探索USDT，USDC，USDP和USDE的收入模型

本文探討了像USDT和USDC這樣的Stablecoins如何通過將其儲備金投資於美國國債，從而產生數十億美元的收入。

Author: @threesigmaxyz

作者：@threesigmaxyz

Compiled by: zhouzhou, BlockBeats

編譯者：khouzhou，blockbeats

Editor's Note: This article examines how major stablecoins like USDT and USDC generate billions of dollars in revenue by investing their reserves, largely in U.S. Treasuries, and how this revenue is closely tied to the Federal Reserve interest rate. If interest rates were to fall to zero, their profitability could plummet.

編者註：本文探討了像USDT和USDC這樣的主要穩定者如何通過投資儲備金（主要在美國國債）來產生數十億美元的收入，以及這筆收入如何與美聯儲的利率緊密相關。如果利率下降到零，他們的盈利能力可能會下降。

We also discuss the regulatory challenges faced by fiat-backed stablecoins, as exemplified by USDC during the 2023 Silicon Valley Bank incident, and how algorithmic stablecoins like USDe are less sensitive to interest rate changes due to their reliance on crypto-native yields.

我們還討論了由菲亞特支持的斯abablecoins面臨的監管挑戰，這是USDC在2023年的矽谷銀行事件中的例證，以及像USDE一樣算法對算法的穩定性穩定性對利率變化的敏感性較小，因為它們的依賴加密本地收益率。

Moreover, we analyze the financial health of these stablecoin issuers. Despite a stellar 2024, Circle (issuer of USDC) faces rapid revenue decline and liquidity issues, rendering it vulnerable in the long term. Conversely, Tether (issuer of USDT) boasts excellent financial strength with $20 billion in equity, ensuring a decades-long runway even in a pessimistic scenario.

此外，我們分析了這些Stablecoin發行人的財務狀況。儘管2024年出色，但Circle（USDC的發行人）仍面臨迅速的收入下降和流動性問題，從而使其長期易受傷害。相反，Tether（USDT的發行人）擁有出色的財務實力，擁有200億美元的股權，即使在悲觀的情況下，也確保了數十年的跑道。

The cryptocurrency industry is known for its rapid evolution and constant shifts in trends. In the early days of Bitcoin, the goal was clear: to create a decentralized and limited cryptocurrency that would serve as an alternative to traditional fiat currencies. This vision was driven by ideals of financial inclusion, censorship resistance, and a decentralized system of value transfer.

加密貨幣行業以其快速發展和趨勢的不斷變化而聞名。在比特幣的早期，目標很明確：創建一個分散且有限的加密貨幣，可以替代傳統法定貨幣。這種願景是由金融包容性，審查制度的理想和分散的價值轉移制度所驅動的。

However, as the industry matured, a new need arose - the need for stability. Bitcoin’s price volatility, while a source of gains for early investors, posed an obstacle to broader adoption, especially for everyday transactions and small businesses seeking seamless integration of cryptocurrencies into their operations. This limitation paved the way for the development of stablecoins.

但是，隨著行業的成熟，出現了新的需求 - 穩定的需求。比特幣的價格波動雖然是早期投資者的收益來源，但卻構成了更廣泛採用的障礙，尤其是對於日常交易和尋求無縫集成加密貨幣的小型企業的障礙。這種限制為開發穩定劑鋪平了道路。

Stablecoins, as the name suggests, aim to maintain a pegged value, typically to the U.S. dollar. This property is critical for facilitating efficient transactions, hedging against market fluctuations, and serving as a stable store of value in an otherwise volatile asset class.

顧名思義，Stablecoins旨在保持固定的價值，通常是美元。該財產對於促進有效的交易，抵抗市場波動以及在原本動蕩的資產類別中的穩定價值存儲至關重要。

Hence, the shift from Bitcoin to stablecoins signifies a pragmatic adjustment to the evolving demands of the crypto ecosystem. While Bitcoin laid the foundation for decentralization and limited supply, stablecoins address the pressing need for price stability and efficient integration with existing financial systems. This evolution highlights the industry's responsiveness to user needs and its capability to adapt in pursuit of greater adoption and broader impact.

因此，從比特幣到穩定幣的轉變表示對加密生態系統不斷發展的需求的務實調整。比特幣為權力下放和有限的供應奠定了基礎，但Stablecoins解決了對價格穩定的緊迫需求，並與現有金融系統有效整合。這種演變凸顯了行業對用戶需求的響應及其適應追求更大採用和更廣泛影響的能力。

Among the major types of stablecoins, we have:

在主要類型的Stablecoins中，我們有：

1. Fiat-backed stablecoins: These are the most common, backed 1:1 by fiat currency, held in a bank account. Examples include Tether's USDT and Circle's USD Coin (USDC). They are issued by a centralized company and are fully disclosed. They are also fully backed by fiat currency, which is disclosed on a regular basis and can be audited by third parties. These stablecoins are typically used for high-frequency trading, liquidity provision, and cross-exchange arbitrage. They are also increasingly being used by institutions and companies who are looking for a more compliant and transparent way to manage their treasury.

1。菲亞族支持的stablecoins：這些是最常見的，以菲亞特貨幣為後1：1，在銀行帳戶中持有。示例包括Tether的USDT和Circle的USD硬幣（USDC）。它們由一家集中式公司發行，並得到充分披露。他們還得到了法定貨幣的完全支持，法定貨幣會定期披露，可以由第三方審核。這些Stablecoins通常用於高頻交易，流動性提供和交叉交換套利。他們也越來越多地使用他們尋求一種更合規，透明的方式來管理自己的財政部的機構和公司。

2. Commodity-backed stablecoins: These stablecoins are backed by commodities, such as gold, silver, oil, or real estate. Examples include Paxos's Pax Gold (PAXG) and Tether's Gold (XAUT). They are issued by a centralized company and are fully disclosed. They are also fully backed by the commodity, which is held in a segregated account and can be audited by third parties. These stablecoins are typically used by investors who are looking for exposure to commodities in a digital format. They are also useful for investors in countries with currency instability, as they provide a hedge against inflation and devaluation.

2。商品支持的穩定蛋白：這些穩定的穩定者得到了商品的支持，例如黃金，銀，石油或房地產。例子包括Paxos的Pax Gold（PAXG）和Tether's Gold（XAUT）。它們由一家集中式公司發行，並得到充分披露。它們也得到了商品的完全支持，該商品在隔離帳戶中持有，可以由第三方審核。這些Stablecoins通常由尋求數字格式的商品接觸的投資者使用。它們對貨幣不穩定國家的投資者也很有用，因為它們為通貨膨脹和貶值提供了對沖。

3. Crypto-asset-backed stablecoins: These stablecoins are backed by other cryptocurrencies. An example is DAI, which is issued by MakerDAO and backed by ETH or other cryptocurrencies. They are issued by a decentralized protocol and are governed by the protocol's token holders. These stablecoins are typically used in decentralized finance (DeFi) protocols for borrowing, lending, and other financial applications. They are also used by investors who are looking for yield on their crypto assets.

3。加密儲備支持的穩定蛋白：這些穩定幣由其他加密貨幣支持。一個例子是DAI，由Makerdao發行，並由ETH或其他加密貨幣支持。它們由分散協議發行，並由協議的令牌持有人約束。這些Stablecoins通常用於借貸，貸款和其他財務應用的分散融資（DEFI）方案。他們還被尋求加密資產收益的投資者使用。

These different types of stablecoins cater to various needs within the crypto ecosystem. From fiat-backed options like USDT and USDC, preferred for liquidity and diverse use cases, to commodity-backed choices like PAXG and XAUT, offering direct exposure to physical assets, the industry is presenting a diverse range of options. Finally, crypto-asset-backed stablecoins like DAI and its derivatives are at the forefront of DeFi innovation, facilitating new financial paradigms.

這些不同類型的Stablecoins滿足了加密生態系統中各種需求。從USDT和USDC（例如流動性和不同用例）等菲亞特支持的選項，再到Paxg和Xaut等商品支持的選擇，可以直接接觸物理資產，該行業提供了多種選擇。最後，像Dai這樣的加密儲備支持的穩定者及其衍生產品處於Defi Innovation的最前沿，促進了新的金融範式。

With the rapid rise of the digital asset class, several key players have emerged, engaging in a competitive yet collaborative landscape to advance the future of finance.

隨著數字資產類別的迅速增長，幾個關鍵參與者出現了，參與了競爭激烈但協作的格局，以促進金融的未來。

Among the prominent names in the stablecoin sphere are USDT, USDC, USDS/DAI (from SKY), and USDe. Each of these stablecoins is unique in its

在Stablecoin Sphere中的突出名稱中有USDT，USDC，USDS/DAI（來自Sky）和USDE。這些穩定劑中的每一個都是獨一無二的