> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/products/zh/stablecoin-products.md).

# 稳定币产品详解

{% hint style="info" %}
在本节中，Steakhouse Financial 将拆解稳定币收益产品的运作方式。目标是简化两个常被描述得比实际更复杂的概念：产生收益的策略（Repo、Term、Carry 和 Looping）以及汇集存款并在链上执行这些策略的金库。
{% endhint %}

传统的，或称遗留的金融产品，即使设计良好，通常在执行上也不透明，难以组合或拼接，并且依赖法律机制来执行规则和监管要求。

基于稳定币的产品，只要设计得当，可以提供透明且快速的执行、与其他策略轻松组合，以及将规则定义和执行合并到同一个程序中。

基于稳定币的金融大体由两部分组成：

1. 策略
2. 金库

### 策略

我们以简化的视角看待加密领域中可能实现的策略，并将其归纳为

1. Repo
2. 定期
3. Carry
4. Looping

### 金库

金库是为希望接触上述一种或多种策略的用户简化使用体验的工具。这些策略可以执行的基础设施可以是以下任一种：

1. 模块化
2. 集成式

相较于传统的（或遗留的）金融产品，能够使产品更具吸引力的关键特性是提供以下功能的金库：

* 链上净资产价值（NAV）记账
* 自动化投资组合策略
* 严格的非托管性


---

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