穩定幣的下一塊：Ethena、Usual 和 f(x)Protocol V2

根據CoinGecko數據，穩定幣總市值已突破2,000億美元大關。與去年我們提到的相比

As the total market value of stablecoins surpasses the $200 billion mark, according to CoinGecko, the scene has shifted dramatically since our last discussion on this topic. With nearly double the overall market value, it has exceeded the previous all-time high.

據 CoinGecko 稱，隨著穩定幣的總市值突破 2000 億美元大關，自我們上次討論這個主題以來，情況發生了巨大變化。整體市值翻了近一倍，已經超過了之前的歷史新高。

In the past, I likened stablecoins to the crypto world's plumbing system. As a stable medium of value storage, they serve as a key entry point for various on-chain activities. Now, as stablecoins venture into the real world, their applications span retail payments, business-to-business (B2B) transactions, and international transfers. In emerging markets like Asia, Africa, and Latin America, the practical value of stablecoins is becoming increasingly evident.

過去，我將穩定幣比喻為加密世界的管道系統。作為穩定的價值儲存媒介，它們是各種鏈上活動的關鍵入口點。現在，隨著穩定幣進入現實世界，其應用範圍涵蓋零售支付、企業對企業 (B2B) 交易和國際轉帳。在亞洲、非洲、拉丁美洲等新興市場，穩定幣的實用價值日益顯現。

Thanks to their strong financial inclusion properties, citizens in third-world countries can effectively navigate monetary instability brought on by government instability and high inflation. Stablecoins also enable participation in cutting-edge global financial activities, such as online education, entertainment, cloud computing, and AI products.

由於其強大的金融包容性，第三世界國家的公民可以有效應對政府不穩定和高通膨帶來的貨幣不穩定。穩定幣還可以參與全球前沿金融活動，例如線上教育、娛樂、雲端運算和人工智慧產品。

The next step for stablecoins is to enter emerging markets and take on traditional payment methods. In the foreseeable future, the legalization and rapid adoption of stablecoins will become an inevitability, while the rapid development of AI will further bolster the demand for stablecoins (computing power to the world's top 5). Compared to the developments in the past two years, the only constant is the continued dominance of Tether and Circle in this domain, with more startups shifting their attention to the upstream and downstream of stablecoins.

穩定幣的下一步是進入新興市場並採用傳統支付方式。在可預見的未來，穩定幣的合法化和快速普及將成為必然，而人工智慧的快速發展將進一步支撐穩定幣的需求（算力達到全球前5）。與近兩年的發展相比，唯一不變的是Tether和Circle在該領域的持續主導地位，更多新創公司將注意力轉向穩定幣上下游。

But what we're discussing today are still the stablecoin issuers. In this highly competitive trillion-dollar market, who stands to claim the next slice of the pie?1. Trend EvolutionIn the past, when discussing the classification of stablecoins, we generally categorized them into three types:

但我們今天討論的仍然是穩定幣發行方。在這個競爭激烈的兆級市場中，誰能分得下一塊蛋糕？趨勢演化過去，在討論穩定幣的分類時，我們一般將其分為三類：

1. Fiat-collateralized stablecoins: These stablecoins are backed by fiat currencies (such as the U.S. dollar or the euro) and are usually issued at a 1:1 ratio. For example, each USDT or USDC corresponds to one coin stored in the issuer’s bank account. This type of stablecoin is relatively simple and straightforward, and in theory can provide a high degree of price stability.

1. 法幣抵押穩定幣：這些穩定幣以法幣（例如美元或歐元）為支撐，通常以 1:1 的比例發行。例如，每個 USDT 或 USDC 對應發行者銀行帳戶中儲存的一枚代幣。這類穩定幣相對簡單直接，理論上可以提供高度的價格穩定性。

2. Overcollateralized stablecoins: These stablecoins are created by overcollateralizing other high-quality crypto assets with high volatility and good liquidity (such as ETH, BTC). In order to cope with the potential risk of price fluctuations, these stablecoins often require a higher collateral ratio, meaning that the value of the collateral must significantly exceed the value of the minted stablecoin. Typical representatives include Dai, Frax, etc.

2. 超額抵押穩定幣：此類穩定幣是透過超額抵押其他波動性高、流動性好的優質加密資產（如 ETH、BTC）創建的。為了應對價格波動的潛在風險，這些穩定幣往往需要更高的抵押品比例，這意味著抵押品的價值必須大幅超過鑄造穩定幣的價值。典型代表有Dai、Frax等。

3. Algorithmic stablecoins: The supply and circulation of stablecoins are completely regulated by algorithms. This algorithm controls the supply and demand of the currency and aims to keep the price of the stablecoin pegged to a reference currency (usually the US dollar). Generally speaking, when the price rises, the algorithm will issue more coins, and when the price drops, more coins will be bought back from the market. Representatives include UST (Luna's stablecoin).

3.演算法穩定幣：穩定幣的供應和流通完全由演算法監管。該演算法控制貨幣的供給和需求，旨在使穩定幣的價格與參考貨幣（通常是美元）掛鉤。一般來說，當價格上漲時，演算法會發行更多的幣，當價格下跌時，會從市場回購更多的幣。代表包括UST（Luna的穩定幣）。

In the years since the collapse of UST, the development of stablecoins has mainly been micro-innovation around Ethereum LST, building some over-collateralized stablecoins through different risk balances. However, with the emergence of Ethena at the beginning of this year, stablecoins have gradually determined a new development direction, that is, combining high-quality assets with low-risk financial management, thereby attracting a large number of users through higher returns, in the relatively solidified stablecoin market. The situation creates an opportunity to snatch food from the tiger's mouth, and the three projects I mention below all fall into this direction.2. EthenaEthena is the fastest growing non-currency-collateralized stablecoin project since the collapse of Terra Luna. Its native stablecoin USDe has surpassed Dai with a volume of 5.5 billion US dollars and ranks third. The overall idea of the project is based on Ethereum and Bitcoin collateral. Delta Hedging, the stability of USDe is achieved by shorting Ethereum and Bitcoin on Cex with the same value as the collateral. This is a risk hedging strategy designed to offset the impact of price fluctuations on the value of USDe. If the prices of both increase, the short position will lose money, but the value of the collateral will also increase, thus offsetting the loss; vice versa. The entire operation process relies on over-the-counter settlement service providers to implement, that is, the protocol assets are managed by multiple external entities. The project's income comes from three main sources:

UST崩盤後的這些年，穩定幣的發展主要是圍繞以太坊LST進行微創新，透過不同的風險平衡打造一些超額抵押的穩定幣。然而，隨著今年年初Ethena的出現，穩定幣逐漸確定了新的發展方向，即將優質資產與低風險理財相結合，從而透過較高的回報吸引大量用戶，在相對穩定的穩定幣市場。這種情況就產生了從虎口搶食的機會，以下我提到的三個項目都屬於這個方向。 EthenaEthena 是自 Terra Luna 崩潰以來增長最快的非貨幣抵押穩定幣項目。其原生穩定幣USDe以55億美元的交易量超越Dai，排名第三。該項目的總體想法是基於以太坊和比特幣抵押品。 Delta Hedging，USDe的穩定性是透過在Cex上做空與抵押品價值相同的以太坊和比特幣來實現的。這是一種風險對沖策略，旨在抵消價格波動對USDe價值的影響。如果兩者的價格都上漲，空頭部位就會虧損，但抵押品的價值也會增加，進而抵銷損失；反之亦然。整個作業過程依賴場外結算服務商來實現，即協議資產由多個外部實體管理。該項目的收入主要來自三個來源：

1. Ethereum staking income: The LST pledged by the user will generate Ethereum staking rewards

1.以太坊質押收益：用戶質押的LST將產生以太坊質押獎勵

2. Hedging transaction income: Ethena Labs' hedging transactions may generate funding rates or basis spreads

2. 對沖交易收入：Ethena Labs 的對沖交易可能會產生資金費率或基差

3. Liquid Stables’ fixed rewards: deposit in the form of USDC on Coinbase or in other stable

3. Liquid Stables 固定獎勵：以 USDC 形式存入 Coinbase 或其他穩定幣