# stablecoins — X 热门讨论 (2026-09-20 19:54 UTC)
## @e_etini (𝗪𝗲𝗯𝟛 𝗚𝗲𝗺𝗶𝗻𝗶 ♊) · 09-20 13:59 · ♥44 ↻26 💬10 𝟳 𝗪𝗮𝘆𝘀 𝗬𝗶𝗲𝗹𝗱 𝗙𝗮𝗿𝗺𝗲𝗿𝘀 𝗖𝗮𝗻 𝗨𝘀𝗲 𝗨𝗦𝗗𝗗 𝗩𝗮𝘂𝗹𝘁𝘀 𝗪𝗶𝘁𝗵𝗼𝘂𝘁 𝗦𝗲𝗹𝗹𝗶𝗻𝗴 𝗧𝗵𝗲𝗶𝗿 𝗧𝗥𝗫 𝗼𝗿 𝘀𝗧𝗥𝗫
What if you could put your TRX or sTRX to work in DeFi without selling it?
That is the idea behind #USDD Vaults.
Instead of selling your TRX or sTRX to get liquidity, you can use them as collateral to mint USDD.
And during the current Phase 18 campaign, the stability fee is as low as 0.5% for TRX Vaults.
Here are 7 ways yield farmers can use this setup 👇
1️⃣ 𝗨𝘀𝗲 𝗧𝗥𝗫 𝗮𝘀 𝗰𝗼𝗹𝗹𝗮𝘁𝗲𝗿𝗮𝗹 𝘄𝗵𝗶𝗹𝗲 𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝗧𝗥𝗫
Collateral simply means an asset you lock up to back what you borrow or mint.
With a TRX Vault, you deposit TRX and mint USDD against it.
➜ You keep exposure to your TRX
➜ You receive USDD liquidity
➜ You do not need to sell your TRX just to access capital
The current TRX Vault options shown include 120%, 117%, and 130% minimum collateral ratios, depending on the vault.
2️⃣ 𝗨𝘀𝗲 𝘀𝗧𝗥𝗫 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝘂𝗻𝘀𝘁𝗮𝗸𝗶𝗻𝗴
sTRX represents staked TRX.
So if you already hold sTRX, you can use the sTRX Vault instead of converting it back and selling your position.
The screenshot shows a 130% minimum collateral ratio for the sTRX A Vault and a 1% stability fee.
This gives yield farmers another way to access USDD liquidity while keeping their underlying sTRX position.
3️⃣ 𝗠𝗶𝗻𝘁 𝗨𝗦𝗗𝗗 𝗮𝗻𝗱 𝘂𝘀𝗲 𝗶𝘁 𝗳𝗼𝗿 𝗗𝗲𝗙𝗶 𝘆𝗶𝗲𝗹𝗱
This is where the strategy gets interesting.
You can use your TRX or sTRX as collateral, mint USDD, then deploy that USDD into eligible DeFi opportunities.
For example:
➜ Lending
➜ Liquidity provision
➜ Yield farming
➜ Other USDD based opportunities
Your TRX or sTRX remains locked as collateral while the USDD becomes your working capital.
The yield is not guaranteed, and every protocol has its own risks and returns.
4️⃣ 𝗞𝗲𝗲𝗽 𝗨𝗦𝗗𝗗 𝗮𝘀 𝗗𝗲𝗙𝗶 𝗱𝗿𝘆 𝗽𝗼𝘄𝗱𝗲𝗿
You do not always have to deploy borrowed liquidity immediately.
Sometimes the opportunity is simply having stable liquidity available when the right setup appears.
Instead of selling TRX because you need USDT or another stable asset, you can potentially mint USDD against your collateral and keep the underlying asset.
That gives you more flexibility to move capital when opportunities appear.
5️⃣ 𝗥𝗲𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝘆𝗼𝘂𝗿 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝘄𝗵𝗶𝗹𝗲 𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝗧𝗥𝗫 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲
This is useful when you want to change where your capital is working without completely exiting your TRX position.
Your original TRX can remain in the Vault as collateral.
Your minted USDD can then become the flexible part of the portfolio.
That means you can potentially move between different DeFi opportunities without repeatedly selling and rebuying your TRX.
Just remember, minting USDD creates a debt position that must be managed.
6️⃣ 𝗨𝘀𝗲 𝘁𝗵𝗲 𝗹𝗼𝘄𝗲𝗿 𝗳𝗲𝗲 𝗽𝗲𝗿𝗶𝗼𝗱 𝘁𝗼 𝗲𝘅𝗽𝗹𝗼𝗿𝗲 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀
USDD is currently running the sTRX & TRX Vaults Special Campaign Phase 18.
Campaign period:
➜ September 15 to October 15
The displayed stability fee is:
➜ 0.5% for TRX Vaults
➜ 1% for sTRX Vaults
The fee is the cost associated with the Vault position. It should not be confused with the potential yield you may earn elsewhere with the USDD.
The lower campaign fee can reduce the cost of accessing liquidity, but it does not remove market, liquidation, or DeFi risks.
7️⃣ 𝗖𝗵𝗼𝗼𝘀𝗲 𝘆𝗼𝘂𝗿 𝗰𝗼𝗹𝗹𝗮𝘁𝗲𝗿𝗮𝗹 𝗮𝗻𝗱 𝗿𝗶𝘀𝗸 𝗹𝗲𝘃𝗲𝗹 𝗰𝗮𝗿𝗲𝗳𝘂𝗹𝗹𝘆
The Vaults are not identical.
The screenshots show:
➜ TRX A, 120% minimum collateral ratio
➜ TRX B, 117% minimum collateral ratio
➜ TRX C, 130% minimum collateral ratio
➜ sTRX A, 130% minimum collateral ratio
A higher collateral ratio generally means you are putting more collateral behind the USDD you mint.
Do not simply mint the maximum amount available.
Keeping a healthy buffer can give your position more room if the value of your collateral falls.
𝗧𝗵𝗲 𝗯𝗶𝗴 𝗶𝗱𝗲𝗮
USDD Vaults are not simply about borrowing stablecoins.
They can be used as a liquidity layer.
You can:
➜ Keep your TRX
➜ Keep your sTRX
➜ Mint USDD against your collateral
➜ Put the USDD to work in DeFi
➜ Reposition your capital when opportunities change
➜ Potentially access liquidity without selling your underlying assets
There is also a 13% liquidation fee shown in the Vault screens, so collateral management matters.
If the value of your collateral falls too far, liquidation risk becomes important.
𝗔𝗻𝗱 𝗶𝘁 𝗱𝗼𝗲𝘀𝗻’𝘁 𝘀𝘁𝗼𝗽 𝗮𝘁 𝗧𝗥𝗫 𝗮𝗻𝗱 𝘀𝗧𝗥𝗫
USDD also has ETH and WBTC Vaults live.
The screenshots show WBTC A with a 2.5% stability fee and WBTC B with a 3.5% stability fee.
So the broader idea is simple:
Use eligible crypto as collateral.
Access USDD liquidity.
Keep your underlying asset instead of automatically selling it.
Then decide where that liquidity makes sense for your strategy.
𝗧𝗵𝗲 𝗸𝗲𝘆 𝗶𝘀 𝗻𝗼𝘁 𝘀𝗶𝗺𝗽𝗹𝘆 𝗺𝗶𝗻𝘁𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗨𝗦𝗗𝗗
It is understanding how much collateral you are locking, how much USDD you mint, what the stability fee costs, where you deploy the USDD, and how you will manage the position if the market moves against you.
That is what turns a Vault from a simple borrowing tool into something a yield farmer can potentially use for capital management.
👉 Start here: https://t.co/5xHtRcjzHY
@USDDecentralize @justinsuntron #TRONEcoStar https://x.com/e_etini/status/2101672509502353491
## @zephyr_org (Zephyr Protocol) · 09-20 16:38 · ♥42 ↻6 💬4 $ZEPH sits alone under private stablecoins for a reason.
Untraceable, yield-bearing, over-collateralised stables. ➡️ A category of its own.
$ZSD for the dollar. $ZYS for native yield.
Privacy by default on Monero-derived rails ⚡️ > 引用 @wacy_time1: $ZEC is just the beginning.
The real opportunity might be much bigger than one coin.
I mapped out 26 top projects across 9 categories with massive potential.
The Privacy Landscape 👇 $XMR - @monero $ZANO - @zano_project $FIRO - @firoorg solana:5u83eeMKS5drqAdchhJQeUpt7x4DNaU7ZBnaMZjUpump - @PirateChain $PIVX - @_PIVX
Optional Privacy & Payments: $DASH - @Dashpay $LTC - @litecoin decred:native - @decredproject $XVG - @vergecurrency
Private Stablecoins: $ZEPH - @zephyr_org
Private DeFi: $RAIL - @RAILGUN_Project
Privacy Payments & Tools: solana:BBKPiLM9KjdJW7oQSKt99RVWcZdhF6sEHRKnwqeBGHST - @GhostWareOS
Confidential Blockchains: oasis-network:native - @OasisProtocol aleo:native - @AleoHQ dusk-network:native - @DuskFoundation midnight-3:native - @MidnightNtwrk base:0xf43eb8de897fbc7f2502483b2bef7bb9ea179229 - @horizenglobal $XEL - @xelis_project
Encrypted Computation: ethereum:0xa12cc123ba206d4031d1c7f6223d1c2ec249f4f3 - @zama $ARX - @Arcium ethereum:0x7cf9a80db3b29ee8efe3710aadb7b95270572d47 - @nillion ethereum:0xddb3422497e61e13543bea06989c0789117555c5 - @COTInetwork
Network Privacy: $ANYONE - @AnyoneFDN
ZK Infrastructure: $MINA - @MinaProtocol base:0x9b5e262cf9bb04869ab40b19af91d2dc85761722 - @nockchain
Bookmark this! The privacy narrative is worth keeping an eye on. https://x.com/zephyr_org/status/2101712645019632053
## @demigodGMI (Demigod ⚡️) · 09-20 16:57 · ♥44 ↻5 💬2 . @SuiNetwork
BUILDING THE FINANCIAL FOUNDATION OF THE AGENTIC ECONOMY
what sui is building goes far beyond another traditional blockchain or DeFi ecosystem.
The vision is bigger: Sui is becoming the financial foundation for an economy increasingly operated by AI agents.
And the pieces are starting to come together.
DeepBook is building the liquidity layer, bringing deep, on-chain liquidity and a foundation for increasingly sophisticated financial markets, including the incoming prediction market infrastructure.
Walrus provides the storage layer, giving applications a decentralized way to store and access the data that increasingly autonomous applications and AI agents will need.
Confidential transfers open another critical door: enabling private financial activity for consumers and institutions without sacrificing the benefits of an open blockchain.
Then there are gasless stablecoin transfers, removing one of the biggest sources of friction from everyday payments and making stablecoins far more practical for mainstream users and applications.
Put these pieces together and the bigger picture becomes clear.
Sui isn’t just trying to build another blockchain where financial applications live.
It is building the infrastructure for an economy where capital, liquidity, data, payments, and AI agents can interact natively on-chain.
Years of building the underlying foundations are now translating into something much bigger: a financial network designed for an internet where AI agents can transact, allocate capital, access liquidity, make markets, and participate in financial systems privately on their own.
DeepBook. Walrus. Confidentiality. Gasless payments. Programmable assets. High-performance execution. Privacy.
sui bulls will win. https://x.com/demigodGMI/status/2101717330648609058
## @notanotherquant (Not Another Quant) · 09-20 15:04 · ♥41 ↻2 💬11 Altcoins have been making higher lows against bitcoin:native since the middle of last year.
This chart is the total value of all altcoins minus stablecoins and divided by the value of Bitcoin.
The last time this ratio bottomed was 2019 to 2020. It made a double bottom right before the alt run in 2021. This time it hasn't fallen back as far.
Last cycle we never got a true alt season. We saw the quick move from June 2025 to September 2025 but it didn't last.
This time alts are gaining while Bitcoin is still early in its recovery. This makes sense since altcoins have been beaten down for years and never got a true pump like Bitcoin did.
BTC.D shows the same thing. Last cycle Bitcoin dominance topped twice before alts took off. This time it topped in June 2025 and the second push came up short. Still waiting for it to break down.
I have wondered if a broad based alt season was likely again. This is the best it has looked in years. https://x.com/notanotherquant/status/2101689032690253995