以太坊穩定幣創下新的 ATH，但 TVL 在 USDT 挑戰中下降

以太坊的穩定幣剛剛達到了一個重要的里程碑。全球穩定幣市值目前為 2,057.9 億美元。以太坊持有其中 1,173.9 億美元，佔 54.32%。

Ethereum’s stablecoins just hit a big milestone. The global stablecoin market cap is now $205.79 billion. Of that, Ethereum holds $117.39 billion, which is 54.32%. This marks a new all-time high (ATH), breaking the record set in February 2022.

以太坊的穩定幣剛剛達到了一個重要的里程碑。全球穩定幣市值目前為 2,057.9 億美元。其中，以太坊持有 1,173.9 億美元，佔 54.32%。這創下了歷史新高 (ATH)，打破了 2022 年 2 月創下的紀錄。

Over the past two months, strong inflows have boosted Ethereum’s stablecoin share, indicating increased trust from investors and improved liquidity. However, ETH still faces challenges that could hamper its progress.

過去兩個月，強勁的資金流入提振了以太坊的穩定幣份額，顯示投資者信任度增強，流動性改善。然而，ETH 仍然面臨著可能阻礙其進步的挑戰。

Stablecoin Growth Enhances Liquidity

穩定幣的成長增強了流動性

ETH’s stablecoin growth highlights the network’s significance within the crypto landscape. Liquidity plays a crucial role by facilitating faster and smoother trades, ultimately attracting users and capital. Despite this growth, a concerning aspect is the decline in Ethereum’s total value locked (TVL). TVL measures the value of assets held in DeFi protocols, and a lower TVL indicates reduced utilization of the network, potentially impacting future growth.

ETH 穩定幣的成長凸顯了該網路在加密領域的重要性。流動性透過促進更快、更順暢的交易發揮著至關重要的作用，最終吸引用戶和資本。儘管出現這種成長，但令人擔憂的是以太坊總鎖定價值（TVL）的下降。 TVL 衡量 DeFi 協議中持有的資產的價值，TVL 較低表明網路利用率降低，可能會影響未來的成長。

Factors Contributing to Declining TVL

導致 TVL 下降的因素

One factor influencing the drop in TVL is the price of ETH. As ETH prices decline, the value of locked assets also falls. Another contributing factor is the recent tax code changes, which have made staking less attractive.

影響 TVL 下降的因素之一是 ETH 的價格。隨著 ETH 價格下跌，鎖定資產的價值也會下跌。另一個影響因素是最近的稅法變化，這降低了質押的吸引力。

The Internal Revenue Service (IRS) now subjects staking rewards to tax, even if they are not cashed out. This has led some investors to avoid staking their ETH. As a result, fewer people are staking, which in turn decreases TVL and slows down DeFi activity.

美國國稅局（IRS）現在對質押獎勵徵稅，即使這些獎勵沒有兌現。這導致一些投資者避免抵押他們的 ETH。結果，質押的人越來越少，這反過來又減少了 TVL，並減緩了 DeFi 活動。

Challenges for USDT Impact Ethereum Stablecoins

USDT 面臨的挑戰影響以太坊穩定幣

ETH also faces other challenges, including regulatory concerns surrounding USDT, the largest stablecoin on the Ethereum network. In the UK, there are apprehensions about USDT being removed from the market due to its non-compliance with regulations. Notably, USDT comprises 64.63% of Ethereum’s stablecoin market cap.

ETH 還面臨其他挑戰，包括圍繞以太坊網路上最大的穩定幣 USDT 的監管擔憂。在英國，人們擔心 USDT 由於不符合監管規定而被撤出市場。值得注意的是，USDT 佔以太坊穩定幣市值的 64.63%。

Potential Effects of Removing USDT from UK Markets

將 USDT 從英國市場移除的潛在影響

If USDT were to be delisted, ETH could encounter two primary issues. Firstly, there would be a decline in stablecoin transactions on the network. Secondly, some users might shift their funds into ETH as a safer alternative.

如果 USDT 下架，ETH 可能會遇到兩個主要問題。首先，網路上的穩定幣交易量將會下降。其次，有些用戶可能會將資金轉移到 ETH，作為更安全的選擇。

However, these challenges may not persist indefinitely. Clearer regulations could contribute to stabilizing the situation and rebuilding trust. To continue thriving, Ethereum must adapt to these changing dynamics.

然而，這些挑戰可能不會無限期地持續下去。更明確的監管有助於穩定局勢和重建信任。為了繼續繁榮，以太坊必須適應這些不斷變化的動態。

What's Next for Ethereum (ETH) in Crypto?

加密貨幣中以太幣（ETH）的下一步是什麼？

ETH's new stablecoin record underscores its enduring strength within the crypto landscape. Liquidity is rising, and investors are placing their trust in the network. However, looming concerns remain, with falling TVL and regulatory hurdles posing significant risks.

ETH 的新穩定幣記錄凸顯了其在加密領域的持久實力。流動性不斷增加，投資者對網路充滿信心。然而，迫在眉睫的擔憂依然存在，TVL 下降和監管障礙構成重大風險。

New tax code rules and apprehensions about USDT have the potential to slow growth. But with strategic planning and clear regulations, ETH could rally and recover. Its substantial role in the stablecoin market highlights Ethereum's vitality and leadership in the crypto domain. Having achieved remarkable milestones, ETH must now navigate these challenges to maintain its शीर्ष position.

新的稅法規則和對 USDT 的擔憂可能會減緩成長。但透過策略規劃和明確的監管，ETH 可能會反彈並復甦。它在穩定幣市場中的重要角色凸顯了以太坊在加密領域的活力和領導地位。在取得了非凡的里程碑之後，ETH 現在必須應對這些挑戰，以維持其領先地位。