Ripple 的 XRP 超越 Tether (USDT) 成為市值第三大加密貨幣

這一激增發生在歐洲 USDT 的未來越來越不確定的時期，特別是在 MiCA 法規（加密資產市場）現已生效的情況下。

Ripple’s XRP has overtaken Tether (USDT) to become the third-largest cryptocurrency by market capitalization, a significant shift in the cryptocurrency market rankings. This development comes as Europe begins enforcing MiCA regulations (Markets in Crypto-Assets), which are expected to impact the landscape for stablecoins like USDT.

Ripple 的 XRP 已超越 Tether（USDT），成為市值第三大加密貨幣，這是加密貨幣市場排名的重大轉變。這項發展正值歐洲開始執行 MiCA 法規（加密資產市場）之際，預計將影響 USDT 等穩定幣的格局。

According to data from CoinGecko, XRP surged by 1.5% over the last 24 hours and 13.1% in the past week, currently trading at $2.44. This surge pushed XRP's market capitalization to around $140 billion, placing it behind only Bitcoin (BTC) and Ethereum (ETH), valued at $1.3 trillion and $427 billion, respectively.

根據 CoinGecko 的數據，XRP 在過去 24 小時內飆升 1.5%，在過去一周飆升 13.1%，目前交易價格為 2.44 美元。這一飆升將 XRP 的市值推至約 1,400 億美元，僅次於比特幣 (BTC) 和以太坊 (ETH)，後者的市值分別為 1.3 兆美元和 4,270 億美元。

In contrast, USDT, the second-largest cryptocurrency, experienced a decline of 1.4% over the last seven days, dropping from a market cap of $140 billion to $137 billion. This decrease coincides with growing concerns about the regulatory environment for stablecoins in Europe.

相比之下，第二大加密貨幣 USDT 在過去 7 天內下跌了 1.4%，市值從 1,400 億美元跌至 1,370 億美元。這一下降恰逢人們對歐洲穩定幣監管環境的日益擔憂。

The timing of this development is crucial. MiCA regulations came into effect this week, aiming to establish a unified legal framework for the crypto industry across European Union member states. While MiCA's goal is to provide clarity and stability for the industry, it has also created significant challenges for stablecoins, especially USDT.

這一發展的時機至關重要。 MiCA 法規於本週生效，旨在為歐盟成員國的加密產業建立統一的法律框架。雖然 MiCA 的目標是為行業提供清晰度和穩定性，但它也為穩定幣，尤其是 USDT 帶來了重大挑戰。

As the regulatory pressure mounts, platforms like Coinbase have taken precautionary measures, such as delisting USDT in Europe to avoid potential conflicts with MiCA. These actions are fueling concerns that USDT could face a difficult future in Europe, contributing to its recent decline in market capitalization.

隨著監管壓力的加大，Coinbase等平台已採取預防措施，例如在歐洲下架USDT，以避免與MiCA發生潛在衝突。這些行動加劇了對 USDT 在歐洲可能面臨艱難未來的擔憂，導致其近期市值下跌。

Amidst the shifting landscape for stablecoins, new yield-bearing stablecoins are gaining ground in the market. Cryptocurrencies like Ethena, with their delta-neutral model, and Ondo, with their RWA-backed model, are becoming increasingly popular. These stablecoins offer users the ability to earn yield while holding the tokens, providing an attractive alternative to USDT.

在穩定幣格局不斷變化的背景下，新的收益穩定幣正在市場上佔有一席之地。 Ethena 等加密貨幣（其 Delta 中性模型）和 Ondo（其 RWA 支援模型）正變得越來越受歡迎。這些穩定幣使用戶能夠在持有代幣的同時賺取收益，成為 USDT 的有吸引力的替代品。

Moreover, platforms such as Coinbase are also offering yield-bearing products for holding stablecoins like USDC, adding to the shifting demand for stablecoins. As tokens like Ethena's USDe become trading pairs on major exchanges such as Bybit, the demand for USDT continues to diminish.

此外，Coinbase 等平台還提供持有 USDC 等穩定幣的有收益的產品，增加了對穩定幣的需求變化。隨著 Ethena 的 USDe 等代幣成為 Bybit 等主要交易所的交易對，對 USDT 的需求持續減少。

Additionally, the continued secrecy surrounding USDT's reserves, particularly regarding how it maintains its peg to the US dollar, has led to a growing skepticism about the stability and transparency of USDT. These factors have combined to make USDT less appealing to many investors.

此外，圍繞 USDT 儲備的持續保密，特別是關於其如何保持與美元掛鉤的問題，導致人們對 USDT 的穩定性和透明度越來越懷疑。這些因素綜合在一起，導致 USDT 對許多投資者的吸引力下降。

While XRP has benefited from this decline in USDT's market cap, it's important to note that this isn’t the first time XRP has overtaken USDT. In fact, back on December 1, 2024, XRP climbed above the $2 mark for the first time in nearly seven years, briefly surpassing both USDT and Solana (SOL) in market cap. This moment highlighted the growing momentum behind XRP and its position as a strong contender in the market.

雖然 XRP 受益於 USDT 市值的下降，但值得注意的是，這並不是 XRP 第一次超越 USDT。事實上，早在 2024 年 12 月 1 日，XRP 近七年來首次攀升至 2 美元大關，市值短暫超過 USDT 和 Solana (SOL)。這一刻凸顯了 XRP 背後的成長動能及其作為市場強有力競爭者的地位。

XRP's rise is also influenced by optimism surrounding Ripple's legal battles with the U.S. SEC. As the case progresses, investor sentiment has shifted in favor of XRP, pushing its price and market cap to new heights. Many analysts believe that if the lawsuit is resolved in Ripple's favor, the price of XRP could see even further gains.

XRP 的上漲也受到了 Ripple 與美國 SEC 法律糾紛的樂觀情緒的影響。隨著案件的進展，投資者的情緒已經轉向 XRP，將其價格和市值推向新的高度。許多分析師認為，如果訴訟以 Ripple 有利的方式解決，XRP 的價格可能會進一步上漲。

As 2025 unfolds, the crypto market will continue to evolve, and the shifting positions of XRP and USDT are only the beginning. With MiCA regulations influencing stablecoin dynamics in Europe and new stablecoins offering attractive alternatives to USDT, it's clear that the market landscape is undergoing significant changes.

隨著 2025 年的到來，加密貨幣市場將繼續發展，XRP 和 USDT 的地位轉變只是一個開始。隨著 MiCA 法規影響歐洲穩定幣動態，以及新的穩定幣為 USDT 提供有吸引力的替代品，很明顯，市場格局正在發生重大變化。

For now, XRP's rise signals a new era for Ripple and the broader cryptocurrency market, as it continues to outshine USDT and other altcoins. The future remains bright for Ripple as it looks to solidify its position in the top ranks of the cryptocurrency world.

目前，XRP 的崛起標誌著 Ripple 和更廣泛的加密貨幣市場進入了新時代，因為它繼續超越 USDT 和其他山寨幣。 Ripple 的未來仍然光明，因為它希望鞏固其在加密貨幣世界頂級地位的地位。