Usual、Anzen、Resolv：揭开计息稳定币协议的锚定机制

市场对去中心化稳定币的渴望从未减弱。从DAI到UST，从背后的抵押品类型到锚定机制，去中心化稳定币的发展经历了多次迭代。

Stablecoins have become a battleground. Cryptocurrency has always been known to the outside world for its high volatility and the rapid rise and fall of tokens, which seems to have little to do with "stability". However, the development of decentralized finance (DeFi) has put forward higher requirements for the stability of tokens, especially the stability of large-value tokens, which is closely related to the development of decentralized stablecoins.

稳定币已成为战场。加密货币一直被外界认为波动性大、代币涨跌快，似乎与“稳定”关系不大。然而，去中心化金融（DeFi）的发展对代币的稳定性提出了更高的要求，尤其是大额代币的稳定性，这与去中心化稳定币的发展密切相关。

Stablecoins are mostly anchored to the US dollar, which can not only be used as chips to exchange for other tokens, but also be used for payment services and other functions. At present, the overall market value of this sector exceeds 200 billion US dollars, which is already a relatively mature sector in the crypto market.

稳定币大多锚定美元，不仅可以作为兑换其他代币的筹码，还可以用于支付服务等功能。目前该板块整体市值超过2000亿美元，已经是加密市场中相对成熟的板块。

However, the most common USDT and USDC on the market are both centralized institutions, and their combined market share is close to 90%. Other projects also want to grab a piece of this pie. For example, Web 2 payment giant PayPal launched its own stablecoin pyUSD in 2023 to take a position in advance; recently, XRP's parent company Ripple also issued RLUSD in an attempt to challenge the stablecoin market.

但市场上最常见的USDT和USDC都是中心化机构，合计市场份额接近90%。其他项目也想分一杯羹。例如，Web 2支付巨头PayPal在2023年推出了自己的稳定币pyUSD，提前占据一席之地；近期，XRP的母公司Ripple也发行了RLUSD，试图挑战稳定币市场。

The above two cases are more about payment services using stablecoins, most of which are backed by US dollars or short-term government bonds as collateral. Decentralized stablecoins place more emphasis on yield, anchoring mechanism, and composability with DeFi.

上述两个案例更多的是使用稳定币的支付服务，其中大部分以美元或短期政府债券作为抵押品。去中心化稳定币更注重收益率、锚定机制以及与 DeFi 的可组合性。

The market's desire for decentralized stablecoins has never diminished. From DAI to UST, from the types of collateral behind it to the anchoring mechanism, the development of decentralized stablecoins has gone through several iterations. The USDe, which was pioneered by Ethena and uses futures arbitrage + staking to generate income, opened up users' imagination of interest-bearing stablecoins. The market value of USDe stablecoin is also the third in the market, reaching US$5.9 billion. Recently, Ethena and BlackRock have cooperated to launch the USDtb stablecoin with income provided by RWA. This product avoids the risk of negative funding rates and can generate stable interest regardless of bull or bear markets, complementing the overall product line and making Ethena the focus of market attention.

市场对去中心化稳定币的渴望从未减弱。从DAI到UST，从背后的抵押品类型到锚定机制，去中心化稳定币的发展经历了多次迭代。 Ethena首创的利用期货套利+质押创收的USDe，开启了用户对生息稳定币的想象。 USDe稳定币市值也位居市场第三，达到59亿美元。近期，Ethena 与 BlackRock 合作推出 USDtb 稳定币，收益由 RWA 提供。该产品避免了负资金利率风险，无论牛市还是熊市都能产生稳定的利息，补充了整体产品线，使Ethena成为市场关注的焦点。

In view of the success of Ethena, more and more interest-bearing stablecoin protocols have emerged in the market, such as Usual, which recently announced a partnership with Ethena; Anzen, which is built on the Base ecosystem; and Resolv, which uses ETH as collateral. What are the anchoring mechanisms of these three protocols? Where do the revenue sources behind them come from? Let WOO X Research show you.

鉴于 Ethena 的成功，市场上出现了越来越多的计息稳定币协议，例如最近宣布与 Ethena 合作的 Usual； Anzen，建立在Base生态系统之上； Resolv，使用 ETH 作为抵押品。这三种协议的锚定机制是什么？他们背后的收入来源从何而来？让 WOO X Research 向您展示。

Usual: Strong team background and Ponzi-like token design

通常：强大的团队背景和庞氏骗局的代币设计

Usual is an RWA interest-bearing stablecoin. The interest-bearing assets behind it are short-term government bonds, and the stablecoin is USD0. After staking USD0, you will get USD0++, and $USUAL is used as a staking reward. They believe that the current stablecoin issuers are too centralized, just like traditional banks, and rarely distribute value to users. USUAL will make users the same owners of the project, and 90% of the value generated will be returned to users.

Usual 是一种 RWA 计息稳定币。其背后的生息资产是短期国债，稳定币是0美元。质押USD0后，您将获得USD0++，$USUAL作为质押奖励。他们认为，目前的稳定币发行机构过于中心化，就像传统银行一样，很少向用户分配价值。 USUAL将使用户成为项目的同一所有者，产生的价值90%将返还给用户。

In terms of the project's background, CEO Pierre Person was a member of the French Parliament and a political advisor to French President Emmanuel Macron. Yoko, an executive in Asia, was a fundraiser for the former French presidential election. The project has good political and business relations in France, and the most important thing about RWA is to transfer physical assets to the chain. Supervision and government support are the key to the success of the project. Obviously, USUAL has good political and business relations, which is also a strong moat for the project.

从项目背景来看，首席执行官皮埃尔·珀森(Pierre Person)曾是法国议会议员、法国总统马克龙的政治顾问。洋子是亚洲的一名高管，曾为法国前总统选举筹款。该项目在法国有良好的政商关系，RWA最重要的就是将实体资产转移到链上。监督和政府支持是项目成功的关键。显然，USUAL拥有良好的政治和商业关系，这也是该项目的强大护城河。

Back to the project mechanism itself, the USUAL token economics has Ponzi properties. It is not just a mining coin and has no fixed issuance volume. The issuance of USUAL is linked to the TVL of the staked USD0 (USD0++), which is an inflation model. However, the issuance volume will vary according to the "income growth" of the protocol, strictly ensuring that the inflation rate < the protocol growth rate.

回到项目机制本身，通常的通证经济具有庞氏性质。它不仅仅是矿币，也没有固定的发行量。 USUAL的发行与质押的USD0（USD0++）的TVL挂钩，这是一种通胀模型。但发行量会根据协议的“收入增长”而变化，严格保证通胀率<协议增长率。

Every time USD0++ bond tokens are minted, a corresponding proportion of $USUAL will be generated and released to all parties. The minting rate will be the highest at the beginning after TGE, and it is a gradually declining exponential curve. The purpose is to reward early participants and create token scarcity in the later stage, thereby driving up the intrinsic value of tokens.

每次铸造 USD0++ 债券代币时，都会生成相应比例的 $USUAL 并释放给各方。 TGE之后的初期铸币率最高，呈逐渐下降的指数曲线。目的是奖励早期参与者，并在后期创造代币稀缺性，从而推高代币的内在价值。

Simply put, the higher the TVL, the less USUAL is emitted and the higher the value of a single USUAL.

简单来说，TVL 越高，发出的 USUAL 越少，单个 USUAL 的价值就越高。

The higher the USUAL price is -> more incentives to stake USD0 -> higher TVL -> lower USUAL emissions -> higher USUAL price

USUAL 价格越高 -> 质押 0 美元的激励越多 -> TVL 越高 -> USUAL 排放量越低 -> USUAL 价格越高

USD0's market value increased by 6.6% in the past week, reaching 1.4 billion US dollars

USD0市值近一周上涨6.6%，达到14亿美元