Ethena Labs 推出由貝萊德 BUIDL 基金支持的新穩定幣 USDtb，以應對熊市中的市場波動

12 月 16 日，DeFi 專案 Ethena Labs 宣布正式推出旗下新穩定幣 USDtb。作為基於區塊鏈的美元穩定幣，USDtb 90%的儲備資金投資於貝萊德旗下代幣化基金BUIDL

DeFi project Ethena Labs announced on Friday the official launch of its new stablecoin, USDtb. The blockchain-based US dollar stablecoin sees 90% of its reserve funds invested in BlackRock's tokenized fund BUIDL and has an partnership with real-world asset tokenization company Securitize.

DeFi 專案 Ethena Labs 週五宣布正式推出其新穩定幣 USDtb。這款基於區塊鏈的美元穩定幣 90% 的儲備資金投資於貝萊德的代幣化基金 BUIDL，並與現實世界的資產代幣化公司 Securitize 建立了合作夥伴關係。

Within a day of its launch, USDtb's TVL reached $64.5 million, according to DefiLlama data. Previously, Ethena CEO Guy Young predicted that USDtb's first-month TVL would reach $500 million to $1 billion. He also stated that some TradFi entities, despite not really touching other cryptocurrencies, currently have significant exposure to what Ethena is doing.

根據 DefiLlama 的數據，USDtb 上線一天之內，其 TVL 就達到了 6,450 萬美元。此前，Ethena 執行長 Guy Young 預測 USDtb 第一個月的 TVL 將達到 5 億至 10 億美元。他也表示，一些 TradFi 實體儘管沒有真正接觸其他加密貨幣，但目前對 Ethena 所做的事情有很大的了解。

Backed by BlackRock BUIDL Fund to cope with market volatility in the bear market

貝萊德BUIDL基金支持應對熊市市場波動

The newly launched USDtb is a relatively traditional crypto stablecoin that looks almost identical to USDC and USDT. The only difference is that Ethena backs this stablecoin with BlackRock's BUIDL Treasury Fund as collateral. BUIDL is a tokenized fund that invests in assets equivalent to the US dollar, such as cash, US Treasuries, and repurchase agreements. Instead of Ethena managing financial assets, it entrusts them to different banks or different service providers in the real world. Basically, BlackRock and Securitize are responsible for the entire process. Therefore, USDtb has a completely different product principle from Ethena's flagship stablecoin USDe.

新推出的USDtb是一種相對傳統的加密穩定幣，看起來與USDC和USDT幾乎一模一樣。唯一的區別是 Ethena 以 BlackRock 的 BUIDL Treasury Fund 作為抵押品來支持這種穩定幣。 BUIDL是一種代幣化基金，投資於現金、美國國債、回購協議等價於美元的資產。它不是由 Ethena 管理金融資產，而是將其委託給現實世界中的不同銀行或不同服務提供者。基本上，貝萊德和 Securitize 負責整個過程。因此，USDtb 與 Ethena 的旗艦穩定幣 USDe 有著完全不同的產品原理。

USDtb will serve as an alternative stablecoin for Ethena, taking over the funds of USDe in extreme market conditions. Recently, on the Unchained podcast, Ethena CEO Guy Young introduced that USDtb looks very similar to ordinary stablecoins and does not have returns itself, so retail users who buy it will not get returns like using treasury bond funds. He said that the two products actually work in parallel, and in 98% of cases, when the cryptocurrency exchange rate looks more attractive than the traditional financial exchange rate, USDe operates as it does now. Then, to the extent that the environment changes (such as entering a bear market), users always retain the option to close (positions) and enter USDtb and retain the balance sheet in their own products.

USDtb 將作為 Ethena 的替代穩定幣，在極端市場條件下接管 USDe 的資金。近日，在 Unchained 播客上，Ethena 執行長 Guy Young 介紹稱，USDtb 看起來與普通穩定幣非常相似，本身沒有回報，因此購買它的散戶用戶不會像使用國債基金那樣獲得回報。他表示，這兩種產品實際上是並行工作的，並且在 98% 的情況下，當加密貨幣匯率看起來比傳統金融匯率更具吸引力時，USDe 就會像現在一樣運作。然後，在環境變更（例如進入熊市）的情況下，使用者始終保留平倉（部位）並進入 USDtb 的選項，並將資產負債表保留在自己的產品中。

As a result, USDtb could help holders of USDe “cope with difficult market conditions.” According to a Dec. 16 announcement from Ethena Labs: “Ethena will be able to close the hedge position behind USDe and reallocate its backing assets to USDtb to further mitigate the associated risks.”

因此，USDtb 可以幫助 USDe 持有者「應對困難的市場狀況」。根據 Ethena Labs 12 月 16 日的公告：“Ethena 將能夠關閉 USDe 背後的對沖頭寸，並將其支持資產重新分配給 USDtb，以進一步降低相關風險。”

The stablecoin is 90% backed by BlackRock's BUIDL and is in partnership with blockchain tokenization firm Securitize. One of Ethena's committee members, Block Analiticia, noted in the approved proposal that stablecoins like USDC will account for the remaining 10% of USDtb's reserves, which can provide additional liquidity on weekends or other periods when the Treasury market is not trading. The "core" part of USDtb's smart contract passed three full audits by Pashov, Quantstamp and Cyfrin in October.

該穩定幣 90% 得到貝萊德 BUIDL 的支持，並與區塊鏈代幣化公司 Securitize 合作。 Ethena 委員會成員之一 Block Analiticia 在批准的提案中指出，USDC 等穩定幣將佔 USDtb 儲備的剩餘 10%，這可以在周末或國債市場不交易的其他時段提供額外的流動性。 USDtb 智能合約的「核心」部分於 10 月通過了 Pashov、Quantstamp 和 Cyfrin 的三項全面審查。

USDtb may drive a large amount of funds to flow from TradFi

USDtb 可能帶動大量資金從 TradFi 流出

Ethena Lab’s synthetic stablecoin USDe was launched in February this year and has grown rapidly since then, and is now the third largest stablecoin after USDT and USDC. Since November 1, just a month and a half ago, its market value has more than doubled to nearly $6 billion, even surpassing DAI, the long-established DeFi native stablecoin.

Ethena Lab的合成穩定幣USDe於今年2月推出，此後迅速成長，目前已成為USDT和USDC之後的第三大穩定幣。自 11 月 1 日以來，僅僅一個半月前，其市值已增長一倍多，達到近 60 億美元，甚至超過了歷史悠久的 DeFi 原生穩定幣 DAI。

The key to USDe's success is the yield it offers. The token offers an annual yield of 27%, which is much higher than the 12.5% offered by DAI and USDS. USDe is created by depositing Bitcoin, Ethereum, or Solana into the Ethena protocol and subsequently opening a short (bearish) position on a futures exchange like Bybit. This creates what is known as a "delta neutral" position, in which the value of the asset and the short position offset each other, keeping the overall price stable.

USDe 成功的關鍵在於它提供的收益率。該代幣的年收益率為 27%，遠高於 DAI 和 USDS 的 12.5%。 USDe 是透過將比特幣、以太坊或 Solana 存入 Ethena 協議並隨後在 Bybit 等期貨交易所開設空頭（看跌）頭寸而創建的。這創造了所謂的「德爾塔中性」頭寸，其中資產價值和空頭頭寸相互抵消，保持整體價格穩定。

Currently, since most traders are bullish on cryptocurrencies, they pay Ethena funds to short, and the protocol transfers these funds to USDe holders through staking. As long as this continues, USDe's yield should remain high. But if traders turn bearish, Ethena will not be able to provide such a high yield.

目前，由於大多數交易者看好加密貨幣，他們向 Ethena 支付做空資金，協議透過質押將這些資金轉移給 USDe 持有者。只要這種情況持續下去，USDe 的收益率就應該保持在高位。但如果交易者轉為看跌，Ethena 將無法提供如此高的收益率。

In addition, Staked USDe (sUSDe) launched by Ethena is a yield token that allows users to earn additional income by staking USDe tokens. Through staking rewards and basis trading strategies, sUSDe provides high returns to holders.

此外，Ethena推出的Staked USDe（sUSDe）是一種收益代幣，允許用戶透過質押USDe代幣賺取額外收入。透過質押獎勵和基差交易策略，sUSDe 為持有者提供高額回報。

Blockworks Research recently tweeted about the different ways Ethena is primarily used. Pendle is the top destination for Staked USDe with over $1

Blockworks Research 最近在推特上介紹了 Ethena 的主要使用方式。 Pendle 是質押超過 1 美元 USDe 的首選目的地