Solana 挑战者的出现将撼动稳定币市场

Solana 区块链正在进军稳定币市场，挑战 USDC 和 USDT 的主导地位。 Mrgn 和 Jupiter 正在开发具有独特功能的加密原生稳定币，以颠覆当前的市场格局。这些举措为中心化稳定币提供了去中心化的替代品，为加密货币用户提供了抗审查的稳定资产以及支付和交易中的实际应用。

Solana Challengers Emerge to Disrupt Stablecoin Market Dominance

Solana 挑战者的出现将颠覆稳定币市场的主导地位

The Solana blockchain is poised to challenge the dominance of Circle's USDC and Tether's USDT in the burgeoning $3 billion stablecoin market. At the helm of this movement are Mrgn and Jupiter, two innovative projects poised to introduce crypto-native alternatives to the centralized giants.

Solana 区块链准备挑战 Circle 的 USDC 和 Tether 的 USDT 在新兴的 30 亿美元稳定币市场中的主导地位。这场运动的掌舵者是 Mrgn 和 Jupiter，这两个创新项目准备为中心化巨头引入加密原生替代方案。

Mrgn's YBX: A Soft Peg to the Dollar

Mrgn 的 YBX：软钉住美元

Mrgn, the company behind the popular Marginfi lending and liquid staking protocol, is set to launch a new stablecoin, dubbed YBX, this month. This unique offering will maintain a "soft peg" to the US dollar, allowing its value to gradually diverge from the traditional 1:1 ratio as the underlying assets appreciate over time.

Mrgn 是流行的 Marginfi 借贷和流动质押协议背后的公司，将于本月推出一种名为 YBX 的新稳定币。这一独特的产品将保持与美元的“软挂钩”，随着标的资产随着时间的推移升值，其价值将逐渐偏离传统的 1:1 比率。

Anders Jorgensen, Head of Growth at Marginfi, explained the rationale behind this unconventional approach: "It's not exactly a stablecoin, right? Right now, it's a dollar-denominated stake pool. So you're just getting the yield from staking in dollar terms."

Marginfi 增长主管安德斯·乔根森 (Anders Jorgensen) 解释了这种非传统方法背后的基本原理：“它不完全是一种稳定币，对吧？现在，它是一个以美元计价的权益池。所以你只是从以美元计价的权益中获得收益”。

Jupiter's Unreleased Stablecoin: Aiming for Viability

Jupiter 未发布的稳定币：追求可行性

Jupiter, a decentralized exchange aggregator that entered the Solana ecosystem in late 2022, is also actively developing a viable stablecoin solution. While an official release date is yet to be announced, the project is making significant progress towards delivering a credible alternative to USDC and USDT.

Jupiter 是一家去中心化交易所聚合商，于 2022 年底进入 Solana 生态系统，目前也在积极开发可行的稳定币解决方案。虽然官方发布日期尚未公布，但该项目正在为提供 USDC 和 USDT 的可靠替代品方面取得重大进展。

Disrupting the Duopoly: Providing Crypto-Native Options

打破双头垄断：提供加密原生选项

The success of Mrgn's YBX and Jupiter's upcoming stablecoin could disrupt the duopoly enjoyed by USDC and USDT in Solana's lucrative stablecoin market. More importantly, it would provide Solana users with crypto-native alternatives that align with the principles of decentralization and censorship resistance.

Mrgn 的 YBX 和 Jupiter 即将推出的稳定币的成功可能会打破 USDC 和 USDT 在 Solana 利润丰厚的稳定币市场上所享有的双头垄断地位。更重要的是，它将为 Solana 用户提供符合去中心化和抗审查原则的加密原生替代方案。

Stablecoins: Real-World Utility Fuels Demand

稳定币：现实世界的公用事业刺激需求

Stablecoins have emerged as one of the most successful real-world applications of blockchain technology. They facilitate payments and transactions in regions plagued by economic instability, such as Lebanon and Argentina. Their value stems from their peg to other assets, typically the US dollar, providing a haven from the extreme volatility that characterizes many other cryptocurrencies.

稳定币已成为区块链技术最成功的现实应用之一。它们为黎巴嫩和阿根廷等经济不稳定地区的支付和交易提供便利。它们的价值源于与其他资产（通常是美元）的挂钩，为许多其他加密货币所特有的极端波动提供了避风港。

Solana's Stablecoin Market: Centralized Dominance vs. Crypto-Backed Challengers

Solana 的稳定币市场：中心化主导地位与加密货币支持的挑战者

On Solana, the stablecoin market is currently dominated by centralized players, with USDC controlling nearly 70% of the market share. However, on Ethereum, crypto-backed stablecoins like MakerDAO's DAI and Ethna's USDe have gained significant traction, accounting for 7% of the market.

在 Solana 上，稳定币市场目前由中心化玩家主导，USDC 控制着近 70% 的市场份额。然而，在以太坊上，MakerDAO 的 DAI 和 Ethna 的 USDe 等加密货币支持的稳定币获得了巨大的关注，占据了 7% 的市场份额。

Decentralization Advocates Embrace Crypto-Backed Stablecoins

去中心化倡导者拥抱加密货币支持的稳定币

Proponents of decentralization often favor crypto-backed stablecoins due to their reduced exposure to the traditional banking system. However, similar projects on Solana have struggled to gain traction, with the three largest crypto-backed stablecoins – UXD, PAI, and USDH – having a combined circulating supply of only 15 million.

去中心化的支持者通常青睐加密货币支持的稳定币，因为它们减少了对传统银行系统的敞口。然而，Solana 上的类似项目一直难以获得关注，三大加密货币支持的稳定币——UXD、PAI 和 USDH——的总流通量仅为 1500 万枚。

Solana's Immature DeFi Ecosystem: A Hurdle for Decentralized Stablecoins

Solana 不成熟的 DeFi 生态系统：去中心化稳定币的障碍

Anders Jorgensen attributes USDC's dominance to Solana's relatively nascent DeFi ecosystem: "Solana's still really early. It's mostly just been a function of there haven't been as many devs as the EVM ecosystem, and the really quality teams have just pursued other primitives so far."

Anders Jorgensen 将 USDC 的主导地位归功于 Solana 相对新生的 DeFi 生态系统：“Solana 还处于早期阶段。这主要是因为开发人员数量没有 EVM 生态系统那么多，而且到目前为止，真正优质的团队只是在追求其他原语。” ”。

YBX's Unique Design: Leveraging Liquid Staking Derivatives

YBX的独特设计：利用流动性质押衍生品

Marginfi's YBX stablecoin will be backed by liquid staking derivatives, such as the company's own LST and Jito's JitoSOL. This innovative design sets YBX apart from traditional stablecoins and allows it to gradually drift away from its dollar peg as the assets backing it appreciate in value.

Marginfi 的 YBX 稳定币将得到流动性质押衍生品的支持，例如该公司自己的 LST 和 Jito 的 JitoSOL。这种创新设计使 YBX 有别于传统的稳定币，并使其随着支持其的资产升值而逐渐脱离与美元挂钩。

High Demand for Leverage: Driving YBX's Potential Success

对杠杆的高需求：推动 YBX 的潜在成功

While some analysts have raised concerns about the potential limitations of YBX's design for adoption across DeFi as a medium of exchange, Jorgensen remains optimistic about its prospects. He highlights the high demand for leverage in the current market, noting that interest rates on Solana lending protocols like Marginfi, Kamino, and Solend range from 20% to 29%.

尽管一些分析师对 YBX 作为交易媒介在 DeFi 中采用的设计的潜在局限性表示担忧，但 Jorgensen 对其前景仍持乐观态度。他强调了当前市场对杠杆的高需求，并指出 Marginfi、Kamino 和 Solend 等 Solana 借贷协议的利率范围为 20% 至 29%。

In contrast, Marginfi plans to charge an interest rate of around 2% for minting YBX, providing a clear incentive for users to opt for this new stablecoin. "If you can get leverage for that cheap, which is what we're going to offer with YBX, I think there's a very clear incentive to mint," Jorgensen stated.

相比之下，Marginfi 计划对铸造 YBX 收取 2% 左右的利率，为用户选择这种新的稳定币提供了明确的激励。 Jorgensen 表示：“如果你能以如此便宜的价格获得杠杆，这就是我们将通过 YBX 提供的，我认为有非常明显的铸币动机。”

Conclusion: A New Era in Solana's Stablecoin Market

结论：Solana 稳定币市场的新时代

The emergence of Mrgn's YBX and Jupiter's upcoming stablecoin signals a shift in the Solana stablecoin market. These crypto-native alternatives challenge the dominance of USDC and USDT, providing users with decentralized options that align with the core principles of blockchain technology. As the Solana DeFi ecosystem matures, the competition between centralized and decentralized stablecoins is poised to intensify, potentially leading to a more diverse and innovative market in the years to come.

Mrgn 的 YBX 和 Jupiter 即将推出的稳定币的出现标志着 Solana 稳定币市场的转变。这些加密原生替代方案挑战了 USDC 和 USDT 的主导地位，为用户提供了符合区块链技术核心原则的去中心化选择。随着 Solana DeFi 生态系统的成熟，中心化和去中心化稳定币之间的竞争必将加剧，可能会在未来几年带来更加多样化和创新的市场。