美元對加密貨幣的控制力是否太強？

在加密貨幣領域，透過 USDT、USDC 和 Dai 等占主導地位的穩定幣，美元的地位仍然強勁。尤其是 USDT，以 71.4% 的市場份額脫穎而出，展示了其韌性和在交易者中堅定不移的受歡迎程度。儘管偶爾會引起爭議，但美元支持的穩定幣繼續證明自己是不斷發展的數位資產世界中不可阻擋的力量。

Is the Dollar's Grip on Crypto Too Tight?

美元對加密貨幣的控制是否太緊？

In the realm of digital assets, the dominance of stablecoins pegged to the U.S. dollar is undeniable. According to the Real World Asset Report of 2024, USDT, USDC, and Dai reign supreme, accounting for a combined 98% of the market.

在數位資產領域，與美元掛鉤的穩定幣的主導地位是不可否認的。根據《2024 年現實世界資產報告》，USDT、USDC 和 Dai 佔據主導地位，合計佔據 98% 的市場份額。

USDT: The Unstoppable Force

USDT：不可阻擋的力量

Tether (USDT) continues to lead the pack, with a commanding 71.4% market share. Despite occasional controversies, USDT has weathered the storms and maintained its position as the go-to stablecoin for many crypto traders.

Tether (USDT) 繼續領先，佔據 71.4% 的市場份額。儘管偶爾會出現爭議，但 USDT 仍然經受住了風暴，並保持了許多加密貨幣交易者首選穩定幣的地位。

USDC: Struggling to Regain Ground

USDC：努力奪回陣地

USDC, the second-largest stablecoin, has faced challenges in recent times. A brief de-pegging incident during the U.S. banking crisis of March 2023 shook confidence in the stablecoin. As a result, USDC has struggled to reclaim its lost ground.

USDC 作為第二大穩定幣，近年來面臨挑戰。 2023 年 3 月美國銀行業危機期間發生的一次短暫的脫鉤事件動搖了人們對穩定幣的信心。因此，USDC 一直在努力收復失地。

Non-USD Stablecoins: A Drop in the Bucket

非美元穩定幣：九牛一毛

While the U.S. dollar reigns supreme in the stablecoin market, alternative fiat-backed stablecoins have yet to gain significant traction. Euro Tether, CNH Tether, Mexican Peso Tether, and others combined account for a mere 1% of the market share.

儘管美元在穩定幣市場中佔據主導地位，但替代性的法定支持的穩定幣尚未獲得顯著的吸引力。 Euro Tether、CNH Tether、墨西哥比索 Tether 等合計僅佔市佔率的 1%。

Stablecoin Market: A Growth Story

穩定幣市場：一個成長故事

From its humble beginnings in 2020, the stablecoin market has experienced remarkable growth. Market capitalization surged from $5.2 billion to a peak of $150.1 billion in March 2022, before declining amidst market fluctuations.

從 2020 年的起步階段開始，穩定幣市場經歷了顯著的成長。 2022 年 3 月，市值從 52 億美元飆升至 1,501 億美元的峰值，隨後在市場波動中下降。

2024: A Resurgence for Stablecoins

2024 年：穩定幣的復興

Despite the market volatility of recent years, stablecoins have shown resilience. As of February 1, 2024, the market cap of stablecoins had climbed to $134.6 billion, reflecting a 4.9% growth since the beginning of the year.

儘管近年來市場波動較大，但穩定幣卻表現出了韌性。截至 2024 年 2 月 1 日，穩定幣市值已攀升至 1,346 億美元，較年初成長 4.9%。

Conclusion: Is the Dollar's Dominance a Concern?

結論：美元的主導地位值得擔憂嗎？

The dominance of USD-pegged stablecoins raises questions about the potential for financial instability if the U.S. dollar were to weaken. While the report acknowledges the diversification efforts of alternative stablecoins, their limited market share suggests that the dollar's grip on crypto remains firm. It remains to be seen whether this concentration will continue or if non-USD stablecoins will eventually gain traction in the years to come.

與美元掛鉤的穩定幣的主導地位引發了人們的疑問：如果美元走弱，金融不穩定的可能性會增加。儘管該報告承認替代穩定幣的多元化努力，但其有限的市場份額表明美元對加密貨幣的控制仍然牢固。這種集中度是否會持續，或者非美元穩定幣是否最終會在未來幾年獲得關注，還有待觀察。