随着新协议的出现挑战 Ethena Labs，带来收益的稳定币之战愈演愈烈

市场对去中心化稳定币的渴望从未减弱。从DAI到UST，去中心化稳定币的演变经历了多次迭代。

Stablecoins, pegged mainly to the US dollar, serve not only as chips for exchanging other tokens but also for payment functions. With the overall market capitalization of this sector exceeding $200 billion, it is a relatively mature segment of the crypto market.

稳定币主要与美元挂钩，不仅可以作为交换其他代币的筹码，还可以提供支付功能。该行业整体市值超过2000亿美元，是加密货币市场中相对成熟的细分领域。

However, the most common stablecoins on the market today, USDT and USDC, are both centralized entities, with their combined market share approaching 90%. Other projects are also eager to grab a piece of this pie. For instance, the Web 2 payment giant PayPal launched its own stablecoin, pyUSD, in 2023 to secure its position early; recently, XRP's parent company Ripple also issued RLUSD in an attempt to challenge the stablecoin market.

然而，目前市场上最常见的稳定币USDT和USDC都是中心化实体，它们的市场份额合计接近90%。其他项目也渴望分一杯羹。例如，Web 2支付巨头PayPal在2023年推出了自己的稳定币pyUSD，以提前巩固自己的地位；近期，XRP的母公司Ripple也发行了RLUSD，试图挑战稳定币市场。

These two cases primarily focus on the payment functionalities of stablecoins, which are mostly backed by US dollars or short-term government bonds, while decentralized stablecoins emphasize yield, pegging mechanisms, and composability with DeFi.

这两个案例主要关注稳定币的支付功能，稳定币大多由美元或短期政府债券支持，而去中心化稳定币则强调收益率、挂钩机制以及与 DeFi 的可组合性。

The market's desire for decentralized stablecoins has never waned. From DAI to UST, the evolution of decentralized stablecoins has gone through several iterations, with Ethena pioneering the use of futures arbitrage and staking to generate yield with USDe, which has opened users' imaginations regarding yield-bearing stablecoins. The market capitalization of USDe stablecoin ranks third in the entire market, reaching $5.9 billion. Recently, Ethena partnered with BlackRock to launch the USDtb stablecoin, which provides yield from RWA, avoiding the risk of funding rates turning negative, and ensuring stable income during both bull and bear markets, thus completing its overall product line and making Ethena a focal point of market attention.

市场对去中心化稳定币的渴望从未减弱。从DAI到UST，去中心化稳定币的演变经历了多次迭代，其中Ethena首创利用期货套利和质押方式以USDe产生收益，开启了用户对于收益稳定币的想象。 USDe稳定币市值在整个市场排名第三，达到59亿美元。近期，Ethena 与贝莱德合作推出 USDtb 稳定币，提供 RWA 收益，规避资金利率为负的风险，保证牛熊市稳定收益，完善整体产品线，让 Ethena 成为焦点的市场关注度。

In light of Ethena's success, more yield-bearing stablecoin-related protocols have emerged in the market, such as Usual, which recently announced a partnership with Ethena; Anzen, built on the Base ecosystem; and Resolv, which uses ETH as collateral. What are the pegging mechanisms of these three protocols? Where do their yields come from? Let's take a look with WOO X Research.

鉴于 Ethena 的成功，市场上出现了更多具有收益的稳定币相关协议，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。这三个协议的挂钩机制是什么？他们的收益从何而来？让我们和 WOO X Research 一起来看看吧。

USUAL: Strong Team Background with Ponzi-like Attributes in Token Design

通常：强大的团队背景以及代币设计中的庞氏骗局属性

The RWA yield-bearing stablecoin has short-term government bonds as its underlying yield-bearing assets, with the stablecoin pegged at USD0. After staking USD0, users receive USD0++, with $USUAL as the staking reward. They believe that current stablecoin issuers are overly centralized, akin to traditional banks, which rarely distribute value to users. USUAL aims to make users co-owners of the project, returning 90% of the generated value to users.

RWA 收益稳定币以短期政府债券为基础收益资产，稳定币与 0 美元挂钩。用户质押USD0后，将获得USD0++，其中质押奖励为$USUAL。他们认为，当前的稳定币发行机构过于中心化，类似于传统银行，很少向用户分配价值。 USUAL旨在让用户成为项目的共同所有者，将所产生的价值的90%返还给用户。

Regarding the project's background, CEO Pierre Person has served as a member of the French National Assembly and as a political advisor to French President Macron. The Asia-Pacific executive Yoko was a former fundraiser for the French presidential election. The project has strong political and business connections in France, and the key to RWA is transferring real assets onto the blockchain, where regulatory and governmental support is crucial for the project's success. Clearly, USUAL has good political and business relationships, providing a strong moat for the project.

关于该项目的背景，首席执行官皮埃尔·珀森(Pierre Person)曾担任法国国民议会议员和法国总统马克龙的政治顾问。亚太区高管洋子曾是法国总统选举的筹款人。该项目在法国有着强大的政治和商业联系，RWA的关键是将实物资产转移到区块链上，其中监管和政府的支持对于项目的成功至关重要。显然，USUAL拥有良好的政治和商业关系，为该项目提供了强大的护城河。

Returning to the project mechanism itself, USUAL's token economics exhibit Ponzi-like attributes; it is not merely a mining coin, with no fixed issuance volume. The issuance of USUAL is linked to the TVL of staked USD0 (USD0++), forming an inflation model, but the issuance volume will vary based on the protocol's "revenue growth," strictly ensuring that the inflation rate is less than the protocol's growth rate.

回到项目机制本身，USUAL的通证经济表现出庞氏骗局的属性；它不仅仅是一种没有固定发行量的矿币。 USUAL的发行与质押的USD0（USD0++）的TVL挂钩，形成通胀模型，但发行量会根据协议的“收入增长”而变化，严格保证通胀率小于协议的增长率。

Whenever new USD0++ bond tokens are minted, a corresponding proportion of $USUAL is generated and distributed to various parties. The conversion ratio, known as the Minting Rate, will be highest at the beginning after the TGE, following a gradually declining exponential curve, aimed at rewarding early participants and creating token scarcity later, thereby driving up the intrinsic value of the token.

每当铸造新的 USD0++ 债券代币时，就会生成相应比例的 $USUAL 并分配给各方。兑换率（即铸币率）在TGE之后的初期最高，呈指数曲线逐渐下降，旨在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。

In simple terms, 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，USUAL 排放量越少，单个 USUAL 的价值就越高。

Higher USUAL price -> Incentivizes staking USD0 -> Increases TVL -> Reduces USUAL emissions -> Increases USUAL price

更高的平常价格 -> 激励质押 0 美元 -> 增加 TVL -> 减少平常排放量 -> 提高平常价格

USD0's market capitalization increased by 66% over the past week, reaching $1.4 billion, surpassing PyUSD, with USD0++ APY also reaching 50%.

USD0的市值在过去一周增长了66%，达到14亿美元，超过PyUSD，USD0++的APY也达到了50%。

Recently, Usual has also partnered with Ethena to accept USDtb as collateral and subsequently migrate part of the supporting assets of the stablecoin USD0 to USDtb. In the coming months, Usual will become one of the largest minters and holders of USDtb.

近期，Usual 还与 Ethena 合作，接受 USDtb 作为抵押品，随后将稳定币 USD0 的部分支持资产迁移至 USDtb。在接下来的几个月中，Usual 将成为 USDtb 最大的铸币者和持有者之一。

As part of this collaboration, Usual will establish an sUSDe vault for holders of the bond product USD0++, allowing Usual users to earn sUSDe rewards while maintaining exposure to Usual. This will enable Usual users to leverage Ethena's rewards

作为此次合作的一部分，Usual 将为债券产品 USD0++ 的持有者建立 sUSDe 金库，让 Usual 用户在保持 Usual 敞口的同时赚取 sUSDe 奖励。这将使普通用户能够利用 Ethena 的奖励