隨著 USDC 和 FDUSD 在 USDT 上的崛起，MiCA 撼動了穩定幣市場

從歷史上看，Tether 的 USDT 一直主導著加密貨幣市場，成為加密貨幣流動性的主要來源。不過，鏈上工具引用的數據

CryptoQuant on-chain data reveals a shifting landscape in the stablecoin market, with USDT facing increasing competition from USDC and FDUSD in a post-MiCA regulatory environment.

CryptoQuant 鏈上數據揭示了穩定幣市場格局的變化，在 MiCA 後的監管環境中，USDT 面臨著來自 U​​SDC 和 FDUSD 的日益激烈的競爭。

Collectively, stablecoins have seen a surge in demand, with both USDC and USDT experiencing significant growth in supply. However, USDC appears to be gaining an edge, thanks to the MiCA regulations that went into full effect across Europe on December 30, 2024.

整體而言，穩定幣的需求激增，USDC 和 USDT 的供應量均大幅成長。然而，由於 MiCA 法規於 2024 年 12 月 30 日在歐洲全面生效，USDC 似乎正在獲得優勢。

Over the past month, USDC's supply surged by $954M, outpacing USDT's growth of $792M during the same period.

過去一個月，USDC 的供應量激增 9.54 億美元，超過了 USDT 同期 7.92 億美元的成長。

Meanwhile, FDUSD, a stablecoin pegged to the U.S. dollar and used primarily on Binance, is also enjoying rapid acceptance. It commands an impressive 48% of the trading volume in BTC pairs on the exchange.

同時，與美元掛鉤、主要在幣安上使用的穩定幣 FDUSD 也迅速被接受。它佔了交易所 BTC 貨幣對交易量的 48%，令人印象深刻。

This marks another trading sub-category where USDT has lost ground to another stablecoin, as it was previously responsible for a 42% share in BTC trading on Binance.

這標誌著 USDT 在另一個交易子類別中輸給了另一種穩定幣，因為它之前在幣安上佔據 BTC 交易 42% 的份額。

According to CryptoQuant analysts, the growth in FDUSD trading activity highlights the token's growing reputation as a stable, USD-pegged cryptocurrency.

CryptoQuant 分析師表示，FDUSD 交易活動的成長凸顯了該代幣作為穩定的、與美元掛鉤的加密貨幣的聲譽日益提高。

Crypto-asset service providers must obtain MiCA authorization to operate within the EU. In this context, FDUSD and USDC appear to be benefitting the most from the new regulations.

加密資產服務提供者必須獲得 MiCA 授權才能在歐盟境內運作。在此背景下，FDUSD 和 USDC 似乎從新法規中受益最多。

On the other hand, the regulations have brought a storm for USDT, leading to its removal by exchanges operating within the EU region.

另一方面，該規定給USDT帶來了風暴，導致其被歐盟地區運營的交易所下架。

MiCA, short for Markets in Crypto-Assets, is a regulation supported by a comprehensive framework established by the European Union to regulate cryptocurrencies, including stablecoins, to ensure financial stability and consumer protection.

MiCA 是加密資產市場的縮寫，是一項由歐盟建立的綜合框架支持的監管措施，旨在監管包括穩定幣在內的加密貨幣，以確保金融穩定和消費者保護。

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) oversee compliance with MiCA.

歐洲證券和市場管理局 (ESMA) 和歐洲銀行管理局 (EBA) 負責監督 MiCA 的合規情況。

Proposed in 2020, MiCA has been gradually implemented, with full compliance required by the end of 2024. MiCA aims to replace fragmented national regulations with a single EU-wide framework that will impact all stablecoin issuers operating in the European region.

MiCA 於2020 年提出，現已逐步實施，並要求在2024 年底之前完全合規。發行人。

In related news, Tether, the company behind the world's largest stablecoin by market capitalization, has announced its registration in El Salvador.

相關消息稱，全球市值最大的穩定幣背後的公司 Tether 宣佈在薩爾瓦多註冊。

The announcement on Monday also mentioned that the company will migrate its operations from the British Virgin Islands to the crypto-friendly Central American country led by Nayib Bukele.

週一的公告還提到，該公司將把業務從英屬維京群島遷移到由 Nayib Bukele 領導的對加密貨幣友善的中美洲國家。

"Today, Tether announces its registration in El Salvador, and that it will be migrating its operations from the British Virgin Islands to El Salvador," the announcement stated.

公告稱：“今天，Tether 宣佈在薩爾瓦多註冊，並將把業務從英屬維爾京群島遷移到薩爾瓦多。”

Operating globally, USDT has a significant presence in various international markets and blockchains. However, it has often faced regulatory hurdles and criticism over the transparency of its reserves and financial audits.

USDT 在全球範圍內運營，在各個國際市場和區塊鏈中佔有重要地位。然而，它經常面臨監管障礙和對其儲備和財務審計透明度的批評。

In the United States alone, USDT has faced several legal challenges, including a high-profile case involving the New York Attorney General. In nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal nodal

光是在美國，USDT 就面臨多項法律挑戰，包括涉及紐約總檢察長的備受矚目的案件。節點中 節點節點 節點節點 節點節點 節點節點 節點節點 節點節點 節點節點 節點節點節點節點節點 節點節點節點節點節點 節點節點 節點節點節點節點 節點節點節點節點節點 節點節點 節點節點節點節點節點節點節點節點 節點節點 節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點節點 節點 節點 節點 節點 節點