黃金USDC硬幣在黑暗的背景上。 3d iluustration。

最近，我們已經看到一系列機構宣布，包括社會將軍，雷克洛特（Revolut）在內的新穩定幣和現在正在美國銀行正在考慮進行權衡。

Recently, we have seen a spate of institutions announce the launch of their own stablecoins, including Societe General, Revolut, and now Bank of America is considering weighing in. One has to question why, though? USDT and USDC - the biggest stablecoins in the industry already account for $200 billion of crypto’s AUM.

最近，我們已經看到一系列機構宣布，包括社會將軍，雷克洛特（Revolut）和現在的美國銀行正在考慮權衡自己的穩定者。 USDT和USDC-該行業中最大的Stablecoins已經計算了2000億美元的加密AUM。

Accepted widely across most blockchains, centralized and decentralized exchanges, Circle’s USDC and Tether’s USDT are serving the stablecoin market well. Far less volatile than other cryptocurrencies, they are allowing investors to move easily in and over crypto and preserve their wealth in countries with hyperinflation.

Circle的USDC和Tether的USDT在大多數區塊鏈，集中和分散的交流中廣泛接受，為Stablecoin市場提供了很好的服務。與其他加密貨幣相比，允許投資者可以輕鬆地搬進加密貨幣並在過度通貨膨脹的國家中保留其財富。

And so, why would a bank like Societe General need to launch its own stablecoin? The answer likely lies in the extremely attractive revenue model that stablecoins operate on. Tether, for example, made a cool $13 billion in profit last year - placing it in the gilded company of Goldman Sachs.

因此，為什麼像社會將軍這樣的銀行需要推出自己的Stablecoin？答案很可能在於穩定菌的運作極具吸引力的收入模型。例如，Tether去年賺了130億美元的利潤 - 將其放在高盛的鍍金公司中。

This is very impressive and certainly something a large bank would resent. Why pay an upstart third party to settle your transactions when you can do it yourself? Yet, while this may be a perfectly sound business decision, dilution of the stablecoin market would quite literally defeat the object of its existence.

這是非常令人印象深刻的，當然是大型銀行會感到不滿的東西。當您自己完成時，為什麼要支付新貴的第三方來解決您的交易？然而，儘管這可能是一個完美的業務決定，但對Stablecoin市場的稀釋將完全擊敗其存在的對象。

Digital assets already suffer from a liquidity issue - with a market cap of around $3trn and the majority of that held in Bitcoin by long-term investors, crypto traders are often hamstrung by this lack of liquidity. Having two well capitalised, liquid stablecoins is a big bonus in this market and one we should be careful to tinker with.

數字資產已經遭受了流動性問題的困擾 - 市值約為3trn，大多數由長期投資者在比特幣中持有的大多數，因此由於缺乏流動性，加密貨幣交易者通常會受到阻礙。在這個市場上擁有兩個大寫的液體穩定劑是一個很大的好處，我們應該小心地修改。

Both USDT and USDC fought hard to win credibility and trust in the industry for many years. They have weathered some of the hardest financial storms while other coins haven't even scratched the surface compared to the majors. While many stablecoins such as DAI, PYUSD, and Sky Dollar have emerged within the last few years, none have proved themselves at the level these two have.

USDT和USDC都努力贏得多年來對該行業的信譽和信任。他們度過了一些最艱難的金融風暴，而其他硬幣甚至與專業相比，甚至沒有刮擦地面。儘管在過去的幾年中出現了許多dai，pyusd和Sky Dollar等穩定的人，但沒有人證明自己在這兩種水平上。

As such, many market participants continue to rely on these two tokens, with their dominance growing even in the face of rising competition. For reference (at the time of writing this), DAI's market cap is at around 5.3 billion, while PYUSD has a market cap of roughly $741 million. While impressive, this doesn't even scratch the surface of USDC's $60 billion and USDT's huge $142 billion market cap.

因此，許多市場參與者繼續依靠這兩個令牌，即使面對競爭的不斷增長，他們的主導地位也會增長。供參考（在撰寫本文時），DAI的市值約為53億，而Pyusd的市值約為7.41億美元。雖然令人印象深刻，但這甚至並沒有抓住USDC的600億美元和USDT的1420億美元市值。

Despite this, though - and this only goes to serve as a stronger argument as to why banks should stay out of stablecoins – USDT now finds itself in hot water as it is allegedly not complying with the European Union's new rules on stablecoins. As such it is set to be delisted from major centralized exchanges like Binance, Crypto.com, Coinbase, and more for European customers.

儘管如此，儘管如此 - 這只是關於為什麼銀行應該遠離Stablecoins的更強有力的論點 - USDT現在發現自己在熱水中，因為據稱它不遵守歐盟關於穩定的新規則。因此，它將從Binance，Crypto.com，Coinbase等主要集中式交易所中脫穎而出。

Some might argue that this is a great moment to open the stablecoin market to competition, but if USDT with its decade of experience and billions of dollars of AUM can't get past the EU, what chance does a much smaller coin have? Granted, those coming out of banks will have an advantage, but they will still face regulatory hurdles that remain a moving target - especially in the US.

有人可能會爭辯說，這是開放Stablecoin市場進行競爭的好時機，但是如果USDT擁有十年的經驗和數十億美元的AUM無法超越歐盟，那麼較小的硬幣會有什麼機會？當然，從銀行出來的人將有優勢，但他們仍然會面臨仍然是行動目標的監管障礙，尤其是在美國。

Of course, in this war of regulation, USDC has been winning for some time. Circle's laser focus on compliance and backing from institutional behemoths like BlackRock have made it the stablecoin of choice for traditional finance institutions (though crypto natives still view it with caution thanks to its willingness to bow to government sanctions).

當然，在這場監管戰爭中，USDC贏得了一段時間。 Circle的激光專注於合規性和從貝萊德（Blackrock）等機構龐然大物的支持，使其成為傳統金融機構的首選（儘管加密貨幣本地人仍然願意謹慎對待政府制裁，但仍要謹慎對待它）。

And, perhaps unsurprisingly, founder Jeremy Allaire holds a similar view on the stablecoin market. In a recent interview in Hong Kong, Allaire stated there really is no need for CBDC's as the stablecoin market already exists. It is thriving, it is liquid and it is working. Rather, regulators should understand stablecoins and make better rules.

而且，也許毫不奇怪，創始人傑里米·阿萊爾（Jeremy Allaire）對Stablecoin市場也有類似的看法。在最近在香港舉行的一次採訪中，艾萊爾說，確實不需要CBDC，因為Stablecoin市場已經存在。它蓬勃發展，是液體，正在起作用。相反，監管機構應該理解穩定劑並製定更好的規則。

Stablecoins must be easily tradable and liquid. This is where having just two majorly traded coins wins. There is no time of the day or night that any trader cannot buy or sell USDT or USDC on any kind of platform (well, for now, at least). If we start to see the market segment into various stablecoins that perhaps larger institutions insist must be used inside their ecosystems, this will impact liquidity, trading, and costs.

穩定劑必須易於交易和液體。在這裡，只有兩個主要交易硬幣的勝利。白天或晚上沒有任何交易者無法在任何類型的平台上買賣USDT或USDC（至少現在，至少）。如果我們開始將市場細分市場分為各種Stablecoins，即可能會在其生態系統內使用更大的機構，這將影響流動性，交易和成本。

Charges are likely to increase as without sufficient liquidity the cost of executing transactions tends to rise - as those who battled ETH gas prices in the summer of 2020 remember all too well. This can lead to an expensive, fragmented, and slow investor experience.

費用可能會增加，因為沒有足夠的流動性，執行交易的成本往往會上升 - 因為那些在2020年夏天與ETH AS PRISE作鬥爭的人都非常記得。這可能會導致昂貴，分散和緩慢的投資者體驗。

This should not be the future the stablecoin market or the cryptocurrency industry at large is marching into. Rather than fragmentation we need cohesion and deeper liquidity in order for stablecoins to be treated as a legitimate asset within the financial ecosystem.

這不應該是Stablecoin市場或整個加密貨幣行業的未來。我們需要凝聚力和更深的流動性，而不是分散化，以便將穩定的人視為金融生態系統中的合法資產。

That said, despite its dominance, USDT faces a fight for its life against new European regulation – Markets in Crypto-Assets (

也就是說，儘管它具有統治地位，但USDT仍面臨與新的歐洲法規的鬥爭 - 加密資產的市場（