多链、虫洞和 USST：引领可互操作的未来（以及稳定币的波动）

探索 Wormhole 的多链解决方案，例如 Portal Swap 和 Native Token Transfers，以及 USST 稳定币的坎坷推出。

The world of blockchain is increasingly interconnected, and key players like Wormhole are leading the charge with innovative solutions. Meanwhile, new stablecoins like USST are entering the arena, facing the real-world challenges of maintaining stability. Let's dive in.

区块链世界日益互联，像 Wormhole 这样的主要参与者正在通过创新解决方案引领潮流。与此同时，像USST这样的新稳定币正在进入舞台，面临着维持稳定的现实挑战。让我们深入了解一下。

Wormhole's Vision: A Unified Multichain Experience

Wormhole 的愿​​景：统一的多链体验

Wormhole isn't just another bridge; it's building a comprehensive interoperability platform. Their Native Token Transfers (NTT) standard is gaining traction, enabling projects like Yei Finance (with its CLO token) and STBL (with its USST stablecoin) to expand across multiple chains, like Ethereum and BNB Chain, without the usual headaches of wrapped tokens and fragmented liquidity. NTT lets projects keep control over their tokens' behavior on each chain, offering flexibility and adaptability.

虫洞不仅仅是另一座桥；它也是一座桥梁。它正在构建一个全面的互操作平台。他们的原生代币转移（NTT）标准正在获得关注，使 Yei Finance（及其 CLO 代币）和 STBL（及其 USST 稳定币）等项目能够跨多个链（如以太坊和 BNB Chain）进行扩展，而不会出现通常令人头痛的打包代币和分散的流动性。 NTT 让项目能够控制其代币在每条链上的行为，从而提供灵活性和适应性。

Portal Swap: The Next-Gen DEX is Here

Portal Swap：下一代 DEX 就在这里

Announced in October 2025, Wormhole unveiled Portal Swap, a collaboration with Mayan, designed to merge cross-chain and same-chain token transactions into one seamless experience. Before, users had to juggle multiple tools, using the original Portal for cross-chain transfers and external DEXs like Uniswap for same-chain swaps. Portal Swap changes the game by offering a single interface for all types of swaps directly from a user’s wallet.

Wormhole 于 2025 年 10 月宣布推出 Portal Swap，这是与 Mayan 的一项合作，旨在将跨链和同链代币交易合并为一种无缝体验。之前，用户必须使用多种工具，使用原始 Portal 进行跨链传输，使用 Uniswap 等外部 DEX 进行同链交换。 Portal Swap 通过为直接从用户钱包进行所有类型的交换提供单一界面来改变游戏规则。

Portal Swap supports cross-chain transfers (using both NTT and Wrapped-Token Transfers), cross-chain swaps (native-to-native), and same-chain swaps. This eliminates boundaries and allows users to access assets through the most efficient routes, all while streamlining the user experience.

Portal Swap 支持跨链转账（使用 NTT 和 Wrapped-Token Transfers）、跨链互换（原生到原生）和同链互换。这消除了界限，允许用户通过最有效的途径访问资产，同时简化用户体验。

USST's Rocky Start: A Lesson in Stablecoin Stability

USST 的艰难起步：稳定币稳定性的教训

Not all journeys are smooth. Launched in October by STBL, co-founded by a Tether co-founder, USST briefly dipped below its $1 peg shortly after its debut on Curve. While it recovered somewhat, this early depeg highlights the challenges new stablecoins face in establishing confidence. Liquidity, transparency, and credible collateral are critical. While STBL announced a partnership with Ondo Finance, making Ondo’s USDY the primary collateral for USST, the initial wobble underscores the importance of market confidence.

并不是所有的旅程都是一帆风顺的。 USST 由 Tether 联合创始人共同创立的 STBL 于 10 月推出，在 Curve 上首次亮相后不久，其价格一度跌破 1 美元。虽然有所恢复，但这种早期的脱钩凸显了新稳定币在建立信心方面面临的挑战。流动性、透明度和可靠的抵押品至关重要。虽然 STBL 宣布与 Ondo Finance 建立合作伙伴关系，使 Ondo 的 USDY 成为 USST 的主要抵押品，但最初的波动凸显了市场信心的重要性。

My Take

我的看法

Wormhole's approach to interoperability is genuinely exciting. Portal Swap could be a game-changer, simplifying cross-chain transactions and attracting more users to the multichain world. The USST situation, while concerning, isn't unusual for a new stablecoin. The market will be watching closely to see how the STBL team responds. I would keep an eye on it, but remember that all investments carry risk.

Wormhole 的互操作性方法确实令人兴奋。 Portal Swap 可能会改变游戏规则，简化跨链交易并吸引更多用户进入多链世界。 USST 的情况虽然令人担忧，但对于新的稳定币来说并不罕见。市场将密切关注STBL团队如何应对。我会密切关注，但请记住所有投资都有风险。

Looking Ahead

展望未来

The future of blockchain is multichain, and Wormhole seems determined to be a key player in that future. Whether it's streamlining token transfers or creating a unified DEX experience, their innovations are pushing the industry forward. As for USST, it's a reminder that even in the world of stablecoins, things can get a little wobbly. But hey, that's crypto, right? Always something interesting happening!

区块链的未来是多链的，而 Wormhole 似乎决心成为这个未来的关键参与者。无论是简化代币传输还是创建统一的 DEX 体验，他们的创新都在推动行业向前发展。至于 USST，它提醒我们，即使在稳定币的世界里，事情也可能会变得有点不稳定。但是，嘿，这就是加密货币，对吧？总是有有趣的事情发生！