资本热捧的USDe 会像UST一样脱锚归零吗？

来源：白话区块链（ID：hellobtc） Source: Blockchain Simplified (ID: hellobtc)

Source vernacular blockchain 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

稳定币赛道，一直被视为加密世界的圣杯之一，无论是Tether的USDT，还是曾经Terra的UST，都在行业内扮演了举足轻重的重量级玩家角色。The stablecoin race has always been seen as one of the holy grails of the crypto world. Whether it's Tether's USDT or the once Terra's UST, they have played a significant role in the industry.

而近两个月来，一个自带高收益率标签的新秀项目横空出世，快速崛起成为全网第 5 大稳定币：2 月 19 日，USDe 发行商Ethena Labs 推出公共主网，旨在创建基于以太坊（ETH）的合成美元USDe，截至发文时供应量已超过 23.66 亿枚，仅次于USDT、USDC、DAI、FDUSD。

来源：https://www.coingecko.com Source: https://www.coingecko.com

那么USDe究竟是怎样的一个稳定币项目，如何能在这么短的时间内杀出重围，背后又隐藏着那些争议？与此同时，近来的稳定币赛道又蕴含着哪些新的变量？So what kind of stablecoin project is USDe, and how could it rise to become the 5th largest stablecoin in such a short time? What controversies hide behind it? At the same time, what new variables does the recent stablecoin race contain?

01 Rapid Rise of the Stablecoin USDe

USDe对稳定币市场最大的影响，无疑就是推出仅仅两个月，就凭借高收益率的属性，总体量从0快速崛起至超23亿美元。The greatest impact of USDe on the stablecoin market is undoubtedly its rapid rise in total volume from 0 to over 2.3 billion dollars in just two months, based on its high-yield characteristics.

Ethena Labs官网数据显示，截至发文时，USDe的年化收益率仍高达11.6%，此前更是一度维持在30%以上，不由得让人想起Anchor Protocol里年化收益率高达20%的UST。

Ethena Protocol Annualized Yield and USDe Annualized Yield

那USDe究竟是一套怎样的稳定币机制，为何会有如此高的年化收益？这背后其实就是BitMEX创始人早在《Dust on Crust》一文中提到的中本聪美元构想的完善版。So, what kind of stablecoin mechanism is USDe, and why does it have such a high annual yield? The answer lies in the improved version of the Satoshi Nakamoto dollar concept mentioned by the founder of BitMEX in the "Dust on Crust" article.