USDTB：一种新的Stablecoin杠杆贝莱克的标记资金

本文探讨了USDTB的独特结构，与Ethena现有的USDE Stablecoin的关系以及与传统财务的方式

Stablecoins have become a cornerstone of the crypto ecosystem, offering stability in a market known for its volatility. Among recent innovations is USDtb, a new stablecoin from Ethena Labs that leverages BlackRock's tokenized funds to create a reliable digital dollar alternative.

稳定币已成为加密生态系统的基石，在以其波动性而闻名的市场中提供稳定性。最近的创新是USDTB，这是一种来自Ethena Labs的新Stablecoin，它利用BlackRock的标记资金创建可靠的数字美元替代品。

This article examines USDtb's unique structure, its relationship with Ethena's existing USDe stablecoin and the way it bridges traditional finance with decentralized systems to offer a differentiated risk profile for both retail and institutional users.

本文研究了USDTB的独特结构，与Ethena现有的USDE Stablecoin的关系以及它与分散系统桥接传统金融的方式，为零售和机构用户提供差异化​​的风险概况。

Key Takeaways:

关键要点：

USDtb is a blockchain-based USD stablecoin primarily backed by BlackRock's BUIDL tokenized treasury fund, offering institutional-grade stability with 24/7 accessibility in volatile market conditions.

USDTB是一个基于区块链的USD Stablecoin，主要由BlackRock的Buidl令牌化财务基金支持，在动荡的市场条件下提供24/7可访问性的机构稳定性。

Looking to trade USDtb tokens? Bybit now offers the USDtb/USDT Spot trading pair.

想要交易USDTB令牌？ Bybit现在提供USDTB/USDT现货交易对。

What is USDtb?

什么是USDTB？

USDtb is a blockchain-based USD stablecoin primarily backed by the BlackRock BUIDL tokenized treasury fund and provides institutional-grade stability with 24/7 accessibility in volatile market conditions.

USDTB是一个基于区块链的USD Stablecoin，主要由BlackRock Buidl令牌化财政基金支持，并提供机构级的稳定性，并在挥发性市场条件下具有24/7的可访问性。

Launched in December 2024 by Ethena Labs, USDtb follows a traditional fully-backed stablecoin model, where each token represents one US dollar, ensuring value stability and transparency through a direct 1:1 backing relationship.

USDTB于2024年12月由Ethena Labs推出，遵循传统的完整的Stablecoin型号，每个令牌代表一美元，从而通过直接的1：1支持关系确保了价值稳定性和透明度。

Eighty percent of USDtb reserves are invested in the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which holds cash, repurchase agreements and US Treasury instruments. The remaining 2% is held in stablecoins such as USDC, to maintain immediate liquidity during weekends or holidays when traditional treasury markets are closed.

持有现金，回购协议和美国国库工具的BlackRock USD机构数字流动性基金（BUIDL）投资了80％的USDTB储备金。其余2％的人在诸如USDC之类的稳定币中持有，以在传统的财政市场关闭时保持直接流动性。

What is Ethena?

什么是乙烯？

Ethena (ENA) is a DeFi protocol built on Ethereum and known for USDe, its innovative synthetic dollar. The Ethena protocol bridges traditional finance with decentralized systems through sophisticated financial engineering and institutional partnerships.

Ethena（ENA）是基于以太坊建立的DEFI协议，并以USDE（其创新的合成美元）而闻名。 Ethena协议通过精致的金融工程和机构合作伙伴关系将传统财务与分散系统融合在一起。

Generally based on Arthur Hayes's early 2023 "Dust on Crust" blog post, Ethena has quickly become a major player in the stablecoin ecosystem. The protocol uses delta-neutral strategies that pair spot crypto assets with corresponding short positions on derivatives exchanges, enabling impressive revenue while maintaining stability.

通常，基于亚瑟·海斯（Arthur Hayes）2023年初的“灰尘”博客文章，埃塞纳（Ethena）迅速成为Stablecoin生态系统的主要参与者。该协议使用三角洲中立策略，将加密资产与衍生工具交换的相应职位相应配对，从而在保持稳定的同时使收入令人印象深刻。

The Ethena ecosystem is governed by its native ENA token. With the introduction of USDtb, Ethena expands its offerings to include a fully-backed stablecoin supported by BlackRock's institutional-grade BUIDL fund, diversifying its solutions to suit different market conditions and users.

Ethena生态系统受其原生ENA代币管辖。随着USDTB的推出，Ethena扩大了其产品，包括由BlackRock的机构Buidl Fund支持的完整支持的Stablecoin，使其解决方案多样化，以适应不同的市场条件和用户。

What is BlackRock's BUIDL?

什么是贝莱德的buidl？

BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) is a tokenized money market fund that invests in dollar-equivalent assets, such as cash, US Treasury bonds and repurchase agreements. Developed in partnership with Securitize, a leading real-world asset tokenization company, BUIDL represents BlackRock's entry into the tokenized treasury space.

BlackRock的USD机构数字流动性基金（BUIDL）是一个令牌化的货币市场基金，用于投资于美元当量的资产，例如现金，美国财政债券和回购协议。 Buidl与领先的现实资产令牌化公司Securitize合作开发，代表BlackRock进入令牌化的财政空间。

BUIDL is cross-chain compatible, operating across multiple blockchains including Ethereum, Arbitrum, Avalanche and Polygon. As the largest tokenized fund of its kind, BUIDL provides institutional-grade backing for USDtb, lending credibility to the stablecoin through BlackRock's established reputation in traditional finance.

BuIDL是跨链兼容的，在多个区块链上运行，包括以太坊，仲裁，雪崩和多边形。作为最大的代币基金，Buidl为USDTB提供了机构级的支持，通过贝莱德（BlackRock）在传统财务中既定的声誉来使稳定性的信誉。

What does USDtb aim to achieve?

USDTB的目标是什么？

USDtb represents Ethena's strategic approach to creating a more resilient ecosystem that can withstand various market conditions, while bridging the gap between DeFi innovation and traditional financial systems. Some of its key aims include:

USDTB代表了Ethena创建一个更具弹性的生态系统的战略方法，该生态系统可以承受各种市场条件，同时弥合Defi Innovation和传统金融系统之间的差距。它的一些主要目的包括：

Risk diversification: USDtb provides an alternative to Ethena's USDe during unfavorable market conditions. When funding rates for USDe turn negative in bear markets, Ethena can close its hedging positions and reallocate assets to USDtb, maintaining stability within its ecosystem.

风险多样化：USDTB在不利的市场条件下为Ethena的USDE提供了替代方案。当USDE的资金率在熊市中变为负面时，Ethena可以关闭其对冲头寸并将资产重新分配给USDTB，从而保持其生态系统内的稳定性。

Traditional finance integration: Using BlackRock's BUIDL fund, USDtb bridges institutional finance and cryptocurrency markets, potentially attracting traditional finance (TradFi) entities who are hesitant to engage with cryptocurrencies.

传统财务整合：使用BlackRock的Buidl基金，USDTB Bridges机构财务和加密货币市场，可能会吸引传统的金融（TradFI）实体，这些实体犹豫不决地与加密货币互动。

Stability enhancement: USDtb's direct backing by treasuries provides a straightforward stability mechanism that's easier to understand and performs reliably even during times of extreme market stress.

稳定性提高：USDTB通过国库的直接支持提供了一种直接的稳定机制，即使在极端市场压力的时期，也更容易理解和可靠地执行。

Ecosystem expansion: USDtb expands Ethena's product suite, allowing users to remain within the Ethena ecosystem — even when they are seeking different risk profiles, or during changing market conditions.

生态系统扩展：USDTB扩展了Ethena的产品套件，即使在寻求不同的风险概况或在不断变化的市场状况下，用户也可以保留在Ethena生态系统中。

How does USDtb work?

USDTB如何工作？

USDtb operates as a blockchain-based stablecoin through a sophisticated infrastructure designed for independence, transparency and security. Unlike traditional dollars, USDtb enables faster and cheaper transactions while maintaining stability through institutional-grade backing.

USDTB通过旨在独立性，透明度和安全性的复杂基础结构作为基于区块链的Stablecoin运行。与传统的美元不同，USDTB可以通过机构的支持保持稳定性，可以更快，更便宜。

The minting and redemption process occurs through a smart contract system with strict controls. Only verified users who pass comprehensive KYC/AML checks can mint or redeem USDtb directly. The system's safeguards include maximum mint/redeem limits per block and whitelisted custodian addresses to prevent manipulation.

铸造和赎回过程是通过严格控制的智能合约系统进行的。只有通过综合KYC/AML检查的验证用户才能直接造成或兑换USDTB。该系统的保障措施包括每个街区的最大薄荷/赎回限制和白名单的托管士，以防止操纵。

For transparency, USDtb maintains visible on-chain wallets and publishes monthly fund administrator NAV reports. Holders can use USDtb just as any digital dollar

为了透明，USDTB保持可见的链链钱包并发布每月基金管理员NAV报告。持有人可以使用USDTB作为任何数字美元