隨著加密貨幣市場反彈停滯，穩定幣崩潰

在最近的市場低迷中，與美元等資產掛鉤的穩定幣、加密貨幣的市值出現下降，達到兩年多來的最低點。儘管加密貨幣生態系統經歷了一些復甦，但穩定幣仍在苦苦掙扎，其市值將連續 18 個月下降，凸顯了交易量低迷和美元疲軟對這些代幣市場的影響。

Stablecoins Succumb to Prolonged Downturn, Overshadowing Crypto Market Rebound

穩定幣屈服於長期低迷，掩蓋了加密貨幣市場的反彈

The late summer slump has extended beyond Bitcoin's recent woes, engulfing the stablecoin sector, whose market capitalization has dwindled to its lowest point in over two years. Subdued trading volumes and a depreciating U.S. dollar have weighed heavily on the token market.

夏末的暴跌已經超出了比特幣最近的困境，席捲了穩定幣行業，該行業的市值已降至兩年多來的最低點。交易量低迷和美元貶值給代幣市場帶來了沉重壓力。

Stablecoins Suffer Disproportionately

穩定幣遭受的損失尤其嚴重

While the broader crypto ecosystem has exhibited some recovery from its 2022 lows, the stablecoin sector's market capitalization has declined for the 18th consecutive month, according to research firm CCData. The sector has contracted by nearly 10% this year, hovering at $124.4 billion as of September 14th.

研究公司 CCData 的數據顯示，雖然更廣泛的加密生態系統已從 2022 年的低點復甦，但穩定幣產業的市值已連續 18 個月下降。截至 9 月 14 日，該產業已萎縮近 10%，徘徊在 1,244 億美元。

"The appetite for stablecoins, primarily denominated in U.S. dollars, is closely tied to the demand for the dollar," said James Butterfill, head of research at CoinShares. He noted that the surge in the dollar index amid interest rate hikes last year coincided with a substantial increase in stablecoin trading volumes.

CoinShares 研究主管 James Butterfill 表示：“對主要以美元計價的穩定幣的需求與對美元的需求密切相關。”他指出，去年升息導緻美元指數飆升，同時穩定幣交易量大幅增加。

Tether's Resilience Amid Sector Woes

Tether 在行業困境中保持韌性

Despite the general downturn, Tether, the largest dollar-pegged stablecoin, has bucked the trend, reaching an all-time high of $83.8 billion in July, according to CoinGecko. After briefly dipping below $80 billion in the first quarter of this year, it has since stabilized around $82.9 billion.

據 CoinGecko 稱，儘管整體低迷，但最大的與美元掛鉤的穩定幣 Tether 卻逆勢而上，在 7 月達到了 838 億美元的歷史新高。今年第一季短暫跌破 800 億美元後，此後穩定在 829 億美元左右。

Paolo Ardoino, Tether's chief technology officer, attributed the coin's resilience to its popularity in emerging markets. "Tether's enduring appeal stems from its widespread adoption in emerging markets, particularly in Central and South America, where it has become a de facto currency," he explained.

Tether 技術長 Paolo Ardoino 將這種貨幣的韌性歸因於其在新興市場的受歡迎程度。他解釋說：“Tether 的持久吸引力源於其在新興市場的廣泛採用，特別是在中美洲和南美洲，它已成為事實上的貨幣。”

Temporary De-Risking in Stablecoin Market

穩定幣市場暫時去風險

Stablecoins, while constituting only a fraction of the trillion-dollar crypto market, play a crucial role for traders, enabling them to mitigate price volatility in other tokens like Bitcoin and store idle cash without converting it back to fiat currencies. Some proponents also envision stablecoins as a viable means of payment.

穩定幣雖然只佔萬億美元加密貨幣市場的一小部分，但對交易者來說發揮著至關重要的作用，使他們能夠減輕比特幣等其他代幣的價格波動，並存儲閒置現金，而無需將其轉換回法定貨幣。一些支持者也認為穩定幣是可行的支付手段。

However, the stablecoin market has struggled since the collapse of TerraUSD, an algorithmic stablecoin that was once the fourth largest in the sector. TerraUSD's downfall triggered a domino effect of failures within the industry.

然而，自 TerraUSD 崩潰以來，穩定幣市場一直陷入困境，TerraUSD 是一種演算法穩定幣，曾是該行業的第四大穩定幣。 TerraUSD 的垮台引發了產業內失敗的骨牌效應。

Regulatory Scrutiny and Market Uncertainty

監管審查和市場不確定性

The market has also been impacted by the decline of Binance's dollar-linked token, BUSD, which has plummeted by approximately 89% from its November peak. In February, the New York Department of Financial Services ordered Paxos, the issuer of BUSD, to cease minting the token, which was once the third-largest stablecoin.

市場也受到幣安與美元掛鉤的代幣 BUSD 下跌的影響，該代幣已較 11 月的峰值暴跌約 89%。今年 2 月，紐約金融服務部命令 BUSD 發行人 Paxos 停止鑄造該代幣，該代幣曾經是第三大穩定幣。

Although Paxos has committed to supporting BUSD through at least February 2024, a Binance spokesperson indicated that the company is encouraging users to exchange their BUSD balances for alternative stablecoins.

儘管 Paxos 承諾至少在 2024 年 2 月之前支持 BUSD，但幣安發言人表示，該公司正在鼓勵用戶將其 BUSD 餘額兌換為替代穩定幣。

USD Coin (USDC), the second-largest stablecoin, has witnessed a decline of over 53% in its market capitalization from its June 2022 peak, currently hovering around $26 billion.

第二大穩定幣美元幣（USDC）的市值較 2022 年 6 月的峰值下降了 53% 以上，目前徘徊在 260 億美元左右。

Both Tether and USDC experienced temporary depegging events from the U.S. dollar last year: Tether during TerraUSD's collapse in May 2022 and USDC in March when Silicon Valley Bank (SVB) failed. SVB held $3.3 billion of Circle Internet Financial's cash reserves, the issuer of USDC.

去年，Tether 和 USDC 都經歷了與美元暫時脫鉤的事件：Tether 在 2022 年 5 月 TerraUSD 崩潰期間，USDC 在 3 月矽谷銀行 (SVB) 倒閉期間。 SVB 持有 Circle Internet Financial 的 33 億美元現金儲備，該公司是 USDC 的發行者。

Dante Disparte, Circle's chief strategy officer and head of global policy, highlighted the lingering uncertainty in the market stemming from SVB's failure and other regional bank failures earlier this year. While acknowledging that growth is not the sole metric of success for Circle, he expressed confidence that market corrections would emerge over time.

Circle 首席策略長兼全球政策主管 Dante Disparte 強調，今年稍早矽谷銀行倒閉和其他地區性銀行倒閉導致市場揮之不去的不確定性。雖然他承認成長並不是 Circle 成功的唯一衡量標準，但他表示相信隨著時間的推移，市場將會出現調整。

"There has been a temporary de-risking from the U.S., but it is not driven by regulatory ambiguity," Disparte said. "Rather, it is a consequence of the banking crisis's lingering effects, which I anticipate will begin to correct themselves in the market."

迪斯帕特表示：“美國暫時降低了風險，但這並不是由監管模糊性推動的。” “相反，這是銀行業危機揮之不去的影響的結果，我預計這種影響將開始在市場上自我糾正。”