穩定幣生態系統於2024至2025年間發生劇變，第二代協議透過創新的收益機制、資本效率提升及先進風險管理系統，市值已突破150億美元。
與首代僅憑法幣儲備支持的模式不同，這些新一代協議代表可編程貨幣體系，能在多維度自動管理穩定性、收益及風險。
這場演進不僅解決傳統穩定幣的核心局限，更引入結合加密原生創新與機構金融需求的新經濟模型。從Ethena利用delta-neutral避險機制創造12億美元年收益，到Frax Finance實現算法化市場操作，以及MakerDAO積極推動「Endgame」重組，第二代穩定幣正重塑下個十年數碼美元的金融基建。
這關乎巨大利益：截至2024年，穩定幣總市值已達2,348億美元，年度交易量達27.6萬億美元，超越Visa及Mastercard總和，這些協議被定位為去中心化金融及傳統支付系統的關鍵基建。
它們的成敗將決定加密貨幣能否兌現獨立於傳統銀行體系運作，同時達到機構對合規及風險管理要求的可編程貨幣承諾。
首代穩定幣的限制催生創新需求
USDC及USDT的主導地位掩蓋了一些根本性限制，導致市場孕育對更複雜替代方案的需求。傳統穩定幣持有者無法享受任何收益，但代幣發行方卻因儲備管理而賺取大量收入，導致價值分配極度不對稱，用戶損失了龐大的潛在回報。
近期的脫鉤事件亦揭露中心化模式的脆弱性。2023年3月，USDC因矽谷銀行有33億美元儲備曝險，價格一度跌至0.87美元，顯示傳統銀行關聯如何帶來系統風險。即使FDIC動用「系統性風險例外」重建信心，事件仍揭示以法幣支持系統面對傳統金融動盪時的不穩定性。
中心化風險不只限於銀行關係，亦涵蓋治理及貨幣政策控制。Circle及Tether可單方決定鑄造、銷毀與黑名單操作，形成單點故障，違背加密精神。2022年9月Tornado Cash受制裁，USDC地址遭凍結，顯示中心化可損害用戶主權及協議組合性。
資本效率低下亦是重大問題。首代穩定幣必須持有100%低收益儲備，無法靈活運用資本同時維持穩定，這種模式僅適用於早期階段，隨市場成熟及機構追求收益，愈發不可持續。
監管壓力進一步加劇困難。歐盟《加密資產市場法規》令USDT因透明度不足被多個歐洲交易所下架。美國於2025年7月簽署GENIUS法案，明確禁止發行支付類穩定幣向持有人「提供任何形式的利息或收益」，直接衝擊首代協議商業模式。
種種局限促使市場轉向能為用戶創造收益、更高資本效率、分散風險兼能應對監管變革的新協議。第二代穩定幣正以先進技術架構和經濟模型解決這些基本問題。
技術創新重新定義穩定機制
第二代穩定幣徹底重塑穩定機制，通過複雜智能合約自動執行過去需人手處理的金融操作，由簡單的鑄銷轉向能實時適應市場的可編程金融系統。
Delta-neutral合成架構引領收益創新
Ethena的USDe透過delta-neutral投資組合管理，為穩定幣設計帶來重大技術突破。協議透過持有ETH現貨多頭，並以永續合約對沖空頭，創造合成美元敞口，消除價格方向風險，同時從多元渠道獲得收益。
核心機制以模組化智能合約拆分擔保品管理、對沖執行及收益分配三大功能。系統維持零delta值，即不論ETH價格如何，投組價值保持不變，通過自動平衡算法維持多家交易所的對沖比例，並用場外結算減低集中風險。
合約架構採用多簽託管與多方計算系統，讓平台如Binance、OKX及Deribit可以安全管理衍生品頭寸。緊急暫停機制應對極端波動，自動調節倉位確保不會過度集中於某一交易對手或平台。
目前擔保組合包括52%比特幣、21% ETH及16%穩定幣，年化收益率視市況介乎9-18%。自2024年2月上線以來創造超過12億美元收入，單是2024年8月已賺取5400萬美元，證明於波動市下delta-neutral策略具有可持續性。
算法市場操作實現自動貨幣政策
Frax Finance透過Algorithmic Market Operations（AMO）成為全面貨幣體系，是DeFi界可編程央行的代表作。V3架構保持100%抵押，資金以多策略自動應對市況調整。
AMO合約架構容許策略獨立運作同時兼顧系統總體穩定。Curve AMO按交易情況自動增減流動性，賺取手續費及治理代幣；Aave AMO將FRAX供應至借貸市場，捕捉浮動利率；Fraxswap TWAMM AMO利用加權平均演算法實現大額交易高效執行並減少市場衝擊。
技術創新包括集成IORB預言機，根據聯儲利率自動調節加密策略及現實資產配置。當IORB利率上升，AMO配置更多國債資產；利率下調則轉回加密資產及Fraxlend貸款。
這構建真正自主的貨幣政策架構，無需人手操作，依靠冗餘機制維持穩定。不可兌回設計消除銀行擠提風險，AMO靠持續市場操作而非直接兌回維持穩定。
永久過度抵押，以簡馭安
Liquity的LUSD堅持簡單且不可更改的合約，以最高安全性為優先。合約永久不可升級，杜絕治理攻擊向量，也讓所有用戶運作預期且完全透明。
雙預言機機制設計自動備援，主預言機為Chainlink，備用為Tellor，當價格偏離5%或資料不及時即自動切換，避免市場異常時價格失真，並確保系統不可篡改。
清算流程採雙步驟，利用穩定池先吸收風險倉位，再將殘餘債務分攤至其他借款人，提高效率並減少滑點，同時強制過度抵押確保系統穩健。
Liquity V2於2024年推出，引入用戶自訂浮息，核心合約仍保持不可變。借款人可自由設定0.5%至250%年利率，由市場自我定價，無需治理參與。
非錨定穩定機制，實現原生加密貨幣
Reflexer的RAI首創非錨定穩定幣架構，透過浮動兌換價機制維繫穩定。系統採用PID（比例–積分–微分）控制理論，根據市場與兌換價偏差自動調整回收率。
當市價高於兌換價時，系統調低目標價格；市價低於兌換價則調高目標價格，無需外部干預下實現價格穩定，真正做到與任何法幣脫鈎的原生加密貨幣。 while maintaining stability through market-driven mechanisms. The system's minimal governance requirements and ETH-only collateral make it the purest implementation of algorithmic stability among major protocols.
於維持市場驅動機制下的穩定性同時，系統只需最低限度嘅治理要求，同埋只用ETH作為抵押，令佢成為眾多主流協議中最純粹嘅算法穩定幣實現。
Economic models generating sustainable yields
The economic innovations of second-generation stablecoins have fundamentally altered the value proposition of holding stable assets, transforming them from zero-yield cash equivalents into productive financial instruments that generate returns while maintaining dollar stability.
第二代穩定幣嘅經濟創新，顛覆咗穩定資產持有嘅價值主張，將穩定幣由無息嘅現金等價物，轉化為同時具穩定美元價格同產生回報嘅高效金融工具。
Yield generation strategies deliver competitive returns
Ethena's delta-neutral approach has generated the highest sustainable yields in the stablecoin sector, with sUSDe delivering approximately 18% average annual percentage yield throughout 2024. This performance stems from capturing positive funding rates in perpetual futures markets, which historically average 0.6% even during bear market conditions, combined with ETH staking rewards from collateral.
Ethena 採用 delta-neutral 策略，在穩定幣行業中創造到最高、最可持續嘅收益，2024年 sUSDe 年化平均回報約有18%。呢個表現主要來自永久合約市場中正數資金費率，歷史上即使熊市期間都平均有0.6%，再加埋抵押ETH嘅Staking獎勵。
The protocol's revenue model distributes 100% of generated yields to sUSDe holders, creating transparent value alignment between protocol success and user returns. A $46.5 million reserve fund provides coverage during negative funding periods, ensuring yield sustainability across market cycles. Historical analysis shows funding rates remained positive throughout the 2022 bear market, supporting the model's resilience during extended downturns.
協議將所有收益100%分配俾sUSDe持有人，透明地令協議表現同用戶回報高度掛鈎。協議仲設有4650萬美元儲備基金應對資金費率變負嘅時期，保證各種市況下的收益可持續。歷史數據顯示，2022年大跌市期間資金費率都保持正數，證明模型能夠應對長期低迷。
Frax Finance has developed sophisticated yield optimization through multiple revenue streams coordinated by AMO contracts. The sFRAX mechanism automatically adjusts capital allocation between DeFi opportunities and real-world assets based on Federal Reserve rates, targeting 8%+ annual yields. Revenue sources include Curve trading fees, Aave lending yields, discount bond premiums from FRAX Bond auctions, and Treasury bill yields from regulated partnerships.
Frax Finance 透過多種收入口同AMO智能合約協同，實現先進化收益優化。sFRAX機制會自動根據聯儲局息率，喺DeFi機會同現實資產之間調整資本分配，目標年化回報率超過8%。收益來源包括Curve交易費、Aave借貸收入、FRAX債券拍賣折價利息，以及由持牌夥伴管理嘅國債孳息。
MakerDAO's Enhanced Dai Savings Rate reached peak rates of 8% annually in August 2023, significantly exceeding U.S. Treasury yields. The rate draws from MakerDAO's $4.9 billion asset base generating $40+ million annually, with real-world assets contributing disproportionate revenue despite representing just 14% of total reserves. The one-way mechanism ensures rates can only decrease over time, preventing manipulation while maintaining sustainable distribution.
MakerDAO 增強版 Dai 儲蓄率 (DSR) 於2023年8月曾升至年化8%，遠超美國國債回報。呢個利率來自於協議49億美元的資產儲備，每年產生超過4000萬美元收入，其中現實資產雖然只佔總儲備14%，但貢獻了不成比例的大部分收益。單向調整機制令利率只會減唔會加，有效防止被操控，同時確保收益分配可持續。
Capital efficiency improvements optimize resource deployment
Second-generation protocols have achieved dramatic improvements in capital efficiency compared to traditional over-collateralized models. Ethena maintains 1:1 backing ratios through delta-neutral hedging rather than requiring 200%+ overcollateralization, freeing capital for productive deployment while maintaining full stability guarantees.
第二代協議嘅資本效率比起傳統超額抵押模式大幅提升。以Ethena為例，佢透過delta-neutral避險維持 1:1 抵押支持，無需要求200%以上嘅超額抵押，釋放大量資本用作其他投資，同時保持全面穩定保障。
Liquity V2 enables borrowing at 110-120% collateralization ratios with user-set interest rates, providing maximum loan-to-value ratios of 90.91%. The market-driven rate mechanism allows borrowers to optimize their capital costs by accepting higher rates in exchange for better capital efficiency, creating natural market clearing prices.
Liquity V2 只需110-120%抵押比率借貸，用戶可自訂利率，最高貸款成數可達90.91%。市場驅動的利率機制令借款人選擇較高利率以換取更高資本效率，實現供需自動調節、達到市場均衡價格。
Frax Finance maintains 100% collateralization through AMO mechanisms rather than static reserves, enabling dynamic capital allocation that generates yield while maintaining stability. The locked liquidity design prevents mathematical bank runs while allowing capital to be productively deployed across multiple strategies simultaneously.
Frax Finance 靠AMO機制動態分配資本，維持100%抵押，而唔係用死板嘅備用儲備，既保持穩定又能夠靈活產生收益。鎖定流動性(locked liquidity)設計有效防止數學型擠提，同時讓資本可以參與多元策略創造產能。
These efficiency improvements have enabled total stablecoin market growth from $138 billion to $230+ billion in 2024, with yield-bearing stablecoins specifically growing from $660 million to $9 billion, representing 1,364% annual growth as capital flows toward protocols offering productive returns.
呢啲效率提升，令穩定幣總市值由1,380億美元升至2024年超過2,300億，而帶息穩定幣更由6.6億升至90億美元，年增長1,364%，大量資本轉向產能穩定幣協議。
Revenue distribution models align incentives
Protocol revenue models have evolved to align user and protocol incentives through transparent fee sharing and governance mechanisms. Ethena distributes 100% of generated yields to sUSDe holders, creating direct correlation between protocol success and user returns without extracting value through hidden fees or reserve management.
協議嘅收益分配模式已進化，透過透明收費分享及治理機制，將用戶同協議利益綁定。Ethena將所有回報100%分配俾sUSDe持有人，不設隱藏收費或靠操控儲備獲利，協議與用戶回報直接連結。
Frax Finance uses gauge voting through veFRAX tokens to direct protocol emissions and fee distribution, enabling community governance over revenue allocation while maintaining operational autonomy through AMO systems. Revenue sharing flows to veFRAX stakers, creating long-term value alignment between governance participation and protocol success.
Frax Finance 用veFRAX代幣投票(gauge voting)決定協議發行同收費分配，社群可參與收入分配，AMO又令操作自主，收入最終分派俾veFRAX持有人，建立長遠治理同成功回報掛鈎。
Liquity V2 implements a 75%/25% split between depositor yields and protocol revenue, maintaining tight spreads between borrowing costs and deposit yields. The user-set interest rate mechanism enables borrowers to optimize their individual risk-return profiles while generating sustainable yield for depositors through market-driven pricing.
Liquity V2 對收益採用75%分配俾存戶、25%屬協議雙軌制，確保存貸息差狹窄。用戶自訂利率機制令借款人按自己風險回報期望操作，亦能為存戶提供可持續、市場驅動的回報。
MakerDAO distributes Enhanced DSR rates directly to DAI holders while using surplus revenue for MKR buybacks and treasury management. The governance-driven approach enables community control over rate setting and revenue allocation, balancing user benefits with protocol sustainability.
MakerDAO 將增強版DSR收益直接分發俾DAI持有人，多出收益則用作MKR回購及金庫管理。治理導向方式讓社群掌控利率設定同收入分配，平衡持有人好處同協議長遠發展。
Risk framework addresses systemic challenges
Second-generation stablecoins operate within a comprehensive risk management framework that addresses smart contract vulnerabilities, economic model risks, regulatory compliance, and operational challenges while maintaining the innovation and efficiency that differentiate them from first-generation alternatives.
第二代穩定幣運作於全面風險管理框架下，同時兼顧智能合約脆弱性、經濟模型風險、監管合規、營運問題，依然保持住首代產品無法比擬的創新及效率。
Smart contract risks vary significantly across architectures
The complexity of second-generation protocols creates diverse risk profiles that require careful analysis. Ethena faces the highest smart contract complexity through its integration with centralized exchanges and perpetual futures markets, creating dependencies on oracle accuracy, MEV protection, and cross-platform coordination that could fail during extreme market conditions.
第二代協議架構複雜，導致風險組成多樣且需詳細剖析。Ethena 由於連接中心化交易所同永久合約市場，智能合約複雜性為最高，對預言機準確度、MEV防護、跨平台協同依賴甚大，在極端市況下存在多重潛在故障點。
Multi-signature custody contracts with multi-party computation provide security for collateral management, but centralized exchange dependencies create single points of failure if venues become insolvent or restrict withdrawals. The protocol mitigates these risks through venue diversification and automated position limits, but cannot eliminate counterparty exposure entirely.
多簽名/多方運算託管為抵押管理提供安全，但中介交易所依賴亦帶來單點故障憂慮，例如平台倒閉或限制提現。協議以多平台部署同自動頭寸限額來降低風險，但完全排除對手方風險並不可能。
Frax Finance reduced smart contract risks by transitioning from algorithmic to fully collateralized models while maintaining AMO complexity. The modular architecture separates different strategies into independent contracts, limiting contagion while enabling sophisticated yield generation. Time-delayed governance execution and safety bounds on AMO operations provide additional protection against parameter manipulation.
Frax Finance 由算法型轉為全抵押制，大幅降低智能合約風險，但AMO策略依然複雜。模組化架構將策略分拆獨立合約，阻隔風險傳染同時允許複雜收益運作。治理決策時差與AMO操作風險界限，進一步防範參數被操控。
Liquity represents the lowest smart contract risk through immutable contracts that eliminate upgrade vulnerabilities and governance attacks. However, immutability also means bugs cannot be fixed post-deployment, requiring extensive pre-launch testing and formal verification. The dual oracle system provides resilience against price feed manipulation while maintaining simplicity.
Liquity 採用immutable合約，完全消滅升級漏洞同治理攻擊，智能合約風險極低。但因不能升級，上線前必須徹底測試同形式驗證，bug只能預先排除。雙預言機系統令價格源更抗操控，並保持簡單。
The protocol audit landscape has evolved to address these complexities through multiple independent reviews, continuous monitoring, and extensive bug bounty programs. Trail of Bits, ConsenSys Diligence, and other leading firms provide specialized analysis of novel mechanisms while community-driven security research identifies vulnerabilities missed by traditional audits.
協議審計領域為配合複雜性，逐步發展出多重獨立審查、持續實時監控及大量懸賞漏洞計劃。Trail of Bits、ConsenSys Diligence等行業頂級機構針對創新機制進行專業分析，而社群自發安全研究亦補足常規審計未覆蓋部分。
Economic model resilience tested through market cycles
Learning from TerraUSD's $60 billion collapse has driven more conservative approaches emphasizing over-collateralization, diversified mechanisms, and sustainable yield generation rather than Ponzi-like token emissions. The Terra death spiral, where LUNA inflation from 342 million to 6.5 trillion tokens drove complete system failure within 72 hours, demonstrated the catastrophic risks of confidence-based stability mechanisms.
TerraUSD 600億美元崩潰世紀慘劇後，行業普遍改採更穩健思路，重點強調超額抵押、多元化穩定機制及可持續收益，而不是類龐氏擊鼓傳花模式。Terra死亡螺旋僅72小時內由3.42億LUNA爆炸式增發至6.5兆，帶來信心型穩定機制毀滅性風險。
Second-generation protocols address these lessons through multiple stability mechanisms operating simultaneously. Frax combines full collateralization with AMO stabilization, eliminating the algorithmic risks that destroyed Terra while maintaining automated operation. Ethena uses physical asset backing with delta-neutral hedging rather than relying on token inflation for stability.
第二代協議吸取經驗，採取多重穩定機制同時運作。Frax結合全額抵押及AMO自動穩定化，徹底杜絕Terra引爆的算法風險，還能保自動化；Ethena選擇實體資產抵押再加中性避險，完全不依賴通脹維持穩定。
Economic stress testing has become standard practice, with protocols modeling performance during extreme scenarios including prolonged bear markets, derivative market disruptions, and liquidity crises. Ethena's model performed robustly during 2022 bear market conditions when funding rates remained positive, while reserve funds provide additional buffers for negative periods.
經濟壓力測試已成為常規，協議會針對極端場景—如長期熊市、衍生品市場中斷、流動性危機等—模擬運作效果。Ethena於2022年熊市期間維持正資金費率，模型表現堅挺，其儲備金能為負利時期提供保障。
The integration of real-world assets creates new categories of economic risk through legal structure dependencies and default possibilities. MakerDAO faced a $1.84 million loan default from RWA borrowers in 2023, highlighting counterparty risks that don't exist in purely crypto-native systems. However, RWA integration also provides diversification benefits and stable yield sources uncorrelated with crypto market volatility.
現實資產加入帶來法律結構依賴、違約風險等新型經濟風險。MakerDAO於2023年曾遇到184萬美元RWA借款違約，顯示純加密原生系統無此問題風險。不過RWA整合亦提供資產分散好處與不隨加密波動而變的穩定收益來源。
Regulatory compliance challenges require proactive adaptation
The evolving regulatory landscape creates significant compliance challenges for innovative protocols that don't fit traditional financial categories. The U.S. GENIUS Act's prohibition on yield payments directly conflicts with the value propositions of yield-bearing stablecoins, forcing protocols to adapt their models or potentially face enforcement action.
法規不斷變動，對創新型協議產生極大合規挑戰，因為佢哋唔符合傳統金融規則。美國GENIUS法案禁止派發收益，直接衝擊帶息穩定幣基本價值，協議要唔就調整模式，要唔就可能面臨執法風險。
MiCA implementation has already driven market changes through USDT delistings from European exchanges and enhanced reporting requirements for compliant issuers. The regulation's asset-referenced token classification creates compliance pathways for some second-generation protocols while excluding others that don't meet specific reserve and audit requirements.
MiCA正逐步推動市場變革，已導致USDT喺歐洲交易所下架，合規發行方須加強報告披露。新法定義資產參照型代幣，某啲第二代協議得以合規運作，但不符儲備及審計條件者則被排除。
Ethena faces particular regulatory uncertainty as its delta-neutral strategy may be viewed as investment activity rather than payment infrastructure, potentially triggering securities regulations. The protocol has proactively engaged with regulators and developed institutional products with enhanced compliance features, but regulatory classification remains uncertain.
由於其delta-neutral策略有機會被視為是投資活動而非支付基建，因此存有特定監管不明朗情況，或會觸發有關證券的監管規定。該協議一直主動與監管機構溝通，亦開發了針對機構的、加強合規性的產品，但監管界定仍然不明確。
Immutable protocols like Liquity face unique compliance challenges as they cannot be modified to meet changing regulatory requirements without full redeployment. This creates both risks and advantages: while they cannot adapt to new rules, they also cannot be modified by external pressure, maintaining operational independence regardless of regulatory developments.
像Liquity呢啲不可變協議面對獨特的合規挑戰，因為佢哋無法喺唔重頭部署情況下作出更改以配合愈趨頻密嘅監管要求。呢種設計帶來風險之餘，同時都有優勢：雖然佢哋無法適應新規則，但外部壓力都無法更改協議，確保佢哋喺任何監管發展下都保持營運自主。
The development of regulatory infrastructure within protocols has become essential, with automated reporting systems, enhanced KYC/AML procedures, and programmable compliance rules becoming standard features. Privacy-preserving compliance through zero-knowledge proofs and selective disclosure mechanisms enables regulatory alignment while maintaining user privacy and decentralized operation.
協議內部建立監管基建已成為基本要求，包括自動化報告系統、加強KYC/反洗錢措施，以及可編程的合規規則都變成標準功能。透過零知識證明同選擇性披露機制，能夠喺保障用戶私隱同去中心化操作的同時，達到監管合規。
Operational and liquidity risks require sophisticated management
營運風險同流動性風險需要更高層次管理
The operational complexity of second-generation protocols creates new categories of risk that require sophisticated management systems. Ethena's hedging operations across multiple centralized exchanges require continuous monitoring and rebalancing to maintain delta neutrality, with operational failures potentially causing significant losses or stability issues.
第二代協議嘅營運複雜性帶嚟新型風險，需配合進階管理系統。Ethena涉足多間中心化交易所嘅對沖操作，需要持續監察同調整以維持delta中性，一旦營運失誤，隨時會造成重大損失或者穩定性問題。
Cross-chain deployment strategies multiply operational complexity while providing diversification benefits. Protocols must coordinate governance, liquidity provision, and risk management across multiple blockchain networks with different security properties and bridge risks. Emergency pause mechanisms and cross-chain message verification systems provide protection but cannot eliminate all operational vulnerabilities.
多鏈部署策略雖然提升多元化，但亦急增營運複雜性。協議要喺具唔同安全屬性及橋樑風險嘅多個區塊鏈網絡之間協調治理、流動性供應同風險管理。緊急暫停機制同跨鏈訊息驗證系統雖可提供一定保障，但始終唔可能完全杜絕運作漏洞。
Liquidity risks emerge from the complex interdependencies between different DeFi protocols and the concentration of assets in specific venues. Aave's integration of sUSDe with $650 million supply caps enables recursive borrowing strategies that could amplify volatility during liquidation cascades. Pendle's $4.37 billion TVL in Ethena-related markets creates additional concentration risks if yield mechanisms fail.
流動性風險來自唔同DeFi協議之間複雜依賴關係，以及資產高度集中於個別平台。Aave提供sUSDe，供應上限為6.5億美元，令循環借貸策略成為可能，喺清算潮下會擴大波動。Pendle喺Ethena相關市場有43.7億美元鎖倉量（TVL），一旦收益機制失效，會帶嚟額外集中風險。
The mitigation strategies include diversified liquidity provision across multiple venues, automated circuit breakers for unusual market conditions, and conservative position sizing to prevent system-wide stress. Reserve funds and insurance mechanisms provide additional protection, while continuous monitoring systems enable rapid response to emerging risks.
應對方法包括將流動性分散至多個平台、設立自動熔斷機制應付異常市況、採取保守倉位規劃以避免全系統壓力。儲備基金同保險措施可提供額外保障，而持續監控系統則幫助對新出現風險迅速作出反應。
Regulatory landscape creates opportunities and constraints
The regulatory environment for stablecoins has undergone dramatic transformation in 2024-2025, with comprehensive frameworks in the United States and European Union establishing clear rules while creating both opportunities and constraints for second-generation innovations.
監管環境為穩定幣帶嚟新機遇同限制
2024至2025年間，穩定幣監管環境經歷重大變革，美國及歐盟已建立全面框架，訂立清晰規則，既為第二代創新帶嚟新機遇，同時帶嚟唔少限制。
GENIUS Act establishes U.S. federal framework with restrictions
GENIUS法案設立美國聯邦監管架構及限制
The Genuine Innovation and Unbiased Standards (GENIUS) Act, signed into law in July 2025, represents the most significant U.S. regulatory development for stablecoins, establishing federal oversight while creating specific challenges for yield-bearing protocols.
Genuine Innovation and Unbiased Standards（GENIUS）法案於2025年7月成為法律，係美國穩定幣監管最重要發展，為穩定幣設立聯邦監管架構，但對提供收益的協議帶嚟特定挑戰。
Payment stablecoins must maintain 1:1 reserve backing with approved assets limited to U.S. dollars, Federal Reserve notes, Treasury securities with maturity ≤93 days, overnight reverse repos with Treasury collateral, and FDIC-insured deposits with specified limitations. The regulation explicitly prohibits offering "any form of interest or yield to stablecoin holders," directly challenging the business models of second-generation protocols.
支付型穩定幣必須以1:1比例由獲批資產作儲備，資產範圍只限美金、聯儲鈔票、到期日不超過93日的國債、以國債作抵押的隔夜逆回購及有指定限制的FDIC保險存款。條例明文禁止向穩定幣持有人提供「任何形式的利息或收益」，直接衝擊第二代協議的商業模式。
Regulatory oversight structures depend on issuer type: depository institution subsidiaries face regulation by primary federal banking agencies, federal qualified issuers receive OCC oversight, and state-qualified issuers maintain state regulation for market caps below $10 billion. Non-bank stablecoin issuers must obtain OCC approval and demonstrate compliance with Bank Secrecy Act and anti-money laundering requirements.
監管安排取決於發行人類別：存款機構附屬公司受主要聯邦銀行機構監管，聯邦合資格發行人由OCC監管，州合資格發行人則喺市值低於100億美元時繼續受州級監管。非銀行穩定幣發行人必須取得OCC批准，並證明符合銀行保密法及反洗錢規定。
The reserve asset restrictions create compliance challenges for crypto-backed and algorithmic mechanisms that don't fit approved categories. Protocols like Ethena and Frax must either restructure their models or operate outside the payment stablecoin designation, potentially limiting their utility for commerce while enabling continued innovation in DeFi applications.
儲備資產限制令唔屬於獲批類別的加密資產支持或算法型穩定幣難以合規運作。Ethena同Frax等協議要麼重組模型，要麼選擇唔以支付型穩定幣身份運作，可能會減低佢哋作商業用途的效用，但同時可繼續喺DeFi應用方面創新。
Enforcement timeline provides 18-month implementation periods for existing issuers, with full compliance required by January 2027. The Treasury Department has announced intentions to coordinate implementation with Federal Reserve and OCC guidance, creating regulatory certainty while requiring significant operational changes for affected protocols.
實施時間表為現有發行人提供18個月過渡期，最遲於2027年1月必須完全合規。美國財政部表示會同聯儲局同OCC協調落實細節，為相關協議帶嚟監管確定性，同時需要重大營運調整。
MiCA implementation drives European market transformation
MiCA生效推動歐洲市場轉型
The European Union's Markets in Crypto-Assets regulation became fully effective for stablecoins on June 30, 2024, driving immediate market changes through strict compliance requirements and significant issuer accountability measures.
歐盟加密資產市場（MiCA）監管框架於2024年6月30日對穩定幣全面生效，透過嚴格合規要求同重大發行人問責措施，促成即時市場變化。
Enhanced reserve management and transparency requirements mandate monthly public reports with CEO and CFO attestations, segregated reserve accounts, and third-party audits of backing assets. Stablecoins classified as "significant" (>€5 billion market cap, >10 million holders, or high transaction volumes) face additional supervision and operational requirements.
加強儲備管理同透明度規定要求每月公開報告、CEO及CFO簽署確認、專屬儲備帳戶，以及第三方審核資產支持情況。被歸類為「重大」穩定幣（市值超過50億歐元、用戶超過1,000萬或交易量高企）需接受額外監管及營運要求。
Asset-referenced tokens must obtain authorization from competent authorities and maintain reserves that fully back outstanding tokens, while electronic money tokens require authorization as electronic money institutions or credit institutions. The regulation's strict classification system determines compliance pathways while excluding tokens that don't meet specific structural requirements.
資產參考型代幣必須取得當局批文，並持有足夠儲備支撐所有流通代幣；電子貨幣型代幣則要求獲電子貨幣機構或信用機構資格。監管嚴格分類制度決定合規途徑，並排除不符合特定結構要求的代幣。
Major market impacts include USDT delistings from European exchanges due to non-compliance with transparency requirements, creating market share opportunities for compliant alternatives like USDC. Circle obtained French Electronic Money Institution authorization for cross-border operations, while other issuers face operational restrictions or market exclusion.
主要市場影響包括因不符透明度要求，USDT被歐洲交易所以下架方式處理，為合規代替品如USDC提供市場擴張機會。Circle已獲得法國電子貨幣機構許可展開跨境營運，其他發行人則面對營運限制或被市場排除。
The regulation's risk management framework requires stress testing, liquidity management plans, and operational resilience measures that align with traditional financial institution standards. Customer asset segregation and redemption rights protection provide additional security while creating operational overhead for compliance.
監管架構要求包括壓力測試、流動性管理計劃，同營運韌性措施，要達到傳統金融機構的標準。用戶資產分隔同贖回權保障帶來額外安全，同時增加合規營運負擔。
SEC-CFTC coordination addresses jurisdictional clarity
美國SEC-CFTC協作釐清監管範圍
Joint coordination between the Securities and Exchange Commission and Commodity Futures Trading Commission has improved regulatory clarity while addressing jurisdictional overlaps that previously created uncertainty for stablecoin issuers and users.
證券交易委員會（SEC）同商品期貨交易委員會（CFTC）協作提升監管清晰度，解決以前穩定幣發行人同用戶面對的監管重疊不確定性問題。
The SEC's April 2025 statement on "Covered Stablecoins" clarifies that USD-pegged tokens with 1:1 redeemability and low-risk reserves generally don't constitute securities when marketed solely for commerce rather than investment. However, reserves cannot be "lent, pledged or rehypothecated," creating restrictions on yield-generating mechanisms.
SEC於2025年4月就「受規管穩定幣」發聲明，釐清1:1可兌換、低風險儲備、只作商業用途而非投資的美元掛鈎代幣，一般唔會被視為證券。不過儲備資產不可被「借出、抵押或再質押」，對收益生成機制設下限制。
CFTC jurisdiction applies to derivative instruments used by protocols like Ethena for hedging operations, requiring compliance with swap dealer regulations and position reporting requirements. The agencies' September 2025 joint roundtable on regulatory harmonization addresses coordination mechanisms while maintaining distinct regulatory authority over different aspects of stablecoin operations.
CFTC就Ethena等協議透過衍生工具進行對沖持有監管權，需符合掉期交易商監管同持倉申報要求。兩會於2025年9月聯合召開規範協調圓桌會議，提出協同機制，同時保持穩定幣各範疇的獨立監管權。
Regulatory sandboxes and innovation partnerships enable controlled testing of novel mechanisms while providing regulatory feedback before full deployment. These programs allow protocols to demonstrate compliance capabilities while regulators develop expertise in emerging technologies and economic models.
監管沙盒同創新夥伴計劃為新機制提供受控測試，同時於全面落地前先行取得監管意見。呢啲計劃容許協議展示合規能力，亦幫助監管機構快速掌握新興科技同經濟模型。
The coordinated approach reduces regulatory arbitrage opportunities while providing clearer guidance for protocol design and operation. Industry participants have responded positively to increased certainty while advocating for principles-based frameworks that accommodate innovation within appropriate risk management boundaries.
協調方式減少監管套利空間，同時為協議設計同營運提供清晰指引。業界普遍歡迎更高確定性，並倡議以原則為本框架包容創新，同時落實適度風險管理。
International coordination shapes global standards
國際協作推動全球標準
International coordination through organizations like the Financial Stability Board and Bank for International Settlements has established global principles for stablecoin regulation while allowing jurisdictional flexibility in implementation approaches.
經濟穩定委員會同國際清算銀行等組織推動國際協作，已為穩定幣監管定下全球性原則，同時允許各地靈活實施。
Common standards focus on reserve backing, redemption rights, and operational resilience while addressing systemic risk concerns from large-scale adoption. The recommendations influence national regulations while enabling cross-border operations for compliant issuers.
共同標準包括儲備資產支撐、贖回權利同營運韌性，針對大規模採用可能引發的系統性風險。呢啲建議不但左右各國監管，亦便利合規發行人開展跨境業務。
Regulatory divergence between jurisdictions creates opportunities for forum shopping while complicating global operations. Protocols must navigate multiple regulatory frameworks simultaneously, creating compliance costs while enabling access to different markets based on regulatory advantages.
各地監管分歧既構成監管套利機會，同時令全球運作更複雜。協議必須同時應付多套監管框架，既增加合規成本，但亦可因應監管優勢進軍不同市場。
The development of mutual recognition agreements and regulatory cooperation frameworks enables cross-border operations for compliant issuers while maintaining local oversight authority. These arrangements facilitate institutional adoption while ensuring appropriate supervision and risk management.
推動互認協議同監管合作架構，可以令合規發行人進行跨境運作，同時保留當地監管權。呢啲安排有助機構採納，同時確保適當監督同風險管理。
Market adoption demonstrates institutional confidence
Market adoption data for second-generation stablecoins reveals accelerating institutional confidence and integration into both decentralized finance and traditional payment systems, with significant growth across total value locked, trading volumes, and corporate usage metrics.
市場採納反映機構信心
第二代穩定幣的市場採納數據顯示機構信心持續提升，並加速融入去中心化金融及傳統支付系統，無論總鎖倉量、成交額或企業使用指標都有顯著增長。
###Explosive TVL growth signals institutional validation
TVL 爆炸性增長，標誌機構入場認證
Ethena has achieved the most dramatic adoption trajectory, growing from $5 billion market cap in early 2025 to $12.85 billion by August 2025, representing 157% growth in eight months and establishing USDe as the third-largest stablecoin globally. The protocol captured 4.3% of total stablecoin market share while maintaining consistent yield generation and delta-neutral stability.
Ethena 創下了最急速的增長軌迹，在 2025 年初市值為 50 億美元，短短八個月內於 2025 年 8 月增長至 128.5 億美元，增幅達 157%，令 USDe 成功晉身為全球第三大穩定幣。該協議佔據了全體穩定幣市場 4.3% 份額，同時保持穩定收益及 delta 中性穩定性。
The broader second-generation segment has experienced extraordinary expansion, with yield-bearing stablecoins growing from $660 million to $9 billion in 2024, representing 1,364% annual growth as institutional investors and DeFi protocols allocated capital toward productive alternatives to zero-yield traditional stablecoins.
第二代穩定幣市場迅速擴大，帶收益的穩定幣由 2024 年的 6 億 6000 萬美元激增至 90 億美元，年增長高達 1,364%。這是因為機構投資者與 DeFi 協議將資金配置到能產生收益的代幣，取代傳統零收益的穩定幣。
Total stablecoin market capitalization reached $234.8 billion in 2025, with transaction volumes of $27.6 trillion in 2024 surpassing Visa and Mastercard combined. DeFi total value locked grew to $123.6 billion with stablecoins contributing approximately 40% of protocol liquidity across major platforms.
到 2025 年，穩定幣總市值達到 2,348 億美元。2024 年交易量為 27.6 萬億美元，已超越 Visa 及 Mastercard 總和。DeFi 鎖倉總價值（TVL）增長至 1,236 億美元，當中穩定幣約佔所有主要平台協議流動性的 40%。
MakerDAO's transition to the Sky rebrand resulted in USDS reaching $7.1 billion market cap while maintaining substantial revenue generation of $240 million annually. The protocol's pivot from real-world assets back to crypto-native collateral reflects institutional preference for transparent, auditable backing assets.
MakerDAO 轉型為 Sky 品牌後，USDS 市值達 71 億美元，年收入高達 2.4 億美元。協議由現實資產再次回歸加密原生抵押，顯示機構更偏好透明和可審計的抵押資產。
Frax Finance has positioned itself for explosive growth through its Fraxtal Layer-2 launch and ambitious 23 Layer-3 network expansion plan targeting $100 billion TVL by 2026. The protocol's current revenue of $30-40 million annually provides a foundation for ecosystem development and token holder returns.
Frax Finance 藉著 Fraxtal Layer-2 推出及 23 個 Layer-3 網絡的雄心擴展計劃，目標 2026 年前實現 1,000 億美元 TVL。現時協議每年產生 3,000 萬至 4,000 萬美元收入，成為生態發展及代幣持有者回報的基礎。
DeFi protocol integrations create network effects
主要 DeFi 平台已將第二代穩定幣整合為核心流動資產，產生網絡效應，進一步推動採納及實用性。Aave 將 sUSDe 上限增至 6.5 億美元，容許循環收益策略，為 Ethena 的合成美元帶來巨大額外需求。
Pendle Finance has captured $4.37 billion TVL through Ethena-related yield tokenization markets, creating sophisticated financial products that separate principal and yield components. This integration demonstrates institutional demand for structured products based on second-generation stablecoin innovations.
Pendle Finance 透過 Ethena 相關收益代幣化市場，吸納 43.7 億美元 TVL，推出可分離本金與收益的高階金融產品，反映機構層面對基於第二代穩定幣創新的結構性產品有實際需求。
Uniswap data shows stablecoin pairs dominating liquidity provision with 262,402 of 266,826 total pools, generating $157.2 million in front-end trading fees during June 2025. The platform's 6.3 million active wallets demonstrate mainstream adoption of decentralized exchange infrastructure for stablecoin trading.
Uniswap 數據顯示，穩定幣交易對主導了流動性池，266,826 個池中有 262,402 個屬於穩定幣，單於 2025 年 6 月的前端交易費已高達 1.572 億美元。平台活躍錢包數達 630 萬，見證去中心化交易所基建於穩定幣交易取得主流採納。
Cross-chain deployment strategies have multiplied utility and adoption opportunities. USDC achieves native issuance across 23 blockchain networks, with Layer-2 networks handling 16% of total transfers. Base and Arbitrum have captured 5.6% and 3.7% market shares respectively, while Solana hosts $5 billion in stablecoin TVL representing 21% of USDC circulation.
跨鏈部署策略大幅增加實用性及採納空間。USDC 已於 23 條區塊鏈原生發行，Layer-2 網絡承擔了 16% 轉賬量。Base 和 Arbitrum 各佔市場 5.6% 及 3.7%，Solana 更承擁 50 億美元穩定幣 TVL，相等於 USDC 流通量的 21%。
Curve Finance maintains $1.5 billion weekly trading volume driven primarily by stablecoin swaps, demonstrating sustained demand for efficient price discovery and low-slippage transactions between different stablecoin varieties.
Curve Finance 每週交易額達 15 億美元，主力來自穩定幣之間兌換，反映市場對高效價格發現及低滑點交易的長期需求。
Corporate adoption drives mainstream utility
傳統金融整合大幅加速，多家跨國企業已將穩定幣基建納入核心運作。BlackRock BUIDL 基金支持 Frax 的 frxUSD 穩定幣，顯示機構投資經理對第二代穩定幣機制具信心。
Stripe 用 11 億美元收購 Bridge 組建穩定幣基建，反映企業積極投資於可編程貨幣系統。PayPal 稱 PYUSD 已佔集團總收入 15%，全球商戶接納點已擴展至 25,000 個以上。
跨境支付採納度增長 25%，手續費由傳統匯款服務的平均 5% 減至 2.5%。JPMorgan 指企業對企業（B2B）交易中，穩定幣使用增長 15%；Visa 亦將 USDC 結算試點擴展至特定商戶。
銀行合作關係因 2025 年 3 月 FDIC 新指引而大增，容許銀行毋須事前批准即可涉足穩定幣。Circle 指 400 多間銀行及金融機構已支援 USDC API，獲白名單的 DeFi 借貸池規模達 93 億美元，年增長 60%。
企業財資應用顯示機構對穩定幣穩定性及實用性更具信心。越來越多公司利用穩定幣進行周轉資金管理、跨境營運及現金儲備產生收益，令對穩定幣的需求能夠脫離投機活動而持續增長。
Institutional investment products expand access
機構級投資產品的推出，為傳統金融界建立受規管的入場渠道，同時保持對第二代穩定幣創新的曝光。Ethena 的機構產品線包括 iUSDe，主打年回報 20%，配以加強合規及託管功能。
受監管基金架構讓退休基金及保險公司，無需直接自保加密資產也可參與可編程貨幣市場，產品以包裝形式為前提，同時維持協議表現帶來的經濟敞口。
資產管理公司專注於穩定幣收益優化及風險管理的策略投資方案。這些機構級產品整合多個第二代協議，同時為 fiduciary 投資者提供專業管理及合規保障。
機構級產品的快速增長推動各協議於託管、報告及風險管理方面全面升級，令所有用戶受惠，同時令原本因運營或監管門檻而未能參與的傳統金融機構可大規模進場。
Final thoughts
The trajectory of second-generation stablecoins points toward fundamental transformation of monetary systems through programmable money that adapts automatically to changing economic conditions while maintaining stability and regulatory compliance.
第二代穩定幣發展路線正引領貨幣體系出現根本性變革——可自動適應經濟環境變化的可編程貨幣，兼備穩定性及監管合規。
Technology roadmaps prioritize scalability and automation
至 2027 年，協議重點發展自動化、跨鏈擴展性及同傳統金融基建的深度整合。Ethena 計劃拓展至更多鏈，並開發加強版機構託管方案及與傳統支付系統潛在整合。
Frax Finance 的願景以 Fraxchain 生態成熟為目標，打造「金融界 AWS」，生態系統全面發展並以極大規模為目標。該協議計劃於 365 天啟動 23 個 Layer-3 網絡，是 DeFi 極富野心的擴張戰略之一，期望透過一體化金融服務突破 1,000 億美元 TVL。
MakerDAO 的 Endgame 計劃將完成第二至第三階段，包括 NewChain 部署和 SubDAO 生態成長。協議將逐步應用 AI 輔助治理決策，這將帶來去中心化決策重大變革，潛在成為其他 DeFi 大協議的範例。
AI 融合多個協議後，有望進一步提升收益優化、風險管理及根據實時市況自動調參。機器學習算法有助實現更高階對沖、流動性優化，以及自動符合法規要求。
跨鏈基建發展將令資產在多條鏈無縫流動及協同治理。高階橋接技術結合更高安全性及更短延遲，既保留各網專屬優化又可整合流動池。
Regulatory evolution creates compliance opportunities
監管環境會繼續演變至依據原則而非細則，讓創新與系統風險管理兼容。預期香港未來針對帶收益機制設立新類別，既促進創新又保障消費者及風險管理。
國際金融穩定組織將推動跨境穩定幣運營的全球標準，同時保持各地法規彈性。互認協議將允許合規協議於多市場運營，免卻重複監管要求。
央行數碼貨幣（CBDC）將與穩定幣協議形成競爭與融合。CBDC 可帶來監管清晰及互通性好處，而穩定幣則保留可編程性及去中心化營運優勢。
監管沙盒會擴展，讓新機制於受控環境下測試，同時為監管機構及協議開發者提供回饋。這些措施可推動創新，同時積累新科技及商業模式方面的監管經驗。
Traditional finance convergence accelerates adoption
傳統金融與可編程貨幣的融合將因銀行直接合作、支付基建整合及機構託管方案而加快。主流銀行會陸續向企業客戶提供穩定幣服務，並透過既有合規框架確保符合法規。
支付基建整合令穩定幣可作為傳統金融交易的結算層，同時保有自動執行複雜支付邏輯的可編程特性。實時結算功能將徹底消除傳統的清算與...Here is your requested translation, following your formatting instructions:
settlement delays.
隨著企業認識到可編程貨幣在營運資金管理、跨境業務及自動化財務操作方面的好處，企業財資部門的採用將會增加。穩定幣將會越來越多地作為企業核心基建，而非僅僅是投機性金融工具。
機構投資產品將創造更多進入渠道，同時推動協議在託管、報告和風險管理方面的改進。專業管理服務將容許更廣泛的機構採用，同時維持協議去中心化的運作。
市場結構朝著效率和專業化發展
市場結構將會向針對特定應用場景而優化的專門協議發展，而非一味追求通用性競爭。Ethena專注於中性持倉收益，Frax構建全面金融服務生態，MakerDAO引入治理創新，Liquity則強調不可變架構，這些都展示了服務不同市場需求的多元化路線。
協議整合很可能會透過技術整合實現，而不是傳統的合併。互操作標準讓用戶可以通過統一介面使用多個協議。跨協議收益優化將令高級策略可以善用不同機制的相對優勢。
機構需求會推動專業服務的發展，包括託管、合規、報告及風險管理解決方案，令行業可以在擴大規模之時，保持協議的去中心化運作。這些服務將連接創新協議與傳統金融需求之間的鴻溝。
可編程貨幣的可服務市場不止於現有穩定幣用途，還包括更廣泛的金融服務應用。智能合約可實現自動還款服務、保險索償處理及複雜金融工具管理，令其效用遠超純粹的價值轉移。
向可編程貨幣的發展代表金融基礎設施的根本轉變，不但能催生全新類型的經濟活動，同時維持主流採用所需的穩定性與合規要求。第二代穩定幣已為這個轉型奠定技術及經濟基礎，成為下一輪金融創新的關鍵基建。