明年要考慮的 2 種替代穩定幣

鑑於 USDC 在挑戰 USDT 的主導地位以及為高度主導的市場帶來平衡方面發揮著重要作用，替代穩定幣的需求可能會在 2025 年出現增長。

Stablecoins play a crucial role in the cryptocurrency market and the decentralized finance (DeFi) ecosystem. Among the various stablecoins available, two corporations notably dominate the scene. However, recent developments may pave the way for alternative stablecoins to gain traction in 2025.

穩定幣在加密貨幣市場和去中心化金融（DeFi）生態系統中發揮著至關重要的作用。在各種可用的穩定幣中，兩家公司尤其佔據主導地位。然而，最近的發展可能為替代穩定幣在 2025 年獲得關注鋪平道路。

One of the leading stablecoins, Circle's USDC, encountered a pivotal shift in its dynamics. As Bloomberg originally reported and Unchained covered further, Circle increased the "standard" redemption fees for USDC on October 29. This fee tier applies to holders seeking to bypass the standard two-day waiting period for "basic" redemptions, enabling them to obtain their dollar amount instantly but at a higher fee cost.

Circle 的 USDC 是領先的穩定幣之一，其動態發生了關鍵轉變。正如彭博社最初報導和Unchained 進一步報道的那樣，Circle 於10 月29 日提高了USDC 的「標準」贖回費用。者，使他們能夠獲得他們的贖回費用。

According to analysts, this fee increase may hamper demand for USDC from institutions and high-net-worth individuals engaged in trading, investments, and reserves. Notably, this decision comes amid a loss of market share to Tether's USDT, which surpassed a $120 billion capitalization and achieved over 70% dominance, as reported by Finbold.

分析師表示，此次費用上漲可能會抑制從事交易、投資和儲備的機構和高淨值人士對 USDC 的需求。值得注意的是，這項決定是在 Tether 的 USDT 失去市場份額的情況下做出的，根據 Finbold 報道，Tether 的 USDT 市值超過 1200 億美元，佔據了 70% 以上的主導地位。

“In February, USDC accounted for 31% of the stablecoin market, while USDT represented 52%, but USDC’s market share has since dropped to 20% as USDT’s has grown to 70%.”

「2 月份，USDC 佔穩定幣市場的 31%，而 USDT 佔 52%，但此後 USDC 的市場份額下降至 20%，而 USDT 的市場份額已增長至 70%。”

2 alternative stablecoins to consider for the next yearGiven USDC's significance in challenging USDT's dominance and bringing balance to a highly dominated market, alternative stablecoins may see an increase in demand in 2025.

明年要考慮的 2 種替代穩定幣鑑於 USDC 在挑戰 USDT 的主導地位以及為高度主導的市場帶來平衡方面具有重要意義，替代穩定幣的需求可能會在 2025 年出現增長。

The alternatives can vary from similarly centralized solutions like PayPal’s PYUSD or decentralized experiments like Ethena’s USDe, which uses a totally new system based on a drafted model by the known crypto executive Arthur Hayes.

替代方案可能與 PayPal 的 PYUSD 等類似的集中式解決方案或 Ethena 的 USDe 等分散式實驗有所不同，後者使用基於知名加密貨幣高管 Arthur Hayes 起草的模型的全新系統。

However, users, traders, and investors must understand these alternatives are still mostly experimental, bringing considerable risks.

然而，使用者、交易者和投資者必須明白，這些替代方案大多仍處於實驗階段，帶來相當大的風險。

Maker’s DAI: Leading decentralized stablecoinFirst, Maker’s (MKR) DAI is the third largest stablecoin by market cap, with over $5.36 billion minted. It has 15% of USDC’s $34.87 billion capitalization and 4.5% of USDT’s $120.47 billion market value.

Maker 的 DAI：領先的去中心化穩定幣首先，Maker (MKR) DAI 是按市值計算的第三大穩定幣，鑄造額超過 53.6 億美元。它佔 USDC 348.7 億美元市值的 15%，佔 USDT 1,204.7 億美元市值的 4.5%。

Top 3 stablecoins by market capitalization. Source: CoinMarketCap / Finbold

按市值排名前 3 名的穩定幣。資料來源：CoinMarketCap / Finbold

DAI is an overcollateralized stablecoin, which means that investors must deposit far more nominal value in different cryptocurrencies to Maker’s vaults in order to mint a smaller amount of DAI in a decentralized manner.

DAI 是一種超額抵押的穩定幣，這意味著投資者必須將更多名義價值的不同加密貨幣存入 Maker 的金庫，才能以去中心化的方式鑄造更少量的 DAI。

However, recent governance moves from the MakerDAO, in an apparently failed rebranding attempt, raised market concerns and negative price consequences. MKR lost over 50% of its value since the rebranding announcement to Sky with the launch of a new token.

然而，MakerDAO 最近的治理舉措顯然是一次失敗的品牌重塑嘗試，引發了市場擔憂和負面價格後果。自從宣布更名為 Sky 並推出新代幣以來，MKR 的價值損失了超過 50%。

MKR holders offloaded their positions as the token would be rendered useless after the rebranding, now halted, was completed. Finbold reported how a MakerDAO’s investor capitulated for less than $2 million from a position previously valued at less than $3 million.

MKR 持有者卸載了他們的頭寸，因為在現已停止的品牌重塑完成後，該代幣將變得毫無用處。 Finbold 報告了 MakerDAO 的投資者如何從先前價值不到 300 萬美元的頭寸中以不到 200 萬美元的價格投降。

Hatom’s USH: Promising alternative stablecoin for 2025Similar to Maker’s DAI, Hatom (HTM) is in the final stages of launching USH after years of development and tests. Hatom's USH utilizes DAI's battle-tested overcollateralized model to maintain its peg to the U.S. dollar.

Hatom 的 USH：2025 年有望替代的穩定幣 與 Maker 的 DAI 類似，經過多年的開發和測試，Hatom (HTM) 正處於推出 USH 的最後階段。 Hatom 的 USH 利用 DAI 久經考驗的超額抵押模型來維持與美元掛鉤。

At the time of writing, USH is undergoing public testing on an open testnet operating on MultiversX’s (EGLD) Devnet. The decentralized alternative stablecoin can be minted by supplying cryptocurrencies such as EGLD, Bittensor (TAO), wBTC, wETH, USDC, and USDT, as announced on October 28.

在撰寫本文時，USH 正在 MultiversX (EGLD) Devnet 上執行的開放測試網路上進行公開測試。正如 10 月 28 日宣布的那樣，可以透過提供 EGLD、Bittensor (TAO)、wBTC、wETH、USDC 和 USDT 等加密貨幣來鑄造去中心化替代穩定幣。

The wait is finally over! We're excited to announce the introduction of both USH and Booster V2 on the Public Devnet for the community to start rigorous stress-testing.

等待終於結束了！我們很高興地宣佈在公共 Devnet 上引入 USH 和 Booster V2，以便社區開始嚴格的壓力測試。

We invite you all to explore all the features and put them to the test by accessing any of the links below:… pic.twitter.com/HhsEwb7Cx7

我們邀請大家探索所有功能，並透過造訪以下任何連結來測試它們：… pic.twitter.com/HhsEwb7Cx7

Moreover, Hatom Labs will provide various incentives for users who contribute to liquidity and stake the minted USH in other protocols. At Finbold, we previously covered the protocol as a promising platform for yield farming and earning passive income through lending.

此外，Hatom Labs 還將為貢獻流動性並將鑄造的 USH 質押到其他協議中的使用者提供各種誘因。在 Finbold，我們之前將該協議視為一個有前途的流動性挖礦平台，並透過貸款賺取被動收入。

Despite its relatively low market capitalization, the MultiversX blockchain has attracted the attention of key industry players. For instance, Uphold's Head of Research Dr. Martin Hiesboeck highlighted MultiversX as a promising Ethereum rival in an article on X. Notably, Uphold also featured the chain in a closed webinar for institutional investors on October 15.

儘管市值相對較低，MultiversX 區塊鏈還是吸引了主要產業參與者的注意。例如，Uphold 的研究主管Martin Hiesboeck 博士在一篇關於X 的文章中強調MultiversX 是一個有前途的以太坊競爭對手。會上介紹了該鏈。

Additionally, Justin Bons, the founder and CIO of Europe's oldest crypto fund, described EGLD as the “technological Holy

此外，歐洲最古老的加密貨幣基金的創始人兼首席資訊長 Justin Bons 將 EGLD 描述為“技術聖地”