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Visa has officially launched USDC settlement
Web3 has taken a further step, using L1 is Solana. This is good for Sol
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关于架构,还得研究 #比特币流动性
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到了2025年底,USDD的技术架构已实质上演变为混合型超额抵押模式,其价格锚定的核心不再单纯依赖算法调节,而是依靠挂钩稳定性模块PSM。该模块允许市场参与者将USDD与USDT或USDC进行刚性互换。通过这种套利机制,当USDD产生负溢价时,市场资金会主动介入购买并兑换储备金,利用池内流动性强行抹平价差。 针对其宣称的高抵押率,技术分析的重点应穿透至抵押品成分。储备资产中若包含高比例的TRX,便构成了典型的内生性风险。一旦系统遭遇信任危机导致TRX价格剧烈下行,这部分抵押价值将迅速缩水,无法起到实质支撑作用。只有剔除TRX后的比特币及稳定币资产覆盖率,才是衡量其极端状况下偿付能力的真实指标。 在治理结构上,USDD并未实现完全的去中心化。其储备金调动依赖于波场DAO储备的多重签名钱包,这种人为决策机制在应对突发崩盘时效率较高,却也引入了单点故障风险和审查风险。此外,对于在以太坊或币安链上持有USDD的用户,还需额外承担跨链桥合约被攻击的技术隐患。目前的收益来源于储备资产在链上协议中的真实借贷回报,逻辑上虽可自洽,但仍需警惕资金利用率过高带来的流动性紧缺。投资者应重点监控PSM池中主流稳定币的存量变化,将其作为判断系统健康度的核心依据,而非单纯追求名义上的高收益率。 @USDD - Decentralized USD #USDD以稳见信
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