以太坊繼續在Stablecoin宇宙中主張其至高無上

這種爆炸性的增長引起了問題：這種大規模採用能否真正影響ETH的估值或相反使其競爭對手受益？

Ethereum is asserting its supremacy in the stablecoin universe. With a record transaction volume of 850 billion dollars, largely dominated by USDT and USDC, this explosive growth raises questions: can this massive adoption really impact the valuation of ETH or conversely benefit its competitors?

以太坊正在主張其在Stablecoin宇宙中的至高無上。憑藉創紀錄的交易量為8500億美元，主要由USDT和USDC主導，這種爆炸性的增長引發了問題：這種大規模採用能否真正影響ETH的估值或相反使其競爭對手受益？

A few days after a member of the Trump government defended stablecoins while opposing CBDCs, these digital currencies exploded on Ethereum. Indeed, Tether’s USDT and Circle’s USDC were the main drivers of transaction volume on Ethereum. Together, they generated 291 billion dollars for USDT and 499 billion dollars for USDC. That is 790 billion dollars in volume out of the total 850 billion dollars in February.

在反對CBDC的同時，特朗普政府成員捍衛了穩定幣的幾天后，這些數字貨幣在以太坊上爆炸。確實，Tether的USDT和Circle的USDC是以太坊交易量的主要驅動力。他們共同為美元產生了2910億美元，為USDC產生了4.99億美元。在2月的總計8500億美元中，這是7900億美元的數量。

This domination is due to several factors. On the one hand, Ethereum offers a robust and secure environment for stablecoin transactions, favored by its massive adoption in decentralized finance (DeFi). On the other hand, stablecoins are widely used for cross-border payments and trading, thus increasing their presence on the network.

這種統治是由於幾個因素。一方面，以太坊為Stablecoin交易提供了一個健壯且安全的環境，其在分散融資（DEFI）中的大規模採用（DEFI）都受到了青睞。另一方面，穩定劑被廣泛用於跨境支付和交易，從而增加了他們在網絡上的存在。

However, this centralization on USDT and USDC raises questions about the resilience of the ecosystem. A potential failure of one of these stablecoins could undermine Ethereum! This highlights the importance of diversifying towards other solutions like DAI or FRAX.

但是，對USDT和USDC的集中化提出了有關生態系統彈性的疑問。這些穩定菌之一的潛在失敗可能會破壞以太坊！這凸顯了對戴伊或弗拉克斯等其他解決方案多樣化的重要性。

Can this volume propel ETH?

這個卷可以推動ETH嗎？

Can such a massive transactional volume boost the price of ETH or even its valuation? In theory, the more Ethereum is used, the higher the demand for ETH should be to cover transaction fees (gas). However, the reality is more nuanced.

如此龐大的交易量可以提高ETH甚至其估值的價格嗎？從理論上講，使用以太坊越多，對ETH的需求應越高，應支付交易費用（氣體）。但是，現實更加細微。

If stablecoins stimulate activity on Ethereum, the impact on ETH depends on the real demand for the token. The rise of layer 2 solutions, which reduce gas fees, could limit this effect. Moreover, ETH must compete with other rival blockchains like Solana or Avalanche that offer alternatives to stablecoins on Ethereum.

如果穩定蛋白刺激對以太坊的活性，則對ETH的影響取決於對令牌的實際需求。降低汽油費的2層解決方案的上升可能會限制這種影響。此外，ETH必須與其他競爭對手的區塊鏈（如Solana或Avalanche）競爭，這些區塊鍊為以太坊提供了stablecoins的替代方案。

As Ethereum’s on-chain activity collapses, this dominance in the stablecoin market therefore appears as a relief. While this trend strengthens its ecosystem, the impact on the valuation of ETH remains uncertain. To fully benefit from this dynamic, Ethereum will need to continue innovating in the face of growing competition.

隨著以太坊的鏈活動崩潰，在穩定市場中的這種優勢似乎是一種救濟。儘管這種趨勢增強了其生態系統，但對ETH估值的影響仍然不確定。為了完全受益於這種動態，以太坊將需要在競爭日益激烈的情況下繼續進行創新。