Paxos联姻Solana生态，USDP逢春？

Odaily星球日报2023-12-25 tarihinde yayınlandı2023-12-25 tarihinde güncellendi

Özet

或许是第N次稳定币战争的开端。

原创 | Odaily星球日报

作者 | Loopy

Paxos联姻Solana生态，USDP逢春？

近日，Paxos 的一则监管进展引发了我们的关注。Paxos 获得了纽约金融服务部（NYDFS）的批准，将其稳定币发行业务扩展到 Solana 区块链。需要强调的是，即使此前体量庞大如 BUSD，依然仅被监管获准在以太坊网络发行。

这一举措标志着 Paxos 首次将其业务扩展到以太坊之外的加密世界。

Paxos 曾经以其 BUSD 业务而闻名。2023 年 2 月，BUSD 突遭 NYDFS 监管。在 BUSD 被监管叫停之后，Paxos 在稳定币的竞争格局中逐渐走向弱势。而此次 Solana 业务的获批，是否能为 Paxos 带来新的增长点，甚至搅动格局相对稳定的稳定币市场？

Paxos 市场份额萎缩，挑战者光环褪去

我们将时间放到穿越周期的尺度观察，可以发现 Paxos 的戏剧化发展历程。

历史数据显示，在 2022 年熊市时期，USDT 和 USDC“双雄”的市值曾一度缓慢下降。而 Paxos 旗下 BUSD 却不断缓慢上涨，一度达到超 230 亿美元的历史高点。

而在监管制裁之后，Paxos 失去了 BUSD。USDP 则始终未能在稳定币市场掀起太多波澜。

Paxos联姻Solana生态，USDP逢春？

DeFiLlama 数据显示，目前稳定币市场仍是两家独大。尽管 BUSD 一度跃居第三大稳定币，但目前 Paxos 旗下的主力产品 USDP 的市场份额仍处于较低水平。

根据 DeFiLlama 的数据，稳定币总市值约 1307 亿美元。USDT 与 USDC 合计占据了稳定币 88% 的市场份额。

USDP 虽然为第九大稳定币，但从份额来看，远无法与稳定币市场长期以来的双雄相抗衡。

目前，USDP 总市值仅为 3.7 亿美元。若与 BUSD 的峰值相比，仅相当于 BUSD 的 1.6% 。

这一数据对于曾经的市场第三来说，似乎稍显难看。而在本次宣布将业务扩展至 Solana 生态，或许为 Paxos 可带来新的活力。

Solana 稳定币用例增长，能否带飞 Paxos？

近日以来，SOL 代币持续的暴涨，让 Solana 生态再次重回市场的中心。DeFiLlama 数据显示，今年以来 Solana 生态 TVL 已经上涨近 5 倍。

Paxos联姻Solana生态，USDP逢春？

随着 Solana 的突飞猛进，尽管我们尚未知道 Solana 未来能走向何方，但社区和市场均对其给予厚望。

未来 Solana 似乎仍在以合规作为潜在叙事之一。

目前，SOL 已经成为市值第四大加密货币，若不将 USDT 计入排名，SOL 则为仅次于 BTC 和 ETH 的第三大加密货币。未来，若 Solana 再度成长为新一代加密巨人，在这一生态系统内，稳定币依然是不可或缺的业务版图和用例    。

目前，稳定币市场仍然存在着诸多的监管不确定性。尽管 USDT 和 USDC 长期稳定运行，但 USDP 在合规性上仍然有着独特之处。

更为值得注意的是，虽然 BUSD 一度在加密市场获得不错的市场份额。但更为被大众所熟知部署于 BNB Chain 的 BUSD，和获得监管许可的 ETH 主网 BUSD，并非同一事物。BUSD 仅被 Paxos 部署于以太坊网络，其他网络均由第三方跨链而来。此前，Odaily星球日报曾在旧文中对 Paxos 和 BUSD 有过详尽的解读。

作为投资者，我们很难以断言哪个稳定币品牌更加安全可靠，但仅从“纸面数据”来判断，USDP 无疑是合规性更为完善的头部稳定币品牌之一。

而 Paxos 或监管许可将业务版图首次扩展至 ETH 主网之外，这既是对 USDP 潜力的展望，也一定程度上说明了监管对 Solana 的态度。一个较为合理的猜测是，若 Solana 依然保留着自己的“合规性”，恐怕“合规稳定币”是生态版图中一块无法绕过去的拼图。

Solana 的稳定币用例有多活跃？

Paxos 业务的此次扩展被视为该公司的里程碑式一步。展望未来，或许这一举措将引发下一次稳定币战争，也可能对整个稳定币市场产生深远影响。

目前，Solana 的稳定币市场颇为活跃。

根据机构加密数据平台 Artemis 的数据，自 12 月初以来，Solana 的每日稳定币转账量增长了 600% ，达到 166 亿美元，现已是稳定币用例的主要区块链网络之一。

Paxos联姻Solana生态，USDP逢春？

（Solana 网络稳定币转账量）

Paxos联姻Solana生态，USDP逢春？

（不同网络稳定币转账对比）

从活跃程度来看，Solana 毋庸置疑是最主要的数个稳定币使用场景之一。而随着 USDP 的合规进程，Solana 是否又愿意将其视为与自己“强绑定”的生态稳定币呢？

Paxos 一直以其“合规性”而著称，并发行了PayPal 稳定币 PYUSD。Solana 联合创始人 Raj Gokal 就对此次 Paxos 的业务拓展公开表示：“Paxos 决定将稳定币发行引入 Solana 区块链，这将展示 Solana 的高性能网络和低交易费用如何支持受监管的金融产品。”

回顾历史，每一代巨头似乎都曾在一段时期内发力于由自己扶持的“强绑定”稳定币。目前，Solana 已经崛起，且恰恰存在广泛的稳定币需求。尽管 Solana 能否复苏到上一轮周期中堪称“巨人”的庞大生态仍然存在不确定性，但这种“合规”叙事的潜在可能，就足以为稳定币的市场格局吹起一丝涟漪了。

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