隨著 USDT、USDC 保持主導地位，穩定幣市場將在 2025 年達到 300B 美元：Cointelegraph 調查

加密穩定幣在 2024 年取得了巨大成功，12 月流通供應量達到歷史最高水平，超過 2,000 億美元。

Crypto stablecoins had a banner year in 2024, with the total circulating supply of stablecoins reaching an all-time high of over $200 billion in December. Stablecoins, which are cryptocurrencies designed to mimic the value of a currency, most popularly the US dollar, are an integral part of the crypto ecosystem and now account for 5% of the crypto market capitalization.

2024 年，加密穩定幣迎來了輝煌的一年，12 月穩定幣的流通總量達到了超過 2,000 億美元的歷史新高。穩定幣是一種旨在模仿貨幣（最常見的是美元）價值的加密貨幣，是加密貨幣生態系統不可或缺的一部分，目前佔加密貨幣市值的 5%。

With 2025 fast approaching, Cointelegraph has rounded up the industry’s forecasts and predictions on the key stablecoin trends to expect next year.

隨著 2025 年的臨近，Cointelegraph 匯總了業界對明年穩定幣主要趨勢的預測和預測。

Next stop is $300 billion: USDT and USDC to retain dominance

下一站是 3000 億美元：USDT 和 USDC 保持主導地位

Multiple industry executives and founders told Cointelegraph that Tether’s USDt (USDT) and Circle’s USD Coin (USDC) — the two largest stablecoins by market capitalization — will likely retain their dominance in 2025,

下一站是3000 億美元：USDT 和USDC 保持主導地位多位行業高管和創始人告訴Cointelegraph，Tether 的USDt (USDT) 和Circle 的USD Coin (USDC)——市值最大的兩種穩定幣——可能在2025 年保持主導地位，

Guy Young, founder of decentralized stablecoin protocol Ethena, predicted that USDT will continue to be the largest stablecoin next year and that the total stablecoin market cap will rise to $300 billion.

去中心化穩定幣協議 Ethena 創辦人 Guy Young 預測，明年 USDT 將繼續成為最大的穩定幣，穩定幣總市值將升至 3,000 億美元。

“I expect we cross $300 billion in outstanding, Tether continues to dominate with their existing moat, and the rest of the market is challenged by new fintech and Web2 entrants with their own offerings,” Young told Cointelegraph.

Young 告訴Cointelegraph：「我預計我們的流通量將超過3000 億美元，Tether 繼續以其現有的護城河佔據主導地位，而市場的其餘部分則受到新的金融科技和Web2 進入者及其產品的挑戰。 」

Alchemy Pay’s chief marketing officer, Ailona Tsik, said stablecoins like USDT and USDC “have already established themselves as critical tools for global transactions, and their adoption across emerging markets and decentralized applications will likely accelerate.”

Alchemy Pay 首席行銷長 Ailona Tsik 表示，USDT 和 USDC 等穩定幣“已經成為全球交易的關鍵工具，它們在新興市場和去中心化應用中的採用可能會加速。”

Coinbase, the co-operator of USDC, said in its 2025 outlook that stablecoins are “just getting started” as some analysts project the tokens could grow into a $3 trillion market over the next five years.

USDC 的合作夥伴 Coinbase 在其 2025 年展望中表示，穩定幣“才剛剛起步”，因為一些分析師預計穩定幣可能在未來五年內成長為 3 兆美元的市場。

Stablecoin payments: Visa expects stablecoin card demand to spike

穩定幣支付：Visa 預計穩定幣卡需求將激增

Visa’s head of crypto, Cuy Sheffield, told Cointelegraph that stablecoin adoption can modernize and streamline global payments, but that existing stablecoin spending opportunities are still limited.

穩定幣支付：Visa 預計穩定幣卡需求將激增 Visa 加密貨幣業務主管 Cuy Sheffield 告訴 Cointelegraph，穩定幣的採用可以實現全球支付的現代化和簡化，但現有的穩定幣消費機會仍然有限。

“If 2024 was the year stablecoin demand picked back up, 2025 will introduce the next pivotal opportunity: the rise of stablecoin-linked cards,” Sheffield said.

Sheffield 表示：“如果 2024 年是穩定幣需求回升的一年，那麼 2025 年將帶來下一個關鍵機會：與穩定幣掛鉤的卡的崛起。”

He said Visa will expand its capabilities to enable issuers to settle stablecoin-linked cards directly with the payments giant using stablecoins.

他表示，Visa 將擴大其能力，使發卡機構能夠使用穩定幣直接與支付巨頭結算與穩定幣掛鉤的卡片。

Crypto platform Uphold’s CEO, Simon McLoughlin, is also optimistic about growing payment adoption in the coming year.

加密貨幣平台 Uphold 的執行長 Simon McLoughlin 也對未來一年支付採用率的成長持樂觀態度。

“2025 will be the year that stablecoins go mainstream as the vehicle for international payments,” McLoughlin said. He highlighted new stablecoins targeting cross-border settlement, such as Ripple Labs’ Ripple USD (RLUSD), which started trading on Dec. 17.

McLoughlin 表示：“2025 年，穩定幣將成為國際支付工具主流。”他重點介紹了針對跨境結算的新穩定幣，例如 Ripple Labs 的 Ripple USD (RLUSD)，該貨幣於 12 月 17 日開始交易。

BitPay’s chief market officer, Bill Zielke, told Cointelegraph that stablecoins accounted for at least a quarter of the volume in 2024 on the crypto payments platform despite making up just 5% of all transactions.

BitPay 首席市場長 Bill Zielke 告訴 Cointelegraph，儘管穩定幣僅佔所有交易的 5%，但到 2024 年，穩定幣至少佔該加密支付平台交易量的四分之一。

“While the average BTC transaction value at BitPay is just over $1,000, USDC transactions average more than $5,000,” he said.

「雖然 BitPay 的平均 BTC 交易價值剛剛超過 1,000 美元，但 USDC 的交易平均價值超過 5,000 美元，」他說。

“We anticipate this trajectory will continue into 2025 as stablecoins further solidify their role in global commerce and business-to-business payments,” Zielke added.

Zielke 補充說：“隨著穩定幣進一步鞏固其在全球商業和企業對企業支付中的作用，我們預計這一趨勢將持續到 2025 年。”

Regulatory divergence and need for consistent regimes will persist

監管分歧和對一致制度的需求將持續存在

Despite many expressing optimism about stablecoins’ growth in 2025, regulations around the tokens remain inconsistent globally.

監管分歧和對一致制度的需求將持續存在儘管許多人對 2025 年穩定幣的增長表示樂觀，但全球範圍內圍繞代幣的監管仍然不一致。

“One of the key challenges we foresee for stablecoins in 2025 is navigating the evolving regulatory landscape,” Alchemy Pay’s Tsik said.

Alchemy Pay 的 Tsik 表示：“我們預計 2025 年穩定幣面臨的主要挑戰之一是應對不斷變化的監管環境。”

BitGo’s head of stablecoins, Ben Reynolds, said regulatory uncertainty and the need for greater transparency will remain significant challenges in 2025 until lawmakers provide clear guidance.

BitGo 穩定幣主管 Ben Reynolds 表示，在立法者提供明確指導之前，監管不確定性和提高透明度的需求在 2025 年仍將是重大挑戰。

True Markets founder Vishal Gupta told Cointelegraph that the stablecoin legal landscape will “still face inefficiencies and fragmentation due to inconsistent regulatory regimes.”

True Markets 創始人 Vishal Gupta 告訴 Cointelegraph，穩定幣法律環境「仍將因監管制度不一致而面臨效率低下和碎片化的問題」。

He referred to a global regulatory divergence triggered by the introduction of stablecoin rules specific to the European Union, particularly the Markets in Crypto-Assets Regulation (MiCA).

他提到了歐盟特有的穩定幣規則的引入引發了全球監管分歧，特別是加密資產市場監管（MiCA）。

“Regulatory divergence could open opportunities in regions with clear, balanced rules but create challenges where regulations are overly complex or restrictive,” Gupta said.

古普塔表示：“監管分歧可能會在規則清晰、平衡的地區帶來機遇，但在監管過於複雜或限制性過大的地區會帶來挑戰。”

With US President-elect Donald Trump preparing to take office in January, companies like BitPay expect greater clarity and consistency on how stablecoins and crypto markets are regulated.

隨著美國當選總統川普準備在 1 月就職，BitPay 等公司預計穩定幣和加密貨幣市場的監管方式將更加清晰和一致。

2025 stablecoin trends: L2s, yields and interoperability

2025 年穩定幣趨勢：L2、收益率與互通性

Many industry execs predicted further stablecoin developments next year in areas such as layer 2s (L2), yields and interoperability.

2025 年穩定幣趨勢：L2、收益率和互通性許多產業高管預測明年穩定幣在第 2 層 (L2)、收益率和互通性等領域將進一步發展。

BitPay’s Zielke said L2 stablecoin adoption on networks like Arbitrum, Optimism and Base will be among the biggest development areas for the tokens in 2

BitPay 的 Zielke 表示，L2 穩定幣在 Arbitrum、Optimism 和 Base 等網路上的採用將是 2 年來代幣最大的發展領域之一