USDTB：一種新的Stablecoin槓桿貝萊克的標記資金

本文探討了USDTB的獨特結構，與Ethena現有的USDE Stablecoin的關係以及與傳統財務的方式

Stablecoins have become a cornerstone of the crypto ecosystem, offering stability in a market known for its volatility. Among recent innovations is USDtb, a new stablecoin from Ethena Labs that leverages BlackRock's tokenized funds to create a reliable digital dollar alternative.

穩定幣已成為加密生態系統的基石，在以其波動性而聞名的市場中提供穩定性。最近的創新是USDTB，這是一種來自Ethena Labs的新Stablecoin，它利用BlackRock的標記資金創建可靠的數字美元替代品。

This article examines USDtb's unique structure, its relationship with Ethena's existing USDe stablecoin and the way it bridges traditional finance with decentralized systems to offer a differentiated risk profile for both retail and institutional users.

本文研究了USDTB的獨特結構，與Ethena現有的USDE Stablecoin的關係以及它與分散系統橋接傳統金融的方式，為零售和機構用戶提供差異化​​的風險概況。

Key Takeaways:

關鍵要點：

USDtb is a blockchain-based USD stablecoin primarily backed by BlackRock's BUIDL tokenized treasury fund, offering institutional-grade stability with 24/7 accessibility in volatile market conditions.

USDTB是一個基於區塊鏈的USD Stablecoin，主要由BlackRock的Buidl令牌化財務基金支持，在動蕩的市場條件下提供24/7可訪問性的機構穩定性。

Looking to trade USDtb tokens? Bybit now offers the USDtb/USDT Spot trading pair.

想要交易USDTB令牌？ Bybit現在提供USDTB/USDT現貨交易對。

What is USDtb?

什麼是USDTB？

USDtb is a blockchain-based USD stablecoin primarily backed by the BlackRock BUIDL tokenized treasury fund and provides institutional-grade stability with 24/7 accessibility in volatile market conditions.

USDTB是一個基於區塊鏈的USD Stablecoin，主要由BlackRock Buidl令牌化財政基金支持，並提供機構級的穩定性，並在揮發性市場條件下具有24/7的可訪問性。

Launched in December 2024 by Ethena Labs, USDtb follows a traditional fully-backed stablecoin model, where each token represents one US dollar, ensuring value stability and transparency through a direct 1:1 backing relationship.

USDTB於2024年12月由Ethena Labs推出，遵循傳統的完整的Stablecoin型號，每個令牌代表一美元，從而通過直接的1：1支持關係確保了價值穩定性和透明度。

Eighty percent of USDtb reserves are invested in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which holds cash, repurchase agreements and US Treasury instruments. The remaining 2% is held in stablecoins such as USDC, to maintain immediate liquidity during weekends or holidays when traditional treasury markets are closed.

持有現金，回購協議和美國國庫工具的BlackRock USD機構數字流動性基金（BUIDL）投資了80％的USDTB儲備金。其餘2％的人在諸如USDC之類的穩定幣中持有，以在傳統的財政市場關閉時保持直接流動性。

What is Ethena?

什麼是乙烯？

Ethena (ENA) is a DeFi protocol built on Ethereum and known for USDe, its innovative synthetic dollar. The Ethena protocol bridges traditional finance with decentralized systems through sophisticated financial engineering and institutional partnerships.

Ethena（ENA）是基於以太坊建立的DEFI協議，並以USDE（其創新的合成美元）而聞名。 Ethena協議通過精緻的金融工程和機構合作夥伴關係將傳統財務與分散系統融合在一起。

Generally based on Arthur Hayes's early 2023 "Dust on Crust" blog post, Ethena has quickly become a major player in the stablecoin ecosystem. The protocol uses delta-neutral strategies that pair spot crypto assets with corresponding short positions on derivatives exchanges, enabling impressive revenue while maintaining stability.

通常，基於亞瑟·海斯（Arthur Hayes）2023年初的“灰塵”博客文章，埃塞納（Ethena）迅速成為Stablecoin生態系統的主要參與者。該協議使用三角洲中立策略，將加密資產與衍生工具交換的相應職位相應配對，從而在保持穩定的同時使收入令人印象深刻。

The Ethena ecosystem is governed by its native ENA token. With the introduction of USDtb, Ethena expands its offerings to include a fully-backed stablecoin supported by BlackRock's institutional-grade BUIDL fund, diversifying its solutions to suit different market conditions and users.

Ethena生態系統受其原生ENA代幣管轄。隨著USDTB的推出，Ethena擴大了其產品，包括由BlackRock的機構Buidl Fund支持的完整支持的Stablecoin，使其解決方案多樣化，以適應不同的市場條件和用戶。

What is BlackRock's BUIDL?

什麼是貝萊德的buidl？

BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) is a tokenized money market fund that invests in dollar-equivalent assets, such as cash, US Treasury bonds and repurchase agreements. Developed in partnership with Securitize, a leading real-world asset tokenization company, BUIDL represents BlackRock's entry into the tokenized treasury space.

BlackRock的USD機構數字流動性基金（BUIDL）是一個令牌化的貨幣市場基金，用於投資於美元當量的資產，例如現金，美國財政債券和回購協議。 Buidl與領先的現實資產令牌化公司Securitize合作開發，代表BlackRock進入令牌化的財政空間。

BUIDL is cross-chain compatible, operating across multiple blockchains including Ethereum, Arbitrum, Avalanche and Polygon. As the largest tokenized fund of its kind, BUIDL provides institutional-grade backing for USDtb, lending credibility to the stablecoin through BlackRock's established reputation in traditional finance.

BuIDL是跨鏈兼容的，在多個區塊鏈上運行，包括以太坊，仲裁，雪崩和多邊形。作為最大的代幣基金，Buidl為USDTB提供了機構級的支持，通過貝萊德（BlackRock）在傳統財務中既定的聲譽來使穩定性的信譽。

What does USDtb aim to achieve?

USDTB的目標是什麼？

USDtb represents Ethena's strategic approach to creating a more resilient ecosystem that can withstand various market conditions, while bridging the gap between DeFi innovation and traditional financial systems. Some of its key aims include:

USDTB代表了Ethena創建一個更具彈性的生態系統的戰略方法，該生態系統可以承受各種市場條件，同時彌合Defi Innovation和傳統金融系統之間的差距。它的一些主要目的包括：

Risk diversification: USDtb provides an alternative to Ethena's USDe during unfavorable market conditions. When funding rates for USDe turn negative in bear markets, Ethena can close its hedging positions and reallocate assets to USDtb, maintaining stability within its ecosystem.

風險多樣化：USDTB在不利的市場條件下為Ethena的USDE提供了替代方案。當USDE的資金率在熊市中變為負面時，Ethena可以關閉其對沖頭寸並將資產重新分配給USDTB，從而保持其生態系統內的穩定性。

Traditional finance integration: Using BlackRock's BUIDL fund, USDtb bridges institutional finance and cryptocurrency markets, potentially attracting traditional finance (TradFi) entities who are hesitant to engage with cryptocurrencies.

傳統財務整合：使用BlackRock的Buidl基金，USDTB Bridges機構財務和加密貨幣市場，可能會吸引傳統的金融（TradFI）實體，這些實體猶豫不決地與加密貨幣互動。

Stability enhancement: USDtb's direct backing by treasuries provides a straightforward stability mechanism that's easier to understand and performs reliably even during times of extreme market stress.

穩定性提高：USDTB通過國庫的直接支持提供了一種直接的穩定機制，即使在極端市場壓力的時期，也更容易理解和可靠地執行。

Ecosystem expansion: USDtb expands Ethena's product suite, allowing users to remain within the Ethena ecosystem — even when they are seeking different risk profiles, or during changing market conditions.

生態系統擴展：USDTB擴展了Ethena的產品套件，即使在尋求不同的風險概況或在不斷變化的市場狀況下，用戶也可以保留在Ethena生態系統中。

How does USDtb work?

USDTB如何工作？

USDtb operates as a blockchain-based stablecoin through a sophisticated infrastructure designed for independence, transparency and security. Unlike traditional dollars, USDtb enables faster and cheaper transactions while maintaining stability through institutional-grade backing.

USDTB通過旨在獨立性，透明度和安全性的複雜基礎結構作為基於區塊鏈的Stablecoin運行。與傳統的美元不同，USDTB可以通過機構的支持保持穩定性，可以更快，更便宜。

The minting and redemption process occurs through a smart contract system with strict controls. Only verified users who pass comprehensive KYC/AML checks can mint or redeem USDtb directly. The system's safeguards include maximum mint/redeem limits per block and whitelisted custodian addresses to prevent manipulation.

鑄造和贖回過程是通過嚴格控制的智能合約系統進行的。只有通過綜合KYC/AML檢查的驗證用戶才能直接造成或兌換USDTB。該系統的保障措施包括每個街區的最大薄荷/贖回限制和白名單的託管士，以防止操縱。

For transparency, USDtb maintains visible on-chain wallets and publishes monthly fund administrator NAV reports. Holders can use USDtb just as any digital dollar

為了透明，USDTB保持可見的鍊鍊錢包並發布每月基金管理員NAV報告。持有人可以使用USDTB作為任何數字美元