Ethena Labs 推出由貝萊德代幣化基金 BUIDL 支持的新穩定幣 USDtb

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的代幣化基金BUIDL

DeFi project Ethena Labs announced on Friday the official launch of its new stablecoin USDtb. The dollar stablecoin is backed by BlackRock's tokenized fund BUIDL in collaboration with leading real asset tokenization company Securize.

DeFi 專案 Ethena Labs 週五宣布正式推出其新穩定幣 USDtb。美元穩定幣由貝萊德的代幣化基金 BUIDL 與領先的實體資產代幣化公司 Securize 合作提供支援。

According to DefiLlama data, USDtb's TVL reached $64.5 million on its first day of launch. Previously, Ethena CEO Guy Young predicted that USDtb's TVL would reach between $500 million and $1 billion in its first month. He also mentioned that some TradFi entities, despite not fully engaging with other cryptocurrencies, already have significant exposure to Ethena's activities.

根據 DefiLlama 數據，USDtb 上線首日的 TVL 達到 6,450 萬美元。此前，Ethena 執行長 Guy Young 預測 USDtb 的 TVL 在第一個月將達到 5 億至 10 億美元。他也提到，一些 TradFi 實體儘管沒有充分參與其他加密貨幣，但已經大量參與 Ethena 的活動。

Backed by BlackRock's BUIDL Fund, Countering Market Volatility in Bear Markets

由貝萊德 BUIDL 基金支持，應對熊市中的市場波動

The newly launched USDtb is a relatively traditional crypto stablecoin, appearing nearly identical to USDC and USDT. The only distinction is that Ethena utilizes BlackRock's BUIDL treasury fund as collateral to support this stablecoin. BUIDL is a tokenized fund that invests in assets pegged to the dollar (such as cash, U.S. Treasury bonds, and repurchase agreements). Ethena does not manage financial assets directly but entrusts them to various banks or service providers in the real world. In essence, BlackRock and Securitize handle the entire process. Therefore, USDtb operates on a completely different product principle than Ethena's flagship stablecoin USDe.

新推出的USDtb是一種相對傳統的加密穩定幣，外觀與USDC和USDT幾乎相同。唯一的區別是 Ethena 使用 BlackRock 的 BUIDL 財務基金作為抵押品來支持這種穩定幣。 BUIDL是一種代幣化基金，投資於與美元掛鉤的資產（例如現金、美國國債和回購協議）。 Ethena並非直接管理金融資產，而是將其委託給現實世界中的各個銀行或服務提供者。從本質上講，貝萊德和 Securitize 負責整個過程。因此，USDtb 的運作原理與 Ethena 的旗艦穩定幣 USDe 完全不同。

USDtb will act as an alternative stablecoin for Ethena, absorbing funds from USDe during extreme market conditions. In a recent appearance on the Unchained podcast, Ethena CEO Guy Young explained that USDtb is very similar to regular stablecoins and does not generate yield itself. As a result, retail users purchasing it will not earn returns like they would with treasury bond funds. He stated that the two products actually work in parallel, and in 98% of cases, when cryptocurrency exchange rates appear more attractive than traditional financial rates, USDe operates as it does now. Then, as the environment changes (such as entering a bear market), users always retain the option to close (positions) and move into USDtb, keeping their balance sheet in their own products.

USDtb 將作為 Ethena 的替代穩定幣，在極端市場條件下從 USDe 吸收資金。 Ethena 執行長 Guy Young 最近在 Unchained 播客上表示，USDtb 與常規穩定幣非常相似，本身不會產生收益。因此，散戶購買它不會像購買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，隨著環境的變化（例如進入熊市），使用者始終保留平倉（部位）並轉入 USDtb 的選擇，將資產負債表保留在自己的產品中。

Thus, USDtb may help USDe holders "navigate challenging market conditions." In its December 16 announcement, Ethena Labs stated: "Ethena will be able to close the hedging positions behind USDe and reallocate its supporting assets to USDtb to further mitigate related risks."

因此，USDtb 可能會幫助 USDe 持有者「應對充滿挑戰的市場條件」。 Ethena Labs 在 12 月 16 日的公告中表示：“Ethena 將能夠平倉 USDe 背後的對沖頭寸，並將其支持資產重新分配給 USDtb，以進一步緩解相關風險。”

This stablecoin is 90% backed by BlackRock's BUIDL and is created in collaboration with the blockchain tokenization company Securitize. One of Ethena's committee members, Block Analiticia, noted in an already approved proposal that stablecoins like USDC will make up the remaining 10% of USDtb's reserves, which can provide additional liquidity during weekends or other periods when treasury markets are not trading. The "core" part of USDtb's smart contract passed three complete audits by Pashov, Quantstamp, and Cyfrin in October.

該穩定幣由 BlackRock 的 BUIDL 提供 90% 的支持，是與區塊鏈代幣化公司 Securitize 合作創建的。 Ethena 委員會成員之一 Block Analiticia 在一項已獲批准的提案中指出，USDC 等穩定幣將構成 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 的三個完整審核。

USDtb May Drive Significant Capital Inflow from TradFi

USDtb 可能會推動 TradFi 的大量資本流入

Launched in February this year, Ethena Lab's synthetic stablecoin USDe has experienced rapid growth, ranking as the third-largest stablecoin after USDT and USDC. In just a month and a half, since November 1, its market capitalization has more than doubled to nearly $6 billion, even surpassing DAI, a long-established DeFi native stablecoin.

Ethena Lab的合成穩定幣USDe於今年2月推出，成長迅速，成為繼USDT和USDC之後的第三大穩定幣。自11月1日以來，短短一個半月的時間裡，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 lies in the yield it offers. The token has an annual yield of 27%, far exceeding the 12.5% offered by DAI and USDS. USDe is created by depositing Bitcoin, Ethereum, or Solana into the Ethena protocol and then opening short positions on futures exchanges like Bybit. This creates what is known as a "delta-neutral" position, where the value of the assets and the short positions offset each other, maintaining overall price stability.

USDe 成功的關鍵在於它提供的收益率。該代幣的年化報酬率為27%，遠超DAI和USDS的12.5%。 USDe 是透過將比特幣、以太坊或 Solana 存入 Ethena 協議，然後在 Bybit 等期貨交易所開設空頭部位而創建的。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，從而維持整體價格穩定。

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

目前，由於大多數交易者對加密貨幣持看漲觀點，他們向 Ethena 支付資金進行做空，協議透過質押將這些資金轉給 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。然而，如果交易者轉向看跌，Ethena 將無法提供如此高的收益率。

Moreover, Staked USDe (sUSDe) is a yield token from Ethena that enables users to earn additional returns by staking USDe tokens. Through staking rewards and basis trading strategies, sUSDe offers high yields to holders.

此外，Staked USDe (sUSDe) 是 Ethena 的收益代幣，用戶可以透過質押 USDe 代幣獲得額外回報。透過質押獎勵和基差交易策略，sUSDe 為持有者提供高收益。

Blockworks Research recently Tweeted about the different ways Ethena is being primarily used. Pendle is the preferred destination for Staked USDe with over $1 billion in assets, followed by Aave. In a recent appearance on the Unchained podcast, Ethena CEO Guy Young

Blockworks Research 最近在推特上介紹了 Ethena 的主要使用方式。 Pendle 是資產超過 10 億美元的 Staked USDe 的首選目的地，其次是 Aave。 Ethena 執行長 Guy Young 最近出現在 Unchained 播客中