穩定幣終極指南：從傳統到新的收益類型

穩定幣市場的全面概述，包括 USDT 和 USDC 等傳統法幣支持的穩定幣、DAI 等演算法穩定幣以及 USDe 和 USD0 等新型收益穩定幣。

Traditional Stablecoins

傳統穩定幣

USDT (Tether) and USDC (USD Coin) are currently the two most mainstream traditional stablecoins on the market.

USDT（Tether）和USDC（USD Coin）是目前市場上最主流的兩種傳統穩定幣。

USDT (Tether)

USDT（泰達幣）

Issuer: Tether Limited

發行人：Tether 有限公司

Launch Date: 2014

推出日期：2014 年

Value Peg: USDT is pegged to the US dollar at a 1:1 ratio, backed by Tether's reserve assets (such as cash, government bonds, etc.).

價值掛鉤：USDT 以 1:1 的比例與美元掛鉤，由 Tether 的儲備資產（如現金、政府債券等）支持。

Market Position: The first stablecoin ever launched globally, and one of the largest in terms of trading volume and liquidity. Widely used in cryptocurrency trading, cross-border payments, and liquidity provision in the DeFi ecosystem.

市場地位：全球推出的第一個穩定幣，也是交易量和流動性最大的穩定幣之一。廣泛應用於加密貨幣交易、跨境支付以及 DeFi 生態系統中的流動性提供。

Controversy: Transparency has always been a focal point of external scrutiny, and Tether's reserve audits have sparked widespread discussion.

爭議：透明度一直是外部審查的焦點，Tether 的儲備金審計引發廣泛討論。

USDC (USD Coin)

USDC（美元硬幣）

Issuer: Co-founded by Circle and Coinbase, regulated by the Centre Consortium.

發行者：由 Circle 和 Coinbase 共同創立，受中心聯盟監管。

Launch Date: 2018

推出日期：2018

Strong Compliance: Strictly adheres to US regulatory requirements, with high transparency of reserve assets, audited monthly with public reports.

合規性強：嚴格遵守美國監管要求，儲備資產透明度高，每月審計並公開報告。

Value Peg: Pegged to the US dollar at a 1:1 ratio, with reserves consisting of cash and short-term government bonds. Widely used in DeFi, payment solutions, and corporate transactions.

價值掛鉤：以1:1的比例與美元掛鉤，儲備包括現金和短期政府公債。廣泛應用於 DeFi、支付解決方案和企業交易。

Market Position: Highly favored by institutional users for its compliance and transparency, making it the second-largest stablecoin after USDT.

市場地位：因其合規、透明而深受機構用戶青睞，成為僅次於USDT的第二大穩定幣。

FDUSD (First Digital USD)

FDUSD（第一個數位美元）

Issuer: First Digital Labs

發行者：First Digital Labs

Launch Date: 2023

發布日期：2023 年

Pegging Mechanism: Backed by 100% US dollars or equivalent cash equivalents (such as short-term government bonds), maintaining a 1:1 value peg with the US dollar.

掛鉤機制：以100%美元或等值現金等價物（如短期政府公債）為支撐，與美元維持1:1的掛鉤。

Blockchain Support: Compatible with Ethereum and Binance Smart Chain (BNB Chain), primarily supported by Binance for trading, lending, mining, etc., leading to high market acceptance.

區塊鏈支援：相容於以太坊和幣安智能鏈（BNB Chain），主要由幣安支援交易、借貸、挖礦等，市場認可度較高。

DAI

戴伊

DAI is a decentralized, over-collateralized stablecoin launched by the MakerDAO smart contract platform on the Ethereum blockchain. Unlike traditional fiat-backed stablecoins, DAI is generated by collateralizing crypto assets (such as ETH), maintaining a 1:1 peg with the US dollar (USD).

DAI 是由 MakerDAO 智慧合約平台在以太坊區塊鏈上推出的去中心化、超額抵押的穩定幣。與傳統的法幣支援的穩定幣不同，DAI 是透過抵押加密資產（例如 ETH）產生的，與美元 (USD) 保持 1:1 的掛鉤。

Issuer: MakerDAO

發行者：MakerDAO

Launch Date: 2017

推出日期：2017 年

Value Peg: Maintains a stable value of 1:1 with the US dollar through smart contracts and collateral mechanisms.

價值掛鉤：透過智能合約和抵押機制，與美元保持1:1的穩定價值。

Operating Network: Ethereum and other EVM-compatible blockchains (such as Polygon, Optimism, etc.). Currently, it is the highest market cap algorithmic stablecoin.

營運網路：以太坊和其他EVM相容的區塊鏈（例如Polygon、Optimism等）。目前，它是市值最高的演算法穩定幣。

New Stablecoins

新穩定幣

Unlike traditional stablecoins, new stablecoins not only maintain relative price stability but also provide additional investment returns to holders through innovative yield models.

與傳統穩定幣不同，新型穩定幣不僅能保持相對的價格穩定，還能透過創新的收益率模型為持有者提供額外的投資回報。

Key Features of New Stablecoins:

新穩定幣的主要特徵：

Provide returns to users by investing in low-risk assets (such as government bonds), staking native tokens, or using structured financial strategies.

透過投資低風險資產（如政府債券）、質押原生代幣或使用結構化金融策略為用戶提供回報。

Maintain relative price stability and high liquidity using assets like government bonds as collateral, which can be traded or redeemed at any time.

使用政府債券等可隨時交易或贖回的資產作為抵押品，以保持相對價格穩定和高流動性。

Combine on-chain assets with off-chain funds, bonds, etc.

將鏈上資產與鏈下資金、債券等結合。

1. USDe

1. 美元

USDe is a new synthetic dollar stablecoin developed by Ethena Labs, aimed at providing a decentralized, scalable, and censorship-resistant stablecoin solution. It currently ranks third in the stablecoin market by market cap and first among algorithmic stablecoins.

USDe 是 Ethena Labs 開發的新型合成美元穩定幣，旨在提供去中心化、可擴展且抗審查的穩定幣解決方案。目前，按市值計算，它在穩定幣市場中排名第三，在演算法穩定幣中排名第一。

Operational Mechanism

運作機制

The core mechanism of USDe is to maintain a 1:1 peg with the US dollar through a Delta-neutral strategy. Whitelisted users (typically institutions, exchanges, and large holders) can use crypto assets like ETH, BTC, USDT, and stETH as collateral to mint USDe. Ethena Labs uses these collaterals to open corresponding short perpetual contracts or futures positions to hedge against price fluctuations, ensuring the stability of USDe's value. This strategy allows USDe to achieve stability and scalability without over-collateralization.

USDe的核心機制是透過Delta中性策略維持與美元1:1的掛鉤。白名單使用者（通常是機構、交易所和大戶）可以使用 ETH、BTC、USDT 和 stETH 等加密資產作為抵押品來鑄造 USDe。 Ethena Labs利用這些抵押品開立相應的空頭永續合約或期貨部位來對沖價格波動，確保USDe價值的穩定性。該策略使 USDe 能夠在不過度抵押的情況下實現穩定性和可擴展性。

Currently, regular users cannot directly deposit ETH or BTC to mint USDe; they can purchase USDe using stablecoin assets (such as USDT, USDC, DAI, crvUSD, etc.), avoiding liquidation risks.

目前一般使用者無法直接儲值ETH或BTC來鑄造USDe；他們可以使用穩定幣資產（如USDT、USDC、DAI、crvUSD等）購買USDe，避免爆倉風險。

USDe's Yield Mainly Comes From Two Aspects

USDe的收益率主要來自兩個方面

Staking Yield: When users use liquid staking tokens (like stETH) as collateral, these tokens generate staking rewards, including inflation rewards from the consensus layer, transaction fees from the execution layer, and maximum extractable value (MEV). These rewards accumulate over time, enhancing the value of USDe.

質押收益：當用戶使用流動性質押代幣（如stETH）作為抵押品時，這些代幣會產生質押獎勵，包括來自共識層的通膨獎勵、來自執行層的交易費用以及最大可提取價值（MEV） 。這些獎勵隨著時間的推移而積累，從而提高了 USDe 的價值。

Funding Rate and Basis Yield: In the perpetual and futures markets, traders holding long positions typically need to pay funding rates to those holding short positions. Additionally, the basis of futures contracts (the difference between futures and spot prices) can also generate returns. Ethena Labs utilizes these mechanisms to provide additional yield sources for USDe holders.

資金費率和基差收益率：在永續合約和期貨市場中，持有多頭部位的交易者通常需要向持有空頭部位的交易者支付資金費率。此外，期貨合約的基礎（期貨和現貨價格之間的差價）也可以產生收益。 Ethena Labs 利用這些機制為 USDe 持有者提供額外的收益來源。

Staking USDe can yield sUSDe to enjoy staking rewards, and the yield of USDe fluctuates based on market volatility and changes in funding rates for hedged positions. It once reached an annual

質押 USDe 可以產生 sUSDe 來享受質押獎勵，USDe 的收益率根據市場波動和對沖倉位資金費率的變化而波動。一度達年度