以太坊超越 Tron，奪回 Tether（USDT）領先區塊鏈的主導地位

過去一周，以太坊上的 USDT 發行量顯著增加了 9.3%，而 Tron 的發行量則減少了 1.5%

Ethereum has taken the lead once again as the preferred blockchain for hosting Tether (USDT), surpassing Tron with a circulating supply of $60.3 billion. This development follows a notable 9.3% increase in USDT issuance on Ethereum over the past week.

以太坊再次成為託管 Tether (USDT) 的首選區塊鏈，以 603 億美元的流通量超越 Tron。這項進展是在過去一周以太坊上 USDT 發行量顯著增加 9.3% 之後發生的。

According to data from DefiLlama, Ethereum has regained its dominance in the USDT market for the first time since August 2022. During this period, Tron experienced a slight decrease in its USDT supply, bringing it down to $58.1 billion, as reported by DefiLlama.

DefiLlama 的數據顯示，自 2022 年 8 月以來，以太坊首次重新奪回了 USDT 市場的主導地位。 據 DefiLlama 報道，在此期間，Tron 的 USDT 供應量略有下降，降至 581 億美元。

The total circulating supply of USDT across all platforms has reached an impressive $132.9 billion, indicating a growing demand for the stablecoin. This development serves as a bullish indicator for the broader cryptocurrency market.

USDT 在所有平台上的總流通量已達到令人印象深刻的 1329 億美元，表明對穩定幣的需求不斷增長。這一發展是更廣泛的加密貨幣市場的看漲指標。

Stablecoins, such as Tether, play a crucial role in providing liquidity and facilitating efficient capital flow within the cryptocurrency ecosystem. They offer a stable value, typically pegged to fiat currencies like the U.S. dollar, making them less susceptible to the price volatility that characterizes cryptocurrencies.

Tether 等穩定幣在提供流動性和促進加密貨幣生態系統內高效資本流動方面發揮著至關重要的作用。它們提供穩定的價值，通常與美元等法定貨幣掛鉤，這使得它們不易受到加密貨幣特有的價格波動的影響。

Factors Driving Ethereum’s Resurgence

推動以太坊復甦的因素

Several factors have contributed to Ethereum's resurgence as the preferred blockchain for USDT. Financial institutions are increasingly adopting Ethereum to tokenize assets that are backed by the U.S. dollar. This development aligns with a broader trend of institutional adoption and crypto integration.

有幾個因素促使以太坊重新成為 USDT 的首選區塊鏈。金融機構越來越多地採用以太坊來對美元支持的資產進行代幣化。這一發展符合機構採用和加密貨幣整合的更廣泛趨勢。

In contrast, Tron continues to be favored in regions that are grappling with high inflation. The blockchain's low transaction fees and fast processing speeds make it an attractive option for using stablecoins as a savings tool, especially in countries where traditional savings instruments offer meager returns.

相較之下，波場繼續在面臨高通膨的地區受到青睞。區塊鏈的低交易費用和快速處理速度使其成為使用穩定幣作為儲蓄工具的有吸引力的選擇，特別是在傳統儲蓄工具回報微薄的國家。

Key Events in USDT Supply Dynamics

USDT供應動態的關鍵事件

Ethereum solidified its lead in USDT circulating supply on November 21, 2024, with the minting of $1 billion in USDT on the blockchain. By November 23, this lead was further strengthened with the minting of an additional $2 billion in USDT on Ethereum.

2024 年 11 月 21 日，以太坊在區塊鏈上鑄造了 10 億美元的 USDT，鞏固了其在 USDT 流通供應量中的領先地位。到 11 月 23 日，隨著以太坊上額外鑄造了 20 億美元的 USDT，這一領先優勢進一步得到加強。

During the same period, Tron minted only $1 billion in USDT, highlighting the disparity in stablecoin issuance on the two blockchains.

同一時期，Tron 僅鑄造了 10 億美元的 USDT，凸顯了兩個區塊鏈上穩定幣發行量的差異。

Other blockchains that contribute to Tether's circulation include BNB Chain, which currently hosts $4.58 billion in USDT, Arbitrum with $3.09 billion, and Avalanche at $1.31 billion.

其他對 Tether 流通做出貢獻的區塊鏈包括 BNB Chain（目前託管 45.8 億美元的 USDT）、Arbitrum（持有 30.9 億美元）和 Avalanche（持有 13.1 億美元）。

Broader Stablecoin Ecosystem Dynamics

更廣泛的穩定幣生態系統動態

Tether (USDT) remains the world's largest stablecoin by market capitalization, valued at $132.3 billion. It is followed by Circle's USD Coin (USDC), with a market cap of $39 billion.

Tether (USDT) 仍然是全球市值最大的穩定幣，價值 1,323 億美元。緊隨其後的是 Circle 的美元硬幣（USDC），市值為 390 億美元。

Ethereum also dominates USDC circulation, hosting $26.3 billion, or 67.5% of its total circulating supply. This reflects a significant presence of both USDT and USDC within the Ethereum ecosystem.

以太坊也主導了 USDC 的流通，託管著 263 億美元的資金，佔其總流通量的 67.5%。這反映了 USDT 和 USDC 在以太坊生態系統中的重要存在。

However, Tron lags substantially in USDC circulating supply due to earlier decisions by both Circle and Binance to withdraw support for the stablecoin on the Tron network.

然而，由於 Circle 和 Binance 早些時候決定取消對 Tron 網路上穩定幣的支持，Tron 在 USDC 流通供應方面大幅落後。

Despite this, Tether remains a critical stablecoin within the digital asset ecosystem, reportedly reaching a user base of 350 million globally as of October 2024.

儘管如此，Tether 仍然是數位資產生態系統中重要的穩定幣，據報道，截至 2024 年 10 月，全球用戶群已達 3.5 億。

Cantor Fitzgerald's Stake in Tether

坎托·菲茨杰拉德 (Cantor Fitzgerald) 持有 Tether 股份

In a related development, financial services firm Cantor Fitzgerald has acquired a 5% stake in Tether, which could be valued at up to $600 million. This move positions the company strategically amid increasing regulatory scrutiny of Tether's operations.

在相關進展中，金融服務公司 Cantor Fitzgerald 收購了 Tether 5% 的股份，該股份的估值可能高達 6 億美元。此舉使該公司在 Tether 營運受到越來越嚴格的監管審查的情況下處於戰略地位。

Cantor Fitzgerald's CEO, Howard Lutnick, is set to serve as the U.S. Secretary of Commerce under President-Elect Donald Trump. In this role, Lutnick may be involved in addressing Tether's regulatory challenges.

坎托·菲茨杰拉德 (Cantor Fitzgerald) 的首席執行官霍華德·盧特尼克 (Howard Lutnick) 將擔任當選總統唐納德·特朗普 (Donald Trump) 領導下的美國商務部長。在此職位上，Lutnick 可能會參與解決 Tether 的監管挑戰。

The stablecoin issuer is currently facing investigations by the U.S. Attorney's Office for the Southern District of New York, which include allegations of illicit activity involving USDT.

該穩定幣發行人目前正面臨紐約南區美國檢察官辦公室的調查，其中包括涉及 USDT 非法活動的指控。

Tether's largest shareholder, Giancarlo Devasini, has reportedly expressed confidence in Lutnick's ability to navigate potential regulatory threats. Lutnick, who is currently involved in shaping the incoming administration, is expected to step down as Cantor Fitzgerald's CEO once his cabinet appointment is confirmed.

據報道，Tether 最大股東 Giancarlo Devasini 對 Lutnick 應對潛在監管威脅的能力表示信心。目前正在參與組建新政府的盧特尼克預計，一旦內閣任命得到確認，他將辭去坎托·菲茨杰拉德首席執行官的職務。

Looking Ahead

展望未來

Ethereum's renewed dominance in USDT circulating supply highlights the blockchain's critical role in the cryptocurrency ecosystem, especially for stablecoins. As Ethereum continues to expand its adoption for institutional use cases, the broader stablecoin market is expected to witness further growth and development.

以太坊在 USDT 流通供應中重新佔據主導地位，凸顯了區塊鏈在加密貨幣生態系統中的關鍵作用，特別是對於穩定幣而言。隨著以太坊繼續擴大其在機構用例中的採用，更廣泛的穩定幣市場預計將見證進一步的成長和發展。

Meanwhile, Cantor Fitzgerald's strategic investment in Tether underscores the increasing intersection of traditional finance, political influence, and the cryptocurrency sector, setting the stage for significant developments in the regulatory landscape.

同時，Cantor Fitzgerald 對 Tether 的策略性投資凸顯了傳統金融、政治影響力和加密貨幣領域日益交叉，為監管環境的重大發展奠定了基礎。