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.

當穩定幣變得不穩定時，只有兩件事是重要的：你是否可以贖回它們，以及贖回的速度。這兩件事都包含在 “儲備” 和 “收益” 中。儲備中的內容直接決定了你是否可以以 1:1 的比例贖回你的代幣；資金的收益方式決定了在極端市場條件下穩定幣的表現。本文跟隨 “掌握穩定幣” 播客的第六集，“EP06 | DeFi '次貸危機' 是否即將來臨？避免陷阱：解構穩定幣的基礎資產並重新獲得收益的安全性。” 我們不會堆砌概念；我們將清晰地解釋：穩定幣背後是什麼資金，這些資金如何賺取利息，以及在市場波動時你是否可以贖回它們。以下文本將主流穩定幣分為兩類，總結判斷穩定幣安全邊界的常見方法，並拆解前 10 大穩定幣的儲備和收益結構，提供一套直觀的判斷和評分方法。現金儲備類型：本質與核心 USDT、USDC、PYUSD、USD1、USDtb 等。其本質很簡單：將美元現金、短期美國國債、逆回購協議（RRP）和貨幣市場基金等 “易於出售且價值穩定” 的資產映射到鏈上的負債中。你持有的代幣本質上是贖回那一籃高度流動的美元資產的權利。收益來自於票息支付和逆回購利息；路徑短且可預測，通常不依賴槓桿或複雜策略。安全邊際：1:1 儲備：查看 “現金 + 短期債務/RRP” 的比例和到期結構，目標是短期和最小不匹配。關注兩個關鍵點：投資於現金的金額有多少可以隨時或快速轉換為流動資產、隔夜逆回購（RRP）和 7-90 天的短期債務；以及這些資產的到期是否較短。到期越短，緊急情況下獲取資金的速度越快，出售折扣的需求越小。關於合規性和鑑證，考慮三個要點：披露的數量、披露的質量和細節的程度。披露頻率越高（每日/每週/每月）越好；在鑑證中，“合理確定性” 強於 “有限確定性”；在細節方面，是否披露 “資金到期時，資金存放在哪些機構（對手方），是否存在過度集中”？關於贖回渠道：誰可以贖回（白名單機構或所有人）、在哪裏贖回（鏈下與鏈上 PSM 合約）、需要多長時間（T+0/T+N），是否有任何限制（單地址/單日/排隊規則）？注意是否有你可以 “使用” 的直接贖回渠道；如果沒有直接贖回，查看市場深度和套利效率。流動限制與應急：在極端情況下如何降低成本（臨時限制、費用增加、暫停某些渠道），是否有 “保證贖回的緩衝”（如 USDS 的 PSM 池）和透明的排隊。

Synthetic Yield Tokens: Essence and Core

合成收益代幣：本質與核心

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)

它並不是將美元放入一個池子中，而是將一個 “策略” 放入一個代幣中。其共同的基本方法是：在資產如 ETH/LST、BTC 等上建立多頭頭寸，同時在永續合約或期貨上建立相等的空頭頭寸，以期對沖方向；然後將資金費用、質押獎勵、做市和借貸利差加在一起，以 “合成” 出看似穩定的現金流。它的收入來源於哪裏？主要來自三個類別：資金費用和基差：當永續合約市場中的多頭頭寸大於空頭頭寸時，期貨價格高於現貨價格，資金費用為正。市場將向空頭賣家支付利息，策略獲利。一旦資金費用變為負值或價格差縮小甚至反轉，策略將會虧損，現金流將惡化。借貸和做市：借出穩定幣以賺取利息利差；或作為交易池中的有限合夥人（LP）賺取交易費用。其優勢是現金流更穩定；成本是承擔對手方（平台/做市商）的信用風險、合約被黑客攻擊的風險，以及做市過程中因價格波動造成的 “無常損失”。抵押品利息：如果抵押品是 LST（流動證券），將產生抵押利息；將其放入 RWA（零售基金等）也會產生票息。然而，由於策略還具有對沖或保證金頭寸，這些利率必須與 “空頭頭寸成本/保證金使用” 一起計算，形成綜合賬目。安全邊界：策略失敗點：何時會發生虧損，持續多長時間，最大回撤是多少？是否提供歷史和情景計算？是否有嚴格的 “止損/減槓桿” 規則？會發生什麼：儲備將用於補充保證金或覆蓋虧損，贖回池將減少，限制/排隊將出現，隨着時間的推移，價格可能會脱鈎。對手方和保證金：他們在哪些交易所，保管人在哪裏，如何補充保證金，什麼閾值會觸發強制平倉？會發生什麼：在少數交易所或與少數做市商持有的頭寸可能在風險控制收緊/保證金要求增加/平台故障時被強制平倉或平倉，導致對沖失衡；同時，更多現金被鎖定在保證金中，留給贖回的可用現金減少。限制和約束：每日/區塊贖回限制，T+N，排隊和優先級；在極端情況下，流動性開關是否會先關閉，然後緩慢進行平倉？會發生什麼：它充當 “流動性閘門”，用於為平倉爭取時間；當流動性受到限制時，二級市場可能會出現折扣，急於出售的人將遭受更大的損失。透明度：頭寸和對沖比例的披露頻率，第三方驗證，鏈上可驗證性；是否僅提供 “名義中立” 的口頭承諾。會發生什麼：你無法預測臨界點；市場無法建立穩定的預期。恐慌在前，跑路發生得更早更猛烈；發行人被迫施加更強的流動性限制，形成負反饋。讀到這裏，你已經獲得了判斷穩定幣的 “方法”。下一步，你最應該關注的是將這個標準應用於具體項目：每個穩定幣究竟將資金放在哪裏，如何產生利息，以及如何處理跑路？為此，《掌握穩定幣》彙編了市值前十的穩定幣的公開官方信息（儲備/審計和證明、贖回條款、鏈上儀表板和公告），重構其機制和運營關鍵點，形成 “穩定幣檔案”。同時，使用一套比較評分在各個維度上幫助你快速識別差異。前十名穩定幣評分列表為確保可比性，我們在本樣本中使用了相同的評分標準：儲備質量 30%、贖回確定性 20%、透明度 20%、策略和對手方 15%、系統相關性 15%。這些評分僅用於本調查內的橫向比較，以幫助讀者識別特定維度的優缺點。它們不構成任何投資建議或買入/減持的推薦。數據將隨着披露和生態系統變化而動態更新，評分也將相應調整。（更新至 2025-11-15）

Rank 1 - USDC | Profile and Comparison Score

排名 1 - USDC | 資料與比較評分

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： 發行人：Circle；市值：約 700 億美元；主鏈分佈：以太坊≈67%，Solana≈11%，Arbitrum≈10%。儲備結構：100% 現金 + 短期美國國債 + 逆回購，短期，高度標準化，純 “現金券” 路線。保管/管理：Circle 儲備基金（由黑石管理，資金存放在受監管的銀行和逆回購等）；現金存款存放在受監管的銀行體系中。發行/贖回：從白名單直接贖回（最低約 100 美元），每個地址每日限額 1 億美元；零售投資者主要通過二級市場或法幣存取款。透明度：每日 “AICPA 合理信心” 水平披露，頻率和粒度為行業基準。** 活動和系統定位：** 多鏈主路由，深度做市，高套利效率；其規模和深度僅次於 USDT，但在合規和保管方面更具 “機構化”。** 關鍵風險：**** 機構成本控制：** 白名單和每日限額提供 “平滑流動與閾值”，在極端時期仍可能出現排隊現象。** 司法管轄區和銀行依賴：** 主流美國合規是優勢，但由於其單一司法管轄區也存在外部變量。** 歷史事件：** 與銀行相關的事件曾引發二級市場的短期脱鈎，但恢復是可能的。

USDC Score

USDC 評分

Reserve Quality: 5.0/5

儲備質量：5.0/5

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

100% 現金 + 短期美國國債 + 逆回購，短期，強標準化

Repayment Certainty: 4.0/5

還款確定性：4.0/5

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

白名單直接贖回（最低約 100 美元），每個地址每日 1 億美元；零售投資者主要通過間接渠道。

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”，高頻率和高粒度。策略和對手方：4.5/5 純現金券路徑 + 主流美國合規保管；在多家銀行/基金中多樣化；由於集中在剩餘司法管轄區/銀行，風險可控。系統相關性：4.0/5 強多鏈深度，但整體規模和深度仍不及 USDT。

Total Score: 22.9/25

總評分：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.

一句話評論：合規和透明度的 “行業基準”；流動性僅次於 USDT，但使風險控制團隊的保管和披露更為簡便。

Ranking 2 - USDtb | Profile and Score

排名 2 - USDtb | 資料和評分

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

基本信息： 發行人：Ethena；於 2025 年 4 月推出；中等規模，主要集中在單一鏈上。

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.

儲備結構： 100% 短期美國國債（通過 RWA 基金/代幣化工具持有，如 BUIDL），短期，快速變現，典型現金儲備類型。

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： 主要使用代幣化的美國國債工具（如黑石 BUIDL）；相關保管鏈包括 BNY Mellon（BUIDL 保管）和機構級加密保管/結算網絡（如 Coinbase/Copper/Fireblocks 生態系統參與）。收入來源：美國國債券/逆回購協議/需求利息；不依賴槓桿或對沖，收益隨利率週期波動。發行/贖回：主要由合格機構直接進行鏈外贖回；零售投資者主要通過二級市場和法幣存取款；在極端情況下，流動性根據規則受到限制。證明和披露：儲備組成和淨資產價值變化可在鏈上驗證（實時/高頻）；透明度強於每月報告模型。** 活動和系統定位：** 儘管整體規模穩步增長，但系統深度和路由仍顯著低於 USDT/USDC。** 關鍵風險：**** 贖回門檻：** 主要由機構直接贖回；零售投資者的體驗依賴於二級市場流動性和做市深度。**RWA 工具鏈依賴：** 代幣化美國國債的保管、訪問和法律合規是關鍵外部依賴。** 系統深度：** 尚未建立無縫的端到端路由系統，允許直接訪問任何場景；在壓力期間的緩衝能力弱於領先公司。USDtb 評分 **

Reserve Quality:

儲備質量：

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% 短期美國國債/逆回購，通過 RWA 工具如黑石 BUIDL 持有；短期，成熟處置路徑 3>還款確定性：3.5/5 機構直接贖回 + 配額管理和 KYC；零售投資者主要通過二級市場，壓力期間的價差和排隊風險增加 3>透明度：5.0/5 鏈上淨資產價值/持有量可頻繁驗證，外部基金披露和保管鏈（如 BNY Mellon）可交叉驗證。策略和對手方：4.0/5 現金券類型 + 頂級 RWA 工具和保管；然而，新產品和對 RWA 工具鏈的高度依賴因司法管轄區/渠道變化而帶來次要風險。系統相關性：2.5/5 規模和多鏈深度仍然有限；主要路線尚未形成。總評分：≈20.9/25

Rank 3 - PYUSD | Profile and Score

排名 3 - PYUSD | 資料和評分

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

基本信息： 發行人：PayPal/Paxos；於 2023 年 8 月推出；支持多鏈，主要為以太坊和 Solana，規模穩步增長。

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

儲備結構： 100% 現金 + 逆回購，短期，清晰路徑，典型現金儲備類型。

Custody/Management: Paxos Trust Custody

保管/管理： Paxos 信託保管

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

收入來源： 票息利息/逆回購/需求利息；與利率週期同步，不依賴槓桿或對沖。

Income Sources:

收入來源：

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，頻率不如每日/鏈上高頻可驗證策略和對手方：3.5/5

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

現金券路徑 + 信託保管，外部依賴可控；然而，司法管轄區和對手方的組合仍需持續驗證

System correlation: 3.5/5

系統相關性：3.5/5

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

交易所側的深度相對較強，鏈上和跨鏈路由仍在改進中

Total score: ≈20.3/25

總評分：≈20.3/25

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

在規模和活躍度上表現強勁，但整體深度和緩衝性不如 USDT/USDC 總評分：≈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.

一句話評估：透明度高，設計靈活，並由 “保證贖回緩衝” 支持；然而，收益和抵押品較為 “混合”，在極端情況下對參數和對手方更為敏感。

Rank 8 - USDT｜Profile and Score

排名 8 - USDT｜簡介與評分

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 發行，成立於 2014 年 7 月；市值約 1800 億美元（11 月），主鏈分佈以太坊≈51%，波場≈44%，索拉納≈1.3%。

Total Score: ≈18.5/25

總評分：≈18.5/25

一句話評估：透明度高，設計靈活，並由 “保證贖回緩衝” 支持；然而，收益和抵押品較為 “混合”，在極端情況下對參數和對手方更為敏感。

Rank 8 - USDT｜Profile and Score

排名 8 - USDT｜簡介與評分

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 發行，成立於 2014 年 7 月；市值約 1800 億美元（11 月），主鏈分佈以太坊≈51%，波場≈44%，索拉納≈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.

儲備結構：現金及等價物、短期美國國債、貨幣市場基金、貴金屬等；約 80% 由 “現金 + 美國國債” 組成。核心是短期美元資產，能夠快速轉換為現金，但組成中包括非美元資產（如黃金）和其他類別，細節和對手方披露有限。保管/管理：美元儲備的多元化分佈；美國國債頭寸管理和匹配方已公開確認為 Cantor Fitzgerald（媒體和第三方披露）。收入來源：主要為票息/貨幣市場基金利息，路徑清晰且對槓桿或複雜對沖的依賴最小；收益波動與利率週期相關。發行/贖回：通過官方網站進行鏈外贖回；直接贖回僅授權給合作機構，通常每筆交易≥$100k；排隊詳情未公開披露，散户投資者主要依賴二級市場和做市深度。證明和披露：每月進行 “有限信心” 認證；頻率穩定但低於每日/實時；關於到期結構和對手方集中度的披露細節有限。活動和系統性頭寸：多鏈覆蓋，大量做市和交易量，極強的二級市場流動性，通常在運行期間價格發現和套利效率良好。主要風險：無包容性直接贖回：散户投資者缺乏官方 1:1 贖回，只能在二級市場獲取流動性。透明度門檻：認證類型和披露細節的粒度弱於一些競爭對手（例如，每日報告）。合規/管轄權和凍結權：發行人和保管人/銀行對手方的合規環境變化可能影響贖回安排。系統耦合度高：一旦發生負面事件，傳播範圍廣且迅速，但由於其 “太大且太深”，也具有更強的做市緩衝。USDT 評分：儲備質量：4.0/5 80% 為短期美元資產；因非美元成分和詳細披露限制而扣分。贖回確定性：3.0/5 僅授權機構可通過其官方網站直接鏈外贖回（通常≥$100k），散户投資者依賴二級市場；排隊和細節不透明。透明度：3.0/5 每月 “有限信心”，對手方和到期粒度弱於每日計劃。策略和對手方：3.0/5 現金票息是主要路徑，但對手方和管轄權的披露不如與 USDC 相關的；透明度和外部驗證相對較弱。系統相關性：5.0/5 最大交易量，最深的做市，最廣的路由；在危機期間也是 “緩衝深度” 最多的。總評分：18.0/25 一句話評估：流動性上限，但 “無包容性直接贖回 + 細粒度披露” 是主要弱點。排名 9 - USDe | 資料和評分基本信息：發行人：Ethena；市值：約 90 億美元；主要基於以太坊（幾乎完全基於以太坊）。儲備結構：主要為現貨/抵押的 BTC/ETH 和 LST 的多頭頭寸，加上等量的永續/期貨合約的空頭頭寸；輔以一些穩定幣和現金頭寸。“現金 + 美國國債” 約佔 58%，其餘為加密抵押和對沖的組合。保管/管理：現貨/抵押資產由合格的第三方（Ceffu，Copper）保管；對沖頭寸主要通過名義對沖/名義保證金在交易所持有，通常結合鏈外結算網絡以降低交易所風險敞口。收入來源：主要為 Delta 中性（≈60%），輔以鏈上 DeFi（≈25%）和現金/存款利息（≈15%）；收益對資金費用和基差高度敏感。發行/贖回：主要基於合約和白名單，設有每日限額；定期 “贖回為穩定幣”，但不保證返回原始 LST/ETH；鏈上贖回有區塊和單一資產上限。證明和披露：每週進行第三方驗證和運營披露；頭寸/對沖比例的披露不是實時的，需要與儀表板和公告進行交叉驗證。活動和系統性頭寸：交易量顯著且鏈上使用，但整體深度低於 USDT/USDC；單鏈集中度高。主要風險：策略敏感性：負資金費用、基差擴大、單邊市場趨勢和流動性收緊可能導致對沖成本增加或被迫減倉。對手方和保證金：交易所/做市商信用、保證金催繳時機和閾值直接影響贖回和流動性限制。限額和限制：在極端情況下，日限/區塊限應 “關閉”，將價格錨定轉移到基於排隊的交易。資產贖回範圍：贖回穩定幣而非原生 LST/ETH；用户對管理的期望必須提前明確説明。USDe 評分儲備質量：3.0/5 現金 + 美國國債佔中等比例，其餘為加密抵押和對沖的組合。贖回確定性：2.5/5 白名單 + 每日限額 + 區塊限額，在極端情況下實施削減成本。透明度：3.5/5 每週驗證 + 運營披露，但不是實時的且粒度有限。策略和對手方：3.0/5 名義對沖 + 第三方保管降低了對 “直接交易所違約” 的敞口；然而，關於資金費用/基差、PB/保管三方安排以及在極端市場條件下的保證金調整和成本節約風險仍然存在法律和運營風險。系統相關性：3.0/5 交易量顯著，但深度和路由不如 USDT/USDC。總評分：≈15.3/25 簡而言之：以對沖驅動的合成收益，名義對沖和第三方保管減輕了交易所風險；然而，資金費用/基差和保證金管理是弱點，在極端時期實施流動性限制，價格錨定更多依賴於二級市場做市。排名 10 - USDf | 資料和評分基本信息：由 Falcon/DWF 發行；於 2025 年 2 月推出；主要基於以太坊，中等規模，穩定增長。儲備結構：主要為多資產組合（穩定幣、BTC、ETH、DOGE 等），現金/短期債務比例相對較低（約三分之一）；資產分層清晰，波動資產權重顯著。保管/管理：公開披露有限；多資產組合 + 合成收益路徑，保管人未提供權威披露 - 收入來源：主要為合成收益（對沖/資金費用），市場做市和借貸利差並行；收益對市場趨勢和資金費用方向敏感。收入來源：主要為合成收益，具體包括資金費用/基差收入、市場做市和 LP 費用、借貸利差、抵押利息/質押收入。項目現金流對市場趨勢和資金費用方向高度敏感；當資金費用轉為負值或基差收斂時，將顯著下降。發行/贖回：T+7，面向合格個人；兩種路徑共存——按面值兑換穩定幣，或返還抵押物（由市場價格決定 “1:1”）；在極端情況下，優先考慮流動限制。證明和披露：主要為每週 “有限信心”，頻率適中；對細節和對手方的粒度披露有限。活動和系統性頭寸：多鏈可用但主要為單鏈；市場做市深度和路由仍在建設中，二級緩衝弱於頂級鏈。主要風險：資產混合化和長尾風險：波動性資產顯著，導致在運行期間複雜的折扣和清算路徑。贖回不確定性：兩種贖回方式共存，使得在極端市場條件下更容易進入 “返還抵押物” 的不確定區域。策略和對手方：高度依賴資金費用、交易所/做市商信用和保證金管理。

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.

流動性限制機制：T+7 自然減少流動性；事件窗口內的價格錨定更多依賴於二級市場做市。... USDF 評分儲備質量：2.5/5 穩定幣與比特幣/以太坊/狗狗幣等波動資產的高權重；現金/短期債務覆蓋不足，面臨期限和波動性雙重風險。贖回確定性：2.5/5 長期 T+7 週期；平行的 “穩定幣面值/抵押品返還” 雙軌系統，在極端時期更容易陷入抵押品返還路徑。透明度：3.0/5 每週確定性有限；對頭寸細節、交易對手集中度和風險控制閾值的披露有限。策略和交易對手：2.5/5 信息不對稱 + 交易對手和策略的高複雜性；多重平行對沖/做市/借貸操作，資金費用/清算/交易信用和做市操作的風險重疊；削減成本規則的剛性較弱。系統相關性：2.5/5 對單一鏈和單一平台的深度集中；二級緩衝容易受到事件影響。總評分：≈13.0/25 簡而言之：這組多資產和合成收益的投資組合在市場奔跑和單邊價格波動期間對資金費用/清算和贖回率更為敏感，需要謹慎配置。

深入分析：十大穩定幣機制、交易對手及評分排名