Ondo price

Odaily Planet Daily (@OdailyChina) Author|Wenser(@wenser 2010) Last night, STBL, which focuses on the concept of "second-generation stablecoin + Tether joint innovation project", soared all the way after the official announcement of Binance Alpha, reaching a high of around $0.22, and rose by more than $0.3 on the chain this afternoon, and has now fallen back to around $0.17. On the other hand, Tether CEO Paolo Ardoino said in a high-profile manner in recent days: "USDT has a total user base of nearly 500 million, an average daily trading volume of about $45 billion, an average daily transaction volume of 17 million, and a Tether profit margin of 99%. ” Who is SBTL sacred? Is it related to the stablecoin public chain Stable launched by Tether? Is the identity of Tether co-founder true? What is the background of STBL? Odaily will provide a detailed introduction and brief analysis of the above issues in this article. SBTL: The "second-generation stablecoin" led by the former CEO of Tether First of all, it should be clear that STBL has nothing to do with Tether's previously launched stablecoin L1 public chain Stable: the former was prepared and launched by Tether's former co-founder, former CEO, President of ReserveOne, CEO of M 3-Brigade Acquisition V Corp, WeFi Chairman Reeve Collins, and KAIO founder Avtar Sehra. In the future, the consumer stablecoin USST and the yield token YLD will be launched. The latter is launched by Tether, the issuer behind USDT, backed by Bitfinex and USDT 0, with Tether CEO Paolo Ardoino as an advisor, using USDT as the native gas on the chain, users can initiate transactions without holding platform currency, and P2P (peer-to-peer) USDT transfers are completely gas-free. Therefore, unlike many users who mistakenly believe that "STBL launches a new stablecoin for the stablecoin L1 public chain Stable", in fact, the only connection between STBL and Tether may be that its chairman and co-founder Reeve Collins participated in the operation of Realcoin (the predecessor of USDT) in 2013-2014 and briefly served as the CEO of the publisher company Tether. STBL official website page According to a long article previously published by Reeve Collins and relevant information on the STBL official website, the STBL ecosystem is mainly composed of: STBL is a governance token that allows holders to vote on collateral types, ratios, and upgrades, ensuring that STBL is secure, compliant, and community-driven, and it is worth mentioning that the token is completely non-custodial. USST is a consumer stablecoin backed by on-chain RWA collateral 1:1, instant, overcollateralized, with no hidden fees or lock-ups, and can be used on supported partner protocols and exchanges for trading, DeFi protocols, cross-chain bridging, and fund management. Currently supported collateral includes ONDO's USDY, OUSG, and BlackRock's BUIDL. YLD is an NFT that users can use to receive predetermined yield, primarily used to retain collateral yield and increase over time. In other words, unlike the operating model of "first-generation stablecoins" such as Tether and Circle, where issuers exclusively monopolize the interest or income generated by the reserve funds corresponding to the stablecoin, STBL uses YLD NFT to "return the relevant income to the people". Therefore, if the first generation of stablecoins (such as USDT, USDC) solves the problem of "how to build a reliable digital dollar on the blockchain", then the goal of the second generation of stablecoins (i.e., USST) is to financialize the US dollar. The principal and income are split into two programmable capital flows. ” In addition, SBTL is backed by Wave Digital Assets, a Los Angeles-based investment firm registered with the SEC, which has more than $1 billion in assets under management, after being spun off from a venture capital firm with a scale of up to $400 million and attracting attention for its risk-aware and regulated investments. STBL's ambition: it hurts the issuer, but the benefits are multifaceted At present, STBL's ambitions are not small, and its core lies in one sentence - distributing the business profits generated by stablecoin issuers with the help of reserve collateral such as U.S. bonds and gold to users, while institutions, governments, and DeFi protocols have access to a wider range of liquid assets. Specifically, the USST stablecoin of the STBL ecosystem and the "growth flywheel" of YLD NFT have certain benefits for different groups and roles: For consumers, holding USST stablecoins can ultimately contribute to the overall ecological network rather than just the issuer's interests. For institutions, USST and YLD can transform idle cash assets into transparent, compliant, and income-generating assets and cash flows. For sovereign governments, the issuance of USST will be a large sample case, which means that it can not only produce digital stablecoins bound to its own national debt to maintain national sovereignty; It can also release a new source of value that traditional fiat currencies cannot provide, that is, to realize the preservation and appreciation of the national currency. For DeFi protocols, the built-in income composable modules of the USST and YLD systems will provide more diversified and flexible support for various businesses such as derivatives and transfers. Summary: The future of STBL depends on the USST circulation Although the "STBL-USST-YLD" ecosystem can operate smoothly at present, in the long run, the price performance of STBL as a governance token is still mainly determined by the scale of USST issuance and the corresponding collateral interest-bearing income. If YLD's returns are significant, USST will undoubtedly open up a new development path for the stablecoin market - a path that is different from Tether and Circle's exclusive collateral interest-bearing income; However, judging from the current size of the stablecoin market, the issuance of USST undoubtedly faces fierce competition and uncertain future.