稳定币的下一块：Ethena、Usual 和 f(x)Protocol V2

根据CoinGecko数据，稳定币总市值已突破2000亿美元大关。与去年我们提到的相比

As the total market value of stablecoins surpasses the $200 billion mark, according to CoinGecko, the scene has shifted dramatically since our last discussion on this topic. With nearly double the overall market value, it has exceeded the previous all-time high.

据 CoinGecko 称，随着稳定币的总市值突破 2000 亿美元大关，自我们上次讨论该主题以来，情况发生了巨大变化。整体市值翻了近一倍，已经超过了之前的历史新高。

In the past, I likened stablecoins to the crypto world's plumbing system. As a stable medium of value storage, they serve as a key entry point for various on-chain activities. Now, as stablecoins venture into the real world, their applications span retail payments, business-to-business (B2B) transactions, and international transfers. In emerging markets like Asia, Africa, and Latin America, the practical value of stablecoins is becoming increasingly evident.

过去，我将稳定币比作加密世界的管道系统。作为稳定的价值存储媒介，它们是各种链上活动的关键入口点。现在，随着稳定币进入现实世界，其应用范围涵盖零售支付、企业对企业 (B2B) 交易和国际转账。在亚洲、非洲、拉丁美洲等新兴市场，稳定币的实用价值日益显现。

Thanks to their strong financial inclusion properties, citizens in third-world countries can effectively navigate monetary instability brought on by government instability and high inflation. Stablecoins also enable participation in cutting-edge global financial activities, such as online education, entertainment, cloud computing, and AI products.

由于其强大的金融包容性，第三世界国家的公民可以有效应对政府不稳定和高通胀带来的货币不稳定。稳定币还可以参与全球前沿金融活动，例如在线教育、娱乐、云计算和人工智能产品。

The next step for stablecoins is to enter emerging markets and take on traditional payment methods. In the foreseeable future, the legalization and rapid adoption of stablecoins will become an inevitability, while the rapid development of AI will further bolster the demand for stablecoins (computing power to the world's top 5). Compared to the developments in the past two years, the only constant is the continued dominance of Tether and Circle in this domain, with more startups shifting their attention to the upstream and downstream of stablecoins.

稳定币的下一步是进入新兴市场并采用传统支付方式。在可预见的未来，稳定币的合法化和快速普及将成为必然，而人工智能的快速发展将进一步支撑稳定币的需求（算力达到全球前5）。与近两年的发展相比，唯一不变的是Tether和Circle在该领域的持续主导地位，更多初创公司将注意力转向稳定币上下游。

But what we're discussing today are still the stablecoin issuers. In this highly competitive trillion-dollar market, who stands to claim the next slice of the pie?1. Trend EvolutionIn the past, when discussing the classification of stablecoins, we generally categorized them into three types:

但我们今天讨论的仍然是稳定币发行方。在这个竞争激烈的万亿级市场中，谁能分得下一块蛋糕？1.趋势演化过去，在讨论稳定币的分类时，我们一般将其分为三类：

1. Fiat-collateralized stablecoins: These stablecoins are backed by fiat currencies (such as the U.S. dollar or the euro) and are usually issued at a 1:1 ratio. For example, each USDT or USDC corresponds to one coin stored in the issuer’s bank account. This type of stablecoin is relatively simple and straightforward, and in theory can provide a high degree of price stability.

1. 法币抵押稳定币：这些稳定币以法币（例如美元或欧元）为支撑，通常以 1:1 的比例发行。例如，每个 USDT 或 USDC 对应发行者银行账户中存储的一枚代币。这类稳定币相对简单直接，理论上可以提供高度的价格稳定性。

2. Overcollateralized stablecoins: These stablecoins are created by overcollateralizing other high-quality crypto assets with high volatility and good liquidity (such as ETH, BTC). In order to cope with the potential risk of price fluctuations, these stablecoins often require a higher collateral ratio, meaning that the value of the collateral must significantly exceed the value of the minted stablecoin. Typical representatives include Dai, Frax, etc.

2.超额抵押稳定币：此类稳定币是通过超额抵押其他波动性高、流动性好的优质加密资产（如ETH、BTC）而创建的。为了应对价格波动的潜在风险，这些稳定币往往需要更高的抵押品比例，这意味着抵押品的价值必须大幅超过铸造稳定币的价值。典型代表有Dai、Frax等。

3. Algorithmic stablecoins: The supply and circulation of stablecoins are completely regulated by algorithms. This algorithm controls the supply and demand of the currency and aims to keep the price of the stablecoin pegged to a reference currency (usually the US dollar). Generally speaking, when the price rises, the algorithm will issue more coins, and when the price drops, more coins will be bought back from the market. Representatives include UST (Luna's stablecoin).

3.算法稳定币：稳定币的供应和流通完全由算法监管。该算法控制货币的供给和需求，旨在使稳定币的价格与参考货币（通常是美元）挂钩。一般来说，当价格上涨时，算法会发行更多的币，当价格下跌时，会从市场上回购更多的币。代表包括UST（Luna的稳定币）。

In the years since the collapse of UST, the development of stablecoins has mainly been micro-innovation around Ethereum LST, building some over-collateralized stablecoins through different risk balances. However, with the emergence of Ethena at the beginning of this year, stablecoins have gradually determined a new development direction, that is, combining high-quality assets with low-risk financial management, thereby attracting a large number of users through higher returns, in the relatively solidified stablecoin market. The situation creates an opportunity to snatch food from the tiger's mouth, and the three projects I mention below all fall into this direction.2. EthenaEthena is the fastest growing non-currency-collateralized stablecoin project since the collapse of Terra Luna. Its native stablecoin USDe has surpassed Dai with a volume of 5.5 billion US dollars and ranks third. The overall idea of the project is based on Ethereum and Bitcoin collateral. Delta Hedging, the stability of USDe is achieved by shorting Ethereum and Bitcoin on Cex with the same value as the collateral. This is a risk hedging strategy designed to offset the impact of price fluctuations on the value of USDe. If the prices of both increase, the short position will lose money, but the value of the collateral will also increase, thus offsetting the loss; vice versa. The entire operation process relies on over-the-counter settlement service providers to implement, that is, the protocol assets are managed by multiple external entities. The project's income comes from three main sources:

UST崩盘后的这些年，稳定币的发展主要是围绕以太坊LST进行微创新，通过不同的风险平衡打造一些超额抵押的稳定币。然而，随着今年年初Ethena的出现，稳定币逐渐确定了新的发展方向，即将优质资产与低风险理财相结合，从而通过较高的回报吸引大量用户，在相对稳定的稳定币市场。这种情况就产生了从虎口抢食的机会，下面我提到的三个项目都属于这个方向。 2． EthenaEthena 是自 Terra Luna 崩溃以来增长最快的非货币抵押稳定币项目。其原生稳定币USDe以55亿美元的交易量超越Dai，排名第三。该项目的总体思路是基于以太坊和比特币抵押品。 Delta Hedging，USDe的稳定性是通过在Cex上做空与抵押品价值相同的以太坊和比特币来实现的。这是一种风险对冲策略，旨在抵消价格波动对USDe价值的影响。如果两者的价格都上涨，空头头寸就会亏损，但抵押品的价值也会增加，从而抵消损失；反之亦然。整个操作过程依靠场外结算服务商来实现，即协议资产由多个外部实体管理。该项目的收入主要来自三个来源：

1. Ethereum staking income: The LST pledged by the user will generate Ethereum staking rewards

1、以太坊质押收益：用户质押的LST将产生以太坊质押奖励

2. Hedging transaction income: Ethena Labs' hedging transactions may generate funding rates or basis spreads

2. 对冲交易收入：Ethena Labs 的对冲交易可能会产生资金费率或基差

3. Liquid Stables’ fixed rewards: deposit in the form of USDC on Coinbase or in other stable

3. Liquid Stables 固定奖励：以 USDC 形式存入 Coinbase 或其他稳定币