稳定币终极指南：从传统到新的收益类型

稳定币市场的全面概述，包括 USDT 和 USDC 等传统法币支持的稳定币、DAI 等算法稳定币以及 USDe 和 USD0 等新型收益稳定币。

Traditional Stablecoins

传统稳定币

USDT (Tether) and USDC (USD Coin) are currently the two most mainstream traditional stablecoins on the market.

USDT（Tether）和USDC（USD Coin）是目前市场上最主流的两种传统稳定币。

USDT (Tether)

USDT（泰达币）

Issuer: Tether Limited

发行人：Tether 有限公司

Launch Date: 2014

推出日期：2014 年

Value Peg: USDT is pegged to the US dollar at a 1:1 ratio, backed by Tether's reserve assets (such as cash, government bonds, etc.).

价值挂钩：USDT 以 1:1 的比例与美元挂钩，由 Tether 的储备资产（如现金、政府债券等）支持。

Market Position: The first stablecoin ever launched globally, and one of the largest in terms of trading volume and liquidity. Widely used in cryptocurrency trading, cross-border payments, and liquidity provision in the DeFi ecosystem.

市场地位：全球推出的第一个稳定币，也是交易量和流动性最大的稳定币之一。广泛应用于加密货币交易、跨境支付以及 DeFi 生态系统中的流动性提供。

Controversy: Transparency has always been a focal point of external scrutiny, and Tether's reserve audits have sparked widespread discussion.

争议：透明度一直是外部审查的焦点，Tether 的储备金审计引发广泛讨论。

USDC (USD Coin)

USDC（美元硬币）

Issuer: Co-founded by Circle and Coinbase, regulated by the Centre Consortium.

发行人：由 Circle 和 Coinbase 共同创立，受中心联盟监管。

Launch Date: 2018

推出日期：2018

Strong Compliance: Strictly adheres to US regulatory requirements, with high transparency of reserve assets, audited monthly with public reports.

合规性强：严格遵守美国监管要求，储备资产透明度高，每月审计并公开报告。

Value Peg: Pegged to the US dollar at a 1:1 ratio, with reserves consisting of cash and short-term government bonds. Widely used in DeFi, payment solutions, and corporate transactions.

价值挂钩：以1:1的比例与美元挂钩，储备包括现金和短期政府债券。广泛应用于 DeFi、支付解决方案和企业交易。

Market Position: Highly favored by institutional users for its compliance and transparency, making it the second-largest stablecoin after USDT.

市场地位：因其合规、透明而深受机构用户青睐，成为仅次于USDT的第二大稳定币。

FDUSD (First Digital USD)

FDUSD（第一个数字美元）

Issuer: First Digital Labs

发行人：First Digital Labs

Launch Date: 2023

发布日期：2023 年

Pegging Mechanism: Backed by 100% US dollars or equivalent cash equivalents (such as short-term government bonds), maintaining a 1:1 value peg with the US dollar.

挂钩机制：以100%美元或等值现金等价物（如短期政府债券）为支撑，与美元保持1:1的挂钩。

Blockchain Support: Compatible with Ethereum and Binance Smart Chain (BNB Chain), primarily supported by Binance for trading, lending, mining, etc., leading to high market acceptance.

区块链支持：兼容以太坊和币安智能链（BNB Chain），主要由币安支持交易、借贷、挖矿等，市场认可度较高。

DAI

戴伊

DAI is a decentralized, over-collateralized stablecoin launched by the MakerDAO smart contract platform on the Ethereum blockchain. Unlike traditional fiat-backed stablecoins, DAI is generated by collateralizing crypto assets (such as ETH), maintaining a 1:1 peg with the US dollar (USD).

DAI 是由 MakerDAO 智能合约平台在以太坊区块链上推出的去中心化、超额抵押的稳定币。与传统的法币支持的稳定币不同，DAI 是通过抵押加密资产（例如 ETH）生成的，与美元 (USD) 保持 1:1 的挂钩。

Issuer: MakerDAO

发行人：MakerDAO

Launch Date: 2017

推出日期：2017 年

Value Peg: Maintains a stable value of 1:1 with the US dollar through smart contracts and collateral mechanisms.

价值挂钩：通过智能合约和抵押机制，与美元保持1:1的稳定价值。

Operating Network: Ethereum and other EVM-compatible blockchains (such as Polygon, Optimism, etc.). Currently, it is the highest market cap algorithmic stablecoin.

运营网络：以太坊和其他EVM兼容的区块链（例如Polygon、Optimism等）。目前，它是市值最高的算法稳定币。

New Stablecoins

新稳定币

Unlike traditional stablecoins, new stablecoins not only maintain relative price stability but also provide additional investment returns to holders through innovative yield models.

与传统稳定币不同，新型稳定币不仅能保持相对的价格稳定，还能通过创新的收益率模型为持有者提供额外的投资回报。

Key Features of New Stablecoins:

新稳定币的主要特点：

Provide returns to users by investing in low-risk assets (such as government bonds), staking native tokens, or using structured financial strategies.

通过投资低风险资产（如政府债券）、质押原生代币或使用结构化金融策略为用户提供回报。

Maintain relative price stability and high liquidity using assets like government bonds as collateral, which can be traded or redeemed at any time.

使用政府债券等可随时交易或赎回的资产作为抵押品，保持相对价格稳定和高流动性。

Combine on-chain assets with off-chain funds, bonds, etc.

将链上资产与链下资金、债券等结合起来。

1. USDe

1. 美元

USDe is a new synthetic dollar stablecoin developed by Ethena Labs, aimed at providing a decentralized, scalable, and censorship-resistant stablecoin solution. It currently ranks third in the stablecoin market by market cap and first among algorithmic stablecoins.

USDe 是 Ethena Labs 开发的新型合成美元稳定币，旨在提供去中心化、可扩展且抗审查的稳定币解决方案。目前按市值计算，它在稳定币市场中排名第三，在算法稳定币中排名第一。

Operational Mechanism

运作机制

The core mechanism of USDe is to maintain a 1:1 peg with the US dollar through a Delta-neutral strategy. Whitelisted users (typically institutions, exchanges, and large holders) can use crypto assets like ETH, BTC, USDT, and stETH as collateral to mint USDe. Ethena Labs uses these collaterals to open corresponding short perpetual contracts or futures positions to hedge against price fluctuations, ensuring the stability of USDe's value. This strategy allows USDe to achieve stability and scalability without over-collateralization.

USDe的核心机制是通过Delta中性策略维持与美元1:1的挂钩。白名单用户（通常是机构、交易所和大户）可以使用 ETH、BTC、USDT 和 stETH 等加密资产作为抵押品来铸造 USDe。 Ethena Labs利用这些抵押品开立相应的空头永续合约或期货头寸来对冲价格波动，保证USDe价值的稳定性。该策略使 USDe 能够在不过度抵押的情况下实现稳定性和可扩展性。

Currently, regular users cannot directly deposit ETH or BTC to mint USDe; they can purchase USDe using stablecoin assets (such as USDT, USDC, DAI, crvUSD, etc.), avoiding liquidation risks.

目前普通用户无法直接充值ETH或BTC来铸造USDe；他们可以使用稳定币资产（如USDT、USDC、DAI、crvUSD等）购买USDe，避免爆仓风险。

USDe's Yield Mainly Comes From Two Aspects

USDe的收益率主要来自两个方面

Staking Yield: When users use liquid staking tokens (like stETH) as collateral, these tokens generate staking rewards, including inflation rewards from the consensus layer, transaction fees from the execution layer, and maximum extractable value (MEV). These rewards accumulate over time, enhancing the value of USDe.

质押收益：当用户使用流动性质押代币（如stETH）作为抵押品时，这些代币会产生质押奖励，包括来自共识层的通胀奖励、来自执行层的交易费用以及最大可提取价值（MEV）。这些奖励随着时间的推移而积累，从而提高了 USDe 的价值。

Funding Rate and Basis Yield: In the perpetual and futures markets, traders holding long positions typically need to pay funding rates to those holding short positions. Additionally, the basis of futures contracts (the difference between futures and spot prices) can also generate returns. Ethena Labs utilizes these mechanisms to provide additional yield sources for USDe holders.

资金费率和基差收益率：在永续合约和期货市场中，持有多头头寸的交易者通常需要向持有空头头寸的交易者支付资金费率。此外，期货合约的基础（期货和现货价格之间的差价）也可以产生收益。 Ethena Labs 利用这些机制为 USDe 持有者提供额外的收益来源。

Staking USDe can yield sUSDe to enjoy staking rewards, and the yield of USDe fluctuates based on market volatility and changes in funding rates for hedged positions. It once reached an annual

质押 USDe 可以产生 sUSDe 来享受质押奖励，USDe 的收益率根据市场波动和对冲仓位资金费率的变化而波动。一度达到年度