Ethena Labs 推出由贝莱德 BUIDL 基金支持的新稳定币 USDtb，以应对熊市中的市场波动

12 月 16 日，DeFi 项目 Ethena Labs 宣布正式推出旗下新稳定币 USDtb。作为基于区块链的美元稳定币，USDtb 90%的储备资金投资于贝莱德旗下的代币化基金BUIDL

DeFi project Ethena Labs announced on Friday the official launch of its new stablecoin, USDtb. The blockchain-based US dollar stablecoin sees 90% of its reserve funds invested in BlackRock's tokenized fund BUIDL and has an partnership with real-world asset tokenization company Securitize.

DeFi 项目 Ethena Labs 周五宣布正式推出其新稳定币 USDtb。这款基于区块链的美元稳定币 90% 的储备资金投资于贝莱德的代币化基金 BUIDL，并与现实世界的资产代币化公司 Securitize 建立了合作伙伴关系。

Within a day of its launch, USDtb's TVL reached $64.5 million, according to DefiLlama data. Previously, Ethena CEO Guy Young predicted that USDtb's first-month TVL would reach $500 million to $1 billion. He also stated that some TradFi entities, despite not really touching other cryptocurrencies, currently have significant exposure to what Ethena is doing.

根据 DefiLlama 的数据，USDtb 上线一天之内，其 TVL 就达到了 6450 万美元。此前，Ethena 首席执行官 Guy Young 预测 USDtb 第一个月的 TVL 将达到 5 亿至 10 亿美元。他还表示，一些 TradFi 实体尽管没有真正接触其他加密货币，但目前对 Ethena 所做的事情有很大的了解。

Backed by BlackRock BUIDL Fund to cope with market volatility in the bear market

贝莱德BUIDL基金支持应对熊市市场波动

The newly launched USDtb is a relatively traditional crypto stablecoin that looks almost identical to USDC and USDT. The only difference is that Ethena backs this stablecoin with BlackRock's BUIDL Treasury Fund as collateral. BUIDL is a tokenized fund that invests in assets equivalent to the US dollar, such as cash, US Treasuries, and repurchase agreements. Instead of Ethena managing financial assets, it entrusts them to different banks or different service providers in the real world. Basically, BlackRock and Securitize are responsible for the entire process. Therefore, USDtb has a completely different product principle from Ethena's flagship stablecoin USDe.

新推出的USDtb是一种相对传统的加密稳定币，看起来与USDC和USDT几乎一模一样。唯一的区别是 Ethena 以 BlackRock 的 BUIDL Treasury Fund 作为抵押品来支持这种稳定币。 BUIDL是一种代币化基金，投资于现金、美国国债、回购协议等等价于美元的资产。它不是由 Ethena 管理金融资产，而是将其委托给现实世界中的不同银行或不同服务提供商。基本上，贝莱德和 Securitize 负责整个过程。因此，USDtb 与 Ethena 的旗舰稳定币 USDe 有着完全不同的产品原理。

USDtb will serve as an alternative stablecoin for Ethena, taking over the funds of USDe in extreme market conditions. Recently, on the Unchained podcast, Ethena CEO Guy Young introduced that USDtb looks very similar to ordinary stablecoins and does not have returns itself, so retail users who buy it will not get returns like using treasury bond funds. He said that the two products actually work in parallel, and in 98% of cases, when the cryptocurrency exchange rate looks more attractive than the traditional financial exchange rate, USDe operates as it does now. Then, to the extent that the environment changes (such as entering a bear market), users always retain the option to close (positions) and enter USDtb and retain the balance sheet in their own products.

USDtb 将作为 Ethena 的替代稳定币，在极端市场条件下接管 USDe 的资金。近日，在 Unchained 播客上，Ethena 首席执行官 Guy Young 介绍称，USDtb 看起来与普通稳定币非常相似，本身没有回报，因此购买它的散户用户不会像使用国债基金那样获得回报。他表示，这两种产品实际上是并行工作的，并且在 98% 的情况下，当加密货币汇率看起来比传统金融汇率更具吸引力时，USDe 就会像现在一样运作。然后，在环境发生变化（例如进入熊市）的情况下，用户始终保留平仓（仓位）并进入 USDtb 的选项，并将资产负债表保留在自己的产品中。

As a result, USDtb could help holders of USDe “cope with difficult market conditions.” According to a Dec. 16 announcement from Ethena Labs: “Ethena will be able to close the hedge position behind USDe and reallocate its backing assets to USDtb to further mitigate the associated risks.”

因此，USDtb 可以帮助 USDe 持有者“应对困难的市场状况”。根据 Ethena Labs 12 月 16 日的公告：“Ethena 将能够关闭 USDe 背后的对冲头寸，并将其支持资产重新分配给 USDtb，以进一步降低相关风险。”

The stablecoin is 90% backed by BlackRock's BUIDL and is in partnership with blockchain tokenization firm Securitize. One of Ethena's committee members, Block Analiticia, noted in the approved proposal that stablecoins like USDC will account for the remaining 10% of USDtb's reserves, which can provide additional liquidity on weekends or other periods when the Treasury market is not trading. The "core" part of USDtb's smart contract passed three full audits by Pashov, Quantstamp and Cyfrin in October.

该稳定币 90% 得到贝莱德 BUIDL 的支持，并与区块链代币化公司 Securitize 合作。 Ethena 委员会成员之一 Block Analiticia 在批准的提案中指出，USDC 等稳定币将占 USDtb 储备的剩余 10%，这可以在周末或国债市场不交易的其他时段提供额外的流动性。 USDtb 智能合约的“核心”部分于 10 月份通过了 Pashov、Quantstamp 和 Cyfrin 的三项全面审核。

USDtb may drive a large amount of funds to flow from TradFi

USDtb 可能带动大量资金从 TradFi 流出

Ethena Lab’s synthetic stablecoin USDe was launched in February this year and has grown rapidly since then, and is now the third largest stablecoin after USDT and USDC. Since November 1, just a month and a half ago, its market value has more than doubled to nearly $6 billion, even surpassing DAI, the long-established DeFi native stablecoin.

Ethena Lab的合成稳定币USDe于今年2月推出，此后迅速增长，目前已成为继USDT和USDC之后的第三大稳定币。自 11 月 1 日以来，仅仅一个半月前，其市值已增长一倍多，达到近 60 亿美元，甚至超过了历史悠久的 DeFi 原生稳定币 DAI。

The key to USDe's success is the yield it offers. The token offers an annual yield of 27%, which is much higher than the 12.5% offered by DAI and USDS. USDe is created by depositing Bitcoin, Ethereum, or Solana into the Ethena protocol and subsequently opening a short (bearish) position on a futures exchange like Bybit. This creates what is known as a "delta neutral" position, in which the value of the asset and the short position offset each other, keeping the overall price stable.

USDe 成功的关键在于它提供的收益率。该代币的年收益率为 27%，远高于 DAI 和 USDS 的 12.5%。 USDe 是通过将比特币、以太坊或 Solana 存入 Ethena 协议并随后在 Bybit 等期货交易所开设空头（看跌）头寸而创建的。这创造了所谓的“德尔塔中性”头寸，其中资产价值和空头头寸相互抵消，保持整体价格稳定。

Currently, since most traders are bullish on cryptocurrencies, they pay Ethena funds to short, and the protocol transfers these funds to USDe holders through staking. As long as this continues, USDe's yield should remain high. But if traders turn bearish, Ethena will not be able to provide such a high yield.

目前，由于大多数交易者看好加密货币，他们向 Ethena 支付做空资金，协议通过质押将这些资金转移给 USDe 持有者。只要这种情况持续下去，USDe 的收益率就应该保持在高位。但如果交易者转为看跌，Ethena 将无法提供如此高的收益率。

In addition, Staked USDe (sUSDe) launched by Ethena is a yield token that allows users to earn additional income by staking USDe tokens. Through staking rewards and basis trading strategies, sUSDe provides high returns to holders.

此外，Ethena推出的Staked USDe（sUSDe）是一种收益代币，允许用户通过质押USDe代币来赚取额外收入。通过质押奖励和基差交易策略，sUSDe 为持有者提供高额回报。

Blockworks Research recently tweeted about the different ways Ethena is primarily used. Pendle is the top destination for Staked USDe with over $1

Blockworks Research 最近在推特上介绍了 Ethena 的主要使用方式。 Pendle 是质押超过 1 美元 USDe 的首选目的地