經過一年的增長，Stablecoin供應的擴張已停滯不前

長期以來，Stablecoins一直是數字資產生態系統的骨幹。它們對於加密的流動性格局至關重要

Stablecoins have long been touted as the backbone of the digital asset ecosystem.

長期以來，Stablecoin一直被吹捧為數字資產生態系統的骨幹。

Essential to crypto’s liquidity landscape, they provide the sorts of dollar-pegged assets that facilitate trades and offer safety in otherwise volatile markets. But of late, they’ve been looking a bit less stable—and for a few pretty plausible reasons.

對於加密貨幣的流動性格局至關重要，它們提供了促進交易並提供其他波動市場安全性的多種美元的資產。但是最近，他們看上去的穩定性降低了，出於一些非常合理的原因。

As almost every crypto exchange and trading pair, stablecoins like USDT, USDC, and DAI, have core quote assets. These assets signal capital movement and sentiment. When the supply of these assets is rising, it almost always indicates that an influx of fresh capital is coming into the space and is ready to be deployed into some of the riskier assets. At times when capital isn’t flowing into the forced reserve stablecoins, we can assume that investors are either pulling capital from the space or sitting in the space waiting for clearer market signals.

由於USDT，USDC和DAI等幾乎所有加密交易所和交易對，都有核心報價資產。這些資產信號信號的資本運動和情感。當這些資產的供應上升時，幾乎總是表明新鮮資本的湧入即將進入該空間，並準備部署到一些風險的資產中。有時，當資本不流入強迫儲備穩定幣時，我們可以假設投資者要么從空間中撤出資本，要么坐在空間中，等待更清晰的市場信號。

The recent slowdown in stablecoin supply expansion, while subtle, is adding to accumulating signs that the wider crypto market might be entering a more prudent phase. After a year that was 2024—speculatively by the main meme coin manias, AI token rallies, and a deluge of fresh on-chain projects—that part of the crypto world seemed more like the deep, blue sea than the promising surf zone. And this is not to even mention at the turn from late 2024 into early 2025 and what might happen to crypto price action and trading volume if the Fed persistently keeps interest rates high.

Stablecoin供應擴張的最近放緩雖然微妙，但它增加了累積的跡象表明，更廣泛的加密市場可能正在進入更加謹慎的階段。一年之後，2024年（由主要的模因硬幣瑪尼亞斯（Meme Coin Manias），AI代幣集會和一系列新鮮的鍊鍊項目提出，加密貨幣世界的一部分似乎更像是深藍色的海洋而不是有前途的衝浪區。而且，從2024年末到2025年初，這甚至不提到，如果美聯儲持續保持利率很高，則加密貨幣價格行動和交易量可能會發生什麼。

According to reports, stablecoins surpassed Visa's payment volume for the first time in 2024.

據報導，Stablecoins在2024年首次超過Visa的付款量。

Stablecoins Outpace Visa in Transaction Volume

交易量的穩定幣超出空間簽證

Even with this growth slowdown, stablecoins’ influence in international finance appears to be gaining. Reports suggest that, for the first time ever, stablecoins cleared more in payments than the Visa network does in a year.

即使這種增長放緩，Stablecoins在國際金融中的影響似乎也在增長。報導表明，有史以來第一次，Stablecoins在付款中清除了比一年中籤證網絡的付款更多。

That’s quite a milestone for an asset class that many in traditional finance still view as a bit of a wild child. But what’s happening here isn’t just a crypto thing. This is also about transactions based on U.S. dollars, and stablecoins clearing payment volumes in a dollar-dominated world.

對於資產類別的資產類別來說，這是一個里程碑，許多傳統金融中仍然認為這是一個野生孩子。但是這裡發生的不僅僅是加密貨幣。這也是關於基於美元的交易，以及以美元為主的世界清算付款量的穩定量。

Tether (USDT) has seen a 13% increase in users in Q1 2025, showcasing its role as a key financial tool in developing countries facing economic challenges.

Tether（USDT）在2025年第1季度的用戶增加了13％，展示了其作為面臨經濟挑戰的發展中國家的關鍵金融工具的作用。

More info🔍https://t.co/S5T6AnqxoQ#Crypto #Investment #USDT #Stablecoin #Finance

更多信息🔍Https：//t.co/s5t6anqxoq#crypto #investment #usdt #stablecoin #finance #finance

— Cobain (@Cobain_btc) April 15, 2025

- Cobain（@Cobain_BTC）2025年4月15日

Fast, low-cost and borderless transactions—that’s what you get with stablecoins. This makes them a not-so-secret weapon for not just traders but also businesses, remittance platforms, and individuals wandering through the financial desert of unstable monetary policy.

快速，低成本和無邊界的交易 - 這就是您使用Stablecoins所獲得的。這使它們成為不僅是交易者，而且是企業，匯款平台和個人在不穩定的貨幣政策的金融沙漠中徘徊的個人而不是如此秘密的武器。

These dollar-backed digital currencies are part of a shift that threatens to take a huge bite out of the payment systems operated by traditional banking giants.

這些以美元支持的數字貨幣是轉變的一部分，它有可能從傳統銀行業巨頭經營的支付系統中大量咬一口。

Among all stablecoins, Tether (USDT) remains the forerunner in adoption. In the first quarter of 2025, USDT had a user base that increased by 13%—that is, a significant leap that indicates growing usefulness in the very sort of places where its sort of decentralized functionality is most desired: developing nations. Those from the developed world who are poor and who are told they might as well stay poor are increasingly using Tether to shield themselves and their families from the sorts of things that make a currency unstable, inflation guaranteed, and financial system collapse all but certain.

在所有Stablecoins中，Tether（USDT）仍然是收養的先驅。在2025年第一季度，USDT的用戶群增加了13％，也就是說，這是一個很大的飛躍，表明在最需要的分散功能的地方，有用的有用性日益增加：發展中國家。從發達國家貧窮並被告知他們可能會保持貧困的人越來越多地利用束縛來保護自己及其家人免受使貨幣不穩定，保證通貨膨脹和金融體系崩潰幾乎確定的各種事情。

The expanding utility places stablecoins at a unique intersection of the crypto innovation and real-world financial resilience. While the speculative use cases may ebb and flow, the demand for stable, accessible, and censorship-resistant money remains persistently strong, especially in places where conventional finance fails.

不斷擴展的公用事業將穩定的穩定性置於加密創新和現實世界中財務彈性的獨特交集。雖然投機性用例可能會逐漸消失，但對穩定，可訪問和審查的資金的需求仍然堅固，尤其是在常規財務失敗的地方。

But, the macroeconomic headwinds we encounter don’t just blow against stablecoins; they blow against the whole crypto market and the whole economy. A sustained recession or series of negative quarter-on-quarter GDP reports (which can sometimes happen) can lead to memories of the Great Depression. These are waters the whole crypto market is trying not to tread.

但是，我們遇到的宏觀經濟的逆風不僅僅是對抗穩定的。他們對整個加密貨幣市場和整個經濟抗衡。持續的經濟衰退或一系列負四分之一的GDP報告（有時可能發生）可能會導致對大蕭條的記憶。這些是整個加密市場都試圖不踩踏的水域。

The worry among stablecoin issuers is that regulators may restrict the amount of cash that can back a stablecoin. However, a recent report from the International Monetary Fund notes that funds held at banks may not be enough to back all the stablecoins in circulation. If that’s the case, stablecoins are at another near-death experience.

Stablecoin發行人的擔憂是，監管機構可能會限制可以支持穩定的現金數量。但是，國際貨幣基金組織的最新報告指出，在銀行持有的資金可能不足以支持所有流通的穩定幣。如果是這樣的話，Stablecoins將處於另一種近乎死亡的體驗。

However, at present, stablecoins exemplify how crypto can shake up and make financial systems more accessible. Stablecoins were in the Digital Dollar 1.0 phase. They now meditate on what the next phase looks like. That is why they are here, reading from the same hymnal but acknowledging in their different ways that the agenda must change.

但是，目前，Stablecoins舉例說明了加密貨幣如何搖動並使金融系統更容易訪問。 Stablecoins處於數字美元1.0階段。他們現在沉思著下一階段的樣子。這就是為什麼他們在這裡，從同一個讚美詩中讀到，但以不同的方式承認議程必須改變。

In the coming year

來年