美國穩定幣市場洗牌：Tether 的統治地位隨著競爭對手的崛起而減弱

在穩定幣持續遭遇挫折的情況下，加密貨幣交易格局發生了轉變。雖然主要與美元和歐元掛鉤的穩定幣目前佔加密貨幣交易的82%，但Tether 的USDT 在中心化交易所的市佔率從82% 下降至69%，面臨FDUSD 和USDC 的競爭，FDUSD 和USDC因其自身的優勢而受到關注。

Stablecoin Market Dynamics Shift: Tether's Dominance Wanes as Competitors Gain Ground

穩定幣市場動態轉變：隨著競爭對手的崛起，Tether 的主導地位逐漸減弱

Amidst the ongoing scrutiny surrounding stablecoins in crypto markets, new research from Kaiko Research sheds light on significant shifts in market capitalization and trading trends.

在加密貨幣市場對穩定幣的持續審查中，Kaiko Research 的新研究揭示了市值和交易趨勢的重大變化。

Despite setbacks such as high-profile collapses and challenges in maintaining fiat currency pegs, stablecoins have steadily increased their market share compared to traditional fiat currencies in crypto trading. Currently, major USD and EUR-pegged stablecoins command an impressive 82% of all crypto transactions, with fiat currencies accounting for only 18%.

儘管遭遇了引人注目的崩盤和維持法定貨幣掛鉤方面的挑戰等挫折，但與加密貨幣交易中的傳統法定貨幣相比，穩定幣的市場份額仍在穩步增長。目前，與美元和歐元掛鉤的主要穩定幣佔了所有加密貨幣交易的 82%，而法定貨幣僅佔 18%。

However, the stablecoin market remains dominated by a handful of key players, led by Tether's USDT. This powerhouse has processed a staggering $3.6 trillion in trading volume this year, eclipsing its closest rival, First Digital's FDUSD, by nearly fourfold.

然而，穩定幣市場仍由少數主要參與者主導，其中以 Tether 的 USDT 為首。這家巨頭今年處理的交易量高達 3.6 兆美元，比最接近的競爭對手 First Digital 的 FDUSD 多出近四倍。

Despite USDT's market leadership, its presence on centralized exchanges (CEXs) has declined from 82% to 69% this year. This erosion is attributed, in part, to the rising prominence of FDUSD, which has benefited from zero-fee trading on the Binance platform.

儘管 USDT 佔據市場領先地位，但在中心化交易所 (CEX) 中的份額今年已從 82% 下降至 69%。這種侵蝕在一定程度上歸因於 FDUSD 的日益突出，它受益於幣安平台上的零費用交易。

Meanwhile, Circle's USDC has emerged as a formidable challenger, capturing an increasing share of the market as traders gravitate towards regulated financial products in the crypto space. Kaiko analysts report that USDC's market share has skyrocketed from less than 1% in 2020 to an impressive 11% today.

同時，隨著交易者傾向於加密貨幣領域受監管的金融產品，Circle 的 USDC 已成為一個強大的挑戰者，佔據了越來越大的市場份額。 Kaiko 分析師報告稱，US​​DC 的市佔率已從 2020 年的不到 1% 飆升至如今令人印象深刻的 11%。

The stablecoin landscape is further diversifying with the introduction of new players like Ethena's yield-bearing stablecoin USDe. While USDe experienced a surge in volume following an airdrop of Ethena's ENA token, it has subsequently retreated from its April peak.

隨著 Ethena 的收益穩定幣 USDe 等新參與者的引入，穩定幣格局進一步多元化。雖然 USDe 在 Ethena 的 ENA 代幣空投後經歷了交易量激增，但隨後從 4 月的峰值回落。

Looking towards the future, the path for algorithmic stablecoins appears uncertain, particularly in the United States. Proposed legislation threatens to impose stringent regulations or even outright bans on certain types of stablecoins. These regulatory headwinds could profoundly impact the adoption and stability of these digital assets.

展望未來，演算法穩定幣的發展道路似乎充滿不確定性，尤其是在美國。擬議的立法可能會對某些類型的穩定幣實施嚴格的監管甚至徹底禁止。這些監管阻力可能會對這些數位資產的採用和穩定性產生深遠影響。

"Overall, algorithmic stablecoins face elevated regulatory and operational risks, including the potential for a ban in the US if the proposed stablecoin bill is enacted into law, which could hinder their broader adoption," the Kaiko report concludes.

Kaiko 報告總結道：「總體而言，演算法穩定幣面臨著較高的監管和營運風險，包括如果擬議的穩定幣法案成為法律，可能會在美國被禁止，這可能會阻礙其更廣泛的採用。 」

As the stablecoin market continues to evolve, it remains to be seen how these regulatory developments will shape the competitive landscape and the overall trajectory of this rapidly growing sector.

隨著穩定幣市場的不斷發展，這些監管發展將如何塑造這個快速成長產業的競爭格局和整體軌跡還有待觀察。