#数字资产市场洞察 【How Stablecoins Become Connectors Between Bitcoin and DeFi】

Bitcoin's role as a core digital asset has been established, but its liquidity and application scenarios have always been limited—mainly due to its high price volatility. To truly unlock Bitcoin's value in DeFi, a stable intermediary tool is needed.

From a technical perspective, stablecoins like USDD, which are pegged to the US dollar, are attempting to play this role. Its operational logic is relatively clear:

**Collateralization Mechanism**: Over 130% on-chain transparent asset reserves. This means that for every 1 US dollar of USDD issued, there are 1.3 dollars of assets locked behind it. This ratio may sound high, but it is mainstream practice among decentralized stablecoins—using over-collateralization to build trust.

**Price Stability**: Maintained through algorithmic design to keep a 1:1 peg with the US dollar. Theoretically, this provides users with predictable trading pairs, eliminating concerns about slippage when entering or exiting positions.

**Ecosystem Connectivity**: Direct integration with Bitcoin Layer 2 networks, allowing value to flow from the Bitcoin mainnet to application layers. This is key—avoiding the complexity and additional risks associated with cross-chain bridges.

**Yield Design**: Earn interest during holding. This makes USDD not just a payment tool but also a yield-generating asset.

From a user perspective, participants can gain platform growth sharing rights, governance participation rights, and ecosystem benefits.

**But here’s a question worth pondering**: In the current market stage, what is the most urgent role of USDD in the Bitcoin ecosystem?

One understanding is: It can bring in incremental capital. By providing an entry point for stablecoins, it makes it easier for traditional financial users or funds from other ecosystems to enter Bitcoin applications, expanding the participant base.

Another understanding is: It revitalizes existing assets. Many Bitcoin holders are actually "lying flat"—they are reluctant to sell and switch to other tokens to participate in DeFi. But if they can use stablecoins to borrow Bitcoin’s yields, it unlocks the productivity of a dormant asset pool.

Both directions are important, but which one offers a higher ROI at this stage may determine the priority of stablecoin design—whether to continue optimizing external attractiveness or to deepen internal efficiency.