Stablecoins繼續發展成為加密貨幣世界和全球金融體系的支柱

市場已經超過2350億美元，表明人們對這些資產的未來有信心。目前，兩個以美元支持的穩定股（USDT和USDC）

Stablecoins are quickly becoming a pillar of both the cryptocurrency world and the global financial system. With over $235 billion in total value locked, people have faith in the future of these assets.

Stablecoins迅速成為加密貨幣世界和全球金融體系的支柱。鎖定的總價值超過2350億美元，人們對這些資產的未來充滿信心。

Currently, two USD-backed stablecoins (USDT and USDC) hold about 90% of the market. The rest of the top-10, including USDe and PYUSD, are also dollar-denominated. Euro-based stablecoins have minimal market share by comparison.

目前，兩個以美元支持的Stablecoins（USDT和USDC）持有大約90％的市場。包括USDE和PYUSD在內的前十名的其餘部分也以美元計價。相比之下，基於歐元的Stablecoins的市場份額很小。

Why is that? There are many discussions around regulation, interoperability, and integration with TradFi. However, the single most important factor is liquidity. Without deep and sustainable liquidity, no stablecoin can gain mass traction, and no amount of regulatory clarity will change that.

這是為什麼？關於法規，互操作性以及與TradFI的集成，有許多討論。但是，最重要的因素是流動性。如果沒有深層和可持續的流動性，就沒有穩定的人可以獲得大規模吸引力，並且沒有任何監管清晰度將改變這一點。

What’s the Issue With Non-USD Stablecoins?

非USD Stablecoins有什麼問題？

Let’s take the Euro as an example. EUR-backed stablecoins have existed for years at this point, yet they remain barely used. Mainly that’s because of liquidity challenges. That’s what ultimately determines whether a stablecoin can become a widely used financial tool.

讓我們以歐元為例。在這一點上已經存在了多年，但它們仍然幾乎沒有使用。這主要是由於流動性挑戰。這就是最終決定穩定幣是否可以成為廣泛使用的財務工具的原因。

For years now, USD-backed stablecoins like USDT and USDC have been the dominant force in this landscape, acting as the primary source of liquidity in lending pools and trading pairs. USD-backed stablecoins have deep liquidity, high trading volumes, and extensive integration across CeFi/DeFi platforms.

多年來，USDT和USDC等以美元支持的Stablecoins一直是該風景中的主要力量，是貸款池和貿易對流動性的主要來源。跨CEFI/DEFI平台的美元穩定股具有深厚的流動性，高交易量和廣泛的整合。

In contrast, euro (and other non-USD) stablecoins suffer from a lack of market mechanisms that could sustain them. There simply aren’t enough trading pairs, users, and financial instruments built around them to create a proper liquidity ecosystem like what the USD stablecoins have.

相比之下，歐元（和其他非USD）Stablecoins缺乏可以維持它們的市場機制。根本沒有足夠的交易對，用戶和金融工具來創建像USD StableCoins一樣的適當的流動性生態系統。

One of the key reasons for this liquidity gap is that centralized market makers do not see enough financial incentive to provide liquidity for euro stablecoins. It simply isn’{~}t profitable enough for them. So they prioritize other assets, leaving EUR-backed stablecoins on the backfoot.

造成這種流動性差距的關鍵原因之一是，集中的做市商沒有看到足夠的經濟激勵措施來為歐元穩定者提供流動性。它只是對他們來說是不夠有利可圖的。因此，他們優先考慮其他資產，將歐洲支持的穩定股份放在後腳上。

This isn’t just a matter of preferences — it’s a more fundamental issue that’s economic in nature. If market makers can’t make a decent return on providing liquidity for these assets, they won’t allocate capital towards them.

這不僅是偏好問題，而且是一個更根本的問題，本質上是經濟的。如果做市商在為這些資產提供流動性方面無法獲得不錯的回報，他們將不會分配資本。

So, how can this be changed?

那麼，如何改變呢？

Is Regulation the Key or Just a Side Factor?

法規是鑰匙還是副因素？

An argument can be made that if other jurisdictions get ahead in terms of establishing clear-cut rules, non-USD stablecoins will become a lot more attractive. The introduction of MiCA regulations in the EU, for example, has paved the way for compliant EUR-backed stablecoins such as EURC, turning them into an increasingly viable alternative to consider when integrating with TradFi.

可以提出，如果其他司法管轄區在製定明確的規則方面取得了成功，那麼非USD Stablecoins將變得更具吸引力。例如，在歐盟中引入了雲母法規為符合歐洲符合的歐洲支持的穩定的穩定幣鋪平了道路，使其成為與TradFi集成時越來越可行的替代方案。

To some extent, I agree. As various jurisdictions worldwide keep moving towards better regulation of digital assets, we can very well expect more stablecoins pegged to local currencies to start cropping up. In Asia, the Middle East, Latin America — regions that would be inclined to use such assets to improve their financial stability. Besides which, it would also help them lower the dependency on the U.S. dollar.

在某種程度上，我同意。隨著全世界各種司法管轄區一直朝著更好地監管數字資產的監管，我們可以很好地期望有更多的穩定符號固定在當地貨幣上開始出現。在亞洲，中東，拉丁美洲 - 傾向於使用此類資產來改善其財務穩定的地區。除此之外，這也將幫助他們降低對美元的依賴。

We actually have supporting examples here, like Singapore’s XSGD or Switzerland’s XCHF. Hong Kong also launched an HKD-pegged stablecoin in December 2024. The trend seems clear.

實際上，我們在這裡有支持的例子，例如新加坡的XSGD或瑞士的XCHF。香港還於2024年12月推出了HKD蛋黃醬。趨勢似乎很明顯。

However, regulation alone is not the deciding factor. EUR-backed stablecoins existed before MiCA came along. And, it’s still unclear whether the framework will ultimately help or hinder their adoption in the long run. MiCA could act as a kind of “restriction” on USD-backed stablecoins in Europe. Potentially, this gives euro stablecoins an unfair advantage rather than making them genuinely competitive on their own merits.

但是，僅監管不是決定因素。在雲母出現之前，歐洲支持的穩定幣存在。而且，目前尚不清楚該框架是否會最終幫助或阻礙他們長期以來的收養。雲母可以作為對歐洲以美元支持的穩定穩定的一種“限制”。有可能，這使歐元穩定者俱有不公平的優勢，而不是使他們真正具有自己的優點競爭。

And at the end of the day, regulation cannot solve the more fundamental issue of liquidity. Without it, no regulatory framework can make a stablecoin viable enough for broad use. So, the question is: how can we create liquidity for non-USD stablecoins?

歸根結底，法規無法解決更根本的流動性問題。沒有它，任何監管框架都無法使穩定的穩定框架足以供廣泛使用。因此，問題是：我們如何為非USD Stablecoins創造流動性？

Addressing Liquidity Constraints

解決流動性限制

To put things into perspective, the market capitalization of USDT and USDC stand at $141 billion and $56 billion, respectively. By comparison, euro-based stablecoins like EURC or EURS barely go above $100 million. The sheer gap is obvious, and it directly impacts their usability. That’s fewer trading pairs, fewer DeFi integrations, and ultimately, less incentive for traders and institutional players to adopt them. As a result, they can’t become mainstream assets.

為了看待事情，USDT和USDC的市值分別為1410億美元和560億美元。相比之下，基於歐元的穩定幣（例如Eurc或Eurs）幾乎不超過1億美元。純粹的差距很明顯，它直接影響了它們的可用性。交易對較少，較少的偏差集成，最終使交易者和機構參與者採用它們的動機更少。結果，它們不能成為主流資產。

A case could be made for the EURe, which I personally use a lot and find to be the most convenient euro stablecoin for real-world application. Even so, the broader non-USD stablecoin market still faces the same challenges: limited adoption, fewer integrations, and a long way to go before they can compete with dollar-backed counterparts.

可以為EURE製作一個案例，我個人使用了很多東西，並發現是現實世界中最方便的歐元穩定者。即便如此，更廣泛的非USD Stablecoin市場仍然面臨著同樣的挑戰：採用有限，集成量較少，還有很長的路要走，在與美元支持的同行競爭之前，還有很長的路要走。

One possible solution lies in developing more effective liquidity algorithms for non-USD stablecoins. Reliance on professional market makers has proven ineffective

一種可能的解決方案在於為非USD Stablecoins開發更有效的流動性算法。依賴專業做市商已證明無效