大型集中交易所的美元繫繩（USDT）供應正在旋轉

最大的美元固定型穩定股（USDT）的美元繫繩（USDT）在集中式交易所的存款中創下了新的記錄。

The supply of U.S. Dollar Tether (USDT) on major centralized cryptocurrency exchanges has surged rapidly since the beginning of the bull rally in early November, according to CryptoQuant. This development could potentially serve as an indicator for the approach of the next phase of crypto price increases.

據CryptoQuant稱，自11月初公牛集會開始以來，在主要集中的加密貨幣交易所的供應量迅速飆升。這種發展有可能成為下一階段加密價格上漲的指標。

As per data from CryptoQuant, traders have deposited over $12.5 billion in USDT into centralized exchanges (CEXes) following the U.S. presidential elections. This massive inflow of USDT liquidity has led to a 43% increase in the stablecoin's net exchange volume, bringing it to a record high of $43 billion in less than three months.

根據CryptoQuant的數據，在美國總統大選之後，交易員已將超過125億美元的USDT存入了集中式交易所（CEXES）。 USDT流動性的大量流入使Stablecoin的淨匯率增加了43％，在不到三個月的時間內使其達到創紀錄的430億美元。

"Stablecoins just hit new highs on exchanges.

“ Stablecoins只是在交流中達到了新的高點。

Since November 4, USDT has surged from $30.5B to $43B (up 41%), boosting market liquidity.

自11月4日以來，USDT已從30.5B美元飆升至43B美元（增長41％），增加了市場流動性。

Historically, more stablecoins often mean higher prices."

從歷史上看，更多的穩定幣通常意味著更高的價格。”

The net capitalization of the stablecoin segment has also surged during this period, rising from $167 billion to $204 billion, according to CryptoQuant. This metric, which measures the total market cap of stablecoins excluding those used as collateral for loans or other instruments, has also reached record levels with a 22.1% increase from November to January.

據CryptoQuant稱，在此期間，Stablecoin細分市場的淨資本化也飆升，從1670億美元增加到2040億美元。該指標衡量了穩定幣的總市值，不包括貸款或其他工具的抵押品，但從11月到1月，它也達到了創紀錄的水平，增長了22.1％。

Considering that stablecoin liquidity can only be utilized for purchasing Bitcoin (BTC) or altcoins, the high concentration of stablecoins on CEXes may suggest the buildup for the next leg of the BTC rally.

考慮到只能用於購買比特幣（BTC）或Altcoins的穩定流動性，在CEXES上，穩定的穩定量很高可能表明BTC Rally下一條比賽的積累。

For context, during the most severe phase of the crypto downturn in 2021-2022, following the collapse of FTX and Alameda, the net exchange volume of stablecoins stood at $18 billion. At the time, the total stablecoin segment market cap was around $140 billion, nearly 30% lower than current levels.

在上下文中，在FTX和Alameda崩潰之後，在2021 - 2022年加密貨幣衰退最嚴重的階段，Stablecoins的淨交換量為180億美元。當時，Stablecoin市場上限的總數約為1400億美元，比目前的水平低近30％。

Meanwhile, the stablecoin segment continues to be highly centralized, with USDT maintaining dominance at around 66%. However, the largest stablecoin faces competition from Circle's USDC, which is emerging as a strong rival.

同時，Stablecoin細分市場仍然是高度集中的，USDT的優勢保持在66％左右。但是，最大的Stablecoin面臨著Circle USDC的競爭，該公司正成為強大的競爭對手。

As reported by U.Today, CryptoQuant recently highlighted USDC as the fastest-growing stablecoin in recent months, with its market cap surging from $35 billion to over $52 billion in three months.

正如U.Today報導的那樣，CryptoQuant最近強調了USDC是最近幾個月增長最快的Stablecoin，其市值從350億美元飆升至三個月內超過520億美元。

The position of USDT may also be threatened by the introduction of new regulated stablecoins, such as Ripple's RLUSD, and the potential delisting of certain stablecoins for EU customers under MiCA.

USDT的位置也可能受到引入新的受監管的Stablecoins（例如Ripple的RLUSD）的威脅，以及在MICA領導下的歐盟客戶的某些穩定者的潛在推薦。

For instance, starting Jan. 31, 2025, USDT will no longer be available to European users of Tier 1 exchange Crypto.com due to the upcoming regulatory measures.

例如，從2025年1月31日開始，由於即將採取的監管措施，USDT將不再向Tier 1 Exchange Crypto.com的歐洲用戶提供。