帕累托实验室（Pareto Labs

新推出的USP合成美元完全得到了现实世界中的私人信贷

Private credit marketplace Pareto has launched a new synthetic dollar aimed at linking institutional investors with decentralized finance (DeFi) lending and yield opportunities.

私人信贷市场帕累托（Pareto）推出了一种新的合成美元，旨在将机构投资者与分散融资（DEFI）贷款和收益机会联系起来。

The newly launched USP synthetic dollar is fully backed by real-world private credit assets, Pareto announced on May 15. To mint USP, users must deposit stablecoins such as USDC (USDC) and USDt (USDT), which are then held as collateral.

新推出的USP合成美元得到了5月15日宣布的现实世界中的私人信贷资产的全部支持。要向Mint USP，用户必须存入诸如USDC（USDC）和USDT（USDT）之类的StableCoins，然后将其保留为额外的。

"USP is backed 1:1 by the stablecoins used during the minting process," said Pareto co-founder Matteo Pandolfi.

Pareto联合创始人Matteo Pandolfi说：“ USP由铸造过程中使用的Stablecoins支持1：1。”

The deposited funds are placed into Pareto’s credit vaults and lent to what the company describes as "vetted institutional borrowers," generating yields for participants.

存款资金放入了帕累托的信用保险库中，并借出了公司所描述的“审查机构借款人”，为参与者带来了收益率。

To maintain its peg to the US dollar, Pareto uses what it calls a "native backing" process. Each USP token is minted only when an equivalent amount of USDC or USDT is deposited, ensuring full collateralization when the token is created. An arbitrage mechanism also supports the dollar peg’s ongoing stability.

为了维持其钉美元，帕累托使用所谓的“本机支持”过程。仅当存放等效量的USDC或USDT时，每个USP令牌才会铸造，从而确保创建令牌时完全抵押。套利机制还支持美元钉的持续稳定性。

In addition, Pareto has set up a protocol-funded stability reserve to act as a buffer in case of borrower defaults.

此外，帕累托（Pareto）设立了一个协议资助的稳定储备，以便在借款人默认情况下充当缓冲区。

Institutional entry into RWA credit market

机构进入RWA信贷市场

The company said the synthetic dollar provides a regulated onchain entry point for institutional investors into real-world asset (RWA) credit markets — a segment of the tokenization industry that has expanded rapidly over the past year.

该公司表示，综合美元为机构投资者提供了一个受监管的OnChain入口点，用于现实世界中的资产（RWA）信贷市场，这是代币化行业的一部分，在过去一年中迅速扩大。

Recent examples of private credit tokenization include Tradable’s portfolio of 30 credit positions and Apollo’s Diversified Credit Securitize Fund.

私人信贷令牌化的最新示例包括可交易的30个信贷职位的投资组合以及阿波罗的多元化信用证券化基金。

When asked about the potential risks of connecting DeFi to the often opaque private credit sector, Pareto acknowledged the concern but emphasized its approach to risk management.

当被问及将DEFI连接到经常不透明的私人信贷部门的潜在风险时，帕累托承认了这一关注点，但强调了其风险管理方法。

"That’s a fair concern, but Pareto was specifically built to address the inefficiencies and opacity that have historically plagued traditional credit markets," Pandolfi said.

潘多尔蒂说：“这是一个公平的问题，但帕累托是专门为解决历史上困扰传统信贷市场的低效率和不透明度而建造的。”

"All of our borrowers undergo rigorous due diligence, and our lending protocols are designed with best-in-class risk mitigation measures to protect lenders’ capital."

“我们所有的借款人都经历了严格的尽职调查，我们的贷款协议均采用一类降低风险措施来保护贷方的资本。”

Stablecoins: From crypto niche to the mainstream

Stablecoins：从加密裂市场到主流

Although synthetic dollars account for a small fraction of the total stablecoin market, they are driving innovation by introducing new methods for creating and managing fiat-pegged assets.

尽管合成美元占总稳定市场的一小部分，但它们通过引入创建和管理菲亚特·佩奇资产的新方法来推动创新。

Ethena, the largest synthetic dollar network by market capitalization, offers Staked USDe (sUSDe) tokenholders an annual percentage yield of 10%. Roughly 368,000 investors were earning yield as of January, according to data from DeFi protocol Chainlink.

Ethena是市值最大的合成美元网络，可为储藏的USDE（SUSDE）代币持有人的年百分比为10％。根据DEFI Protoction Chainlink的数据，截至1月，大约有368,000名投资者正在赚取收益率。

Despite the success of synthetic variants, collateralized stablecoins continue to dominate the market — a position US regulators are keen to preserve through proposed legislation like the GENIUS Act and STABLE Act.

尽管综合变体取得了成功，但抵押稳定的稳定者仍在继续统治市场 - 美国监管机构渴望通过诸如《天才法案》和《稳定法》这样的拟议立法来保存。

Under President Donald Trump, the US government has recognized the role of stablecoins as a "way to support the dollar’s worldwide use as a reserve currency," Komodo Platform's chief technology officer, Kadan Stadelmann, told ChainLI nk in a written statement.

在唐纳德·特朗普（Donald Trump）总统的领导下，美国政府已意识到，斯塔布雷因（Stablecoins）的作用是“支持美元在全球范围内用作储备货币的方式”。

"Stablecoins are the second-most adopted blockchain use case behind Bitcoin — more than NFTs and DeFi," he said. "US dollar-pegged stablecoins account for a mind-boggling 1% of the M2 money supply."

他说：“稳定币是比特币仅次的第二大区块链用例，而不是NFTS和DEFI。” “美元固定的稳定股份占M2货币供应的1％的令人难以置信的人。”

Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar Protocol, said US regulators are prioritizing stablecoin legislation because they know there’s more at stake than just crypto.

Interop Labs首席执行官兼Axelar协议联合创始人Sergey Gorbunov表示，美国监管机构正在优先考虑Stablecoin立法，因为他们知道，不仅仅是加密货币。

"This is about setting the conditions for regulated US financial firms to be able to fully participate in and lead on stablecoins, and for the US dollar to maintain its primacy, globally," Gorbunov told ChainLI nk.

Gorbunov告诉Chainli NK：“这是为了确定受监管的美国金融公司能够充分参与并领导稳定的条件，以及美元在全球范围内维持其首要地位。”