Ethena 的 USDE 突破 41.2 億美元：穩定幣市場正在轉向收益率嗎？

收益穩定幣已在市場中穩步佔據重要地位，Ethena 的 USDE 目前已成為第四大穩定幣

Amidst the expanding stablecoin market landscape, Ethena's yield-bearing stablecoin, USDE, has attained a peak valuation, surpassing $4.12 billion. This development marks a significant milestone in the cryptocurrency industry.

在不斷擴大的穩定幣市場格局中，Ethena 的收益穩定幣 USDE 估值達到峰值，超過 41.2 億美元。這一發展標誌著加密貨幣產業的一個重要里程碑。

According to data from CoinGecko on Nov. 28, 2024, Ethena's USDE has now become the fourth-largest stablecoin, trailing behind Sky's DAI, Circle's USDC, and Tether's USDT. Notably, USDE has overtaken other major stablecoins in terms of market capitalization.

根據 CoinGecko 2024 年 11 月 28 日的數據，Ethena 的 USDE 目前已成為第四大穩定幣，落後於 Sky 的 DAI、Circle 的 USDC 和 Tether 的 USDT。值得注意的是，USDE 的市值已超過其他主要穩定幣。

Essentially, USDE is a synthetic stablecoin that maintains its peg through a combination of spot crypto holdings and short positions in margined perpetual contracts. Holders of USDE benefit from funding rates tied to perpetual contracts and staking rewards on the Ethereum network.

從本質上講，USDE 是一種合成穩定幣，透過結合現貨加密貨幣持有量和保證金永續合約空頭部位來維持其掛鉤。 USDE 的持有者受益於與永續合約相關的融資利率以及以太坊網路上的質押獎勵。

As of Nov. 28, the annual percentage yield (APY) for holding USDE stands at an impressive 29%, easily outpacing the rates offered by competitors in the stablecoin market. This high APY has attracted a substantial number of holders, driving the USDE supply to an all-time high of $4.12 billion, which is distributed across 19,174 unique addresses.

截至 11 月 28 日，持有 USDE 的年收益率 (APY) 達到令人印象深刻的 29%，輕鬆超過穩定幣市場競爭對手提供的利率。如此高的 APY 吸引了大量持有者，推動 USDE 供應量達到 41.2 億美元的歷史新高，分佈在 19,174 個唯一地址上。

In comparison, competitors offer more modest rates. For instance, Circle's USDC provides a 4.7% APY when stored in a Coinbase Wallet, while Sky's newly launched USDS offers an APY of 8.5%, which can fluctuate like Ethena's rate. Additionally, Blast’s stablecoin USDB is currently offering an APY of 7.5%.

相比之下，競爭對手提供的價格則較為適中。例如，Circle 的 USDC 在儲存在 Coinbase 錢包中時提供 4.7% 的年利率，而 Sky 新推出的 USDS 提供的年利率為 8.5%，其波動與 Ethena 的利率一樣。此外，Blast 的穩定幣 USDB 目前的年化收益率為 7.5%。

Interestingly, USDE's distribution is highly concentrated, with the top 100 addresses out of the 19,174 unique wallets holding the token collectively controlling a massive 99.72% of the supply. Notably, the majority of this stablecoin is not being used for transactions and instead sits idle to earn staking rewards, indicating that USDE is primarily being utilized for yield generation rather than payments. To provide further context, USDE has only recorded a total of 686,155 transfers since its inception.

有趣的是，USDE 的分佈高度集中，持有該代幣的 19,174 個唯一錢包中的前 100 個地址共同控制了 99.72% 的供應量。值得注意的是，這種穩定幣的大部分並未用於交易，而是閒置以賺取質押獎勵，這表明 USDE 主要用於產生收益而不是支付。為了提供更多背景信息，USDE 自成立以來僅記錄了 686,155 筆轉帳。

On the other hand, USDC has a much broader reach and is actively used for paying for goods and services, even though it offers a lower yield. Circle's stablecoin boasts a hefty market valuation of $39.32 billion, dwarfing Ethena's USDE by a significant margin.

另一方面，USDC 的覆蓋範圍更廣，並且被積極用於支付商品和服務，儘管它的收益率較低。 Circle 的穩定幣市值高達 393.2 億美元，遠遠超過 Ethena 的 USDE。

Meanwhile, Sky's USDS has a market cap of $911 million, with etherscan.io revealing that $726.7 million of this stablecoin has been upgraded from existing DAI. At the same time, USDB boasts a market cap of $411 million.

同時，Sky 的 USDS 市值為 9.11 億美元，etherscan.io 透露，該穩定幣的 7.267 億美元已從現有 DAI 升級。同時，USDB 的市值高達 4.11 億美元。

Ethena's USDE showcases a shift in the stablecoin market, where some participants appear to be prioritizing high-yield opportunities over transactional use cases. This trend suggests a diversification in stablecoin applications, with USDE's appeal largely attributed to its high APY.

Ethena 的 USDE 展示了穩定幣市場的轉變，一些參與者似乎優先考慮高收益機會而不是交易用例。這一趨勢表明穩定幣應用的多樣化，USDE 的吸引力很大程度上歸因於其高年化收益。

While transactional giants like USDC and USDT continue to lead in accessibility and汎用性, Ethena's approach with USDE seems to be catering specifically to yield seekers, especially during bullish market conditions. However, the crucial question remains whether it can maintain its allure amid increasing competition and evolving market demands.

雖然像 USDC 和 USDT 這樣的交易巨頭在可訪問性和泛用性方面繼續處於領先地位，但 Ethena 與 USDE 的做法似乎專門迎合了收益追求者，尤其是在看漲的市場條件下。然而，關鍵問題仍然是它能否在競爭日益激烈和市場需求不斷變化的情況下保持其吸引力。