儘管宏觀經濟不確定性，但在過去的八個月中，Tether（USDT）和USD Coin（USDC）的市值已經大大增長

儘管目前在加密市場的波動性，這是由於持續的貿易戰引起的宏觀經濟不確定性的推動，但資本仍通過穩定劑繼續流入生態系統。

In the dynamic landscape of digital assets, stablecoins have emerged as a crucial pillar, facilitating seamless value transfer across diverse Web3 applications and serving as a critical liquidity source for traders engaging in crypto derivatives.

在數字資產的動態景觀中，Stablecoins已成為一個關鍵的支柱，促進了各種Web3應用程序中無縫的價值轉移，並作為從事加密衍生物的貿易商的關鍵流動性來源。

Despite the market downturn that began in November 2022 and the looming macroeconomic uncertainty, two leading stablecoins, Tether’s USDT and Circle’s USD Coin (USDC), have witnessed a remarkable surge in their market caps over the past eight months.

儘管市場跌至2022年11月開始，而且迫在眉睫的宏觀經濟不確定性，但兩個領先的Stablecoins，Tether的USDT和Circle的USD Coin（USDC），在過去的八個月中目睹了他們的市值激增。

According to a chart shared by crypto financial services firm Matrixport on April 15, Tether’s flagship dollar-linked token has seen its market cap rise from around $113 billion in August to over $143 billion by April, indicating a 26% increase.

根據加密貨幣金融服務公司Matrixport在4月15日共享的圖表，Tether的旗艦美元鏈接令牌已看到其市值從8月的1,130億美元增加到4月的1,430億美元，表明增長了26％。

This growth comes despite Tether facing partial delistings across some European platforms due to non-compliance with the Markets in Crypto Assets (MiCA) regulations, which were approved by the European Union in May 2023 and require crypto firms to apply for licenses in the bloc. The regulations, designed to unify crypto rules across the 27-member EU, also mandate tighter disclosure and asset backing standards.

儘管紐約市在某些歐洲平台上面臨部分優勢，但由於與加密資產（MICA）法規的市場不符合統一，這一增長源於某些歐洲平台，該法規在2023年5月獲得了歐盟的批准，並要求加密貨幣公司申請Bloc的許可證。該法規旨在統一27名成員的加密規則，還要求更嚴格的披露和資產支持標準。

Meanwhile, USDC’s market cap has witnessed an even steeper escalation, surging from just over $31 billion to roughly $60 billion—an 93% increase.

同時，USDC的市值升級了甚至更高的升級，從僅超過310億美元增加到大約600億美元，增長了93％。

In August last year, the combined market cap of USDT and USDC stood at approximately $144 billion, but by April, it had crossed the $203 billion threshold.

去年八月，市值的聯合市值為1440億美元，但到4月，它已經超過了2030億美元的門檻。

These figures highlight the sustained growth of major stablecoins even as digital assets’ prices have bled considerably over the past few months.

這些數字強調了主要穩定蛋白的持續增長，儘管數字資產的價格在過去幾個月中大幅流散。

“Despite the macro uncertainty and regulatory challenges, we are seeing capital continue to flow into the crypto ecosystem through stablecoins,” said Matrixport analysts.

Matrixport分析師說：“儘管存在宏觀的不確定性和監管挑戰，但我們看到資本通過穩定生態系統繼續通過穩定生態系統流入。”

They added that these coinflows suggest that stablecoins are becoming increasingly embedded in the digital economy, even without a parallel bull run in crypto assets themselves.

他們補充說，這些共振力線表明，即使在加密資產本身中沒有平行的牛市，穩定幣也越來越多地嵌入數字經濟中。

The continued inflow of stablecoins comes against a complex regulatory backdrop in the United States. Just last week, the Securities and Exchange Commission (SEC) clarified that so-called “Covered Stablecoins”—fiat-backed, fully redeemable assets like USDT and USDC—do not fall under its jurisdiction as securities. This statement offers some relief to issuers.

在美國，穩定的持續流入與復雜的監管背景相比。就在上週，美國證券交易委員會（SEC）澄清說，所謂的“覆蓋穩定幣”（由USDT和USDC（例如USDT和USDC））（例如，由FIAT支持的，完全可贖回的資產）屬於其作為證券的管轄範圍。該聲明為發行人提供了一些解脫。

However, this stance remains in contrast with legislative proposals like the STABLE Act, which seeks to impose bank-like regulatory requirements on all stablecoin issuers, and the more innovation-friendly GENIUS Act, which proposes a federal charter system to regulate stablecoins without stifling private-sector innovation. Both Acts are currently being discussed by the U.S. Congress.

但是，這種立場與諸如《穩定法》之類的立法提案形成鮮明對比，該法案旨在對所有Stablecoin發行人施加類似銀行的監管要求，以及更具創新的天才法案，該法案提出了聯邦憲章制度來監管Stablecoins而不扼殺私營私營私人創新的情況。美國國會目前正在討論這兩種行為。