分析：BUSD 退场后的 BNBChain 稳定币生态会有何变化？

吴说区块链2023-02-17 tarihinde yayınlandı2023-02-17 tarihinde güncellendi

Özet

BUSD 将逐渐淡出稳定币的历史舞台，而鉴于 BUSD 为 BNBChain 的王牌稳定币，这一大旗倒下之后，BNBChain 的稳定币生态会有何变局？

美国证券交易委员会 SEC 以 BUSD 为未注册证券的切入口状告 Paxos，随后纽约州金融服务部 NYDFS 指示 Paxos 停止铸造新的 BUSD，CZ 也表示 “将相应地进行产品调整。例如，不再使用 BUSD 作为交易的主要货币对等”。

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可以预见，BUSD 将逐渐淡出稳定币的历史舞台，而鉴于 BUSD 为 BNBChain 的王牌稳定币，这一大旗倒下之后，BNBChain 的稳定币生态会有何变局？

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BNBChain 的稳定币生态现状

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根据 defillama 的数据统计，目前 BNBChain 上的稳定币生态总市值已经超过 90 亿美元，而其中 BUSD 的占有率便高达 53%，市值约 48 亿美元。

紧接着是 USDT 市值约为 32 亿美元（35%）、USDC 市值约为 7.8 亿美元（8.67%），以及一些市值低于 1 亿美元的稳定币如 USDD\Dai\HAY 等。

根据 Paxos 的说法，至少在 2024 年 2 月之前，BUSD 依旧能够得到赎回。虽说有至少一年的缓冲期，但是面对这数十亿美元稳定币的流出，摆在我们面前的问题便是，这会如何搅动 BNBChain 的稳定币生态？

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>是激发去中心化稳定币的发展？

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>还是强化 USDT/USDC 在 BNBChain 的主导地位？

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对于前者，在面对让Binance自己下场构建类似 DAI 的去中心化稳定币的建议时，CZ 已经回应称，在这个关头，我们更希望其他人来做，以使其更加去中心化。我们不能什么都做。

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而回顾目前 BNBChain 该赛道的两位选手 HAY & VAI，目前其稳定币市值仅数千万，即使我们乐观想象有该类项目能够扛起大旗，似乎自身赛道也有所上限，发展好如以太坊上的 DAI，目前其稳定币市值也仅约 50 亿美元，折算到 BNBChain 上来，依旧无法跟 BUSD 这类中心化稳定币的规模媲美。

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那么目前看，似乎由 USDT/USDC 继承 BUSD 退出的这部分稳定币市场份额是最合情合理的。但这里我们需要知道的是，其实 USDT\USDC 官方是没有在 BNBChain 上发行原生稳定币的，甚至严格来说，BNBChain 就没有原生的中心化美元稳定币，包括 BUSD，本质上也是一种 Binance-Peg Token，由币安官方持有原生资产（即以太坊上的 BUSD），然后在 BNBChain 上 1:1 锚定发行的 BEP20 Token。

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Binance-Peg Token，BToken

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由于大多数用户只需要关注应用体验层面，所以对于各类资产的具体底层属性其实并无深刻了解。其实在 BNBChain（最初命名为 BSC）上线初期，Binance为了吸引 BTC\ETH 以及稳定币等外部优质资产，便发起了 Token Canal（通证运河）计划，本质类似于封装资产（Wrapped Assets），而Binance官方则充当这个原生资产托管和封装资产发行赎回的处理中心。

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后来随着引入资产的多样以及规模的扩大，Binance正式将这类通证统称为 Binance-Peg Token，BToken。

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根据Binance官方对 BToken 的抵押储备证明，我们了解到目前已经有 97 个 BToken，其中就包含约 54 亿的 ERC20 BUSD 储备，对应着约 48 亿的 BEP20 BUSD 以及其他各链对应的 BUSD。

而此前 NYDFS 强调，系授权 Paxos 在以太坊区块链上发行 BUSD，但该部门尚未在任何区块链上授权 Binance-Peg BUSD。似乎 NYDFS 的真正动机实际上是 Binance Pegged BUSD，而不是对是否有 100% 储备支持的担忧，毕竟这一块Binance有公开透明的储备证明可验证，而 Binance Pegged BUSD 这一封装资产严格来说属于Binance的链上行为所造，那么 NYDFS/SEC 矛头是否应该指向Binance，且 USDT\USDC 同样也有对应的 Binance Pegged，Tether\Circle 是否也将被动存在同样问题？还是说只是一种借口，本质只是一种针对？当然，即使是一种针对，那可能也与当初Binance全面支持 BUSD，默认自动将 USDC、USDP、TUSD 转换为 BUSD 的举措有关，毕竟在Binance的支持下，BUSD 的更多场景可能会偏向 BNBChain,会让人产生一种 Binance Pegged BUSD 这种封装资产才是原生资产的误解。

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现在我们回到最初的问题 “BUSD 的退出会如何搅动 BNBChain 的稳定币生态”，答案似乎也比较清晰，对于去中心化稳定币赛道，会有一定助推，但是可能激起的浪花高度有限；大概率是 Binance Pegged USDT\USDC 分食让出来的这些稳定币需求，同时 BUSD 的逐渐抽身对 BNBChain 生态可能也是利空。至于 Binance Pegged USDT\USDC 会不会遭受同样的“发行”授权的监管限制，这类担忧可以暂时先放下，虽然Binance不是像 WBTC 的托管者 BitGo 一样有合规托管执照，但其资产托管储备公开透明，而且监管也应该不至于如此赶尽杀绝。

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