抵消融资成本，这使他们比传统资产具有显着优势，否则此类资金将由他们自己掏腰包。

Another key point highlighted by Ondo Finance is the massive opportunity that yieldcoins present for stablecoin holders. Currently, almost $10 billion in annual interest payments are being left on the table by stablecoin holders.

Ondo Finance 强调的另一个关键点是 Yieldcoins 为稳定币持有者带来的巨大机会。目前，稳定币持有者每年需要支付近 100 亿美元的利息。

While lower interest rates may reduce this figure marginally, it still showcases the immense opportunity for investors to shift their stablecoin holdings into yieldcoins, which are capable of generating higher yields.

尽管较低的利率可能会略微降低这一数字，但它仍然向投资者展示了将其持有的稳定币转向能够产生更高收益率的收益币的巨大机会。

Ondo Finance drives home the point that yield belongs to investors, not centralized stablecoin issuers, highlighting the disruptive potential of yieldcoins in DeFi. As on-chain capital holders become more knowledgeable, the market for yieldcoins is set to expand.

Ondo Finance 强调收益属于投资者，而不是中心化的稳定币发行者，这凸显了收益币在 DeFi 中的颠覆性潜力。随着链上资本持有者的知识越来越丰富，yieldcoin 的市场必将扩大。

Finally, beyond yieldcoins, there is a much larger landscape of tokenized securities waiting to be explored. According to the Boston Consulting Group, up to $16 trillion in diverse financial assets will be tokenized and brought on-chain in the next decade.

最后，除了 Yieldcoin 之外，还有更广阔的代币化证券领域等待探索。据波士顿咨询集团称，未来十年，高达 16 万亿美元的多元化金融资产将被代币化并上链。