探索USDT，USDC，USDP和USDE的收入模型

本文探讨了像USDT和USDC这样的Stablecoins如何通过将其储备金投资于美国国债，从而产生数十亿美元的收入。

Author: @threesigmaxyz

作者：@threesigmaxyz

Compiled by: zhouzhou, BlockBeats

编译者：khouzhou，blockbeats

Editor's Note: This article examines how major stablecoins like USDT and USDC generate billions of dollars in revenue by investing their reserves, largely in U.S. Treasuries, and how this revenue is closely tied to the Federal Reserve interest rate. If interest rates were to fall to zero, their profitability could plummet.

编者注：本文探讨了像USDT和USDC这样的主要稳定者如何通过投资其储备，主要在美国国债以及这笔收入如何与联邦储备利率紧密相关，从而产生数十亿美元的收入。如果利率下降到零，他们的盈利能力可能会下降。

We also discuss the regulatory challenges faced by fiat-backed stablecoins, as exemplified by USDC during the 2023 Silicon Valley Bank incident, and how algorithmic stablecoins like USDe are less sensitive to interest rate changes due to their reliance on crypto-native yields.

我们还讨论了由菲亚特支持的斯abablecoins面临的监管挑战，这是USDC在2023年的硅谷银行事件中的例证，以及像USDE一样算法对算法的稳定性稳定性对利率变化的敏感性较小，因为它们的依赖加密本地收益率。

Moreover, we analyze the financial health of these stablecoin issuers. Despite a stellar 2024, Circle (issuer of USDC) faces rapid revenue decline and liquidity issues, rendering it vulnerable in the long term. Conversely, Tether (issuer of USDT) boasts excellent financial strength with $20 billion in equity, ensuring a decades-long runway even in a pessimistic scenario.

此外，我们分析了这些Stablecoin发行人的财务状况。尽管2024年出色，但Circle（USDC的发行人）仍面临迅速的收入下降和流动性问题，从而使其长期易受伤害。相反，Tether（USDT的发行人）拥有出色的财务实力，拥有200亿美元的股权，即使在悲观的情况下，也确保了数十年的跑道。

The cryptocurrency industry is known for its rapid evolution and constant shifts in trends. In the early days of Bitcoin, the goal was clear: to create a decentralized and limited cryptocurrency that would serve as an alternative to traditional fiat currencies. This vision was driven by ideals of financial inclusion, censorship resistance, and a decentralized system of value transfer.

加密货币行业以其快速发展和趋势的不断变化而闻名。在比特币的早期，目标很明确：创建一个分散且有限的加密货币，可以替代传统法定货币。这种愿景是由金融包容性，审查制度的理想和分散的价值转移制度所驱动的。

However, as the industry matured, a new need arose - the need for stability. Bitcoin’s price volatility, while a source of gains for early investors, posed an obstacle to broader adoption, especially for everyday transactions and small businesses seeking seamless integration of cryptocurrencies into their operations. This limitation paved the way for the development of stablecoins.

但是，随着行业的成熟，出现了新的需求 - 稳定的需求。比特币的价格波动虽然是早期投资者的收益来源，但却构成了更广泛采用的障碍，尤其是对于日常交易和寻求无缝集成加密货币的小型企业的障碍。这种限制为开发稳定剂铺平了道路。

Stablecoins, as the name suggests, aim to maintain a pegged value, typically to the U.S. dollar. This property is critical for facilitating efficient transactions, hedging against market fluctuations, and serving as a stable store of value in an otherwise volatile asset class.

顾名思义，Stablecoins旨在保持固定的价值，通常是美元。该财产对于促进有效的交易，抵抗市场波动以及在原本动荡的资产类别中的稳定价值存储至关重要。

Hence, the shift from Bitcoin to stablecoins signifies a pragmatic adjustment to the evolving demands of the crypto ecosystem. While Bitcoin laid the foundation for decentralization and limited supply, stablecoins address the pressing need for price stability and efficient integration with existing financial systems. This evolution highlights the industry's responsiveness to user needs and its capability to adapt in pursuit of greater adoption and broader impact.

因此，从比特币到稳定币的转变表示对加密生态系统不断发展的需求的务实调整。比特币为权力下放和有限的供应奠定了基础，但Stablecoins解决了对价格稳定的紧迫需求，并与现有金融系统有效整合。这种演变凸显了行业对用户需求的响应及其适应追求更大采用和更广泛影响的能力。

Among the major types of stablecoins, we have:

在主要类型的Stablecoins中，我们有：

1. Fiat-backed stablecoins: These are the most common, backed 1:1 by fiat currency, held in a bank account. Examples include Tether's USDT and Circle's USD Coin (USDC). They are issued by a centralized company and are fully disclosed. They are also fully backed by fiat currency, which is disclosed on a regular basis and can be audited by third parties. These stablecoins are typically used for high-frequency trading, liquidity provision, and cross-exchange arbitrage. They are also increasingly being used by institutions and companies who are looking for a more compliant and transparent way to manage their treasury.

1。菲亚族支持的stablecoins：这些是最常见的，以菲亚特货币为后1：1，在银行帐户中持有。示例包括Tether的USDT和Circle的USD硬币（USDC）。它们由一家集中式公司发行，并得到充分披露。他们还得到了法定货币的完全支持，法定货币会定期披露，可以由第三方审核。这些Stablecoins通常用于高频交易，流动性提供和交叉交换套利。他们也越来越多地使用他们寻求一种更合规，透明的方式来管理自己的财政部的机构和公司。

2. Commodity-backed stablecoins: These stablecoins are backed by commodities, such as gold, silver, oil, or real estate. Examples include Paxos's Pax Gold (PAXG) and Tether's Gold (XAUT). They are issued by a centralized company and are fully disclosed. They are also fully backed by the commodity, which is held in a segregated account and can be audited by third parties. These stablecoins are typically used by investors who are looking for exposure to commodities in a digital format. They are also useful for investors in countries with currency instability, as they provide a hedge against inflation and devaluation.

2。商品支持的稳定蛋白：这些稳定的稳定者得到了商品的支持，例如黄金，银，石油或房地产。例子包括Paxos的Pax Gold（PAXG）和Tether's Gold（XAUT）。它们由一家集中式公司发行，并得到充分披露。它们也得到了商品的完全支持，该商品在隔离帐户中持有，可以由第三方审核。这些Stablecoins通常由寻求数字格式的商品接触的投资者使用。它们对货币不稳定国家的投资者也很有用，因为它们为通货膨胀和贬值提供了对冲。

3. Crypto-asset-backed stablecoins: These stablecoins are backed by other cryptocurrencies. An example is DAI, which is issued by MakerDAO and backed by ETH or other cryptocurrencies. They are issued by a decentralized protocol and are governed by the protocol's token holders. These stablecoins are typically used in decentralized finance (DeFi) protocols for borrowing, lending, and other financial applications. They are also used by investors who are looking for yield on their crypto assets.

3。加密储备支持的稳定蛋白：这些稳定币由其他加密货币支持。一个例子是DAI，由Makerdao发行，并由ETH或其他加密货币支持。它们由分散协议发行，并由协议的令牌持有人约束。这些Stablecoins通常用于借贷，贷款和其他财务应用的分散融资（DEFI）方案。他们还被寻求加密资产收益的投资者使用。

These different types of stablecoins cater to various needs within the crypto ecosystem. From fiat-backed options like USDT and USDC, preferred for liquidity and diverse use cases, to commodity-backed choices like PAXG and XAUT, offering direct exposure to physical assets, the industry is presenting a diverse range of options. Finally, crypto-asset-backed stablecoins like DAI and its derivatives are at the forefront of DeFi innovation, facilitating new financial paradigms.

这些不同类型的Stablecoins满足了加密生态系统中各种需求。从USDT和USDC（例如流动性和不同用例）等菲亚特支持的选项，再到Paxg和Xaut等商品支持的选择，可以直接接触物理资产，该行业提供了多种选择。最后，像Dai这样的加密储备支持的稳定者及其衍生产品处于Defi Innovation的最前沿，促进了新的金融范式。

With the rapid rise of the digital asset class, several key players have emerged, engaging in a competitive yet collaborative landscape to advance the future of finance.

随着数字资产类别的迅速增长，几个关键参与者出现了，参与了竞争激烈但协作的格局，以促进金融的未来。

Among the prominent names in the stablecoin sphere are USDT, USDC, USDS/DAI (from SKY), and USDe. Each of these stablecoins is unique in its

在Stablecoin Sphere中的突出名称中有USDT，USDC，USDS/DAI（来自Sky）和USDE。这些稳定剂中的每一个都是独一无二的