Stablecoin市場超過2000億美元：迅速擴大的採用

自2023年中期以來，Stablecoin市場經歷了壯觀的擴張。 2024年1月，其資本化達到2110億美元

The total capitalization of stablecoins has just crossed a historic threshold, reaching 211 billion dollars. This rapid progression, driven mainly by Tether (USDT) and USDC, reflects a growing interest from investors in these dollar-backed assets. While USDT still dominates the market with 139.4 billion dollars, the dynamics of the moment indicate a rising influence of USDC, whose capitalization has more than doubled in three months. This shift in balance raises strategic questions: are we witnessing a simple redistribution of capital or a precursor signal of a major turning point for the crypto market?

穩定幣的總資本化剛剛越過歷史性的門檻，達到了211億美元。這種快速發展，主要由Tether（USDT）和USDC驅動，反映出投資者對這些美元支持的資產的興趣日益增長。儘管USDT仍然以1394億美元的價格統治了市場，但此刻的動態表明USDC的影響力不斷上升，USDC的資本化在三個月內增加了一倍以上。這種平衡的轉變提出了戰略性問題：我們是否目睹了對資本的簡單重新分配或加密市場主要轉折點的前體信號？

Stablecoins now have a market capitalization of over 200 billion dollars, a sign of their rapid adoption.

Stablecoins現在的市值超過2000億美元，這表明他們迅速採用了。

Since mid-2023, the stablecoin market has experienced spectacular expansion. In January 2024, its capitalization reached 211 billion dollars, representing a 73 % increase in just a few months, according to data from Alphractal. This growth is largely driven by Tether (USDT), which maintains its status as the leader with 139.4 billion dollars in circulation, accounting for 63.84 % of the market.

自2023年中期以來，Stablecoin市場經歷了壯觀的擴張。根據Alphractal的數據，2024年1月，其資本化達到了2110億美元，在短短幾個月內增長了73％。這種增長在很大程度上是由Tether（USDT）驅動的，該公司以1394億美元的流通，佔市場的63.84％。

However, another player stands out with a spectacular progression: USDC. While its capitalization stood at 24.1 billion dollars in November 2023, it has more than doubled in three months, reaching 53.4 billion dollars in January 2024. This rise is accompanied by a spectacular increase in trading volumes, with a record of 20 billion dollars in daily transactions on January 18. According to CoinMarketCap, this dynamic is partly explained by a reallocation of capital from altcoins to stablecoins, a movement favored by the increased volatility of the crypto market. In the face of uncertainties, many investors prefer to secure their funds by converting their assets into USDC, thereby reinforcing its position within the ecosystem.

但是，另一個球員以驚人的進步脫穎而出：USDC。雖然2023年11月的資本化為241億美元，但在三個月內增加了一倍以上，在2024年1月達到534億美元。這一漲幅伴隨著交易量的驚人增長，每天的每日20億美元，每天創下20億美元1月18日的交易。根據CoinMarketCap的說法，這種動態的部分解釋是從AltCoins到Stablecoins的資本重新分配，這是由加密市場的波動增加所青睞的運動。面對不確定性，許多投資者更喜歡通過將其資產轉換為USDC來確保其資金，從而加強其在生態系統中的地位。

USDC's rapid rise is intriguing analysts, who see it as a potentially ambiguous signal for the crypto market. A similar situation occurred at the end of the bullish cycle in 2021, when the rise of USDC preceded a sharp market turnaround. A few months later, Bitcoin collapsed below 15,500 dollars in November 2022, marking the start of an extended bear market.

USDC的迅速增長是吸引人的分析師，他們認為這是加密市場的潛在模棱兩可的信號。在2021年的看漲週期結束時發生了類似的情況，當時USDC的崛起在市場周轉急劇之前。幾個月後，比特幣在2022年11月倒塌了15,500美元，這標誌著擴展的熊市的開始。

According to Alphractal experts, a marked new increase in USDC dominance could reflect a rise in risk aversion among investors. Thus, “if this metric continues to climb, it could indicate an increase in the level of risk aversion among investors,” they highlight in a post on platform X (formerly Twitter) on January 31, 2025. The increase in capital allocated to stablecoins can indeed reflect a defensive strategy, where investors prefer to store their funds in low-volatility assets in anticipation of a market correction.

根據Alphractal專家的說法，USDC主導地位的明顯新增長可能反映了投資者的風險厭惡。因此，“如果該指標繼續攀升，這可能表明投資者之間的風險規避水平有所提高，”他們在2025年1月31日在平台X（以前是Twitter）的帖子中強調。分配給StableCoins的資本增加確實可以反映出一種防禦策略，在這種策略中，投資者更喜歡將其資金存儲在低揮發性資產中，以期預期市場糾正。

Nevertheless, another interpretation of this trend suggests a more optimistic scenario. The expansion of the stablecoin market could also be seen as a sign of renewed investor confidence. Moreover, the accumulation of liquidity within the crypto ecosystem could precede a new phase of expansion, providing a reservoir of capital ready to be reinjected into risky assets when the environment becomes more favorable. If this dynamic continues, 2025 could represent a strategic turning point for cryptos, oscillating between a phase of consolidation and a return of bullish momentum.

然而，對這一趨勢的另一種解釋表明了一個更樂觀的情景。 Stablecoin市場的擴展也可以看作是重新獲得投資者信心的標誌。此外，加密生態系統中流動性的積累可能在新的擴張階段之前，在環境變得更加有利時，可以將資本儲備備份準備重新註入風險資產。如果這種動態持續，2025可以代表加密貨幣的戰略轉折點，在鞏固階段和看漲勢頭的回歸之間振盪。