Stablecoins和YBS（承重稳定的）市场的兴起

本文探讨了从比特币到系绳再到Makerdao的Dai的历史

Stablecoins are becoming a market consensus.

Stablecoins正在成为市场共识。

Stripe's acquisition of Bridge is just the beginning. Huma uses stablecoins to replace the intermediary status of banks, and Circle has become the new upstart in the cryptocurrency circle after Coinbase with USDC. All of the above are poor imitations of USDT.

Stripe对桥梁的收购仅仅是开始。 Huma使用Stablecoins替换银行的中介状态，Circle已成为与USDC共同存在之后加密货币圆圈中的新榜首。以上所有都是USDT的差模仿。

Ethena is a latecomer but an early winner, MakerDAO changed its name to Sky and switched to interest-bearing stablecoins, Pendle, Aave, etc. are all rapidly transforming from USDC to PT/YT to USDe. The above is a summary of the recent story of on-chain stablecoins.

埃塞纳（Ethena）是后来的人，但早期的赢家是Makerdao，将其名字改成了天空，转为拥有兴趣的Stablecoins，Pendle，Aave等，都在从USDC转换为PT/YT，再到USDE。以上是最近关于链型稳定的故事的摘要。

At least for now, YBS (Yield-Bearing Stablecoin) still belongs to the concept of stablecoin. It is difficult for everyone to understand the fundamental difference between USDe and USDT. In my opinion, YBS projects such as USDe attract users by generating interest, distribute part of the asset income to users, and continue to earn asset income after completing the deposit absorption.

至少目前，YBS（承重稳定的稳定）仍然属于Stablecoin的概念。每个人都很难理解USDE和USDT之间的根本差异。我认为，USD等YBS项目通过产生利息，将部分资产收入分配给用户吸引用户，并在完成押金吸收后继续赚取资产收入。

Previously, USDT issuance was a process of creating new assets. It should be noted that the reserves of USDT are the responsibility of regulators or project owners and have nothing to do with users. Users can only passively accept that USDT represents $1 and expect others to recognize its value.

以前，USDT发行是创建新资产的过程。应当指出的是，USDT的储备是监管机构或项目所有者的责任，与用户无关。用户只能被动地接受USDT代表$ 1，并期望其他人认识其价值。

YBS follows the logic of deposit absorption and lending of on-chain banks and deconstructs the power of asset issuance. Circle's creation of USDC requires government-business cooperation and exchange support, but YBS has already shown a blowout trend.

YBS遵循了押金吸收和链接银行的贷款的逻辑，并解构了资产发行权。 Circle的创建USDC需要政府企业合作与交流支持，但YBS已经显示出井喷趋势。

To reiterate, the history of the crypto industry is the history of innovation in asset issuance models, but this time it is a little milder in the name of stability, not as intense as the PVP on the ERC-20, NFT (ERC-721) and Meme Coin chains.

重申的是，加密货币行业的历史是资产发行模型创新的历史，但是这一次以稳定的名义有点温和，不如ERC-20，NFT（ERC-721）和Meme Coin Coin链的PVP那么强烈。

For example, f(x) Protocol has at least 5 stablecoins. V1 and V2 have rUSD and fxUSD respectively. In addition, there are $btcUSD, $cvxUSD, and even fETH is also called a stablecoin because it maintains a price anchor by capturing part of ETH's volatility, and the remaining volatility is absorbed by xToken.

例如，F（x）协议至少具有5个稳定剂。 V1和V2分别具有RUSD和FXUSD。此外，还有$ btcusd，$ cvxusd，甚至费斯也被称为稳定的，因为它通过捕获ETH的一部分波动性来维持价格锚，并且剩余的波动率被Xtoken吸收。

Stability comes from volatility, and volatility creates stablecoins.

稳定性来自波动性，波动率会产生稳定的稳定性。

From the Old World to the New World

从旧世界到新世界

Whether it is interest-bearing stablecoins or StableFi, they are both new ways of expressing stablecoins. It is worthwhile to sort out the origins of stablecoins.

无论是带有兴趣的Stablecoins还是Stablefi，它们都是表达稳定蛋白的新方法。值得整理stablecoins的起源。

Stablecoins originated from Bitcoin, a peer-to-peer electronic cash payment system, but Bitcoin is not stable. This is not a problem with Bitcoin’s design. Bitcoin is essentially an unanchored currency system, and its fair price still fluctuates around its value and cannot be stabilized in the short term.

Stablecoins起源于比特币，比特币是点对点的电子现金支付系统，但比特币不稳定。这不是比特币设计的问题。比特币本质上是一种未经常规的货币系统，其公平价格仍然围绕其价值波动，并且在短期内无法稳定。

The earliest attempt of USDT was in the Bitcoin ecosystem, and then it moved to the exchange pricing field. The golden combination of Bitfinix and Tether allowed the stablecoin to find its earliest home, just like Coinbase and Circle today.

USDT的最早尝试是在比特币生态系统中，然后移至Exchange定价领域。 Bitfinix和Tether的黄金组合使Stablecoin像Coinbase和Circle一样，找到了最早的房屋。

Fiat stablecoin was born. Its mechanism is not complicated. You only need to trust Tether, and everyone recognizes the market transaction stability of USDT. The first-mover advantage allows Tether to create a higher profit margin than BlackRock.

菲亚特·斯塔布雷因（Fiat Stablecoin）出生。它的机制并不复杂。您只需要信任系绳，每个人都认识到USDT的市场交易稳定性。第一步的优势使系币可以创造出比黑石更高的利润率。

Following closely behind is DAI issued by MakerDAO. The over-collateralization mechanism (CDP) has long been the only option for issuing on-chain stablecoins. The 1.5 times collateral assets suppress capital efficiency, but give market players higher credibility.

紧随其后的是Makerdao发行的DAI。长期以来，过度的化机制（CDP）一直是发出链链球菌的唯一选择。抵押品资产的1.5倍抑制了资本效率，但使市场参与者更高的信誉。

The subsequent history of cryptocurrency, from an on-chain perspective, is a story of how to reduce the pledge rate. Financial alchemy works in both directions. Hyperliquid can amplify asset trading leverage, but there is no good way to leverage asset creation.

从链的角度来看，加密货币的随后历史是如何降低承诺率的故事。金融炼金术在这两个方向上工作。超流动性可以扩大资产交易杠杆作用，但是没有很好的方法来利用资产创造。

Regarding asset creation, UST is a sad chapter. The classic algorithmic stablecoin has since failed. Frax can be regarded as semi-algorithmic at best, or it is more appropriate to call it a hybrid mechanism (Hybrid). It is already a shell of USDC.

关于资产创造，UST是一个悲伤的章节。此后，经典的算法Stablecoin失败了。 Frax充其量只能被视为半合理，也可以称为混合机构（混合）更合适。它已经是USDC的外壳。

From a mechanism perspective, interest-bearing stablecoins require interest-bearing mechanisms and stablecoin mechanisms. Based on the other three, the CDP mechanism of DeFi giants is also acceptable, and Ethena's Delta neutral mechanism is also fine, as long as stability can be guaranteed. Of course, USDD is promised by Sun Ge to remain stable as long as everyone agrees.

从机制的角度来看，持有兴趣的稳定剂需要带有兴趣的机制和稳定机制。基于其他三种，Defi巨头的CDP机制也可以接受，只要可以保证稳定性，Ethena的Delta中性机制也可以很好。当然，只要每个人都同意，Sun Ge就会承诺要保持稳定。

The real difference lies in the interest-bearing and profit-sharing mechanism, which depends on the source of the interest-bearing assets. There are two simplest ways: using pledged assets such as stETH on the chain and using self-yielding assets such as US Treasury bonds off the chain, and both can be mixed.

真正的差异在于利息和利润分享机制，取决于承担利息资产的来源。有两种最简单的方法：使用链条上的固定资产，例如链条上的steth，并使用链条上的美国国库债券等自收益资产，并且都可以混合。

Ethena's USDe is rather special. While using stETH to generate interest, it uses CEX hedging to keep the currency price stable. It also needs to comply with off-chain entities and uses USDC

Ethena的USDE很特别。在使用Steth产生利息的同时，它使用CEX对冲来保持货币价格稳定。它还需要遵守离链实体并使用USDC