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\u4ece Token Terminal \u7684\u6570\u636e\u53ef\u4ee5\u770b\u5230\u8fc7\u53bb\u56db\u5e74\u95f4\uff0c\u6708\u5ea6\u7a33\u5b9a\u5e01\u8f6c\u8d26\u91cf\u589e\u957f\u4e86\u5341\u500d\uff0c\u4ece\u6bcf\u6708 1000 \u4ebf\u7f8e\u5143\u589e\u52a0\u5230 1 \u4e07\u4ebf\u7f8e\u5143\u5728 2024 \u5e74 6 \u6708 20 \u65e5\u8fd9\u4e00\u5929\uff0c\u6574\u4e2a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u603b\u4ea4\u6613\u91cf\u4e3a 743.91 \u4ebf\u7f8e\u5143\uff0c\u800c\u7a33\u5b9a\u5e01\u5360\u4e86\u5176\u4e2d\u7684 60.13%\uff0c\u7ea6\u4e3a 447.1 \u4ebf\u7f8e\u5143\u3002\u5176\u4e2d\uff0cUSDT\uff08Tether\uff09\u662f\u4f7f\u7528\u6700\u591a\u7684\uff0c\u5e02\u503c\u4e3a 1122.4 \u4ebf\u7f8e\u5143\uff0c\u5360\u6240\u6709\u7a33\u5b9a\u5e01\u603b\u503c\u7684 69.5%\u3002\u5728 6 \u6708 20 \u65e5\u5f53\u5929\uff0cUSDT \u7684\u4ea4\u6613\u91cf\u8fbe\u5230\u4e86 348.4 \u4ebf\u7f8e\u5143\uff0c\u5360\u5f53\u5929\u603b\u4ea4\u6613\u91cf\u7684 46.85%\u3002<\/p>\n \u7a33\u5b9a\u5e01\uff08stablecoins\uff09\uff0c\u4f5c\u4e3a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\u7684\u4e00\u79cd\u91cd\u8981\u5b58\u5728\uff0c\u5176\u57fa\u672c\u5b9a\u4e49\u662f\u4e0e\u6cd5\u5b9a\u8d27\u5e01\u6216\u5176\u4ed6\u8d44\u4ea7\u6302\u94a9\uff0c\u4ee5\u5b9e\u73b0\u4ef7\u503c\u7a33\u5b9a\u7684\u52a0\u5bc6\u8d27\u5e01\u3002\u56fd\u9645\u6e05\u7b97\u94f6\u884c\uff08Bank of International Settlements\uff09\u5c06\u7a33\u5b9a\u5e01\u5b9a\u4e49\u4e3a\u201c\u4ef7\u503c\u4e0e\u6cd5\u5b9a\u8d27\u5e01\u6216\u5176\u4ed6\u8d44\u4ea7\u6302\u94a9\u7684\u52a0\u5bc6\u8d27\u5e01\u201d\u3002\u8fd9\u79cd\u8bbe\u8ba1\u65e8\u5728\u4f7f\u7a33\u5b9a\u5e01\u80fd\u591f\u76f8\u5bf9\u4e8e\u6302\u94a9\u7684\u7279\u5b9a\u8d44\u4ea7\u6216\u4e00\u63fd\u5b50\u8d44\u4ea7\u4fdd\u6301\u7a33\u5b9a\u7684\u4ef7\u503c\uff0c\u4ece\u800c\u5b9e\u73b0\u7a33\u5b9a\u7684\u4ef7\u503c\u5b58\u50a8\u548c\u4ea4\u6362\u5a92\u4ecb\u3002\u8fd9\u79cd\u673a\u5236\u4e0e\u91d1\u672c\u4f4d\u5236\u5ea6\u975e\u5e38\u76f8\u4f3c\uff0c\u4f46\u56e0\u5176\u53d1\u884c\u5728\u533a\u5757\u94fe\u4e0a\uff0c\u8fd8\u5177\u5907\u52a0\u5bc6\u8d44\u4ea7\u7684\u53bb\u4e2d\u5fc3\u5316\u3001\u70b9\u5bf9\u70b9\u4ea4\u6613\u3001\u65e0\u9700\u4e2d\u592e\u94f6\u884c\u6e05\u7b97\u548c\u4e0d\u53ef\u7be1\u6539\u7684\u7279\u70b9\u3002<\/p>\n Aiying 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Settlements\uff09\u5bf9\u7a33\u5b9a\u5e01\u7684\u5b9a\u4e49\u662f\uff1a\u4ef7\u503c\u4e0e\u6cd5\u5b9a\u8d27\u5e01\u6216\u5176\u4ed6\u8d44\u4ea7\u6302\u94a9\u7684\u52a0\u5bc6\u8d27\u5e01\u3002\u5ef6\u4f38\u800c\u8a00\uff0c\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u8bbe\u7acb\u76ee\u7684\u662f\u5176\u76f8\u5bf9\u4e8e\u6302\u94a9\u7684\u7279\u5b9a\u8d44\u4ea7\u6216\u4e00\u63fd\u5b50\u8d44\u4ea7\u4fdd\u6301\u7a33\u5b9a\u7684\u4ef7\u503c\uff0c\u4ee5\u5b9e\u73b0\u7a33\u5b9a\u7684\u4ef7\u503c\u5b58\u50a8\u548c\u4ea4\u6362\u5a92\u4ecb\uff0c\u8fd9\u70b9\u4e0a\u5176\u5b9e\u4e0e\u91d1\u672c\u4f4d\u5236\u5ea6\u975e\u5e38\u76f8\u4f3c\u3002\u7531\u4e8e\u5176\u53d1\u884c\u5728\u533a\u5757\u94fe\u4e0a\uff0c\u56e0\u6b64\u4e5f\u5177\u6709\u52a0\u5bc6\u8d44\u4ea7\u7684\u53bb\u4e2d\u5fc3\u5316\u3001\u70b9\u5bf9\u70b9\u3001\u65e0\u9700\u7ecf\u4e2d\u592e\u94f6\u884c\u6e05\u7b97\u3001\u4e0d\u53ef\u7be1\u6539\u7279\u6027\u3002<\/p>\n 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PAXG \u7b49\u951a\u5b9a\u9ec4\u91d1\u4ef7\u683c\u5916\uff0c99% \u7684\u7a33\u5b9a\u5e01\u5747\u4e3a 1:1 \u951a\u5b9a\u7f8e\u5143\uff0c\u4e5f\u6709\u951a\u5b9a\u5176\u5b83\u6cd5\u5e01\u7684\u7a33\u5b9a\u5e01\uff0c\u5982\u951a\u5b9a\u6b27\u5143\u7684 EURT\uff0c\u5e02\u503c 3800 \u4e07\u7f8e\u5143\uff0c\u65e5\u5143\u7684\u5982 GYEN\uff0c\u76ee\u524d\u5e02\u503c\u4ec5\u6709 1400 \u4e07\u7f8e\u5143\uff1b\u951a\u5b9a\u5370\u5c3c\u76fe\u7684 IDRT\uff0c\u5e02\u503c\u4e3a 1100 \u4e07\u7f8e\u5143\u3002\u6574\u4f53\u5e02\u503c\u975e\u5e38\u5c11\u3002<\/p>\n \u951a\u5b9a\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u76ee\u524d\u5360\u6bd4\u7ef4\u6301\u5728 99.3% \u5de6\u53f3\uff0c\u5269\u4f59\u4e3b\u8981\u7531\u6b27\u5143\u3001\u6fb3\u5143\u3001\u82f1\u9551\u3001\u52a0\u5143\u3001\u6e2f\u5143\u3001\u4eba\u6c11\u5e01\u7b49\u3002<\/p>\n \u7a33\u5b9a\u5e01\u951a\u5b9a\u6cd5\u5e01\u5e02\u5360\u7387 Source\uff1aThe Block<\/p>\n 2\u3001\u4ece\u5e02\u5360\u7387\u548c\u5e02\u503c\uff1aUSDT \u662f\u7edd\u5bf9\u9738\u4e3b\uff0cUSDC \u594b\u8d77\u76f4\u8ffd<\/strong><\/p>\n \u7a33\u5b9a\u5e01\u53d1\u884c\u91cf\u662f\u884c\u60c5\u606f\u606f\u76f8\u5173\uff0c\u4ece\u76d1\u6d4b\u6570\u636e\u53ef\u4ee5\u770b\u5230\uff0c\u6574\u4f53\u4e0a\u5448\u73b0\u53d1\u884c\u91cf\u6301\u7eed\u589e\u957f\uff0c\u4f46\u5728\u4e0a\u4e00\u8f6e\u725b\u8f6c\u718a\u671f\u95f4\uff082022 \u5e74 3 \u6708\uff09\u6709\u6240\u56de\u843d\uff0c\u76ee\u524d\u6b63\u5904\u4e8e\u8fb9\u9645\u53d1\u884c\u4e0a\u884c\u9636\u6bb5\uff0c\u540c\u6b65\u4e5f\u9884\u793a\u5f53\u524d\u7684\u725b\u5e02.<\/p>\n \u56fe\u8868 3\uff1a\u7a33\u5b9a\u5e01\u5386\u53f2\u53d1\u884c\u60c5\u51b5\uff08Source\uff1aThe Block\uff09<\/p>\n \u6839\u636e coingecko \u7684\u6700\u65b0\u6570\u636e\uff0c\u622a\u81f3\u5230 5 \u6708 4 \u65e5\uff0c\u76ee\u524d\u7a33\u5b9a\u5e01\u8d5b\u9053\u4e2d\uff0cUSDT \u5e02\u5360\u7387 70.5%\uff0c\u5176\u6b21\u4e3a USDC21.3%\u3001DAI 3.39%\u3001FDUSD 2.5%\u3001FRAX0.41%\u3002<\/p>\n \u56fe\u8868 4\uff1a\u7a33\u5b9a\u5e01\u8d5b\u9053\u5e02\u5360\u7387\u60c5\u51b5 Source\uff1acoingecko<\/p>\n \u6b64\u5916\u4ece\u5e02\u503c\u6765\u770b\uff0c\u76ee\u524d\u5168\u90e8\u7a33\u5b9a\u5e01\u5e02\u503c\u4e3a 1600 \u4ebf\u7f8e\u5143 +\uff0c\u5176\u4e2d USDT \u9065\u9065\u9886\u5148\uff0c\u4e14\u589e\u957f\u7a33\u5b9a\uff0c\u76ee\u524d\u5e02\u503c\u8d85 1100 \u4ebf\u7f8e\u5143\uff0cUSDC \u5e02\u503c\u5e73\u7a33\u4e0a\u5347\uff0c\u4e3a 330 \u4ebf\u7f8e\u5143 +\uff0c\u4f46\u8f83 USDT \u4ecd\u6709\u5dee\u8ddd\uff0c\u5176\u5b83\u7a33\u5b9a\u5e01\u5219\u57fa\u672c\u4fdd\u6301\u7a33\u5b9a\u3002<\/p>\n \u56fe\u8868 5\uff1a\u4e3b\u6d41\u7a33\u5b9a\u5e01\u7684\u5e02\u503c Source\uff1aCoingecko<\/p>\n 3\u3001\u4ece\u5e02\u503c\u524d\u5341\u770b\uff1a\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\u5360\u636e\u7edd\u5bf9\u9f99\u5934\uff0c\u6db5\u76d6\u5404\u7c7b\u578b\u7a33\u5b9a\u5e01<\/strong><\/p>\n \u4ece\u76ee\u524d\u524d\u5341\u7684\u4e3b\u6d41\u7a33\u5b9a\u5e01\u770b\uff0c\u4e2d\u5fc3\u5316\u7684\u7f8e\u5143\u62b5\u62bc\u7a33\u5b9a\u5e01\u4e3b\u8981\u7531 USDTUSDCFDUSD \u7b49\u5e7f\u4e49\u62b5\u62bc\u7387\u57fa\u672c\u5927\u4e8e 100%\uff1bDAI \u4f5c\u4e3a\u53bb\u4e2d\u5fc3\u5316\u7684\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u7a33\u5b9a\u5e01\uff1bUSDe \u4e3a\u5408\u6210\u7f8e\u5143\uff0c\u62b5\u62bc\u7269\u4e3a\u52a0\u5bc6\u8d44\u4ea7\uff1bFRAX \u4e3a\u7b97\u6cd5\u7a33\u5b9a\u5e01\u3001PAXG \u4e3a\u9ec4\u91d1\u62b5\u62bc\u7684\u7a33\u5b9a\u5e01\u3002<\/p>\n \u56fe\u8868 6\uff1a\u4e3b\u6d41\u7a33\u5b9a\u5e01\u7684\u5e02\u503c Source\uff1aCoingecko<\/p>\n 4\u3001\u4ece\u6301\u5e01\u5730\u5740\u770b\uff1aUSDT \u6574\u4f53\u5e73\u7a33\uff0cUSDC \u8fd1\u671f\u6709\u6240\u4e4f\u529b<\/strong><\/p>\n \u4ece\u4e8c\u8005\u6301\u5e01\u5730\u5740\u53d8\u5316\u53ef\u4ee5\u660e\u663e\u770b\u5230\uff0c\u4e8c\u8005\u6301\u5e01\u5730\u5740\u7684\u66b4\u8dcc\u5747\u662f\u56e0\u4e3a\u4e0e\u7f8e\u5143\u8131\u951a\uff0c2023 \u5e74 3 \u6708 11 \u65e5 USDC \u53d7\u5230 SVB \u66b4\u96f7\u4e8b\u4ef6\u5f71\u54cd\uff0c\u4e00\u5ea6\u4e0e\u7f8e\u5143\u8131\u951a\uff0c\u4e00\u5ea6\u8dcc\u81f3 0.88 \u5de6\u53f3\uff0c\u5bfc\u81f4\u6301\u5e01\u5730\u5740\u5feb\u901f\u4e0b\u964d\uff0c\u867d\u7136\u540e\u7eed\u6536\u590d\u5931\u5730\uff0c\u4f46\u6301\u5e01\u5730\u5740\u518d\u6b21\u88ab USDT \u62c9\u5f00\u3002<\/p>\n \u56fe\u8868 7\uff1aUSDT vs USDC \u6301\u5e01\u5730\u5740\u53d8\u5316 Source\uff1aThe Block<\/p>\n \u4ece\u4e0a\u56fe\u53ef\u4ee5\u770b\u5230\uff0cUSDC \u5728\u8131\u951a\u4e8b\u4ef6\u53d1\u751f\u540e\uff0c\u5176\u5730\u5740\u4ece\u5927\u4e8e 1000 \u7f8e\u5143\u5230\u5927\u4e8e 1000 \u4e07\u7f8e\u91d1\u5730\u5740\u5747\u5168\u9762\u51cf\u5c11\u3002\u8f83\u5cf0\u503c\u4e0b\u964d\u7ea6 30%\uff0c\u4e0e\u4e4b\u5bf9\u5e94\u7684\u5219\u662f USDT \u7a33\u6b65\u4e0a\u5347\u3002<\/p>\n \u4e09\u3001\u4e3b\u6d41\u7a33\u5b9a\u5e01\u7684\u8fd0\u4f5c\u539f\u7406\uff0c\u4f18\u52a3\u52bf\u662f\u4ec0\u4e48\uff1f<\/strong><\/p>\n \u63a5\u4e0a\u5206\u6790\uff0c\u76ee\u524d\u4e3b\u6d41\u7684\u7a33\u5b9a\u5e01\u4e3b\u8981\u6309\u7167\u62b5\u62bc\u8d44\u4ea7\u7c7b\u578b\u53ca\u53d1\u884c\u7684\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u8fdb\u884c\u533a\u5206\uff0c\u901a\u5e38\u8bf4\u6765\uff0c\u4ee5\u6cd5\u5e01\u62b5\u62bc\u7684\u591a\u4e3a\u4e2d\u5fc3\u5316\u53d1\u884c\uff0c\u76ee\u524d\u4e5f\u5360\u636e\u5e02\u573a\u4e3b\u6d41\uff1b\u4ee5\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u6216\u7b97\u6cd5\u578b\u7a33\u5b9a\u5e01\u591a\u4e3a\u53bb\u4e2d\u5fc3\u5316\u53d1\u884c\uff0c\u6bcf\u4e00\u8d5b\u9053\u5747\u6709\u5176\u9f99\u5934\u3002\u6bcf\u4e00\u4e2a\u7a33\u5b9a\u5e01\u7684\u8bbe\u8ba1\u6846\u67b6\u90fd\u6709\u5176\u4f18\u52a3\u52bf\u3002<\/p>\n 1\u3001\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\uff08USDTUSDC\uff09<\/strong><\/p>\n 1\uff09USDT \u7684\u4e3b\u8981\u8fd0\u4f5c\u539f\u7406<\/strong><\/p>\n 2014 \u5e74 iFinex \u65d7\u4e0b\u7684 Tether \u516c\u53f8\u521b\u8bbe\u4e86\u7a33\u5b9a\u5e01 USDT\uff0c\u540c\u65f6\u8be5\u516c\u53f8\u65d7\u4e0b\u8fd8\u62e5\u6709\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240 Bitfinex\uff0c\u6ce8\u518c\u5730\u5747\u5728\u82f1\u5c5e\u7ef4\u4eac\u7fa4\u5c9b\uff0c\u603b\u90e8\u4f4d\u4e8e\u9999\u6e2f\uff0cTether \u603b\u90e8\u4f4d\u4e8e\u65b0\u52a0\u5761\u3002\u76ee\u524d\u7684 CEO \u4e3a Paolo Ardoino\uff08\u516c\u53f8\u539f CTO\uff09\uff0c\u610f\u5927\u5229\u4eba\uff0c\u65e9\u671f\u4e3b\u8981\u662f\u4e3a\u5bf9\u51b2\u57fa\u91d1\u5f00\u53d1\u4ea4\u6613\u7cfb\u7edf\uff0c2014 \u5e74\u52a0\u5165 Bitfinex \u4efb\u9ad8\u7ba1\uff0c2017 \u5e74\u52a0\u5165 Tether\uff0c\u76ee\u524d\u62e5\u6709 Tether20% \u7684\u80a1\u4efd\u3002<\/p>\n \u4e3b\u8981\u5206\u4e94\u6b65\uff0c\u7b2c\u4e00\u6b65\u7528\u6237\u5c06\u7f8e\u5143\u5b58\u5165 Tether \u7684\u94f6\u884c\u8d26\u6237\uff1b\u7b2c\u4e8c\u6b65\u5219\u662f Tether \u4e3a\u7528\u6237\u521b\u5efa\u5176\u5bf9\u5e94\u7684 Tether \u8d26\u6237\uff0c\u5e76\u5728\u5176\u8d26\u6237\u4e2d\u94f8\u9020\u5bf9\u5e94\u4ef7\u503c\u7684 USDT\uff1b\u7b2c\u4e09\u6b65\u5219\u662f\u6237\u4e4b\u95f4\u7684\u4ea4\u6613\u6d41\u901a\uff1b\u7b2c\u56db\u6b65\u4e3a\u8d4e\u56de\u9636\u6bb5\uff0c\u82e5\u7528\u6237\u8d4e\u56de\u7f8e\u5143\uff0c\u9700\u5c06 USDT \u4ea4\u7ed9 Tether \u516c\u53f8\uff0c\u7b2c\u4e94\u6b65\u5219\u662f Tether \u9500\u6bc1\u5bf9\u5e94\u4ef7\u503c\u7684 USDT\uff0c\u540c\u65f6\u7f8e\u5143\u8fd4\u8fd8\u7ed9\u7528\u6237\u7684\u94f6\u884c\u8d26\u6237\u3002<\/p>\n \u56fe\u8868 8\uff1aUSDT \u53d1\u884c\u3001\u4ea4\u6613\u3001\u6d41\u901a\u3001\u56de\u6536\u5168\u6d41\u7a0b Source\uff1aTether \u516c\u53f8\u767d\u76ae\u4e66<\/p>\n \u6280\u672f\u5b9e\u73b0\uff1a<\/strong><\/p>\n Tether \u53d1\u884c USDT \u8981\u5b9e\u73b0\u4e0a\u8ff0\u6d41\u7a0b\u9700\u8981\u533a\u5757\u94fe\u6280\u672f\u7684\u5d4c\u5165\uff0c\u6574\u4f53\u7684\u6280\u672f\u67b6\u6784\u4e0a\u5e76\u4e0d\u590d\u6742\uff0c\u4e3b\u8981\u5206\u4e3a\u4e09\u5c42\u3002<\/p>\n \u56fe\u8868 9\uff1aUSDT \u6280\u672f\u5b9e\u73b0\u67b6\u6784\uff08\u4ee5\u6bd4\u7279\u5e01\u7f51\u7edc\u4e3a\u4f8b\uff09Source\uff1aTether \u516c\u53f8\u767d\u76ae\u4e66<\/p>\n \u5728\u4e0a\u8ff0\u53d1\u884c\u548c\u6280\u672f\u5b9e\u73b0\u4e0a\uff0c\u6700\u4e3a\u6839\u672c\u7684\u5219\u662f Tether \u8fd0\u884c\u7684\u50a8\u5907\u8bc1\u660e\u673a\u5236\uff08<\/strong>Proof of Reserves\uff09\uff0c\u5177\u4f53\u5c31\u662f\u53ea\u8981\u94f8\u9020\u4e00\u4e2a USDT\uff0c\u5bf9\u5e94\u7684 Tether \u516c\u53f8\u5fc5\u987b\u589e\u52a0 1 \u7f8e\u5143\u7684\u50a8\u5907\uff0c\u6362\u8a00\u4e4b\uff0c\u5176\u53d1\u884c\u94f8\u9020 USDT\uff0c\u5bf9\u5e94\u62b5\u62bc\u7269\u8981\u540c\u7b49\u589e\u52a0 1 \u7f8e\u5143\uff0c\u786e\u4fdd 100% \u7b49\u503c\u62b5\u62bc\u3002<\/strong><\/p>\n \u8d44\u4ea7\uff08\u62b5\u62bc\u7269\uff09\u50a8\u5907\u60c5\u51b5\uff1a<\/strong><\/p>\n \u76ee\u524d\u603b\u7684\u8d44\u4ea7\u50a8\u5907 1100 \u4ebf\u7f8e\u5143 +\uff0c\u8fd9\u4e0e\u5176\u76ee\u524d\u7684\u5e02\u503c\u7ef4\u6301\u4e00\u81f4\u3002\u4ece\u8d44\u4ea7\u7684\u50a8\u5907\u7c7b\u522b\u770b\uff1b\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u5360\u6bd4 83%\uff0c\u5176\u5b83\u5360\u6bd4 17%\u3002<\/p>\n \u7ec6\u5206\u6765\u770b\uff0c\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u4e2d\uff0c\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\u5360\u6bd4\u6700\u9ad8\u7ea6 80%\uff0c\u5176\u6b21\u4e3a\u9694\u591c\u9006\u56de\u8d2d\u534f\u8bae\u63a5\u8fd1 12%\uff0c\u5269\u4f59\u5219\u4e3a\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u3001\u73b0\u91d1\u53ca\u94f6\u884c\u5b58\u6b3e\u3001\u5b9a\u671f\u56de\u8d2d\u534f\u8bae\u3001\u975e\u7f8e\u56fd\u56fd\u503a\u6784\u6210\u3002\u5728\u5176\u5b83\u8d44\u4ea7\u7c7b\u522b\u4e2d\uff0c\u4e3b\u8981\u4e3a\u6bd4\u7279\u5e01\u3001\u9ad8\u7b49\u7ea7\u516c\u53f8\u503a\u5238\u3001\u8d35\u91d1\u5c5e\u3001\u62b5\u62bc\u8d37\u6b3e\u6784\u6210\uff0c\u5176\u4e2d\u6bd4\u7279\u5e01\u548c\u62b5\u62bc\u8d37\u6b3e\u5360\u6bd4\u8f83\u5927\u3002<\/p>\n \u56fe\u8868 10\uff1aTether \u8d44\u4ea7\u50a8\u5907\u6784\u6210\uff08\u6570\u636e\u622a\u81f3 2024 \u5e74\u4e00\u5b63\u5ea6\uff09Source\uff1aTether \u5b98\u7f51<\/p>\n \u6b64\u5916\uff0c\u901a\u8fc7\u8fc7\u53bb\u4e09\u5e74\u7684\u5ba1\u8ba1\u62a5\u544a\u53ef\u4ee5\u770b\u51fa\uff0cTether \u516c\u53f8\u5728\u8d44\u4ea7\u50a8\u5907\u4e0a\uff0c\u7d27\u8ddf\u5916\u90e8\u5b8f\u89c2\u73af\u5883\uff0c\u7f8e\u56fd\u77ed\u671f\u56fd\u503a\u3001\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u7b49\u5360\u6bd4\u6301\u7eed\u6269\u5927\u3001\u540c\u65f6\u8c03\u964d\u4e86\u516c\u53f8\u503a\u5238\uff0c\u73b0\u91d1\u53ca\u94f6\u884c\u5b58\u6b3e\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u5176\u8d44\u4ea7\u7684\u671f\u9650\u4e0d\u540c\uff0c\u8fd9\u662f\u6700\u5bb9\u6613\u5bfc\u81f4\u505a\u7a7a USDT \u53d1\u751f\u7684\u60c5\u5f62\uff0c\u5ba1\u8ba1\u62a5\u544a\u63ed\u9732\u7684\u6570\u636e\u770b\uff0c\u76ee\u524d\u5176\u6301\u6709\u7684\u56fd\u503a\u548c\u5b9a\u671f\u56de\u8d2d\u534f\u8bae\u5747\u5c5e\u4e8e\u8d85\u77ed\u671f\uff0c\u5c0f\u4e8e 90 \u5929\uff0c\u552f\u4e00\u8f83\u957f\u7684\u5219\u662f\u516c\u53f8\u503a\u5238\u548c\u975e\u7f8e\u56fd\u56fd\u503a\uff0c\u671f\u9650\u4e3a 150 \u5929\u548c 250 \u5929\u4ee5\u5185\u3002<\/strong><\/p>\n \u8fd9\u4e9b\u50a8\u5907\u8d44\u4ea7\u7684\u914d\u7f6e\u95f4\u63a5\u7684\u63d0\u9ad8\u4e86\u5176\u8d44\u4ea7\u8fd0\u8425\u7684\u6536\u76ca\uff0c\u540c\u65f6\u4e5f\u8fdb\u4e00\u6b65\u964d\u4f4e\u4e86\u5176\u98ce\u9669\u7cfb\u6570\uff0c\u8d44\u4ea7\u5b89\u5168\u6027\u8fdb\u4e00\u6b65\u63d0\u9ad8\uff0c\u7279\u522b\u662f\u671f\u9650\u7f29\u77ed\uff0c\u6709\u5229\u5730\u9632\u6b62\u4e86\u56e0\u4e3a\u671f\u9650\u9519\u914d\u5bfc\u81f4\u7684\u505a\u7a7a\u3002<\/strong><\/p>\n \u76c8\u5229\u6a21\u5f0f\uff1a<\/strong><\/p>\n 2\uff09USDC \u7684\u4e3b\u8981\u8fd0\u4f5c\u539f\u7406<\/strong><\/p>\n \u4e0e USDT \u7c7b\u4f3c\uff0cUSDC \u7684\u4e3b\u8981\u53d1\u884c\u3001\u6d41\u901a\u53ca\u6280\u672f\u5b9e\u73b0\u90fd\u662f\u7c7b\u4f3c\u7684\uff0c\u4e3a 1USDC \u6302\u94a9 1 \u7f8e\u5143\uff0c\u7531 Coinbase \u548c Circle \u4e8e 2018 \u5e74\u521b\u5efa\u7684\u7a33\u5b9a\u5e01\uff0c\u65f6\u95f4\u4e0a\u665a\u4e8e USDT\uff0c\u4f46\u5728\u5177\u4f53\u7684\u8fd0\u4f5c\u7ec6\u8282\u4e0a\uff0c\u6574\u4f53\u4e0a\u6709\u4e00\u5b9a\u7684\u533a\u522b\uff1a<\/p>\n \u56fe\u8868 11\uff1aUSDT \u53d1\u884c\u3001\u4ea4\u6613\u3001\u6d41\u901a\u3001\u56de\u6536\u5168\u6d41\u7a0b<\/p>\n \u8d44\u4ea7\u50a8\u5907\u591a\u4e3a\u77ed\u671f\u56fd\u503a\u548c\u73b0\u91d1\uff0c\u671f\u9650\u66f4\u77ed\uff0c\u8f83 USDT \u6d41\u52a8\u6027\u66f4\u9ad8\uff1a<\/strong>\u76f8\u8f83\u4e8e USDT \u4ec5\u62ab\u9732\u56fd\u503a\u6574\u4f53\u671f\u9650\uff0cUSDC \u4f1a\u516c\u5e03\u5176\u4e3b\u8981\u56fd\u503a\u8d44\u4ea7\u7684\u5230\u671f\u65e5\uff0c\u6839\u636e 3 \u6708\u4efd\u62ab\u9732\u6570\u636e\uff0c\u671f\u9650\u5747\u5728 3 \u4e2a\u6708\u4ee5\u5185\uff0c\u6700\u665a\u7684\u4e3a 6 \u6708\u4efd\u5230\u671f\u7684\u77ed\u503a\uff0c\u6574\u4f53\u89c4\u6a21 114 \u4ebf\u7f8e\u5143\uff1b\u6b64\u5916\u4e3b\u8981\u662f\u56de\u8d2d\u534f\u8bae\u3001\u73b0\u91d1\u50a8\u5907\uff0c\u52a0\u603b\u8d77\u6765\u6709 282 \u4ebf\u7f8e\u5143\uff0c\u6b64\u5916\u5c1a\u6709 42 \u4ebf\u7f8e\u5143\u73b0\u91d1\uff0c\u6574\u4f53\u5747\u653e\u5728\u7531 BlackRock \u5728 SEC \u6ce8\u518c\u7684 CRF\uff08Circle reserve Fund\uff09\u4e2d\uff0c\u6574\u4f53\u4e0a\u5176\u5dee\u4e0d\u591a 95% \u5de6\u53f3\u7684\u8d44\u4ea7\u90fd\u5728 SEC \u7684\u76d1\u7ba1\u4e0b\uff0c\u6b64\u5916\u7531\u4e8e\u5176\u8d44\u4ea7\u7684\u73b0\u91d1\u6bd4\u4f8b\u66f4\u9ad8\uff0c\u8d4e\u56de\u5c42\u9762\u7684\u6d41\u52a8\u6027\u4e5f\u9ad8\u4e8e USDT\u3002<\/p>\n \u56fe\u8868 12\uff1aUSDC \u50a8\u5907\u8d44\u4ea7\uff08\u622a\u81f3 2024 \u5e74 3 \u6708\uff09Source\uff1aCircle \u5b98\u7f51<\/p>\n 3\uff09FDUSD \u4e3b\u8981\u8fd0\u4f5c\u539f\u7406<\/strong><\/p>\n \u5728\u7ebd\u7ea6\u5dde\u91d1\u878d\u670d\u52a1\u90e8\u547d\u4ee4\u52a0\u5bc6\u8d27\u5e01\u516c\u53f8 Paxos \u505c\u6b62\u53d1\u884c\u65b0\u7684 BUSD \u540e\uff0c\u5168\u7403\u7b2c\u4e00\u5927\u4ea4\u6613\u6240\u5e01\u5b89\u4e5f\u4e0e 2023 \u5e74 12 \u6708 15 \u65e5\u505c\u6b62\u652f\u6301 BUSD \u4ea7\u54c1\uff0c\u540c\u65f6\u516c\u5e03\u5e76\u5c06 BUSD \u4f59\u989d\u81ea\u52a8\u5151\u6362\u6210 FDUSD\uff0c\u6b64\u540e FDUSD \u5e02\u503c\u4e00\u8def\u4e0a\u6da8\uff0c\u5728\u6cd5\u5e01\u62b5\u62bc\u7684\u7a33\u5b9a\u5e01\u5e02\u573a\u4e2d\uff0c\u5360\u636e\u7b2c\u4e09\u7684\u4f4d\u7f6e\u3002<\/p>\n FDUSD \u662f FD121\uff08First Digital Labs\uff09\u5728 23 \u5e74 6 \u6708\u63a8\u51fa\u7684\u951a\u5b9a\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\uff0c\u6bcd\u516c\u53f8 First Digital Trust \u662f\u4e00\u5bb6\u5728\u9999\u6e2f\u7684\u5408\u683c\u6258\u7ba1\u548c\u4fe1\u6258\u516c\u53f8\uff0c\u4e3b\u8981\u4ece\u4e8b\u6570\u5b57\u8d44\u4ea7\u7684\u76f8\u5173\u4e1a\u52a1\uff0c\u4e8e 2017 \u5e74\u7531 Legacy Trust \u5efa\u7acb\uff0c\u5e76\u5728 2019 \u5e74\u6b63\u5f0f\u72ec\u7acb\u51fa\u6765\u6210\u4e3a\u4e00\u5bb6\u5b8c\u5168\u72ec\u7acb\u7684\u516c\u5171\u4fe1\u6258\u516c\u53f8\uff0c\u800c Legacy Trust \u662f\u4e00\u5bb6\u4e8e 1992 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\u9879\u76ee\uff0c\u603b\u90e8\u4f4d\u4e8e\u7f8e\u56fd\u65e7\u91d1\u5c71\uff0c\u521b\u59cb\u4eba\u4e3a RuneChristensen\u3002\u9879\u76ee\u6295\u8d44\u4eba\u5305\u62ec\u4e86 A16z\u3001Paradigm\u3001Polychain Capital \u7b49\u52a0\u5bc6\u884c\u4e1a\u77e5\u540d\u6295\u8d44\u673a\u6784\uff0c\u65e9\u671f\u4e3b\u8981\u7531 Maker \u57fa\u91d1\u4f1a\u8fd0\u8425\uff0c\u76ee\u524d\u7531\u5176\u793e\u533a\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7 (DAO) \u7ba1\u7406\uff08\u6301\u6709 MRK \u4ee3\u5e01\uff09\u7a33\u5b9a\u5e01\u3002<\/p>\n DAI \u6574\u4f53\u4e0a\u4e5f\u662f 1:1 \u951a\u5b9a\u7f8e\u5143\u3002Maker \u534f\u8bae 2017 \u5e74\u63a8\u51fa\u4f46\u62b5\u62bc\u7684 DAI\uff0c\u4e3b\u8981\u662f\u5141\u8bb8\u7528\u6237\u901a\u8fc7\u8d28\u62bc ETH \u6765\u94f8\u9020 DAI\uff1b2019 \u5e74\u63a8\u51fa\u4e86\u591a\u62b5\u62bc\u54c1\u7684 DAI\uff0c\u63a5\u53d7 ETH 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ETH\uff0c\u8d28\u62bc\u7387 75%\uff0c\u5e02\u573a\u4ef7 3000U\uff0c\u5219\u7528\u6237\u6700\u591a\u80fd\u62ff\u5230 2250U \u7684 DAI\uff0c\u7528\u6237\u4e3a\u4e86\u4fdd\u9669\u671f\u95f4\u53ea\u62ff\u4e86 2000U \u7684 DAI\uff0c\u6b64\u65f6\u62b5\u62bc\u8d44\u4ea7\u8986\u76d6\u7387\u4e3a 1.5\uff0c\u4f7f\u7528\u655e\u53e3\u4e3a 66.7%\uff0c\u4e00\u822c\u9762\u4e34\u6e05\u7b97\u5219\u662f\uff0c\u655e\u53e3\u4f7f\u7528\u7387\u5927\u4e8e\u8d28\u62bc\u7387\uff0c\u4e5f\u5c31\u662f\u5f53 ETH \u4e0b\u8dcc\u5230 2666U \u65f6\u5219\u9762\u4e34\u6e05\u7b97\u98ce\u9669\u3002DAI \u7684\u951a\u5b9a\u7a33\u5b9a\u534f\u8bae\u3002<\/strong>\u4ece\u5b57\u9762\u4e0a\u7406\u89e3\u6bd4\u8f83\u8d39\u52b2\uff0c\u5982\u679c\u7528\u4f20\u7edf\u91d1\u878d\u672f\u8bed\u8868\u8fbe\u5219\u662f\u8d27\u5e01\u4e92\u6362\u534f\u8bae\uff0c\u7b80\u5355\u8fd0\u4f5c\u5c31\u662f DAI \u4e0e USDC \u7b49\u7a33\u5b9a\u5e01\u8d44\u4ea7\u7684\u4e92\u6362\u3002\u6362\u8a00\u4e4b\uff0c\u7528\u6237\u5b58\u5165 1USDC\uff0c\u5bf9\u7b49 1:1 \u6c47\u7387\u4e5f\u53ef\u4ee5\u94f8\u9020 1DAI\u3002\u6b64\u5916\u901a\u8fc7\u7a33\u5b9a\u5e01\u4e92\u6362\uff0c\u534f\u8bae\u5c06\u50a8\u5907\u6c60\u7684 USDC \u7b49\u6cd5\u5e01\u7a33\u5b9a\u5e01\u8f6c\u6362\u4e3a\u7f8e\u5143\uff0c\u7528\u4e8e\u6295\u8d44\u77ed\u671f\u7f8e\u503a\uff0c\u8fdb\u4e00\u6b65\u63d0\u9ad8\u5176\u6536\u76ca\uff0c\u53cd\u54fa\u5176 DSR \u6536\u76ca\u63d0\u9ad8\uff0c\u5438\u5f15\u7528\u6237\u3002<\/p>\n DAI \u7684\u76c8\u5229\u5206\u6790\u3002<\/strong>\u4e3b\u8981\u662f\u901a\u8fc7\u7a33\u5b9a\u8d39\u6536\u5165\uff08\u8d37\u6b3e\u5229\u606f\uff09\uff0c\u7c7b\u6bd4\u5c31\u662f USDT \u7684\u51fa\u5165\u91d1\u94f8\u9020\u7684\u8d44\u91d1\u8d39\u7387\u3002\u6e05\u7b97\u7f5a\u91d1\u6536\u5165\uff1b\u951a\u5b9a\u6a21\u5757\u7684\u7a33\u5b9a\u5e01\u4e92\u6362\u4ea4\u6613\u8d39\uff1b\u4ee5\u53ca\u62b5\u8d28\u62bc RWA \u7684\u6295\u8d44\u6536\u76ca\u30022023 \u5e74\u534f\u8bae\u8425\u6536 0.96 \u4ebf\u7f8e\u5143\u3002<\/p>\n 2\uff09USDe \u7684\u4e3b\u8981\u8fd0\u4f5c\u539f\u7406<\/strong><\/p>\n \u57fa\u672c\u4ecb\u7ecd\uff1a<\/strong><\/p>\n USDe \u662f\u7531 Ethena Labs \u521b\u8bbe\u7684\u53bb\u4e2d\u5fc3\u5316\u94fe\u4e0a\u7a33\u5b9a\u5e01\uff0c\u5176\u65e9\u671f\u7406\u5ff5\u662f\u5e01\u5708\u8457\u540d KOL Arthur Hayes \u63d0\u51fa\uff0c\u540c\u65f6\u8be5\u9879\u76ee\u4e5f\u83b7\u5f97\u4e86 BitMEX \u521b\u59cb\u4eba Arthur Hayes \u53ca\u5176\u5bb6\u65cf\u57fa\u91d1\u7684\u6295\u8d44\uff0c\u6b64\u5916\u4e5f\u5305\u62ec\u4e86 Deribit\uff0cBybit\uff0cOKX\uff0cGemini \u7b49\u4e00\u4f17\u5de8\u5934\u57fa\u91d1\u7684\u52a0\u6301\u30022024 \u5e74 2 \u6708 19 \u65e5\u4e0a\u7ebf\u540e\uff0c\u4f9b\u5e94\u91cf\u706b\u7bad\u5f0f\u4e0a\u5347\uff0c\u5df2\u8fdb\u5165\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u884c\u4e1a\u524d\u4e94\uff0c\u4ec5\u6b21\u4e8e FDUSD\u3002<\/p>\n \u56fe\u8868 14\uff1a\u7a33\u5b9a\u5e01\u8d5b\u9053\u524d\u4e94\u4f9b\u5e94\u91cf\uff08\u622a\u81f3 2024 \u5e74 5 \u6708\uff09Source\uff1aThe Block<\/p>\n USDe \u7684\u8fd0\u4f5c\u539f\u7406\uff1a\u4e2d\u6027\u5bf9\u51b2\u7b56\u7565\u5728\u52a0\u5bc6\u8d27\u5e01\u7684\u5e94\u7528<\/strong><\/p>\n Ethena Labs \u7684 USDe \u662f\u4e00\u4e2a\u5408\u6210\u7f8e\u5143\u534f\u8bae\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u4e2d\uff0c\u6240\u8c13\u5408\u6210\u7f8e\u5143\u534f\u8bae\uff0c\u5c31\u662f\u901a\u8fc7\u4e00\u7cfb\u5217\u7684\u52a0\u5bc6\u884d\u751f\u54c1\u7ec4\u5408\uff0c\u6765\u5b9e\u73b0\u53d1\u884c\u7684\u7a33\u5b9a\u5e01\u4e0e\u7f8e\u5143\u8fdb\u884c\u7a33\u5b9a\u7684\u6302\u94a9\u3002<\/p>\n \u5728\u5177\u4f53\u7684\u64cd\u4f5c\u4e0a\uff0cUSDe \u4f7f\u7528\u4e86\u5fb7\u5c14\u5854\u4e2d\u6027\u7b56\u7565\uff0c\u4f20\u7edf\u610f\u4e49\u4e0a\uff0cDelta=\u671f\u6743\u4ef7\u683c\u53d8\u5316 \/ \u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u5316\uff0c\u90a3\u4e48 Delta 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\u500d\uff0c\u90a3\u4e48\u5c31\u76f8\u5f53\u4e8e\u5176\u6301\u4ed3\u7684\u603b\u4ef7\u503c\u6ca1\u6709\u53d1\u751f\u53d8\u5316\uff1b\u4ef7\u683c\u4e0a\u6da8\u540c\u7406\u3002\u4ee5\u6b64\u6765\u786e\u4fdd\u94f8\u9020\u7a33\u5b9a\u5e01\u7684\u7a33\u5b9a\u3002\u5982\u679c\u7528\u6237\u9009\u62e9\u8d4e\u56de USDe\uff0c\u90a3\u4e48 ENA \u5219\u4f1a\u8fc5\u901f\u5bf9\u7a7a\u5934\u5408\u7ea6\u8fdb\u884c\u5e73\u4ed3\u3002USDe \u7684\u62b5\u62bc\u7269\u5176\u5b9e\u5c31\u662f\u73b0\u8d27 ETH \u4ee5\u53ca\u5bf9\u5e94\u7684\u7a7a\u5355\uff0c\u725b\u5e02\u6761\u4ef6\u4e0b\uff0c\u57fa\u672c\u662f 100% \u8db3\u989d\u62b5\u62bc\uff0c\u5982\u679c\u7b97\u4e0a ENA \u4ee3\u5e01\uff0c\u5219\u5e7f\u4e49\u62b5\u62bc\u7387\u8d85\u8fc7 120%\u3002<\/p>\n USDe \u5feb\u901f\u4e0a\u6da8\u7684\u5965\u79d8\uff1a\u7c7b\u65c1\u6c0f\u673a\u5236\uff0c\u4f46\u4e0d\u6b62\u4e8e\u65c1\u6c0f\uff0c\u672c\u8d28\u662f\u4e00\u4e2a\u671f\u9650\u5957<\/strong><\/p>\n \u5229\u91d1\u878d\u4ea7\u54c1\u3002<\/strong><\/p>\n \u9996\u5148\u5bf9\u4e8e\u7528\u6237\u94f8\u9020 USDe \u800c\u8a00\uff0c\u94f8\u9020\u5b8c\u6210\u540e\u53ef\u4ee5\u8fc5\u901f\u5728 Ethena \u4e2d\u8fdb\u884c\u8d28\u62bc\uff0c\u83b7\u53d6\u8d28\u62bc\u6536\u76ca\u3002\u8fd9\u76f8\u5bf9\u4e8e\u5176\u4ed6\u7684\u5982 USDT \u7b49\u7a33\u5b9a\u5e01\uff0c\u4f60\u5b8c\u5168\u4eab\u53d7\u4e0d\u5230\u5206\u7ea2\uff0c\u7528\u4f20\u7edf\u7684\u91d1\u878d\u800c\u8a00\uff0c\u6362\u8a00\u4e4b\uff0c\u4efb\u4f55\u8d27\u5e01\u53d1\u884c\u90fd\u4f1a\u6536\u94f8\u5e01\u7a0e\uff0c\u73b0\u6709\u7684 USDT \u5b8c\u5168\u4e0d\u5206\u4eab\uff0cUSDe \u4e0a\u6765\u5c31\u76f4\u63a5\u5c06\u94f8\u5e01\u6536\u76ca\u62ff\u51fa\u6765\u3002\u4ec5\u6b64\u4e00\u9879\uff0c\u5c31\u8db3\u4ee5\u5438\u5f15\u5927\u673a\u6784\u53c2\u4e0e\uff0c\u6bd5\u7adf MakerDAO \u505a\u5230\u6536\u76ca\u7387\u4e3a 8% \u7684\u65f6\u5019\uff0c\u5e02\u573a\u90fd\u5df2\u7ecf\u76f4\u63a5\u8d77\u98de\uff0c\u66f4\u4e0d\u7528\u8bf4\uff0csUSDe\uff08\u8d28\u62bc USDe \u51ed\u8bc1\uff09\u6536\u76ca\u4e00\u5ea6\u8d85\u8fc7 30%\u3002<\/p>\n \u5176\u6b21\u5bf9\u4e8e $ENA \u800c\u8a00\uff0c\u662f\u9879\u76ee\u65b9\u7684\u5e73\u53f0\u6cbb\u7406\u5e01\u3002\u9879\u76ee\u65b9\u5728\u8d28\u62bc USDe \u83b7\u5f97\u57fa\u7840\u6536\u76ca\u7684\u540c\u65f6\uff0c\u540c\u65f6\u8fd8\u7ed9\u4e88 ENA \u4ee3\u5e01\u5956\u52b1\u3002\u540c\u65f6\u53cd\u8fc7\u6765\uff0c\u5982\u679c\u4f60\u6301\u6709 ENA\uff0c\u4e5f\u53ef\u4ee5\u53bb\u53c2\u4e0e\u8d28\u62bc\uff0c\u4e5f\u4f1a\u76f8\u5e94\u7684\u63d0\u9ad8\u8d28\u62bc USDe \u7684\u5956\u52b1\u3002<\/p>\n \u4ece\u6839\u672c\u4e0a\u8bf4\u6765\uff0cUSDe \u5b83\u6784\u5efa\u4e86\u5b8c\u5168\u57fa\u4e8e ETH \u4f5c\u4e3a\u5e95\u5c42\u8d44\u4ea7\u7684\u7a33\u5b9a\u5e01\u67b6\u6784\uff0c\u5176\u6838\u5fc3\u951a\u70b9\u5728\u4e8e\u901a\u8fc7\u884d\u751f\u54c1\u671f\u8d27\u5408\u7ea6\u7ef4\u6301\u62b5\u62bc\u7269\u7684\u4ef7\u503c\u7a33\u5b9a\uff0c\u4ee5\u6b64\u4f5c\u4e3a\u5173\u952e\u6a21\u578b\uff0c\u540c\u65f6\u4e3a\u4e86\u5438\u5f15\u7528\u6237\uff0c\u5c06\u6784\u5efa\u7684\u6295\u8d44\u7ec4\u5408\u6536\u76ca\u56de\u9988\u7ed9\u94f8\u9020\u7a33\u5b9a\u5e01\u7684\u7528\u6237\uff0c\u4f7f\u5f97\u7528\u6237\u4e0d\u4ec5\u4eab\u53d7\u7a33\u5b9a\u5e01\u5e01\u4ef7\u7684\u7a33\u56fa\uff0c\u540c\u65f6\u4e00\u8d77\u4eab\u53d7\u94f8\u5e01\u7a0e\u7684\u7ea2\u5229\uff1b\u540c\u65f6\u53d1\u884c\u5e73\u53f0\u5e01 ENA\uff0c\u4e0d\u4ec5\u8d28\u62bc USDe \u53ef\u4ee5\u83b7\u5f97 ENA\uff0c\u540c\u65f6\u53cd\u5411\u7684\u8bdd\uff0c\u4e5f\u80fd\u63d0\u9ad8\u4f60\u8d28\u62bc\u7a33\u5b9a\u5e01\u7684\u6536\u76ca\u3002\u5b83\u5177\u6709\u65c1\u6c0f\u5c5e\u6027\uff0c\u4f46\u5b83\u5e76\u4e0d\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u65c1\u6c0f\uff0c\u56e0\u4e3a\u5176\u6838\u5fc3\u76c8\u5229\u6a21\u578b\u662f\u4e00\u4e2a\u671f\u9650\u5957\u5229\uff0c\u4f5c\u4e3a\u4e2a\u4eba\u4f60\u5176\u5b9e\u4e5f\u53ef\u4ee5\u7528\u8fd9\u79cd\u65b9\u5f0f\uff0cENA \u505a\u5f97\u53ea\u662f\u628a\u5927\u5bb6\u7684\u8d44\u91d1\u96c6\u4e2d\u8d77\u6765\uff0c\u505a\u66f4\u5927\u7684\u6536\u76ca\u96c6\u5408\u3002<\/p>\n USDe \u7684\u76c8\u5229\u6a21\u5f0f\uff1a<\/strong><\/p>\n USDe \u7684\u94f8\u9020\u672c\u8eab\u9700\u8981\u7528\u6237\u7684 stETH\uff0c\u540c\u65f6\u914d\u5408\u53bb\u505a\u6c38\u7eed\u5408\u7ea6\u7684\u7a7a\u5355\u3002\u8fd9\u91cc\u9762\u6709\u4e24\u90e8\u5206\u6536\u76ca\uff0c\u4e00\u4e2a\u662f stETH \u7684\u8d28\u62bc\u6536\u76ca\uff08APY3%-4%\uff09\uff0c\u53e6\u4e00\u4e2a\u5c31\u662f\u5403\u7a7a\u5355\u7684\u8d44\u91d1\u8d39\u7387\u3002\u6c38\u7eed\u5408\u7ea6\u7684\u8d44\u91d1\u8d39\u7387\u673a\u5236\u6bd4\u8f83\u7b80\u5355\uff0c\u4e3a\u5c3d\u53ef\u80fd\u62c9\u5e73\u5408\u7ea6\u4e0e\u73b0\u8d27\u4ef7\u683c\uff0c\u5f53\u5e02\u573a\u7684\u591a\u5355\u5927\u4e8e\u7a7a\u5355\u7684\u65f6\u5019\uff0c\u591a\u5934\u7ed9\u7a7a\u5934\u8d44\u91d1\u8d39\uff1b\u53cd\u4e4b\uff0c\u5219\u7a7a\u5934\u7ed9\u591a\u5934\u94b1\u3002\u5728\u725b\u5e02\u884c\u60c5\uff0c\u591a\u5934\u7684\u8d44\u91d1\u8d39\u7387\u4e00\u822c\u4f1a\u7ed9\u7684\u76f8\u5bf9\u8f83\u9ad8\uff08APY25%\uff09\uff0c\u5426\u5219\u96be\u4ee5\u5438\u5f15\u5bf9\u624b\u76d8\u3002\u8fd9\u90e8\u5206\u662f\u9879\u76ee\u6700\u5927\u7684\u76c8\u5229\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u9879\u76ee\u65b9\u628a stETH \u5b58\u5165\u7684\u4e0d\u662f\u4e00\u822c\u7684 CEX \u4e0a\uff0c\u800c\u662f\u653e\u5728\u4e86 Cobo\u3001 CEFFU \u7b49\u6258\u7ba1\u5e73\u53f0\uff0c\u9632\u6b62\u88ab\u632a\u7528\u6216 CEX \u66b4\u96f7\u3002<\/p>\n USDe \u6838\u5fc3\u98ce\u9669\uff1a<\/strong><\/p>\n USDe \u4f5c\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u7a33\u5b9a\u5e01\uff0c\u5176\u6700\u57fa\u7840\u7684\u6a21\u578b\u662f\u671f\u73b0\u5957\u5229\uff0c\u62b5\u62bc\u7269\u7684\u4ef7\u503c\u5176\u5b9e\u5c31\u662f\u73b0\u8d27 ETH \u4ee5\u53ca\u5bf9\u5e94\u7684\u7a7a\u5355\uff0c\u725b\u5e02\u6761\u4ef6\u4e0b\uff0c\u57fa\u672c\u662f 100% \u8db3\u989d\u62b5\u62bc\uff0c\u66f4\u4e0d\u7528\u8bf4\u52a0\u4e0a ENA \u672c\u8eab\u7684\u7684\u6d41\u901a\u5e02\u503c\uff0c\u8fd9\u610f\u5473\u7740\u73b0\u9636\u6bb5\u5e76\u4e0d\u4f1a\u5b58\u5728\u66b4\u96f7\u7684\u98ce\u9669\uff0c\u4f46\u662f\u4e5f\u6709\u4e00\u79cd\u4f8b\u5916\u5c31\u662f ETH \u7684 LST \u62b5\u62bc\u7269\uff08stETH\uff09\u4e0e ETH \u672c\u8eab\u8131\u94a9\uff0c\u8fd9\u4e2a\u6700\u8fd1\u7684\u5148\u4f8b\u5c31\u662f 3AC \u66b4\u96f7\u65f6\u5019\uff0cstETH \u4e00\u5ea6\u8131\u94a9\u8fd1 8%\u3002\u6700\u5927\u7684\u98ce\u9669\u662f\u89c4\u6a21\u4e0a\u9650\u95ee\u9898\uff0c\u5982\u679c\u5728\u5355\u4e00\u4ea4\u6613\u6240\u7684\u7a7a\u4ed3\u6bd4\u4f8b\u8fc7\u5927\uff0c\u5f88\u53ef\u80fd\u9762\u4e34\u6ca1\u6709\u5bf9\u624b\u76d8\u7684\u95ee\u9898\uff0c\u8fdb\u800c\u5c31\u4f1a\u5bfc\u81f4\u8d44\u91d1\u8d39\u7387\u6536\u76ca\u7684\u4e0b\u964d\u3002\u4ee5\u76ee\u524d\u5e02\u573a\u7684\u60c5\u51b5\u6765\u770b\uff0c\u5b89\u5168\u94f8\u9020\u4e0a\u9650\u5927\u6982\u4e3a 100 \u4ebf\u7f8e\u5143\u3002\u5176\u6b21\u662f\u8d28\u62bc\u6536\u76ca\u7387\u7684\u53ef\u6301\u7eed\u95ee\u9898\uff0c\u8fd9\u4e2a\u4e0d\u8d58\u8ff0\uff0c\u662f\u4e00\u4e2a\u663e\u800c\u6613\u89c1\u7684\u95ee\u9898\u3002\u8fd8\u6709\u5c31\u662f ENA \u7684\u6258\u7ba1\u6a21\u5f0f\uff0c\u7406\u8bba\u4e5f\u6709\u4f5c\u6076\u98ce\u9669\uff0c\u751a\u81f3\u662f\u7834\u4ea7\u98ce\u9669\uff0c\u4f1a\u5f15\u53d1\u4e00\u7cfb\u5217\u7684\u6760\u6746\u6e05\u7b97\u3002\u6700\u540e\u4e00\u4e2a\uff0c\u4e5f\u662f\u6700\u5927\u7684\u98ce\u9669\u5c31\u662f\u9879\u76ee\u65b9\u7684\u98ce\u9669\uff0c\u5377\u6b3e\u8dd1\u8def\u3002<\/p>\n 3\uff09\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u7a33\u5b9a\u5e01\u8d5b\u9053\u5c0f\u7ed3<\/strong><\/p>\n \u76f8\u8f83\u4e8e\u6cd5\u5e01\u62b5\u62bc\u7684\u7a33\u5b9a\u5e01\uff0c\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u7a33\u5b9a\u5e01\u5176\u5b9e\u5e76\u4e0d\u4f9d\u8d56\u4e8e\u573a\u666f\u548c\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u3002\u65e0\u8bba\u662f DAI \u8fd8\u662f USDe\uff0c\u5176\u6210\u529f\u8def\u5f84\u90fd\u662f\u9ad8\u5ea6\u4e00\u81f4\uff0c\u8d22\u5bcc\u6548\u5e94\u548c\u900f\u660e\u5316\u7ba1\u7406\u3002<\/strong>\u65e0\u8bba\u662f DAI \u8fd8\u662f USDe 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USDC\uff0c\u5982\u679c\u7eaf\u6301\u6709\u5e76\u4e0d\u80fd\u4eab\u53d7\u751f\u606f\u7ea2\u5229\uff0c\u540c\u65f6\u8fd8\u6709\u53ef\u80fd\u56e0\u4e3a\u7f8e\u5143\u6c47\u7387\u7684\u53d8\u5316\u6216\u8005\u901a\u80c0\uff0c\u5bfc\u81f4\u8d44\u4ea7\u8d2c\u503c\u3002<\/p>\n 3\u3001\u65e0\u62b5\u62bc \/ \u7b97\u6cd5\u7a33\u5b9a\u5e01\uff08FRAX\uff09<\/strong><\/p>\n \u7b97\u6cd5\u7a33\u5b9a\u5e01\u7684\u4e0a\u4e00\u4e2a\u9ad8\u5cf0\u662f UST\uff0c\u4e00\u4e2a\u7531 LUNA \u521b\u8bbe\u7684\u7b97\u6cd5\u7a33\u5b9a\u5e01\uff0c\u7531\u4e8e\u5176\u65c1\u6c0f\u673a\u5236\uff0c\u5bfc\u81f4\u6700\u540e\u5d29\u76d8\u3002\u622a\u6b62\u5230\u76ee\u524d\uff0c\u5c1a\u672a\u6709\u706b\u7206\u51fa\u5708\u7684\u7b97\u6cd5\u7a33\u5b9a\u5e01\u51fa\u73b0\u5728\u5e02\u573a\uff0cFRAX \u7b49\u9879\u76ee\u76ee\u524d\u4e5f\u4e0d\u6e29\u4e0d\u706b\u3002<\/strong>\u7b97\u6cd5\u7a33\u5b9a\u5e01\u6709 single-token \u5230 multi-token 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\u7b49\u8d44\u4ea7\u5750\u8d28\u62bc\u8282\u70b9\uff0c\u83b7\u53d6\u6536\u76ca\u3002\u76ee\u524d\u603b\u5e02\u503c\u8d85 6 \u4ebf\u7f8e\u5143\u3002\u6838\u5fc3\u74f6\u9888\uff1a<\/strong>\u65e0\u8bba\u662f\u76f8\u8f83\u4e8e USDC\/USDT \u53ca DAI \u7b49\u7a33\u5b9a\u5e01\u5373\u4fbf FRAX \u901a\u8fc7\u534a\u8d28\u62bc\u65b9\u5f0f\u63d0\u9ad8\u4e86\u5b89\u5168\u6027\uff0c\u4f46\u662f\u7531\u4e8e\u573a\u666f\u9650\u5236\uff08\u751f\u6001\u5185\u7684\u5957\u5229\uff09\uff0c\u5176\u4e0a\u9650\u76ee\u524d\u6709\u9650\u3002\u8fd9\u4e5f\u662f\u7b97\u7a33\u6700\u4e3b\u8981\u7684\u74f6\u9888\uff0c\u5982\u4f55\u6269\u5c55\u5176\u5728\u52a0\u5bc6\u8d27\u5e01\u751f\u6001\u7684\u5e94\u7528\u573a\u666f\u3002<\/p>\n \u56db\u3001\u8d5b\u9053\u524d\u77bb\u53ca\u9999\u6e2f\u7a33\u5b9a\u5e01\u601d\u8003<\/strong><\/p>\n 1\u3001\u4e0d\u540c\u7c7b\u578b\u7a33\u5b9a\u5e01\u7684\u4f18\u7f3a\u70b9<\/strong><\/p>\n 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1\uff09\u5982\u679c\u662f\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\u3002<\/strong>\u6210\u529f\u7684\u4e24\u5927\u5fc5\u5907\u6761\u4ef6\uff0c\u4e00\u4e2a\u662f\u5408\u89c4\u76d1\u7ba1\u7684\u4fe1\u4efb\u57fa\u7840\uff1b\u53e6\u4e00\u4e2a\u5219\u662f\u4ea4\u6613\u6240 \/ \u652f\u4ed8\u673a\u6784\u5f15\u6d41\u5e26\u6765\u7684\u573a\u666f\u52a0\u6301\u3002\u4e8c\u8005\u7f3a\u4e00\u4e0d\u53ef\u3002<\/p>\n 2\uff09\u52a0\u5bc6\u62b5\u62bc\u53ca\u7b97\u7a33\u3002<\/strong>\u6210\u529f\u7684\u5fc5\u5907\u6761\u4ef6\uff0c\u4e00\u4e2a\u662f\u57fa\u7840\u6536\u76ca\u7387 \/ \u9ad8\u6536\u76ca\u7387\uff0c\u89e3\u51b3\u7528\u6237\u52a0\u5bc6\u8d44\u4ea7\u5468\u8f6c\u6548\u7387\u8bc9\u6c42\uff1b\u53e6\u4e00\u4e2a\u5219\u662f\u6301\u7eed\u62d3\u5c55\u7684 Defi\/ 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