有收益的稳定币：在 DeFi 中赚取被动收入的综合指南

产生收益的稳定币提供了两全其美的优点：传统稳定币的稳定性以及赚取回报的额外好处。如果您正在寻找去中心化金融（DeFi）的机会，或者只是想让您的资产为您服务，那么有收益的稳定币可能是一个不错的选择。

Yield-bearing stablecoins are a type of cryptocurrency that offer the best of both worlds: the stability of traditional stablecoins with the added benefit of earning returns. If you’re looking to explore opportunities in decentralized finance (DeFi) or simply want to make your assets work for you, yield-bearing stablecoins could be a great option. They maintain a stable value —usually pegged to the US dollar— while generating yield, making them an attractive choice for both crypto enthusiasts and traditional investors.

收益稳定币是一种兼具两全其美的加密货币：传统稳定币的稳定性以及赚取回报的额外好处。如果您正在寻找去中心化金融（DeFi）的机会，或者只是想让您的资产为您服务，那么有收益的稳定币可能是一个不错的选择。它们保持稳定的价值（通常与美元挂钩），同时产生收益，这使它们成为加密货币爱好者和传统投资者的有吸引力的选择。

In this guide, we’ll break down everything you need to know about yield-bearing stablecoins, how they work, their differences from traditional stablecoins, and how you can make the most of them.

在本指南中，我们将详细介绍您需要了解的有关收益稳定币的所有信息、它们的工作原理、它们与传统稳定币的区别以及如何充分利用它们。

What Are Yield-Bearing Stablecoins?

什么是收益稳定币？

Yield-bearing stablecoins are a specialized type of stablecoin that offer more than just price stability. Unlike traditional stablecoins, which merely hold value, yield-bearing stablecoins provide opportunities for passive income. By simply holding these stablecoins in your wallet, you can earn interest without any active management on your part.

收益稳定币是一种特殊类型的稳定币，它提供的不仅仅是价格稳定性。与仅仅保值的传统稳定币不同，产生收益的稳定币提供了被动收入的机会。只需将这些稳定币放在钱包中，您就可以赚取利息，而无需您进行任何主动管理。

These stablecoins are perfect if you’re looking to:

如果您想要满足以下条件，这些稳定币是完美的选择：

For example, holding USDY, one of the largest yield-bearing stablecoins, can provide you with regular interest payouts, which is a straightforward way to earn without needing to take extra steps.

例如，持有收益最大的稳定币之一 USDY 可以为您提供定期利息支付，这是一种无需采取额外步骤即可直接赚钱的方式。

Moreover, you can amplify your rewards by supplying these stablecoins to decentralized exchanges (DEXs) or lending protocols. In doing so, you can earn trading fees or interest payments, contributing to your overall earnings and the liquidity of the DeFi ecosystem.

此外，您可以通过将这些稳定币提供给去中心化交易所（DEX）或借贷协议来放大您的奖励。这样做，您可以赚取交易费或利息，为您的整体收入和 DeFi 生态系统的流动性做出贡献。

We can summarize yield-bearing stablecoins as follows:

我们可以将有收益的稳定币总结如下：

Yield-Bearing vs. Traditional Stablecoins

收益稳定币与传统稳定币

Both yield-bearing and traditional stablecoins aim to maintain a stable value, often pegged to the US dollar. However, they differ in functionality and benefits. Let’s break down the similarities and differences.

有收益的稳定币和传统的稳定币都旨在保持稳定的价值，通常与美元挂钩。然而，它们的功能和优点有所不同。让我们来分析一下它们的相似点和不同点。

Similarities

相似之处

In summary, yield-bearing stablecoins have the added complexity but reward you with returns, making them ideal if you’re looking for more than just stability.

总而言之，具有收益的稳定币虽然增加了复杂性，但会给您带来回报，如果您寻求的不仅仅是稳定性，那么它们是理想的选择。

How Do Yield-Bearing Stablecoins Generate Returns?

具有收益的稳定币如何产生回报？

Yield-bearing stablecoins generate returns through various strategies, allowing you to profit from different sectors. Here’s a closer look at the three primary methods:

收益稳定币通过各种策略产生回报，让您从不同领域获利。下面详细介绍了三种主要方法：

For instance, platforms like Ondo Finance and Mountain Protocol offer stablecoin holders access to returns generated by investing in real-world assets (RWAs) such as treasury bills or corporate bonds, effectively combining traditional finance with the crypto world.

例如，Ondo Finance 和 Mountain Protocol 等平台为稳定币持有者提供投资国库券或公司债券等现实世界资产 (RWA) 所产生的回报，有效地将传统金融与加密世界结合起来。

Examples of Yield-Bearing Stablecoins

具有收益的稳定币示例

Below are some of the top yield-bearing stablecoins in the market, ranked by popularity and trading volume-

以下是市场上一些收益最高的稳定币，按受欢迎程度和交易量排名-

sDAI (Savings DAI)

sDAI（储蓄 DAI）

sDAI is a yield-bearing version of the widely recognized decentralized stablecoin DAI, created by MakerDAO. This stablecoin allows you to earn interest by using the Dai Savings Rate (DSR) module. When you deposit your DAI into the DSR module, you receive sDAI in return, which represents your deposited amount.

sDAI 是广泛认可的去中心化稳定币 DAI 的有收益版本，由 MakerDAO 创建。这种稳定币允许您通过使用 Dai 储蓄率 (DSR) 模块赚取利息。当您将 DAI 存入 DSR 模块时，您会收到 sDAI 作为回报，它代表您的存入金额。

What’s unique about sDAI is that it follows the ERC-4626 standard, meaning it’s a standardized yield-bearing vault that allows for smoother integration with various DeFi applications. As a holder of sDAI, you earn yield generated by the Maker protocol, with the returns distributed to DAI holders. This means that your investment continues to grow over time without requiring you to actively manage it.

sDAI 的独特之处在于它遵循 ERC-4626 标准，这意味着它是一个标准化的收益保险库，可以更顺利地与各种 DeFi 应用集成。作为 sDAI 的持有者，您可以赚取 Maker 协议产生的收益，并将收益分配给 DAI 持有者。这意味着您的投资会随着时间的推移而持续增长，而无需您积极管理。

Moreover, you’re not limited to simply holding sDAI in your wallet. It can be transferred, staked, lent out, or used across different DeFi applications while accumulating yield. If you wish to convert your sDAI back to DAI, you can do so seamlessly by withdrawing from the DSR module. This process doesn’t require you to use a decentralized exchange (DEX), making it a straightforward and flexible option for generating passive income.

此外，您不仅限于在钱包中持有 sDAI。它可以在不同的 DeFi 应用程序之间转移、质押、借出或使用，同时积累收益。如果您希望将 sDAI 转换回 DAI，您可以通过退出 DSR 模块来无缝地完成此操作。此过程不需要您使用去中心化交易所（DEX），使其成为产生被动收入的简单而灵活的选择。

USDe (Ethena Labs)

USDe（雅典娜实验室）

USDe, also referred to as sUSDe, is a relatively new addition to the yield-bearing stablecoin landscape, having gained significant traction since its launch in early 2024. What makes USDe particularly interesting is its “delta-neutral” trading strategy, which it uses to generate yield. This strategy allows USDe to maintain its stability while still providing returns to its holders, effectively minimizing the risk associated with market fluctuations.

USDe，也称为 sUSDe，是收益稳定币领域的一个相对较新的成员，自 2024 年初推出以来获得了巨大的关注。 USDe 特别有趣的是其“Delta 中性”交易策略，它使用产生产量。这一策略使得USDe在保持稳定性的同时仍能为持有者提供回报，有效降低了与市场波动相关的风险。

USDe leverages various DeFi protocols and market-making activities to achieve these yields, making it a competitive option when compared to traditional financial products. By incorporating these strategies, USDe is designed to offer stable value alongside attractive returns, making it a compelling choice for investors looking for reliable yield generation without sacrificing stability.

USDe 利用各种 DeFi 协议和做市活动来实现这些收益率，使其成为与传统金融产品相比具有竞争力的选择。通过整合这些策略，USDe 旨在提供稳定的价值和有吸引力的回报，使其成为寻求可靠收益而不牺牲稳定性的投资者的一个令人信服的选择。

Ondo Finance – USDY

Ondo 金融 – USDY

USDY is an interest-generating “stablecoin.” Well, it’s not exactly a traditional stablecoin, it’s more a tokenized secured note, as per Ondo Finance’s documentation. It’s issued by the protocol using the ERC-20 standard on the Ethereum blockchain and secured by short.term US treasuries and bank

USDY 是一种产生利息的“稳定币”。嗯，根据 Ondo Finance 的文档，它并不完全是传统的稳定币，它更像是一种代币化的担保票据。它由使用以太坊区块链上的 ERC-20 标准的协议发行，并由短期美国国库券和银行担保