2024 年與法幣掛鉤的經濟蓬勃發展——穩定幣達到 200B 美元，Tether 市場飆升 50%，新玩家湧現

加密貨幣市場在 2024 年顯著成長，比特幣 (BTC) 突破 10 萬美元里程碑，穩定幣領域貢獻顯著

The crypto market witnessed substantial growth in 2024, with bitcoin (BTC) crossing the $100,000 threshold and stablecoins playing a significant role in this expansion. The fiat-pegged cryptocurrency economy reached an impressive $204 billion by year-end, marking a $73 billion increase from the beginning of the year.

2024 年，加密市場大幅成長，比特幣 (BTC) 突破 10 萬美元大關，穩定幣在這一擴張中發揮了重要作用。截至年底，與法定貨幣掛鉤的加密貨幣經濟規模達到令人印象深刻的 2,040 億美元，較年初增加了 730 億美元。

Stablecoins Flourish While Rankings Shift

穩定幣蓬勃發展，排名發生變化

Stablecoins serve as a crucial alternative to traditional currencies in the crypto world, offering a stable option. These assets, such as Tether (USDT) and USD Coin (USDC), are pegged to the U.S. dollar and provide crypto users the flexibility to trade without cashing out into fiat currencies. At the start of 2024, the total value of the stablecoin market stood at $131 billion, which surged to $204 billion by December 31, 2024, according to data from CoinGecko and DeFiLlama.

穩定幣是加密世界中傳統貨幣的重要替代品，提供了穩定的選擇。這些資產，如 Tether (USDT) 和 USD Coin (USDC)，與美元掛鉤，為加密貨幣用戶提供了交易的靈活性，而無需兌現為法定貨幣。根據 CoinGecko 和 DeFiLlama 的數據，2024 年初，穩定幣市場總價值為 1,310 億美元，到 2024 年 12 月 31 日激增至 2,040 億美元。

In January, Tether (USDT) led the stablecoin market with a valuation of $91.78 billion, and by the year’s end, its value had soared by 50% to reach $137.67 billion. Similarly, USD Coin (USDC), issued by Circle, grew from a $24.71 billion market cap to $43.82 billion.

1月份，Tether（USDT）以917.8億美元的估值領先穩定幣市場，到年底，其價值飆升50%，達到1376.7億美元。同樣，Circle 發行的美元硬幣 (USDC) 市值從 247.1 億美元增長到 438.2 億美元。

The market witnessed a reshuffling among the top stablecoins, with DAI dropping from third place to fourth. While DAI's market cap stood at $5.24 billion at the start of 2024, it had fallen to $4.42 billion by year-end. This shift was partly due to MakerDAO's rebranding to Sky and the introduction of the USDS stablecoin, which now ranks as the seventh-largest stablecoin with a $1.26 billion market cap.

市場上頂級穩定幣重新洗牌，DAI 從第三名跌至第四名。 2024 年初，DAI 的市值為 52.4 億美元，但到年底已降至 44.2 億美元。這一轉變的部分原因是 MakerDAO 更名為 Sky 以及 USDS 穩定幣的推出，目前以 12.6 億美元的市值排名第七大穩定幣。

The Emergence of New Players

新玩家的出現

As 2025 approaches, new entrants are gaining steam in the stablecoin market. Ethena’s USDE has risen to third place, with a market cap of $5.867 billion. This yield-bearing asset pegged to the U.S. dollar was not even among the top stablecoins a year ago. TrueUSD (TUSD), which held fourth place in 2024, has now dropped to 12th position.

隨著 2025 年的臨近，穩定幣市場的新進業者正在崛起。 Ethena的USDE已升至第三位，市值為58.67億美元。這種與美元掛鉤的收益資產在一年前甚至還不是頂級穩定幣之一。 TrueUSD (TUSD) 在 2024 年排名第四，現已跌至第 12 位。

The market saw a reshuffling among the top stablecoins, with DAI dropping from third place to fourth. While DAI's market cap stood at $5.24 billion at the start of 2024, it had fallen to $4.42 billion by year-end. This shift was partly due to MakerDAO's rebranding to Sky and the introduction of the USDS stablecoin, which now ranks as the seventh-largest stablecoin with a $1.26 billion market cap.

市場上頂級穩定幣重新洗牌，DAI 從第三名跌至第四名。 2024 年初，DAI 的市值為 52.4 億美元，但到年底已降至 44.2 億美元。這一轉變的部分原因是 MakerDAO 更名為 Sky 以及 USDS 穩定幣的推出，目前以 12.6 億美元的市值排名第七大穩定幣。

First Digital’s FDUSD, which held fifth place in 2024, has remained steady with a slight increase in its market cap, rising from $1.80 billion to $2.16 billion. Meanwhile, stablecoins like BUSD, USDD, FRAX, USDP, and PYUSD, which were ranked sixth through tenth in 2024, have experienced shifts in their rankings.

First Digital 的 FDUSD 在 2024 年排名第五，保持穩定，市值略有上升，從 18 億美元增加到 21.6 億美元。同時，2024 年排名第六至第十的 BUSD、USDD、FRAX、USDP 和 PYUSD 等穩定幣的排名也發生了變化。

As we enter 2025, the sixth to tenth largest stablecoins by market cap are now USD0, USDS, USDD, PYUSD, and USDX, reflecting the constant evolution of the market.

進入 2025 年，市值排名第六至第十的穩定幣現已是 USD0、USDS、USDD、PYUSD 和 USDX，反映了市場的不斷演變。

A Dynamic Future for Stablecoins

穩定幣充滿活力的未來

The rapid growth of stablecoins signals their increasing integration into the global financial system. As adoption continues to rise, these digital assets have become an essential component for crypto users seeking stability amid market fluctuations. Stablecoins play a key role in decentralized finance (DeFi) and beyond, reshaping how cryptocurrencies are used in everyday transactions.

穩定幣的快速成長標誌著它們日益融入全球金融體系。隨著採用率的不斷上升，這些數位資產已成為加密貨幣用戶在市場波動中尋求穩定的重要組成部分。穩定幣在去中心化金融（DeFi）及其他領域中發揮關鍵作用，重塑了加密貨幣在日常交易中的使用方式。

Looking ahead, the reshuffling of stablecoin rankings indicates a dynamic market where innovation drives continued growth. With newer players like Ethena’s USDE gaining traction, traditional stablecoins face challenges to maintain dominance. The evolution of the stablecoin sector will be closely watched as it continues to transform the landscape of decentralized finance and the broader cryptocurrency economy.

展望未來，穩定幣排名的重新洗牌顯示市場充滿活力，創新驅動持續成長。隨著像 Ethena 的 USDE 這樣的新玩家越來越受歡迎，傳統穩定幣面臨著維持主導地位的挑戰。穩定幣產業的演變將受到密切關注，因為它繼續改變去中心化金融和更廣泛的加密貨幣經濟的格局。