Ethena 的 USDE 突破 41.2 亿美元：稳定币市场正在转向收益率吗？

收益稳定币已在市场中稳步占据重要地位，Ethena 的 USDE 目前已成为第四大稳定币

Amidst the expanding stablecoin market landscape, Ethena's yield-bearing stablecoin, USDE, has attained a peak valuation, surpassing $4.12 billion. This development marks a significant milestone in the cryptocurrency industry.

在不断扩大的稳定币市场格局中，Ethena 的收益稳定币 USDE 估值达到峰值，超过 41.2 亿美元。这一发展标志着加密货币行业的一个重要里程碑。

According to data from CoinGecko on Nov. 28, 2024, Ethena's USDE has now become the fourth-largest stablecoin, trailing behind Sky's DAI, Circle's USDC, and Tether's USDT. Notably, USDE has overtaken other major stablecoins in terms of market capitalization.

根据 CoinGecko 2024 年 11 月 28 日的数据，Ethena 的 USDE 目前已成为第四大稳定币，落后于 Sky 的 DAI、Circle 的 USDC 和 Tether 的 USDT。值得注意的是，USDE 的市值已超过其他主要稳定币。

Essentially, USDE is a synthetic stablecoin that maintains its peg through a combination of spot crypto holdings and short positions in margined perpetual contracts. Holders of USDE benefit from funding rates tied to perpetual contracts and staking rewards on the Ethereum network.

从本质上讲，USDE 是一种合成稳定币，通过现货加密货币持有量和保证金永续合约空头头寸的结合来维持其挂钩。 USDE 的持有者受益于与永续合约相关的融资利率以及以太坊网络上的质押奖励。

As of Nov. 28, the annual percentage yield (APY) for holding USDE stands at an impressive 29%, easily outpacing the rates offered by competitors in the stablecoin market. This high APY has attracted a substantial number of holders, driving the USDE supply to an all-time high of $4.12 billion, which is distributed across 19,174 unique addresses.

截至 11 月 28 日，持有 USDE 的年收益率 (APY) 达到令人印象深刻的 29%，轻松超过稳定币市场竞争对手提供的利率。如此高的 APY 吸引了大量持有者，推动 USDE 供应量达到 41.2 亿美元的历史新高，分布在 19,174 个唯一地址上。

In comparison, competitors offer more modest rates. For instance, Circle's USDC provides a 4.7% APY when stored in a Coinbase Wallet, while Sky's newly launched USDS offers an APY of 8.5%, which can fluctuate like Ethena's rate. Additionally, Blast’s stablecoin USDB is currently offering an APY of 7.5%.

相比之下，竞争对手提供的价格更为适中。例如，Circle 的 USDC 在存储在 Coinbase 钱包中时提供 4.7% 的年利率，而 Sky 新推出的 USDS 提供的年利率为 8.5%，其波动与 Ethena 的利率一样。此外，Blast 的稳定币 USDB 目前提供的 APY 为 7.5%。

Interestingly, USDE's distribution is highly concentrated, with the top 100 addresses out of the 19,174 unique wallets holding the token collectively controlling a massive 99.72% of the supply. Notably, the majority of this stablecoin is not being used for transactions and instead sits idle to earn staking rewards, indicating that USDE is primarily being utilized for yield generation rather than payments. To provide further context, USDE has only recorded a total of 686,155 transfers since its inception.

有趣的是，USDE 的分布高度集中，持有该代币的 19,174 个唯一钱包中的前 100 个地址共同控制了 99.72% 的供应量。值得注意的是，这种稳定币的大部分并未用于交易，而是闲置以赚取质押奖励，这表明 USDE 主要用于产生收益而不是支付。为了提供更多背景信息，USDE 自成立以来仅记录了 686,155 笔转账。

On the other hand, USDC has a much broader reach and is actively used for paying for goods and services, even though it offers a lower yield. Circle's stablecoin boasts a hefty market valuation of $39.32 billion, dwarfing Ethena's USDE by a significant margin.

另一方面，USDC 的覆盖范围更广，并且被积极用于支付商品和服务，尽管它的收益率较低。 Circle 的稳定币市值高达 393.2 亿美元，远远超过 Ethena 的 USDE。

Meanwhile, Sky's USDS has a market cap of $911 million, with etherscan.io revealing that $726.7 million of this stablecoin has been upgraded from existing DAI. At the same time, USDB boasts a market cap of $411 million.

与此同时，Sky 的 USDS 市值为 9.11 亿美元，etherscan.io 透露，该稳定币的 7.267 亿美元已从现有 DAI 升级。与此同时，USDB 的市值高达 4.11 亿美元。

Ethena's USDE showcases a shift in the stablecoin market, where some participants appear to be prioritizing high-yield opportunities over transactional use cases. This trend suggests a diversification in stablecoin applications, with USDE's appeal largely attributed to its high APY.

Ethena 的 USDE 展示了稳定币市场的转变，一些参与者似乎优先考虑高收益机会而不是交易用例。这一趋势表明稳定币应用的多样化，USDE 的吸引力很大程度上归因于其高年化收益。

While transactional giants like USDC and USDT continue to lead in accessibility and汎用性, Ethena's approach with USDE seems to be catering specifically to yield seekers, especially during bullish market conditions. However, the crucial question remains whether it can maintain its allure amid increasing competition and evolving market demands.

虽然像 USDC 和 USDT 这样的交易巨头在可访问性和泛用性方面继续处于领先地位，但 Ethena 与 USDE 的做法似乎专门迎合了收益追求者，尤其是在看涨的市场条件下。然而，关键问题仍然是它能否在竞争日益激烈和市场需求不断变化的情况下保持其吸引力。