"what about Dai?"well, i) it's usage is not comparable to USDC/USDT, especially across ecosystemsii) check the stables in their reservesbut overall, would prefer to use them over others whenever possible ...

Core Viewpoint - The article discusses the recent collapse of the USDe stablecoin, highlighting the inherent risks and vulnerabilities associated with algorithmic stablecoins, particularly in volatile market conditions [2][3][15]. Group 1: USDe's Collapse - On October 11, 2023, USDe, the third-largest stablecoin, experienced a sudden drop from approximately $1 to $0.65 on Binance, leading to a significant loss of market value [2][6]. - The initial appeal of USDe was its promise of high yields, which attracted substantial investment, but this very feature contributed to its instability during market turbulence [4][5][10]. - The collapse was triggered by external market factors, including a significant drop in Bitcoin and Ethereum prices due to geopolitical tensions, resulting in a broader sell-off in the crypto market [11][12]. Group 2: Mechanism of USDe - USDe operates on a decentralized model, relying on collateralization with assets like ETH and utilizing derivatives for hedging, which theoretically maintains its peg to the dollar [9][10]. - The stability of USDe is contingent upon market liquidity and the effectiveness of its hedging mechanisms; however, during extreme market conditions, these mechanisms can fail, leading to significant price deviations [12][15]. - The incident primarily occurred on Binance, where high leverage and trading volume exacerbated the price drop, contrasting with other exchanges where USDe remained more stable [13][14]. Group 3: Broader Implications for Stablecoins - The event raises questions about the reliability of algorithmic stablecoins compared to traditional stablecoins like USDT and USDC, which are backed by fiat reserves [17][21]. - The article emphasizes that the concept of stablecoins is not new and has historical roots in systems like the gold standard, where trust in the backing asset was crucial for stability [18][20]. - Trust remains the fundamental element for the stability of any currency, including stablecoins, and the recent events highlight the fragility of this trust in the absence of robust backing [24][25].

出品 | 妙投APP 作者 | 丁萍 编辑 | 关雪菁 但现实是残酷的，特别是对USDe的持有者而言。 USDe的高收益诱惑是它走红的起点，也是它脱锚的根源。 所谓稳定币"脱锚"，指的是其市场价格偏离了原本应当锚定的资产。理论上，稳定币应始终保持与目标资产1:1 的兑换关系，比如1枚稳定币等于 1美元。但在实际运行中，当市场出现剧烈波动、资金流动性紧张，或是发行机制、技术系统出现问题时，这种锚定关系可能会被打破，导致价 格短暂甚至剧烈偏离。 相比USDT或USDC那种几乎无息的稳定币，USDe的收益率在牛市里能达到两位数，在极端行情下甚至可放大至50%年化。这种"无风险套利"的叙事，在加 密市场几乎无人能拒绝。 头图 | 视觉中国 谁敢说，这不是又一场"郁金香泡沫"式的崩盘。 北京时间10月11日凌晨，全球第三大稳定币的USDe在币安交易所（Binance）突然从1美元上下暴跌至0.65美元，此次脱锚风波持续了近两个小时，USDe才 逐步恢复。在那一瞬间，一度140亿美元市值的"去中心化美元"被市场审判。 USDe的逻辑原本令人心动：它想做一个不依赖银行体系、不依赖美元储备的去中心化"合成美元"。这样的话，它 ...

Core Viewpoint - The incident involving Paxos, which resulted in the minting and subsequent destruction of 300 trillion PYUSD stablecoins, highlights a significant operational error in the cryptocurrency market, leading to the largest token destruction in history [1][10]. Group 1: Incident Details - On October 15, Paxos minted 300 trillion PYUSD stablecoins, which are pegged to the US dollar at a 1:1 ratio, and then sent all of them to an inaccessible wallet for destruction within 22 minutes [2][4]. - The total value of the destroyed tokens is approximately 300 trillion USD, exceeding the combined GDP of all countries globally by more than double, according to IMF data [3][4]. Group 2: Market Impact - Following the incident, the decentralized lending protocol Aave temporarily froze PYUSD trading due to the unexpected high-volume transaction [4]. - Despite the incident, PYUSD maintained its dollar peg, with only a brief price drop of about 0.5% [6]. Group 3: Market Position - Currently, PYUSD has a market capitalization exceeding 2.3 billion USD, ranking sixth in the stablecoin market, behind Tether's USDt, USDC, Ethena USDe, Dai, and World Liberty Financial USD [8]. Group 4: Historical Context - This event set a record for the largest token destruction in cryptocurrency history, surpassing previous significant destruction events, such as OKX sending over 65 million OKB to an inaccessible address and the Bonk meme coin project destroying approximately 1.7 trillion BONK [11].

Core Insights - A significant operational error by Paxos led to the minting of 300 trillion PYUSD stablecoins, which were subsequently sent to an inaccessible wallet for destruction, marking an unprecedented event in the cryptocurrency market [1][2][11]. Group 1: Incident Overview - On October 15, Paxos mistakenly minted 300 trillion PYUSD stablecoins, which is equivalent to approximately 300 trillion USD based on its dollar peg [1][2]. - This amount exceeds twice the total GDP of all countries globally, according to the International Monetary Fund [2]. - The incident is described as a typical "fat finger" mistake, highlighting the potential for human error in digital asset management [9]. Group 2: Market Reaction - Following the incident, Aave's founder announced a temporary freeze on PYUSD trading due to the unexpected high-volume transaction [3]. - Despite the massive minting error, PYUSD maintained its dollar peg, with only a brief price drop of about 0.5% [6]. Group 3: Company Response - Paxos stated that the excessive minting was due to an internal technical error during a transfer process and confirmed that customer funds remain secure [4]. - The company has addressed the root cause of the error, ensuring that such incidents do not recur [4]. Group 4: Market Position - Currently, PYUSD has a market capitalization exceeding 2.3 billion USD, ranking sixth among stablecoins, following Tether's USDt, USDC, Ethena USDe, Dai, and World Liberty Financial USD [8]. Group 5: Implications and Concerns - The incident raised critical questions regarding the collateral mechanisms of stablecoins, with concerns about what backed the erroneously minted 300 trillion USD [14][15].

Core Insights - A significant operational error led to the unprecedented minting and subsequent destruction of 300 trillion PYUSD stablecoins by Paxos, exceeding the total GDP of all countries combined [1][6] - Following the incident, Aave temporarily froze PYUSD trading due to the unexpected high-volume transaction [1] - Paxos confirmed that the excessive minting was a technical error during an internal transfer, ensuring customer funds remained secure [1][5] Group 1 - The incident resulted in the largest token destruction in cryptocurrency history, surpassing previous notable events [6] - PYUSD maintained its dollar peg, with only a brief price drop of approximately 0.5% post-incident [3] - The current market capitalization of PYUSD exceeds $2.3 billion, ranking it sixth among stablecoins [5] Group 2 - The event raised critical questions regarding the collateral mechanisms of stablecoins [8] - Concerns were expressed about what collateral backed the erroneously minted $300 trillion stablecoins [9]

Core Insights - Stablecoins have emerged as a popular investment option for risk-averse investors, providing a safer alternative compared to traditional cryptocurrencies [2] - The primary goal of stablecoins is to maintain a value of $1.00, with the majority pegged to the U.S. dollar [3] - Stablecoins can facilitate faster and cheaper cross-border transactions and offer higher yields compared to traditional savings options [4] Comparison of Stablecoins - Ethena USDe and Dai are both pegged to the U.S. dollar but are not backed by actual U.S. dollars or Treasuries, differentiating them from stablecoins like USD Coin and PayPal USD [6] - Ethena USDe utilizes a mix of crypto assets and employs a balancing strategy between long and short positions in crypto to maintain its peg to the U.S. dollar [7][8] - Dai uses smart contracts to hold crypto assets as collateral while maintaining its peg to the U.S. dollar [9]

Core Viewpoint - The introduction of the U.S. stablecoin regulatory framework marks a significant shift in the legal status and mainstream acceptance of stablecoins, particularly dollar-pegged stablecoins, which are now officially recognized by the U.S. government [1][6]. Regulatory Framework - The U.S. stablecoin regulation requires issuers to ensure that their tokens are pegged to the U.S. dollar at a 1:1 ratio and mandates that the funds obtained from issuing tokens be reserved or invested in highly liquid U.S. dollar assets, including cash, bank deposits, and U.S. Treasury securities [6][9]. - This regulatory framework aims to promote the development of dollar stablecoins to support U.S. economic and financial strategic goals [1][8]. Global Impact - The U.S. stablecoin regulation is expected to have a profound impact on the global financial system, potentially altering its development direction and structure [1][8]. - The expansion of dollar stablecoins is anticipated to create new demand for U.S. Treasury securities, as the growing global user base of these stablecoins will become a significant buyer of U.S. debt [8]. Stablecoin Definition and Mechanism - Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to a fiat currency or other stable assets, distinguishing them from more volatile cryptocurrencies [9]. - The operational mechanism of stablecoins involves anchoring to assets to maintain price stability, with dollar stablecoins typically requiring a 1:1 backing with U.S. dollars or equivalent assets [9][12]. Market Overview - The two largest stablecoins by market capitalization are Tether (USDT) and USD Coin (USDC), which together account for approximately 90% of the total market capitalization of stablecoins [10]. - USDT is issued by Tether and is backed by U.S. dollar-related assets, while USDC is issued by Circle and is similarly backed by high liquidity assets, ensuring transparency through third-party audits [12].

Group 1: Stablecoin Overview - Stablecoins are digital currencies anchored to a reference value, primarily traditional financial assets, with Tether (USDT) and USDC being the largest, valued at $156.7 billion and $61.8 billion respectively, together accounting for over 85% of the total market[30] - The total market capitalization of stablecoins reached approximately $232 billion by March 2025, a nearly 45-fold increase from $5.2 billion at the end of 2019[31] - Stablecoin transaction volume approached $35.5 trillion in the past 12 months, with $7.4 trillion in payments settled, indicating significant growth compared to traditional payment platforms like PayPal and Mastercard[36] Group 2: Regulatory Developments - The U.S. is enhancing its stablecoin regulatory framework through the STABLE Act and GENIUS Act, requiring a 1:1 reserve ratio with assets like U.S. dollars or short-term U.S. Treasury securities[54] - U.S. stablecoins, particularly USDT and USDC, hold over $170 billion in U.S. Treasury securities, ranking them as the 17th largest holder, surpassing countries like Germany and South Korea[48] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, allows for a more inclusive regulatory environment, permitting reserves in multiple currencies and maintaining a 1:1 reserve requirement[63] Group 3: Market Implications - Stablecoins are expected to play a crucial role in reshaping the international financial system, particularly in cross-border payments, due to their efficiency and low costs[70] - The integration of stablecoins with Real World Assets (RWA) is anticipated to create a sustainable growth environment, leveraging blockchain technology to enhance trust and efficiency in asset transactions[74] - The demand for decentralized and efficient payment solutions is increasing as countries seek to reduce reliance on traditional dollar-based systems amid geopolitical tensions[70]

Core Viewpoint - The discussion on stablecoins highlights their role in enhancing global monetary policy coordination, innovating cross-border payments, and constructing regulatory frameworks, with a focus on the implications of dollar-pegged stablecoins and the need for careful consideration of their impact on economic sovereignty and financial stability [5][6][7]. Group 1: Introduction and Definition - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging to fiat currencies, physical assets, or algorithmic mechanisms, making them suitable for payment mediums and value storage tools [14][15]. - The global stablecoin market has seen significant growth, with a total market value exceeding hundreds of billions, and USDT and USDC accounting for nearly 90% of the market share [19][19]. Group 2: Market Environment and Demand - Traditional cross-border payments face challenges such as long processing times and high fees, while stablecoins can facilitate near-instantaneous and low-cost transactions, enhancing global supply chain efficiency [20]. - The decentralized finance (DeFi) ecosystem relies heavily on stablecoins as core assets for lending, trading, and derivatives, directly affecting the health of the DeFi market [21]. - Traditional financial institutions are exploring stablecoin issuance to improve payment efficiency and expand business boundaries, as seen with JPM Coin [22]. Group 3: Types of Companies Issuing Stablecoins - Financial technology companies, such as SFJC and XD Technology, are well-positioned to issue stablecoins due to their expertise in blockchain and digital currency technologies [23]. - Cross-border payment companies, like HLJH and LKL, have the necessary licenses and technology to support stablecoin circulation in international transactions [24]. - Companies with relevant licenses or compliance qualifications, such as the issuer of USDC, are also capable of issuing stablecoins [25]. Group 4: Positive Impacts of Issuing Stablecoins - Stablecoins can significantly enhance cross-border payment efficiency and reduce costs, as they allow for real-time transactions without relying on traditional banking systems [31]. - They provide a stable trading medium in the volatile cryptocurrency market, allowing investors to mitigate risks associated with price fluctuations [32]. - The issuance of stablecoins can drive financial inclusion by lowering barriers to entry for financial services, particularly in underserved regions [33]. - Stablecoins can attract new participants and capital into the financial market, bridging traditional finance and cryptocurrency [34]. - Companies can generate revenue through interest on reserves, as demonstrated by Circle's USDC, which significantly contributes to its overall revenue [35]. Group 5: Regulatory Environment and Challenges - The regulatory landscape for stablecoins varies significantly across jurisdictions, with the U.S. and Hong Kong implementing specific requirements for issuance, including licensing and reserve management [86][91]. - Companies must navigate complex compliance requirements, including maintaining high liquidity reserves and adhering to anti-money laundering regulations [108][109]. - The potential for regulatory changes poses risks to stablecoin projects, as seen in instances where sudden policy shifts have impacted market confidence [39]. Group 6: Future Trends and Considerations - The future of stablecoins is likely to involve stricter regulations and a focus on compliance, as well as the expansion of application scenarios beyond traditional finance [115]. - Companies must consider market demand and operational capabilities when planning stablecoin issuance, ensuring alignment with existing business models [66][67]. - The competitive landscape will require companies to differentiate their stablecoin offerings and stay informed about regulatory developments to ensure sustainable operations [70][71].