Ethena Labs 推出由贝莱德代币化基金 BUIDL 支持的新稳定币 USDtb

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的代币化基金BUIDL

DeFi project Ethena Labs announced on Friday the official launch of its new stablecoin USDtb. The dollar stablecoin is backed by BlackRock's tokenized fund BUIDL in collaboration with leading real asset tokenization company Securize.

DeFi 项目 Ethena Labs 周五宣布正式推出其新稳定币 USDtb。美元稳定币由贝莱德的代币化基金 BUIDL 与领先的实物资产代币化公司 Securize 合作提供支持。

According to DefiLlama data, USDtb's TVL reached $64.5 million on its first day of launch. Previously, Ethena CEO Guy Young predicted that USDtb's TVL would reach between $500 million and $1 billion in its first month. He also mentioned that some TradFi entities, despite not fully engaging with other cryptocurrencies, already have significant exposure to Ethena's activities.

根据 DefiLlama 数据，USDtb 上线首日的 TVL 达到 6450 万美元。此前，Ethena 首席执行官 Guy Young 预测 USDtb 的 TVL 在第一个月将达到 5 亿至 10 亿美元。他还提到，一些 TradFi 实体尽管没有充分参与其他加密货币，但已经大量参与 Ethena 的活动。

Backed by BlackRock's BUIDL Fund, Countering Market Volatility in Bear Markets

由贝莱德 BUIDL 基金支持，应对熊市中的市场波动

The newly launched USDtb is a relatively traditional crypto stablecoin, appearing nearly identical to USDC and USDT. The only distinction is that Ethena utilizes BlackRock's BUIDL treasury fund as collateral to support this stablecoin. BUIDL is a tokenized fund that invests in assets pegged to the dollar (such as cash, U.S. Treasury bonds, and repurchase agreements). Ethena does not manage financial assets directly but entrusts them to various banks or service providers in the real world. In essence, BlackRock and Securitize handle the entire process. Therefore, USDtb operates on a completely different product principle than Ethena's flagship stablecoin USDe.

新推出的USDtb是一种相对传统的加密稳定币，外观与USDC和USDT几乎相同。唯一的区别是 Ethena 使用贝莱德的 BUIDL 财政基金作为抵押品来支持这种稳定币。 BUIDL是一种代币化基金，投资于与美元挂钩的资产（例如现金、美国国债和回购协议）。 Ethena并不直接管理金融资产，而是将其委托给现实世界中的各个银行或服务提供商。从本质上讲，贝莱德和 Securitize 负责整个过程。因此，USDtb 的运作原理与 Ethena 的旗舰稳定币 USDe 完全不同。

USDtb will act as an alternative stablecoin for Ethena, absorbing funds from USDe during extreme market conditions. In a recent appearance on the Unchained podcast, Ethena CEO Guy Young explained that USDtb is very similar to regular stablecoins and does not generate yield itself. As a result, retail users purchasing it will not earn returns like they would with treasury bond funds. He stated that the two products actually work in parallel, and in 98% of cases, when cryptocurrency exchange rates appear more attractive than traditional financial rates, USDe operates as it does now. Then, as the environment changes (such as entering a bear market), users always retain the option to close (positions) and move into USDtb, keeping their balance sheet in their own products.

USDtb 将作为 Ethena 的替代稳定币，在极端市场条件下从 USDe 吸收资金。 Ethena 首席执行官 Guy Young 最近在 Unchained 播客上表示，USDtb 与常规稳定币非常相似，本身不会产生收益。因此，散户购买它不会像购买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，当加密货币汇率显得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，随着环境的变化（例如进入熊市），用户始终保留平仓（仓位）并转入 USDtb 的选择，将资产负债表保留在自己的产品中。

Thus, USDtb may help USDe holders "navigate challenging market conditions." In its December 16 announcement, Ethena Labs stated: "Ethena will be able to close the hedging positions behind USDe and reallocate its supporting assets to USDtb to further mitigate related risks."

因此，USDtb 可能会帮助 USDe 持有者“应对充满挑战的市场条件”。 Ethena Labs 在 12 月 16 日的公告中表示：“Ethena 将能够平仓 USDe 背后的对冲头寸，并将其支持资产重新分配给 USDtb，以进一步缓解相关风险。”

This stablecoin is 90% backed by BlackRock's BUIDL and is created in collaboration with the blockchain tokenization company Securitize. One of Ethena's committee members, Block Analiticia, noted in an already approved proposal that stablecoins like USDC will make up the remaining 10% of USDtb's reserves, which can provide additional liquidity during weekends or other periods when treasury markets are not trading. The "core" part of USDtb's smart contract passed three complete audits by Pashov, Quantstamp, and Cyfrin in October.

该稳定币由 BlackRock 的 BUIDL 提供 90% 的支持，是与区块链代币化公司 Securitize 合作创建的。 Ethena 委员会成员之一 Block Analiticia 在一项已获批准的提案中指出，USDC 等稳定币将构成 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 的三项完整审核。

USDtb May Drive Significant Capital Inflow from TradFi

USDtb 可能会推动 TradFi 的大量资本流入

Launched in February this year, Ethena Lab's synthetic stablecoin USDe has experienced rapid growth, ranking as the third-largest stablecoin after USDT and USDC. In just a month and a half, since November 1, its market capitalization has more than doubled to nearly $6 billion, even surpassing DAI, a long-established DeFi native stablecoin.

Ethena Lab的合成稳定币USDe于今年2月推出，增长迅速，成为继USDT和USDC之后的第三大稳定币。自11月1日以来，短短一个半月的时间里，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 lies in the yield it offers. The token has an annual yield of 27%, far exceeding the 12.5% offered by DAI and USDS. USDe is created by depositing Bitcoin, Ethereum, or Solana into the Ethena protocol and then opening short positions on futures exchanges like Bybit. This creates what is known as a "delta-neutral" position, where the value of the assets and the short positions offset each other, maintaining overall price stability.

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%，远超 DAI 和 USDS 的 12.5%。 USDe 是通过将比特币、以太坊或 Solana 存入 Ethena 协议，然后在 Bybit 等期货交易所开设空头头寸而创建的。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，从而维持总体价格稳定。

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

目前，由于大多数交易者对加密货币持看涨观点，他们向 Ethena 支付资金进行做空，协议通过质押将这些资金转给 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。然而，如果交易者转为看跌，Ethena 将无法提供如此高的收益率。

Moreover, Staked USDe (sUSDe) is a yield token from Ethena that enables users to earn additional returns by staking USDe tokens. Through staking rewards and basis trading strategies, sUSDe offers high yields to holders.

此外，Staked USDe (sUSDe) 是 Ethena 的收益代币，用户可以通过质押 USDe 代币获得额外回报。通过质押奖励和基差交易策略，sUSDe 为持有者提供高收益。

Blockworks Research recently Tweeted about the different ways Ethena is being primarily used. Pendle is the preferred destination for Staked USDe with over $1 billion in assets, followed by Aave. In a recent appearance on the Unchained podcast, Ethena CEO Guy Young

Blockworks Research 最近在推特上介绍了 Ethena 的主要使用方式。 Pendle 是资产超过 10 亿美元的 Staked USDe 的首选目的地，其次是 Aave。 Ethena 首席执行官 Guy Young 最近出现在 Unchained 播客中