When stablecoins become volatile, only two things matter: whether you can redeem them, and how quickly. These two things are all contained in the "reserve" and "yield." What's in the reserves directly determines whether you can redeem your tokens 1:1; how the money is earned determines what the stablecoin will do in extreme market conditions. This article follows the 6th episode of the "Mastering Stablecoins" podcast, "EP06 | Is a DeFi 'Subprime Crisis' Coming? Avoiding Pitfalls: Deconstructing the Underlying Assets of Stablecoins and Regaining the Security of Earning Interest." We won't pile on concepts; we'll just explain things clearly: what money is behind stablecoins, how this money earns interest, and whether you can redeem them in case of market fluctuations. The following text will divide mainstream stablecoins into two types, summarize common methods for judging the security boundaries of stablecoins, and break down the reserve and yield structure of the top 10 stablecoins, providing a set of intuitive judgment and scoring methods. Cash Reserve Type: Essence and Core USDT, USDC, PYUSD, USD1, USDtb, etc. Its essence is simple: it maps assets like US dollar cash, short-term US Treasury bonds, RRPs (reverse repurchase agreements), and money market funds—assets that are "quick to sell and have stable value"—into an on-chain liability. The tokens you hold are essentially the right to redeem that basket of highly liquid US dollar assets. Returns come from coupon payments and reverse repurchase interest; the path is short and predictable, and it typically doesn't rely on leverage or complex strategies. Safety Margin: 1:1 Reserve: Look at the ratio and maturity structure of "cash + short-term debt/RRP," aiming for short duration and minimal mismatch. Focus on two key things: How much money is invested in cash that can be readily or quickly converted into liquid assets, overnight reverse repos (RRPs), and short-term debt of 7–90 days; and whether the maturities of these assets are short. The shorter the maturity, the faster the money can be obtained in case of an emergency, and the less need there is to sell at a discount. Regarding compliance and attestation, consider three points: the amount of disclosure, the quality of disclosure, and the level of detail. Higher disclosure frequency (daily/weekly/monthly) is better; in attestation, "reasonable certainty" is stronger than "limited certainty"; in terms of details, is it disclosed whether "when the funds mature, which institutions (counters) the money is held in, and whether there is excessive concentration"? Regarding redemption channels: Who can redeem (whitelisted institutions or everyone), where to redeem (off-chain vs. on-chain PSM contract), how long does it take (T+0/T+N), and are there any limits (single address/single day/queue rules)? Pay attention to whether there is a direct redemption channel that you can "use"; if there is no direct redemption, look at market depth and arbitrage efficiency. Flow Limitation and Contingency: How to cut costs in extreme situations (temporary limits, fee increases, suspension of some channels), whether there are "guaranteed redemption paddings" (such as USDS's PSM pool) and transparent queuing.

当稳定币变得不稳定时，只有两件事是重要的：你是否可以赎回它们，以及赎回的速度。这两件事都包含在 “储备” 和 “收益” 中。储备中的内容直接决定了你是否可以以 1:1 的比例赎回你的代币；资金的收益方式决定了在极端市场条件下稳定币的表现。本文跟随 “掌握稳定币” 播客的第六集，“EP06 | DeFi '次贷危机' 是否即将来临？避免陷阱：解构稳定币的基础资产并重新获得收益的安全性。” 我们不会堆砌概念；我们将清晰地解释：稳定币背后是什么资金，这些资金如何赚取利息，以及在市场波动时你是否可以赎回它们。以下文本将主流稳定币分为两类，总结判断稳定币安全边界的常见方法，并拆解前 10 大稳定币的储备和收益结构，提供一套直观的判断和评分方法。现金储备类型：本质与核心 USDT、USDC、PYUSD、USD1、USDtb 等。其本质很简单：将美元现金、短期美国国债、逆回购协议（RRP）和货币市场基金等 “易于出售且价值稳定” 的资产映射到链上的负债中。你持有的代币本质上是赎回那一篮高度流动的美元资产的权利。收益来自于票息支付和逆回购利息；路径短且可预测，通常不依赖杠杆或复杂策略。安全边际：1:1 储备：查看 “现金 + 短期债务/RRP” 的比例和到期结构，目标是短期和最小不匹配。关注两个关键点：投资于现金的金额有多少可以随时或快速转换为流动资产、隔夜逆回购（RRP）和 7-90 天的短期债务；以及这些资产的到期是否较短。到期越短，紧急情况下获取资金的速度越快，出售折扣的需求越小。关于合规性和鉴证，考虑三个要点：披露的数量、披露的质量和细节的程度。披露频率越高（每日/每周/每月）越好；在鉴证中，“合理确定性” 强于 “有限确定性”；在细节方面，是否披露 “资金到期时，资金存放在哪些机构（对手方），是否存在过度集中”？关于赎回渠道：谁可以赎回（白名单机构或所有人）、在哪里赎回（链下与链上 PSM 合约）、需要多长时间（T+0/T+N），是否有任何限制（单地址/单日/排队规则）？注意是否有你可以 “使用” 的直接赎回渠道；如果没有直接赎回，查看市场深度和套利效率。流动限制与应急：在极端情况下如何降低成本（临时限制、费用增加、暂停某些渠道），是否有 “保证赎回的缓冲”（如 USDS 的 PSM 池）和透明的排队。

Synthetic Yield Tokens: Essence and Core

合成收益代币：本质与核心

USDS, USDe, USDf, etc.

USDS、USDe、USDf 等。

It doesn't put US dollars into a pool, but rather puts a "strategy" into a token. The common underlying approach is: take long positions in assets such as ETH/LST, BTC, etc., and simultaneously place an equal amount of short positions in perpetual contracts or futures, aiming to hedge the direction; then add funding fees, staking rewards, market making and lending spreads to "synthesize" a seemingly stable cash flow. Where does its revenue come from? Mainly from three categories: Funding fees and basis: When the long position is greater than the short position in the perpetual contract market, the futures price is higher than the spot price, and the funding fee is positive. The market will pay interest to the short sellers, and the strategy profits. Once the funding fee turns negative or the price spread narrows or even inverts, the strategy will incur losses, and the cash flow will worsen. Lending and market making: Lending stablecoins to earn interest spreads; or acting as a limited partner (LP) in a trading pool to earn transaction fees. The advantage is more stable cash flow; the cost is bearing the credit of the counterparty (platform/market maker), the risk of contract hacking, and the "impermanent loss" caused by price fluctuations during market making. Collateral Interest: If the collateral is LST (Liquidated Securities), it will generate collateralized interest; placing it in RWA (Retail Funds, etc.) will also generate coupon interest. However, because the strategy also has hedging or margin positions, these interest rates must be calculated together with "short position cost/margin usage" into a comprehensive account. Safety Boundaries: Strategy Failure Points: When will losses occur, for how long, and what is the maximum drawdown? Are historical and scenario calculations provided? Are there any strict "stop-loss/leverage reduction" rules? What will happen: Reserves will be used to replenish margin or cover losses, the redemption pool will decrease, limits/queues will appear, and over time, the price may decouple. Counterparties and Margin: Which exchanges are they on, where is the custodian, how is the margin replenished, and what threshold triggers forced liquidation? What happens: Positions held on a few exchanges or with a few market makers may be forced to liquidate or liquidate positions when risk control tightens/margin requirements increase/platform outages occur, leading to hedging imbalances; at the same time, more cash is tied up in margin, leaving less available cash for redemption. Limits and Restrictions: Daily/block redemption limits, T+N, queues and priorities; in extreme cases, will the liquidity tap be turned off first and then liquidation proceed slowly? What happens: It acts as a "liquidity gate," used to buy time for liquidation; when liquidity is restricted, the secondary market may experience discounts, and those who are in a hurry to sell will suffer greater losses. Transparency: Frequency of disclosure of positions and hedging ratios, third-party verification, on-chain verifiability; whether only a verbal commitment of "nominal neutrality" is given. What will happen: You cannot predict the tipping point; the market cannot establish stable expectations. Panic precedes, and runs occur earlier and more violently; issuers are forced to impose stronger liquidity restrictions, creating negative feedback. Having read this far, you have obtained a "method" for judging stablecoins. The next step, what you should be most concerned about, is to apply this yardstick to specific projects: where exactly does each stablecoin put its money, how does it generate interest, and how will it handle runs? To this end, "Mastering Stablecoins" has compiled publicly available official information (reserves/audits and attestation, redemption terms, on-chain dashboards and announcements) of the top ten stablecoins by market capitalization, reconstructing their mechanisms and operational key points into a "stablecoin profile." Simultaneously, a set of comparative scores is used across all dimensions to help you quickly identify differences. Top Ten Stablecoin Scoring List To ensure comparability, we used the same scoring criteria in this sample: Reserve Quality 30%, Redemption Certainty 20%, Transparency 20%, Strategy and Counterparties 15%, System Correlation 15%. The ratings are used solely for horizontal comparisons within this survey to help readers identify the strengths and weaknesses in specific dimensions. They do not constitute any investment advice or recommendations to buy/reduce. The data will be dynamically updated as disclosures and ecosystem changes occur, and the ratings will be adjusted accordingly. (Updated to 2025-11-15)

它并不是将美元放入一个池子中，而是将一个 “策略” 放入一个代币中。其共同的基本方法是：在资产如 ETH/LST、BTC 等上建立多头头寸，同时在永续合约或期货上建立相等的空头头寸，以期对冲方向；然后将资金费用、质押奖励、做市和借贷利差加在一起，以 “合成” 出看似稳定的现金流。它的收入来源于哪里？主要来自三个类别：资金费用和基差：当永续合约市场中的多头头寸大于空头头寸时，期货价格高于现货价格，资金费用为正。市场将向空头卖家支付利息，策略获利。一旦资金费用变为负值或价格差缩小甚至反转，策略将会亏损，现金流将恶化。借贷和做市：借出稳定币以赚取利息利差；或作为交易池中的有限合伙人（LP）赚取交易费用。其优势是现金流更稳定；成本是承担对手方（平台/做市商）的信用风险、合约被黑客攻击的风险，以及做市过程中因价格波动造成的 “无常损失”。抵押品利息：如果抵押品是 LST（流动证券），将产生抵押利息；将其放入 RWA（零售基金等）也会产生票息。然而，由于策略还具有对冲或保证金头寸，这些利率必须与 “空头头寸成本/保证金使用” 一起计算，形成综合账目。安全边界：策略失败点：何时会发生亏损，持续多长时间，最大回撤是多少？是否提供历史和情景计算？是否有严格的 “止损/减杠杆” 规则？会发生什么：储备将用于补充保证金或覆盖亏损，赎回池将减少，限制/排队将出现，随着时间的推移，价格可能会脱钩。对手方和保证金：他们在哪些交易所，保管人在哪里，如何补充保证金，什么阈值会触发强制平仓？会发生什么：在少数交易所或与少数做市商持有的头寸可能在风险控制收紧/保证金要求增加/平台故障时被强制平仓或平仓，导致对冲失衡；同时，更多现金被锁定在保证金中，留给赎回的可用现金减少。限制和约束：每日/区块赎回限制，T+N，排队和优先级；在极端情况下，流动性开关是否会先关闭，然后缓慢进行平仓？会发生什么：它充当 “流动性闸门”，用于为平仓争取时间；当流动性受到限制时，二级市场可能会出现折扣，急于出售的人将遭受更大的损失。透明度：头寸和对冲比例的披露频率，第三方验证，链上可验证性；是否仅提供 “名义中立” 的口头承诺。会发生什么：你无法预测临界点；市场无法建立稳定的预期。恐慌在前，跑路发生得更早更猛烈；发行人被迫施加更强的流动性限制，形成负反馈。读到这里，你已经获得了判断稳定币的 “方法”。下一步，你最应该关注的是将这个标准应用于具体项目：每个稳定币究竟将资金放在哪里，如何产生利息，以及如何处理跑路？为此，《掌握稳定币》汇编了市值前十的稳定币的公开官方信息（储备/审计和证明、赎回条款、链上仪表板和公告），重构其机制和运营关键点，形成 “稳定币档案”。同时，使用一套比较评分在各个维度上帮助你快速识别差异。前十名稳定币评分列表为确保可比性，我们在本样本中使用了相同的评分标准：储备质量 30%、赎回确定性 20%、透明度 20%、策略和对手方 15%、系统相关性 15%。这些评分仅用于本调查内的横向比较，以帮助读者识别特定维度的优缺点。它们不构成任何投资建议或买入/减持的推荐。数据将随着披露和生态系统变化而动态更新，评分也将相应调整。（更新至 2025-11-15）

Rank 1 - USDC | Profile and Comparison Score

排名 1 - USDC | 资料与比较评分

Basic Information: Issuer: Circle; Market Cap: Approximately $70 billion; Main Chain Distribution: Ethereum≈67%, Solana≈11%, Arbitrum≈10%. Reserve Structure: 100% Cash + Short-Term US Treasuries + RRP, short duration, highly standardized, pure "cash coupon" route. Custody/Management: Circle Reserve Fund (managed by BlackRock, funds held in regulated banks and RRP, etc.); cash deposits held in the regulated banking system. Issuance/Redemption: Direct redemption from whitelist (minimum approximately $100), daily limit of $100 million per address; retail investors mostly use secondary markets or fiat currency deposits and withdrawals. Transparency: Daily "reasonable confidence" level disclosure (AICPA), frequency and granularity industry benchmark. **Activity and Systemic Position:** Multi-chain main routing, deep market making, and high arbitrage efficiency; its size and depth are second only to USDT, but it is more "institutionalized" in terms of compliance and custody. **Key Risks:** **Institutional Cost Control:** Whitelists and daily limits provide "smooth flow with thresholds," and queues may still occur during extreme periods. **Jurisdiction and Bank Dependence:** Mainstream US compliance is an advantage, but also an external variable due to its single jurisdiction. **Historical Events:** Bank-related events have triggered short-term decoupling in the secondary market, but recovery is possible.

基本信息： 发行人：Circle；市值：约 700 亿美元；主链分布：以太坊≈67%，Solana≈11%，Arbitrum≈10%。储备结构：100% 现金 + 短期美国国债 + 逆回购，短期，高度标准化，纯 “现金券” 路线。保管/管理：Circle 储备基金（由黑石管理，资金存放在受监管的银行和逆回购等）；现金存款存放在受监管的银行体系中。发行/赎回：从白名单直接赎回（最低约 100 美元），每个地址每日限额 1 亿美元；零售投资者主要通过二级市场或法币存取款。透明度：每日 “AICPA 合理信心” 水平披露，频率和粒度为行业基准。** 活动和系统定位：** 多链主路由，深度做市，高套利效率；其规模和深度仅次于 USDT，但在合规和保管方面更具 “机构化”。** 关键风险：**** 机构成本控制：** 白名单和每日限额提供 “平滑流动与阈值”，在极端时期仍可能出现排队现象。** 司法管辖区和银行依赖：** 主流美国合规是优势，但由于其单一司法管辖区也存在外部变量。** 历史事件：** 与银行相关的事件曾引发二级市场的短期脱钩，但恢复是可能的。

USDC Score

USDC 评分

Reserve Quality: 5.0/5

储备质量：5.0/5

100% Cash + Short-Term US Treasuries + RRP, Short Duration, Strong Standardization

100% 现金 + 短期美国国债 + 逆回购，短期，强标准化

Repayment Certainty: 4.0/5

还款确定性：4.0/5

Direct redemption on whitelist (minimum approximately $100), $100 million per address per day; retail investors mostly use indirect channels.

白名单直接赎回（最低约 100 美元），每个地址每日 1 亿美元；零售投资者主要通过间接渠道。

Transparency: 5.0/5 Daily AICPA "reasonable conviction," high frequency and high granularity. Strategy and Counterparties: 4.5/5 Pure cash coupon path + mainstream US compliant custody; diversified across multiple banks/funds; risk controllable due to concentration in residual jurisdictions/banks. System Correlation: 4.0/5 Strong multi-chain depth, but overall not as large or deep as USDT.

透明度：5.0/5 每日 AICPA“合理信念”，高频率和高粒度。策略和对手方：4.5/5 纯现金券路径 + 主流美国合规保管；在多家银行/基金中多样化；由于集中在剩余司法管辖区/银行，风险可控。系统相关性：4.0/5 强多链深度，但整体规模和深度仍不及 USDT。

Total Score: 22.9/25

总评分：22.9/25

One-sentence review: The "industry benchmark" for compliance and transparency; liquidity is second only to USDT, but it makes custody and disclosure easier for the risk control team.

一句话评论：合规和透明度的 “行业基准”；流动性仅次于 USDT，但使风险控制团队的保管和披露更为简便。

Ranking 2 - USDtb | Profile and Score

排名 2 - USDtb | 资料和评分

Basic Information: Issuer: Ethena; Launched in April 2025; Medium size, high concentration on a single chain.

基本信息： 发行人：Ethena；于 2025 年 4 月推出；中等规模，主要集中在单一链上。

Reserve Structure: 100% short-term US Treasury bonds (held through RWA Fund/tokenization instruments, such as BUIDL), short duration, quick to liquidate, typical cash reserve type.

储备结构： 100% 短期美国国债（通过 RWA 基金/代币化工具持有，如 BUIDL），短期，快速变现，典型现金储备类型。

Custody/Management: Primarily uses tokenized US Treasury instruments (such as BlackRock BUIDL); related custody chains include BNY Mellon (BUIDL custody) and institutional-grade crypto custody/settlement networks (such as Coinbase/Copper/Fireblocks ecosystem participation). Revenue Sources: US Treasury coupons/reverse repurchase agreements/demand interest; not reliant on leverage or hedging, returns fluctuate with interest rate cycles. Issuance/Redemption: Primarily direct off-chain redemption by qualified institutions; retail investors mostly use secondary and fiat currency deposit/exit routes; in extreme cases, flow is limited according to rules. Proof and Disclosure: Reserve composition and net asset value changes are verifiable on-chain (real-time/high-frequency); transparency is stronger than monthly reporting models. **Activity and Systemic Position:** While the overall size is steadily increasing, systemic depth and routing remain significantly lower than USDT/USDC. **Key Risks:** **Redemption Threshold:** Primarily direct redemption by institutions; retail investor experience relies on secondary market liquidity and market-making depth. **RWA Toolchain Dependence:** Custody, access, and legal compliance of tokenized US Treasury bonds are key external dependencies. **Systemic Depth:** A seamless, end-to-end routing system that allows direct access to any scenario has not yet been established; its buffering capacity during periods of stress is weaker than that of leading companies. USDtb Score

保管/管理： 主要使用代币化的美国国债工具（如黑石 BUIDL）；相关保管链包括 BNY Mellon（BUIDL 保管）和机构级加密保管/结算网络（如 Coinbase/Copper/Fireblocks 生态系统参与）。收入来源：美国国债券/逆回购协议/需求利息；不依赖杠杆或对冲，收益随利率周期波动。发行/赎回：主要由合格机构直接进行链外赎回；零售投资者主要通过二级市场和法币存取款；在极端情况下，流动性根据规则受到限制。证明和披露：储备组成和净资产价值变化可在链上验证（实时/高频）；透明度强于每月报告模型。** 活动和系统定位：** 尽管整体规模稳步增长，但系统深度和路由仍显著低于 USDT/USDC。** 关键风险：**** 赎回门槛：** 主要由机构直接赎回；零售投资者的体验依赖于二级市场流动性和做市深度。**RWA 工具链依赖：** 代币化美国国债的保管、访问和法律合规是关键外部依赖。** 系统深度：** 尚未建立无缝的端到端路由系统，允许直接访问任何场景；在压力期间的缓冲能力弱于领先公司。USDtb 评分 **

Reserve Quality:

储备质量：

5.0/5100% Short-term US Treasury bonds/reverse repos, held through RWA instruments such as BlackRock BUIDL; short duration, mature disposal path3>Repayment Certainty:3.5/5Institutional direct redemption + quota management and KYC; retail investors mostly go through the secondary market, spread and queue risk increase during the pressure period3> Transparency: 5.0/5 On-chain net asset value/holdings are frequently verifiable, and external fund disclosures and custody chains (such as BNY Mellon) can be cross-verified. Strategy and Counterparties: 4.0/5 Cash coupon type + top-tier RWA tools and custody; however, new products and high dependence on the RWA toolchain pose secondary risks due to changes in jurisdiction/channels. System Relevance: 2.5/5 Scale and multi-chain depth are still limited; the main route has not yet been formed. Total Score: ≈20.9/25

5.0/5100% 短期美国国债/逆回购，通过 RWA 工具如黑石 BUIDL 持有；短期，成熟处置路径 3>还款确定性：3.5/5 机构直接赎回 + 配额管理和 KYC；零售投资者主要通过二级市场，压力期间的价差和排队风险增加 3>透明度：5.0/5 链上净资产价值/持有量可频繁验证，外部基金披露和保管链（如 BNY Mellon）可交叉验证。策略和对手方：4.0/5 现金券类型 + 顶级 RWA 工具和保管；然而，新产品和对 RWA 工具链的高度依赖因司法管辖区/渠道变化而带来次要风险。系统相关性：2.5/5 规模和多链深度仍然有限；主要路线尚未形成。总评分：≈20.9/25

Rank 3 - PYUSD | Profile and Score

排名 3 - PYUSD | 资料和评分

Basic Information: Issuer: PayPal/Paxos; Launched in August 2023; Multi-chain available, primarily Ethereum and Solana, with steadily increasing scale.

基本信息： 发行人：PayPal/Paxos；于 2023 年 8 月推出；支持多链，主要为以太坊和 Solana，规模稳步增长。

Reserve Structure: 100% Cash + RRP, short duration, clear path, typical cash reserve type.

储备结构： 100% 现金 + 逆回购，短期，清晰路径，典型现金储备类型。

Custody/Management: Paxos Trust Custody

保管/管理： Paxos 信托保管

Income Sources: Coupon interest/Reverse repurchase/Demand interest; Synchronized with interest rate cycles, not reliant on leverage or hedging.

收入来源： 票息利息/逆回购/需求利息；与利率周期同步，不依赖杠杆或对冲。

Income Sources:

收入来源：

Monthly reasonable confidence and component disclosure, frequency is not as high as daily/on-chain high-frequency verifiableStrategy and counterparties: 3.5/5

每月合理信心和成分披露，频率不如每日/链上高频可验证策略和对手方：3.5/5

Cash coupon path + trust custody, external dependence is controllable; however, the combination of jurisdiction and counterparties still needs continuous verification

现金券路径 + 信托保管，外部依赖可控；然而，司法管辖区和对手方的组合仍需持续验证

System correlation: 3.5/5

系统相关性：3.5/5

Exchange-side depth is relatively strong, on-chain and cross-chain routing are still being improved

交易所侧的深度相对较强，链上和跨链路由仍在改进中

Total score: ≈20.3/25

总评分：≈20.3/25

Strong in size and activity, but overall not as deep or buffered as USDT/USDC Total Score: ≈18.5/25

在规模和活跃度上表现强劲，但整体深度和缓冲性不如 USDT/USDC 总评分：≈18.5/25

One-sentence evaluation: High transparency, flexible design, and supported by a "guaranteed redemption cushion"; however, the returns and collateral are more "mixed," making it more sensitive to parameters and counterparties in extreme situations.

一句话评估：透明度高，设计灵活，并由 “保证赎回缓冲” 支持；然而，收益和抵押品较为 “混合”，在极端情况下对参数和对手方更为敏感。

Rank 8 - USDT｜Profile and Score

排名 8 - USDT｜简介与评分

Basic information: Issued by Tether, established in July 2014; market capitalization approximately $180 billion (November), main chain distribution Ethereum≈51%, Tron≈44%, Solana≈1.3%.

基本信息：由 Tether 发行，成立于 2014 年 7 月；市值约 1800 亿美元（11 月），主链分布以太坊≈51%，波场≈44%，索拉纳≈1.3%。

Total Score: ≈18.5/25

总评分：≈18.5/25

一句话评估：透明度高，设计灵活，并由 “保证赎回缓冲” 支持；然而，收益和抵押品较为 “混合”，在极端情况下对参数和对手方更为敏感。

Rank 8 - USDT｜Profile and Score

排名 8 - USDT｜简介与评分

Basic information: Issued by Tether, established in July 2014; market capitalization approximately $180 billion (November), main chain distribution Ethereum≈51%, Tron≈44%, Solana≈1.3%.

基本信息：由 Tether 发行，成立于 2014 年 7 月；市值约 1800 亿美元（11 月），主链分布以太坊≈51%，波场≈44%，索拉纳≈1.3%。

Reserve Structure: Cash and equivalents, short-term US Treasury bonds, money market funds, precious metals, etc.; approximately 80% is comprised of "cash + US Treasury bonds". The core is short-duration US dollar assets, which are quickly convertible to cash, but the composition includes non-US dollar assets (such as gold) and other categories, with limited granularity in details and counterparty disclosures. Custody/Management: Diversified distribution of US dollar reserves; the US Treasury bond position management and matching parties have been publicly identified as Cantor Fitzgerald (media and third-party disclosures). Sources of Income: Primarily coupon/money market fund interest, with a clear path and minimal reliance on leverage or complex hedging; yield fluctuations are related to interest rate cycles. Issuance/Redemption: Off-chain redemption via the official website; direct redemption is only authorized to partner institutions, typically ≥$100k per transaction; queue details are not publicly disclosed, retail investors mainly rely on the secondary market and market-making depth. Proof and Disclosure: Monthly "Limited Conviction" attestation; frequency stable but less than daily/real-time; limited granularity of disclosure regarding maturity structure and counterparty concentration. Activity and Systemic Position: Multi-chain coverage, large market-making and trading volume, extremely strong secondary market liquidity, generally good price discovery and arbitrage efficiency during runs. Key Risks: No Inclusive Direct Redemption: Retail investors lack official 1:1 redemption and can only access liquidity in the secondary market. Transparency Threshold: Attestation types and disclosure granularity are weaker than some competitors (e.g., daily reports). Compliance/Jurisdiction and Freezing Authority: Changes in the compliance environment of the issuer and custodian/bank counterparties may affect redemption arrangements. High system coupling: Once a negative event occurs, the transmission is wide and fast, but because it is "too big and too deep," it also has a stronger market-making buffer. USDT Score: Reserve Quality: 4.0/5 80% short-duration USD assets; deductions for non-USD components and detailed disclosure restrictions. Redemption Certainty: 3.0/5 Only authorized institutions can redeem directly off-chain through their official websites (usually ≥$100k), retail investors rely on secondary markets; queues and details are not transparent. Transparency: 3.0/5 Monthly "Limited Conviction," counterparty and duration granularity is weaker than daily plans. Strategy and Counterparties: 3.0/5 Cash coupon is the main path, but counterparty and jurisdiction disclosure is not as good as USDC-related; transparency and external verification are relatively weak. System Relevance: 5.0/5 Largest volume, deepest market making, widest routing; also the most "buffer depth" during crises. Total Score: 18.0/25 One-sentence evaluation: Liquidity ceiling, but "no inclusive direct redemption + granular disclosure" is the main weakness. Rank 9 - USDe | Profile and Score Basic Information: Issuer: Ethena; Market capitalization: approximately $9 billion; Primarily based on Ethereum (almost entirely on Ethereum). Reserve Structure: Primarily long positions in spot/collateralized BTC/ETH and LST, plus an equal amount of short positions in perpetual/futures contracts; supplemented by some stablecoin and cash positions. "Cash + US Treasuries" accounts for approximately 58%, with the remainder being a combination of crypto collateral and hedging. Custody/Management: Spot/collateralized assets are held in custody by qualified third parties (Ceffu, Copper); hedging positions are primarily held on the exchange side through notional hedging/notional margin, often combined with off-exchange settlement networks to reduce on-exchange risk exposure. Revenue Sources: Primarily Delta-neutral (≈60%), supplemented by on-chain DeFi (≈25%) and cash/deposit interest (≈15%); returns are highly sensitive to funding fees and basis. Issuance/Redemption: Primarily based on contracts and whitelists, with daily limits; regular "redemption to stablecoins," but no guarantee of returning the original LST/ETH; on-chain redemptions have block and single-asset caps. Proof and Disclosure: Weekly third-party verification and operational disclosure; position/hedging ratio disclosure is not real-time and requires cross-verification with dashboards and announcements. Activity and Systemic Position: Significant volume and on-chain usage, but lower overall depth compared to USDT/USDC; high single-chain concentration. Key Risks: Strategy Sensitivity: Negative funding fees, widening basis, one-sided market trends, and tightening liquidity can lead to increased hedging costs or forced position reductions. Counterparties and Margin: Exchange/market maker credit, margin call timing and thresholds directly impact redemptions and liquidity limiting. Limits and Restriction: Daily/block limits should be "turned off" in extreme cases, shifting price anchoring to queue-based trading. Asset Redemption Scope: Redeem stablecoins instead of native LST/ETH; user expectations for management must be clearly stated in advance. USDe Score Reserve Quality: 3.0/5 Cash + US Treasuries constitute a moderate proportion, with the remainder being a combination of crypto collateral and hedging. Redemption Certainty: 2.5/5 Whitelist + Daily Limit + Block Limit, with cost-cutting implemented in extreme situations. Transparency: 3.5/5 Weekly verification + operational disclosure, but not real-time and with limited granularity. Strategy and Counterparties: 3.0/5. Nominal hedging + third-party custody reduces exposure to "direct exchange defaults"; however, legal and operational risks remain regarding funding fees/basis, PB/custody tripartite arrangements, and margin adjustments and cost-saving risks under extreme market conditions. System Correlation: 3.0/5. Significant volume, but depth and routing are inferior to USDT/USDC. Total Score: ≈15.3/25. In short: Hedging-driven synthetic returns, with nominal hedging and third-party custody mitigating exchange exposure; however, funding fees/basis and margin management are weaknesses, with liquidity restrictions implemented during extreme periods, and price anchoring relying more on secondary market making. Rank 10 - USDf | Profile and Score Basic Information: Issued by Falcon/DWF; Launched in February 2025; Primarily Ethereum, medium size, stable growth. Reserve Structure: Primarily a multi-asset mix (stablecoins, BTC, ETH, DOGE, etc.), with a relatively low proportion of cash/short-term debt (approximately one-third); clear asset stratification, with a significant weighting of volatile assets. Custody/Management: Limited public disclosure; multi-asset portfolio + synthetic yield path, no authoritative disclosure from the custodian - Revenue Sources: Primarily synthetic yields (hedging/funding fees), market making and lending spreads in parallel; yields are sensitive to market trends and funding fee direction. Revenue Sources: Primarily synthetic yields, specifically including funding fees/basis income, market making and LP fees, lending spreads, collateral interest/pledge income. Project cash flow is highly sensitive to market trends and funding fee direction; it will decline significantly when funding fees turn negative or the basis converges. Issuance/Redemption: T+7, available to qualified individuals; two paths coexist—exchange for stablecoins at face value, or return of collateral (determined by market price for "1:1"); in extreme cases, priority is given to flow restriction. Proof and Disclosure: Primarily weekly "limited confidence," with moderate frequency; granular disclosure of details and counterparties is limited. Activity and Systemic Position: Multi-chain availability but predominantly single-chain; market-making depth and routing are still under construction, secondary buffers are weaker than top-tier chains. Key Risks: Asset Hybridization and Long-Tail Exposure: Volatility-based assets are significant, leading to complex discounting and liquidation paths during runs. Redemption Uncertainty: Two redemption methods coexist, making it easier to enter the "return of collateral" uncertainty zone during extreme market conditions. Strategy and Counterparties: High reliance on funding fees, exchange/market maker credit, and margin management.

储备结构：现金及等价物、短期美国国债、货币市场基金、贵金属等；约 80% 由 “现金 + 美国国债” 组成。核心是短期美元资产，能够快速转换为现金，但组成中包括非美元资产（如黄金）和其他类别，细节和对手方披露有限。保管/管理：美元储备的多元化分布；美国国债头寸管理和匹配方已公开确认为 Cantor Fitzgerald（媒体和第三方披露）。收入来源：主要为票息/货币市场基金利息，路径清晰且对杠杆或复杂对冲的依赖最小；收益波动与利率周期相关。发行/赎回：通过官方网站进行链外赎回；直接赎回仅授权给合作机构，通常每笔交易≥$100k；排队详情未公开披露，散户投资者主要依赖二级市场和做市深度。证明和披露：每月进行 “有限信心” 认证；频率稳定但低于每日/实时；关于到期结构和对手方集中度的披露细节有限。活动和系统性头寸：多链覆盖，大量做市和交易量，极强的二级市场流动性，通常在运行期间价格发现和套利效率良好。主要风险：无包容性直接赎回：散户投资者缺乏官方 1:1 赎回，只能在二级市场获取流动性。透明度门槛：认证类型和披露细节的粒度弱于一些竞争对手（例如，每日报告）。合规/管辖权和冻结权：发行人和保管人/银行对手方的合规环境变化可能影响赎回安排。系统耦合度高：一旦发生负面事件，传播范围广且迅速，但由于其 “太大且太深”，也具有更强的做市缓冲。USDT 评分：储备质量：4.0/5 80% 为短期美元资产；因非美元成分和详细披露限制而扣分。赎回确定性：3.0/5 仅授权机构可通过其官方网站直接链外赎回（通常≥$100k），散户投资者依赖二级市场；排队和细节不透明。透明度：3.0/5 每月 “有限信心”，对手方和到期粒度弱于每日计划。策略和对手方：3.0/5 现金票息是主要路径，但对手方和管辖权的披露不如与 USDC 相关的；透明度和外部验证相对较弱。系统相关性：5.0/5 最大交易量，最深的做市，最广的路由；在危机期间也是 “缓冲深度” 最多的。总评分：18.0/25 一句话评估：流动性上限，但 “无包容性直接赎回 + 细粒度披露” 是主要弱点。排名 9 - USDe | 资料和评分基本信息：发行人：Ethena；市值：约 90 亿美元；主要基于以太坊（几乎完全基于以太坊）。储备结构：主要为现货/抵押的 BTC/ETH 和 LST 的多头头寸，加上等量的永续/期货合约的空头头寸；辅以一些稳定币和现金头寸。“现金 + 美国国债” 约占 58%，其余为加密抵押和对冲的组合。保管/管理：现货/抵押资产由合格的第三方（Ceffu，Copper）保管；对冲头寸主要通过名义对冲/名义保证金在交易所持有，通常结合链外结算网络以降低交易所风险敞口。收入来源：主要为 Delta 中性（≈60%），辅以链上 DeFi（≈25%）和现金/存款利息（≈15%）；收益对资金费用和基差高度敏感。发行/赎回：主要基于合约和白名单，设有每日限额；定期 “赎回为稳定币”，但不保证返回原始 LST/ETH；链上赎回有区块和单一资产上限。证明和披露：每周进行第三方验证和运营披露；头寸/对冲比例的披露不是实时的，需要与仪表板和公告进行交叉验证。活动和系统性头寸：交易量显著且链上使用，但整体深度低于 USDT/USDC；单链集中度高。主要风险：策略敏感性：负资金费用、基差扩大、单边市场趋势和流动性收紧可能导致对冲成本增加或被迫减仓。对手方和保证金：交易所/做市商信用、保证金催缴时机和阈值直接影响赎回和流动性限制。限额和限制：在极端情况下，日限/区块限应 “关闭”，将价格锚定转移到基于排队的交易。资产赎回范围：赎回稳定币而非原生 LST/ETH；用户对管理的期望必须提前明确说明。USDe 评分储备质量：3.0/5 现金 + 美国国债占中等比例，其余为加密抵押和对冲的组合。赎回确定性：2.5/5 白名单 + 每日限额 + 区块限额，在极端情况下实施削减成本。透明度：3.5/5 每周验证 + 运营披露，但不是实时的且粒度有限。策略和对手方：3.0/5 名义对冲 + 第三方保管降低了对 “直接交易所违约” 的敞口；然而，关于资金费用/基差、PB/保管三方安排以及在极端市场条件下的保证金调整和成本节约风险仍然存在法律和运营风险。系统相关性：3.0/5 交易量显著，但深度和路由不如 USDT/USDC。总评分：≈15.3/25 简而言之：以对冲驱动的合成收益，名义对冲和第三方保管减轻了交易所风险；然而，资金费用/基差和保证金管理是弱点，在极端时期实施流动性限制，价格锚定更多依赖于二级市场做市。排名 10 - USDf | 资料和评分基本信息：由 Falcon/DWF 发行；于 2025 年 2 月推出；主要基于以太坊，中等规模，稳定增长。储备结构：主要为多资产组合（稳定币、BTC、ETH、DOGE 等），现金/短期债务比例相对较低（约三分之一）；资产分层清晰，波动资产权重显著。保管/管理：公开披露有限；多资产组合 + 合成收益路径，保管人未提供权威披露 - 收入来源：主要为合成收益（对冲/资金费用），市场做市和借贷利差并行；收益对市场趋势和资金费用方向敏感。收入来源：主要为合成收益，具体包括资金费用/基差收入、市场做市和 LP 费用、借贷利差、抵押利息/质押收入。项目现金流对市场趋势和资金费用方向高度敏感；当资金费用转为负值或基差收敛时，将显著下降。发行/赎回：T+7，面向合格个人；两种路径共存——按面值兑换稳定币，或返还抵押物（由市场价格决定 “1:1”）；在极端情况下，优先考虑流动限制。证明和披露：主要为每周 “有限信心”，频率适中；对细节和对手方的粒度披露有限。活动和系统性头寸：多链可用但主要为单链；市场做市深度和路由仍在建设中，二级缓冲弱于顶级链。主要风险：资产混合化和长尾风险：波动性资产显著，导致在运行期间复杂的折扣和清算路径。赎回不确定性：两种赎回方式共存，使得在极端市场条件下更容易进入 “返还抵押物” 的不确定区域。策略和对手方：高度依赖资金费用、交易所/做市商信用和保证金管理。

Flow limiting mechanism: T+7 naturally reduces flow; price anchoring within the event window relies more on secondary market making. ... USDF Score Reserve Quality: 2.5/5 High weighting of stablecoins + volatile assets such as BTC/ETH/DOGE; insufficient cash/short-term debt coverage, exposure to both duration and volatility. Redemption Certainty: 2.5/5 Long T+7 cycle; parallel "face value for stablecoins/return of collateral" dual-track system, more prone to falling into the collateral return path during extreme periods. Transparency: 3.0/5 Limited weekly certainty; limited disclosure of position details, counterparty concentration, and risk control thresholds. Strategy and counterparties: 2.5/5. Information asymmetry + high complexity of counterparties and strategies; multiple parallel hedging/market making/lending operations, overlapping risks of funding fees/clearing/exchange credit and MM operation; weak rigidity of cost-cutting rules. System correlation: 2.5/5. Deep concentration on single chains and single platforms; secondary buffers are susceptible to event impacts. Total Score: ≈13.0/25 In short: This portfolio of multiple assets and synthetic returns is more sensitive to funding fees/clearing and redemption rates during periods of market run and one-sided price movements, requiring careful allocation.

流动性限制机制：T+7 自然减少流动性；事件窗口内的价格锚定更多依赖于二级市场做市。... USDF 评分储备质量：2.5/5 稳定币与比特币/以太坊/狗狗币等波动资产的高权重；现金/短期债务覆盖不足，面临期限和波动性双重风险。赎回确定性：2.5/5 长期 T+7 周期；平行的 “稳定币面值/抵押品返还” 双轨系统，在极端时期更容易陷入抵押品返还路径。透明度：3.0/5 每周确定性有限；对头寸细节、交易对手集中度和风险控制阈值的披露有限。策略和交易对手：2.5/5 信息不对称 + 交易对手和策略的高复杂性；多重平行对冲/做市/借贷操作，资金费用/清算/交易信用和做市操作的风险重叠；削减成本规则的刚性较弱。系统相关性：2.5/5 对单一链和单一平台的深度集中；二级缓冲容易受到事件影响。总评分：≈13.0/25 简而言之：这组多资产和合成收益的投资组合在市场奔跑和单边价格波动期间对资金费用/清算和赎回率更为敏感，需要谨慎配置。

深入分析：十大稳定币机制、交易对手及评分排名