有收益的穩定幣：在 DeFi 賺取被動收入的綜合指南

產生收益的穩定幣提供了兩全其美的優點：傳統穩定幣的穩定性以及賺取回報的額外好處。如果您正在尋找去中心化金融（DeFi）的機會，或者只是想讓您的資產為您服務，那麼有收益的穩定幣可能是一個不錯的選擇。

Yield-bearing stablecoins are a type of cryptocurrency that offer the best of both worlds: the stability of traditional stablecoins with the added benefit of earning returns. If you’re looking to explore opportunities in decentralized finance (DeFi) or simply want to make your assets work for you, yield-bearing stablecoins could be a great option. They maintain a stable value —usually pegged to the US dollar— while generating yield, making them an attractive choice for both crypto enthusiasts and traditional investors.

收益穩定幣是一種兼具兩全其美的加密貨幣：傳統穩定幣的穩定性以及賺取回報的額外好處。如果您正在尋找去中心化金融（DeFi）的機會，或者只是想讓您的資產為您服務，那麼有收益的穩定幣可能是一個不錯的選擇。它們保持穩定的價值（通常與美元掛鉤），同時產生收益，這使它們成為加密貨幣愛好者和傳統投資者的有吸引力的選擇。

In this guide, we’ll break down everything you need to know about yield-bearing stablecoins, how they work, their differences from traditional stablecoins, and how you can make the most of them.

在本指南中，我們將詳細介紹您需要了解的有關收益穩定幣的所有資訊、它們的工作原理、它們與傳統穩定幣的區別以及如何充分利用它們。

What Are Yield-Bearing Stablecoins?

什麼是收益穩定幣？

Yield-bearing stablecoins are a specialized type of stablecoin that offer more than just price stability. Unlike traditional stablecoins, which merely hold value, yield-bearing stablecoins provide opportunities for passive income. By simply holding these stablecoins in your wallet, you can earn interest without any active management on your part.

收益穩定幣是一種特殊類型的穩定幣，它提供的不僅僅是價格穩定性。與僅保值的傳統穩定幣不同，產生收益的穩定幣提供了被動收入的機會。只需將這些穩定幣放在錢包中，您就可以賺取利息，而無需您進行任何主動管理。

These stablecoins are perfect if you’re looking to:

如果您想要滿足以下條件，這些穩定幣是完美的選擇：

For example, holding USDY, one of the largest yield-bearing stablecoins, can provide you with regular interest payouts, which is a straightforward way to earn without needing to take extra steps.

例如，持有收益最大的穩定幣之一 USDY 可以為您提供定期利息支付，這是一種無需採取額外步驟即可直接賺錢的方式。

Moreover, you can amplify your rewards by supplying these stablecoins to decentralized exchanges (DEXs) or lending protocols. In doing so, you can earn trading fees or interest payments, contributing to your overall earnings and the liquidity of the DeFi ecosystem.

此外，您可以透過將這些穩定幣提供給去中心化交易所（DEX）或借貸協議來放大您的獎勵。這樣做，您可以賺取交易費或利息，為您的整體收入和 DeFi 生態系統的流動性做出貢獻。

We can summarize yield-bearing stablecoins as follows:

我們可以將有收益的穩定幣總結如下：

Yield-Bearing vs. Traditional Stablecoins

收益穩定幣與傳統穩定幣

Both yield-bearing and traditional stablecoins aim to maintain a stable value, often pegged to the US dollar. However, they differ in functionality and benefits. Let’s break down the similarities and differences.

有收益的穩定幣和傳統的穩定幣都旨在保持穩定的價值，通常與美元掛鉤。然而，它們的功能和優點有所不同。讓我們來分析一下它們的相似點和不同點。

Similarities

相似之處

In summary, yield-bearing stablecoins have the added complexity but reward you with returns, making them ideal if you’re looking for more than just stability.

總而言之，具有收益的穩定幣雖然增加了複雜性，但會為您帶來回報，如果您尋求的不僅僅是穩定性，那麼它們是理想的選擇。

How Do Yield-Bearing Stablecoins Generate Returns?

具有收益的穩定幣如何產生回報？

Yield-bearing stablecoins generate returns through various strategies, allowing you to profit from different sectors. Here’s a closer look at the three primary methods:

收益穩定幣透過各種策略產生回報，讓您從不同領域獲利。以下詳細介紹了三種主要方法：

For instance, platforms like Ondo Finance and Mountain Protocol offer stablecoin holders access to returns generated by investing in real-world assets (RWAs) such as treasury bills or corporate bonds, effectively combining traditional finance with the crypto world.

例如，Ondo Finance 和 Mountain Protocol 等平台為穩定幣持有者提供投資國庫券或公司債等現實世界資產 (RWA) 所產生的回報，有效地將傳統金融與加密世界結合。

Examples of Yield-Bearing Stablecoins

具有收益的穩定幣範例

Below are some of the top yield-bearing stablecoins in the market, ranked by popularity and trading volume-

以下是市場上一些收益最高的穩定幣，按受歡迎程度和交易量排名-

sDAI (Savings DAI)

sDAI（儲蓄 DAI）

sDAI is a yield-bearing version of the widely recognized decentralized stablecoin DAI, created by MakerDAO. This stablecoin allows you to earn interest by using the Dai Savings Rate (DSR) module. When you deposit your DAI into the DSR module, you receive sDAI in return, which represents your deposited amount.

sDAI 是廣泛認可的去中心化穩定幣 DAI 的有收益版本，由 MakerDAO 創建。這種穩定幣可讓您透過使用 Dai 儲蓄率 (DSR) 模組賺取利息。當您將 DAI 存入 DSR 模組時，您會收到 sDAI 作為回報，它代表您的存入金額。

What’s unique about sDAI is that it follows the ERC-4626 standard, meaning it’s a standardized yield-bearing vault that allows for smoother integration with various DeFi applications. As a holder of sDAI, you earn yield generated by the Maker protocol, with the returns distributed to DAI holders. This means that your investment continues to grow over time without requiring you to actively manage it.

sDAI 的獨特之處在於它遵循 ERC-4626 標準，這意味著它是一個標準化的收益保險庫，可以更順利地與各種 DeFi 應用整合。作為 sDAI 的持有者，您可以賺取 Maker 協議產生的收益，並將收益分配給 DAI 持有者。這意味著您的投資會隨著時間的推移而持續成長，而無需您積極管理。

Moreover, you’re not limited to simply holding sDAI in your wallet. It can be transferred, staked, lent out, or used across different DeFi applications while accumulating yield. If you wish to convert your sDAI back to DAI, you can do so seamlessly by withdrawing from the DSR module. This process doesn’t require you to use a decentralized exchange (DEX), making it a straightforward and flexible option for generating passive income.

此外，您不僅限於在錢包中持有 sDAI。它可以在不同的 DeFi 應用程式之間轉移、質押、借出或使用，同時累積收益。如果您希望將 sDAI 轉換回 DAI，您可以透過退出 DSR 模組來無縫地完成此操作。此過程不需要您使用去中心化交易所（DEX），使其成為產生被動收入的簡單且靈活的選擇。

USDe (Ethena Labs)

USDe（雅典娜實驗室）

USDe, also referred to as sUSDe, is a relatively new addition to the yield-bearing stablecoin landscape, having gained significant traction since its launch in early 2024. What makes USDe particularly interesting is its “delta-neutral” trading strategy, which it uses to generate yield. This strategy allows USDe to maintain its stability while still providing returns to its holders, effectively minimizing the risk associated with market fluctuations.

USDe，也稱為 sUSDe，是收益穩定幣領域的一個相對較新的成員，自 2024 年初推出以來獲得了巨大的關注。這項策略使得USDe在保持穩定性的同時仍能為持有者提供回報，有效降低了與市場波動相關的風險。

USDe leverages various DeFi protocols and market-making activities to achieve these yields, making it a competitive option when compared to traditional financial products. By incorporating these strategies, USDe is designed to offer stable value alongside attractive returns, making it a compelling choice for investors looking for reliable yield generation without sacrificing stability.

USDe 利用各種 DeFi 協議和做市活動來實現這些收益率，使其成為與傳統金融產品相比具有競爭力的選擇。透過整合這些策略，USDe 旨在提供穩定的價值和有吸引力的回報，使其成為尋求可靠收益而不犧牲穩定性的投資者的一個令人信服的選擇。

Ondo Finance – USDY

Ondo 金融 – USDY

USDY is an interest-generating “stablecoin.” Well, it’s not exactly a traditional stablecoin, it’s more a tokenized secured note, as per Ondo Finance’s documentation. It’s issued by the protocol using the ERC-20 standard on the Ethereum blockchain and secured by short.term US treasuries and bank

USDY 是一種產生利息的「穩定幣」。嗯，根據 Ondo Finance 的文檔，它並不完全是傳統的穩定幣，它更像是一種代幣化的擔保票據。它由使用以太坊區塊鏈上的 ERC-20 標準的協議發行，並由短期美國國庫券和銀行擔保