加密市場現在擁有史上最高的穩定幣流動性

今年，不同類型的法幣掛鉤代幣的供應增加，最終突破了歷史新高。

The crypto market now boasts the highest stablecoin liquidity in its history, following the latest token issuance by Tether (USDT). Throughout the year, the supply of different types of fiat-pegged tokens has been increasing, leading it to finally break its all-time high.

在 Tether (USDT) 最新發行代幣之後，加密市場目前擁有歷史上最高的穩定幣流動性。全年不同類型的法幣掛鉤代幣的供應量不斷增加，最終突破歷史新高。

The recent Bitcoin (BTC) all-time high on November 12 was accompanied by a record series of new Tether (USDT) inflows. USDT added billions to its supply, while the value of all stablecoins surpassed peak levels from the 2021-2022 bull market.

11 月 12 日，比特幣 (BTC) 創下歷史新高，隨之而來的是一系列創紀錄的新 Tether (USDT) 流入。 USDT 的供應量增加了數十億美元，而所有穩定幣的價值都超過了 2021-2022 年牛市的峰值水平。

Pegged Token Growth Closely Tied to Bull Runs

掛鉤代幣成長與牛市密切相關

Artemis data tracking a basket of 14 stablecoins shows that the supply expanded to 166.7B, breaking the 2022 record of 166.4B. Of that supply, a total of 125.2B belongs to USDT, after the latest addition of more than 4B tokens within a week.

Artemis 追蹤一籃子 14 種穩定幣的數據顯示，供應量擴大至 166.7B，打破了 2022 年 166.4B 的記錄。其中，USDT 總量為 125.2B，最近一週內新增了超過 4B 代幣。

Stablecoin growth, especially in the short term, remains closely tied to the biggest bull rallies, as most of the newly issued fiat-pegged tokens flowed directly into centralized exchanges.

穩定幣的成長，尤其是短期內的成長，仍然與最大的牛市反彈密切相關，因為大多數新發行的與法幣掛鉤的代幣直接流入中心化交易所。

The data was a snapshot during peak trading activity, so some may have since adjusted their supply downward.

該數據是交易活動高峰期間的快照，因此有些人可能已經下調了供應量。

In the past few months, the stablecoin supply has grown gradually. However, it had a hard time offsetting the outflows of several types of stablecoins. The 2024 stablecoin profile is showing marked differences, after removing more than 9B tokens of Terra’s UST, slashing the supply of DAI in half, and adding new types like Ethena’s USDe.

過去幾個月，穩定幣供應量逐漸成長。然而，它很難抵消幾種穩定幣的流出。在刪除了 Terra 的 UST 超過 9B 種代幣、將 DAI 的供應量削減一半並添加了 Ethena 的 USDe 等新類型之後，2024 年的穩定幣概況顯示出明顯的差異。

Bull Market Split Stablecoins by Niche

牛市按利基劃分穩定幣

The 2024 bull market had an insatiable appetite for stablecoins as a settlement asset. For that task, the most suitable assets were USDT, Circle USD (USDC), and First Digital USD (FDUSD). Those tokens had the largest cumulative trading volumes, though skewed toward USDT.

2024 年的多頭市場對穩定幣作為結算資產有著無法滿足的需求。對於該任務，最合適的資產是 USDT、Circle USD (USDC) 和 First Digital USD (FDUSD)。這些代幣的累計交易量最大，但偏向 USDT。

In the past few days, USDT also achieved peak trading volumes, ranging between $240B and $263B in 24 hours. The growing demand for using USDT led to additional prints, which were absorbed into the daily turnover.

這幾天USDT的交易量也達到峰值，24小時內交易量在$240B到$263B之間。使用 USDT 的需求不斷增長導致了額外的列印，這些列印被吸收到每日營業額中。

The most useful version of USDT remains the Ethereum-based ERC-20 token, with the highest share of the supply and the broadest ecosystem. These tokens are also flowing into L2s, with accelerated deposits to Arbitrum (ARB). The Arbitrum chain now carries $4.8B in stablecoin liquidity, pointing to a highly active DeFi sector.

USDT 最有用的版本仍然是基於以太坊的 ERC-20 代幣，其供應份額最高，生態系統最廣泛。這些代幣也流入 L2，並加速存入 Arbitrum (ARB)。 Arbitrum 鏈目前承載著 $4.8B 的穩定幣流動性，顯示 DeFi 領域高度活躍。

USDC and FDUSD together reached volumes of $33B in 24 hours, though targeted to specific trading pairs. FDUSD has a volume to market cap ratio of 653%, reflecting the activity on its most widely used Binance trading pair. Even with a supply of just 2.3B, FDUSD is one of the key mechanisms for settling BTC trading on Binance.

儘管針對特定交易對，USDC 和 FDUSD 的交易量在 24 小時內總計達到了 $33B。 FDUSD 的交易量與市值之比為 653%，反映了其最廣泛使用的幣安交易對的活動。即使供應量僅 2.3B，FDUSD 也是幣安上 BTC 交易結算的關鍵機制之一。

The second tier of stablecoins tied to the 2024 bull market belong to DeFi – DAI, Sky Dollar, USDe by Ethena, and GHO by Aave. The supply of DAI fell to 3.2B, though compensated by a switch to the new asset, Sky Dollar.

與 2024 年牛市相關的第二層穩定幣屬於 DeFi——DAI、Sky Dollar、Ethena 的 USDe 和 Aave 的 GHO。 DAI 的供應量下降至 3.2B，但透過轉向新資產 Sky Dollar 進行了補償。

The supply of USDS stabilized at 5.12B, leaving Sky/Maker with more than 8.3B in pegged token value. The Sky/Maker ecosystem is much closer to its peak value at 9.8B tokens, achieved in February 2022.

USDS 的供應量穩定在 5.12B，使得 Sky/Maker 的掛鉤代幣價值超過 8.3B。 Sky/Maker 生態系統更接近 2022 年 2 月達到的峰值 9.8B 代幣。

GHO, the stablecoin issued by Aave, expanded its supply to 180M tokens, with the goal of serving the Aave ecosystem. GHO also spread to other DeFi protocols and gained prominence above other algorithmic stablecoins.

Aave 發行的穩定幣 GHO 將其供應量擴大至 1.8 億枚，目標是服務 Aave 生態系統。 GHO 還傳播到了其他 DeFi 協議，並比其他演算法穩定幣獲得了顯著的地位。

The remainder of the supply is made up of less active asset-backed tokens, including Gemini USD (GUSD), the almost phased-out Binance USD (BUSD), and other regulated tokens like PayPal USD (PYUSD).

其餘供應量由較不活躍的資產支援代幣組成，包括 Gemini USD (GUSD)、幾乎被淘汰的 Binance USD (BUSD) 以及 PayPal USD (PYUSD) 等其他受監管代幣。

The remainder of the stablecoin market is for niche tokens with under $100M in value locked. Those tokens are riskier. Some fail to hold at the $1 peg, while others serve only one protocol. A total of 119 different tokens emerged over the past few years, copying the models of larger projects.

穩定幣市場的其餘部分是鎖定價值低於 1 億美元的利基代幣。這些代幣風險更大。有些無法堅持 1 美元掛鉤，而有些則只提供一種協議。過去幾年，共有 119 個不同的代幣出現，複製了大型專案的模式。