#美联储回购协议计划 [How do stablecoins connect to the Bitcoin ecosystem?]

Bitcoin, as a decentralized asset, indeed defines the ultimate form of ownership, but a truly efficient circulating ecosystem requires a stable medium to operate. Over-collateralized stablecoins like USDD are attempting to become the infrastructure layer that connects Bitcoin and other public chains.

Core mechanism breakdown:

**Reserve Base** — Each USDD is supported by over 130% transparent reserves, which means the risk buffer is relatively sufficient. The core of the stablecoin is whether this collateralization ratio can be maintained in the long term.

**Price Pegging** — A 1:1 alignment with the US dollar is a basic requirement. Whether this peg can be maintained intact when transferring across different chains directly affects user experience.

**Cross-chain Flow** — As a native asset of Bitcoin Layer 2 and mainstream public chains, it creates a channel that connects different networks. The ability to quickly allocate value as it flows across chains determines the level of interconnectivity within the ecosystem.

**Capital Efficiency** — How do idle stablecoins automatically enter income channels? The design of the interest-bearing mechanism is related to the capital utilization efficiency of the entire ecosystem.

If this system operates smoothly, participants can share in the benefits of ecological expansion while also participating in the governance of protocol iterations.

**The question is** — From now on, should we prioritize strengthening the backbone connections between leading public chains like Bitcoin, or should we first focus on covering the access layer for smaller coins and long-tail applications? Both paths have their cost considerations.