隨著新協議的出現挑戰 Ethena Labs，帶來收益的穩定幣之戰愈演愈烈

市場對去中心化穩定幣的渴望從未減弱。從DAI到UST，去中心化穩定幣的演變經歷了多次迭代。

Stablecoins, pegged mainly to the US dollar, serve not only as chips for exchanging other tokens but also for payment functions. With the overall market capitalization of this sector exceeding $200 billion, it is a relatively mature segment of the crypto market.

穩定幣主要與美元掛鉤，不僅可以作為交換其他代幣的籌碼，還可以提供支付功能。該產業整體市值超過2000億美元，是加密貨幣市場中相對成熟的細分領域。

However, the most common stablecoins on the market today, USDT and USDC, are both centralized entities, with their combined market share approaching 90%. Other projects are also eager to grab a piece of this pie. For instance, the Web 2 payment giant PayPal launched its own stablecoin, pyUSD, in 2023 to secure its position early; recently, XRP's parent company Ripple also issued RLUSD in an attempt to challenge the stablecoin market.

然而，目前市面上最常見的穩定幣USDT和USDC都是中心化實體，它們的市佔率合計接近90%。其他項目也渴望分一杯羹。例如，Web 2支付巨頭PayPal在2023年推出了自己的穩定幣pyUSD，以提前鞏固自己的地位；近期，XRP的母公司Ripple也發行了RLUSD，試圖挑戰穩定幣市場。

These two cases primarily focus on the payment functionalities of stablecoins, which are mostly backed by US dollars or short-term government bonds, while decentralized stablecoins emphasize yield, pegging mechanisms, and composability with DeFi.

這兩個案例主要關注穩定幣的支付功能，穩定幣大多由美元或短期政府債券支持，而去中心化穩定幣則強調收益率、掛鉤機制以及與 DeFi 的可組合性。

The market's desire for decentralized stablecoins has never waned. From DAI to UST, the evolution of decentralized stablecoins has gone through several iterations, with Ethena pioneering the use of futures arbitrage and staking to generate yield with USDe, which has opened users' imaginations regarding yield-bearing stablecoins. The market capitalization of USDe stablecoin ranks third in the entire market, reaching $5.9 billion. Recently, Ethena partnered with BlackRock to launch the USDtb stablecoin, which provides yield from RWA, avoiding the risk of funding rates turning negative, and ensuring stable income during both bull and bear markets, thus completing its overall product line and making Ethena a focal point of market attention.

市場對去中心化穩定幣的渴望從未減弱。從DAI到UST，去中心化穩定幣的演變經歷了多次迭代，其中Ethena首創利用期貨套利和質押方式以USDe產生收益，開啟了用戶對於收益穩定幣的想像。 USDe穩定幣市值在整個市場排名第三，達到59億美元。近期，Ethena 與貝萊德合作推出 USDtb 穩定幣，提供 RWA 收益，規避資金利率為負的風險，保證牛熊市穩定收益，完善整體產品線，讓 Ethena 成為焦點的市場關注度。

In light of Ethena's success, more yield-bearing stablecoin-related protocols have emerged in the market, such as Usual, which recently announced a partnership with Ethena; Anzen, built on the Base ecosystem; and Resolv, which uses ETH as collateral. What are the pegging mechanisms of these three protocols? Where do their yields come from? Let's take a look with WOO X Research.

鑑於 Ethena 的成功，市場上出現了更多具有收益的穩定幣相關協議，例如最近宣布與 Ethena 合作的 Usual； Anzen，建立在Base生態系統之上； Resolv，使用 ETH 作為抵押品。這三個協議的掛鉤機制是什麼？他們的收益從何而來？讓我們來和 WOO X Research 一起來看看。

USUAL: Strong Team Background with Ponzi-like Attributes in Token Design

通常：強大的團隊背景以及代幣設計中的龐氏騙局屬性

The RWA yield-bearing stablecoin has short-term government bonds as its underlying yield-bearing assets, with the stablecoin pegged at USD0. After staking USD0, users receive USD0++, with $USUAL as the staking reward. They believe that current stablecoin issuers are overly centralized, akin to traditional banks, which rarely distribute value to users. USUAL aims to make users co-owners of the project, returning 90% of the generated value to users.

RWA 收益穩定幣以短期政府債券作為其基礎收益資產，穩定幣與 0 美元掛鉤。用戶質押USD0後，將獲得USD0++，其中質押獎勵為$USUAL。他們認為，目前的穩定幣發行機構過於中心化，類似傳統銀行，很少向用戶分配價值。 USUAL旨在讓用戶成為專案的共同所有者，將所產生的價值的90%返還給用戶。

Regarding the project's background, CEO Pierre Person has served as a member of the French National Assembly and as a political advisor to French President Macron. The Asia-Pacific executive Yoko was a former fundraiser for the French presidential election. The project has strong political and business connections in France, and the key to RWA is transferring real assets onto the blockchain, where regulatory and governmental support is crucial for the project's success. Clearly, USUAL has good political and business relationships, providing a strong moat for the project.

關於該計畫的背景，執行長皮埃爾·珀森(Pierre Person)曾擔任法國國民議會議員和法國總統馬克宏的政治顧問。亞太區高階主管洋子曾是法國總統選舉的募款人。該計畫在法國有著強大的政治和商業聯繫，RWA的關鍵是將實體資產轉移到區塊鏈上，其中監管和政府的支持對於專案的成功至關重要。顯然，USUAL擁有良好的政治和商業關係，為該項目提供了強大的護城河。

Returning to the project mechanism itself, USUAL's token economics exhibit Ponzi-like attributes; it is not merely a mining coin, with no fixed issuance volume. The issuance of USUAL is linked to the TVL of staked USD0 (USD0++), forming an inflation model, but the issuance volume will vary based on the protocol's "revenue growth," strictly ensuring that the inflation rate is less than the protocol's growth rate.

回到專案機製本身，USUAL的通證經濟表現出龐氏騙局的屬性；它不僅僅是一種沒有固定發行量的礦幣。 USUAL的發行與質押的USD0（USD0++）的TVL掛鉤，形成通膨模型，但發行量會根據協議的「收入成長」而變化，嚴格保證通膨率小於協議的成長率。

Whenever new USD0++ bond tokens are minted, a corresponding proportion of $USUAL is generated and distributed to various parties. The conversion ratio, known as the Minting Rate, will be highest at the beginning after the TGE, following a gradually declining exponential curve, aimed at rewarding early participants and creating token scarcity later, thereby driving up the intrinsic value of the token.

每當鑄造新的 USD0++ 債券代幣時，就會產生相應比例的 $USUAL 並分配給各方。兌換率（即鑄幣率）在TGE之後的初期最高，呈指數曲線逐漸下降，旨在獎勵早期參與者並在後期創造代幣稀缺性，從而推高代幣的內在價值。

In simple terms, the higher the TVL, the less USUAL is emitted, and the higher the value of a single USUAL.

簡單來說，TVL 越高，USUAL 排放量越少，單一 USUAL 的價值就越高。

Higher USUAL price -> Incentivizes staking USD0 -> Increases TVL -> Reduces USUAL emissions -> Increases USUAL price

更高的平常價格 -> 激勵質押 0 美元 -> 增加 TVL -> 減少平常排放量 -> 提高平常價格

USD0's market capitalization increased by 66% over the past week, reaching $1.4 billion, surpassing PyUSD, with USD0++ APY also reaching 50%.

USD0的市值在過去一周增長了66%，達到14億美元，超過PyUSD，USD0++的APY也達到了50%。

Recently, Usual has also partnered with Ethena to accept USDtb as collateral and subsequently migrate part of the supporting assets of the stablecoin USD0 to USDtb. In the coming months, Usual will become one of the largest minters and holders of USDtb.

近期，Usual 也與 Ethena 合作，接受 USDtb 作為抵押品，隨後將穩定幣 USD0 的部分支援資產遷移至 USDtb。在接下來的幾個月中，Usual 將成為 USDtb 最大的鑄幣者和持有者之一。

As part of this collaboration, Usual will establish an sUSDe vault for holders of the bond product USD0++, allowing Usual users to earn sUSDe rewards while maintaining exposure to Usual. This will enable Usual users to leverage Ethena's rewards

作為合作的一部分，Usual 將為債券產品 USD0++ 的持有者建立 sUSDe 金庫，讓 Usual 用戶在保持 Usual 敞口的同時賺取 sUSDe 獎勵。這將使普通用戶能夠利用 Ethena 的獎勵