隨著Altcoin市值繼續下降，交易所中的Stablecoins達到三年高

交易所上的Stablecoins通常被視為投資者購買力的關鍵指標。更高的穩定餘額表明貿易商準備購買山寨幣

Crypto traders use on-chain data to identify buying opportunities, especially in the lower time frames. Among the key indicators that traders monitor closely are stablecoin balances on exchanges. A higher stablecoin balance suggests traders have more capital at their disposal to purchase altcoins, setting the stage for a potential market recovery.

加密交易者使用鏈上數據來識別購買機會，尤其是在較低的時間範圍內。在交易者密切監視的關鍵指標中，有交流的穩定餘額。更高的穩定餘額表明，貿易商擁有更多的資本購買山寨幣，為潛在的市場恢復奠定了基礎。

According to CryptoQuant, the total value of ERC-20 stablecoins on exchanges reached $46.5 billion at the start of 2025. As of press time, this figure stands at $44 billion.

根據CryptoQuant的說法，在2025年初，交易所中ERC-20 Stablecoins的總價值達到465億美元。截至發稿時，這一數字為440億美元。

The data has led investors like The DeFi Investor to believe that the capital is readily available to fuel a market rebound.

這些數據導致像Defi投資者這樣的投資者相信，很容易獲得資本來推動市場反彈。

“Stablecoin CEX reserves are at an all-time high. There’s a lot of capital waiting to be deployed. But we need the macro situation to improve first,” The DeFi Investor remarked.

“ Stablecoin CEX儲備都處於歷史最高水平。有很多資本等待部署。但是我們需要宏觀情況才能首先改善。” Defi投資者說。

However, a closer look at the data from CryptoQuant reveals that while the total value of stablecoins on exchanges is indeed high, most of these funds are held on derivatives exchanges.

但是，仔細觀察來自加密素養的數據表明，儘管交易所上的穩定菌的總價值確實很高，但這些資金中的大多數均在衍生品交換上持有。

Of the $44 billion in ERC-20 stablecoins on centralized exchanges (CEXs), an astounding $43.8 billion is in the possession of derivatives exchanges. In contrast, spot exchanges currently hold a mere $220 million in stablecoins.

在集中式交易所（CEXS）的ERC-20穩定股中的440億美元中，令人驚訝的438億美元擁有衍生品交易所。相比之下，現場交流目前僅持有2.2億美元的穩定股。

To put this into perspective, from July 2023 to March 2024, a surge in spot exchange stablecoin reserves coincided with the market capitalization incrementally increasing from $1 trillion to $2.7 trillion.

從2023年7月到2024年3月，Spot Exchange Stablecoin儲備金的激增與市值從1萬億美元逐步增加到2.27萬億美元相吻合。

But today, spot exchange reserves have dropped to a three-year low.

但是今天，現場交換儲量已下降到三年低點。

It is important to note that most stablecoins on derivatives exchanges do not directly contribute to sustainable price increases. Instead, they reflect short-term leveraged trading, which carries a high risk of liquidation.

重要的是要注意，大多數在衍生工具交易所上的穩定者並不直接促進可持續價格上漲。取而代之的是，它們反映了短期槓桿交易，該交易具有很高的清算風險。

BeInCrypto previously reported that 334,404 traders were liquidated in the past 24 hours, resulting in a total of $947.7 million in liquidated positions. Among them, Long positions suffered the most significant losses.

Beincrypto先前報導說，在過去的24小時內清算了334,404家交易員，總計9.477億美元。其中，長位置遭受了最重大的損失。

Furthermore, the altcoin market capitalization (TOTAL2) experienced a 20% decline in March alone, plummeting from $1.2 trillion to below $1 trillion.

此外，僅3月份，Altcoin市值（總計2）就會下降20％，從1.2萬億美元下降到低於1萬億美元。

Stablecoin Market Cap Hits New High Amid Rising Adoption

穩定的市場上限在採用不斷上升的新高中

According to Ignas, co-founder of Pink Brains, the stablecoin market capitalization has surged by 44% over the past two years, surpassing $200 billion.

根據Pink Brains的聯合創始人Ignas的說法，過去兩年中，Stablecoin市值飆升了44％，超過了2000億美元。

Historically, a growing stablecoin supply signaled the start of an Altcoin Season. However, Ignas believes the narrative in 2025 is different.

從歷史上看，日益增長的穩定供應量標誌著Altcoin季節的開始。但是，Ignas認為2025年的敘述是不同的。

“Until recently, an increase in stablecoin supply led to a pump in crypto prices, as stablecoins were mostly used for short-term holding between trades. Now, stablecoins are growing beyond speculation,” Ignas noted.

“直到最近，穩定的供應量的增加導致了加密貨幣價格的泵，因為穩定劑主要用於交易之間的短期持有。現在，穩定劑的發展範圍已經超越了猜測。” Ignas指出。

He highlighted several real-world use cases that extend beyond crypto trading. For instance, SpaceX is processing Starlink sales in Argentina and Nigeria using stablecoins.

他強調了幾個現實世界中的用例，這些案例超出了加密交易。例如，SpaceX正在使用Stablecoins在阿根廷和尼日利亞處理Starlink銷售。

ScaleAI, a leading AI company, pays its employees in foreign countries with stablecoins.

領先的人工智能公司Scaleai在擁有穩定的國外僱員在國外向僱員付款。

Moreover, major TradFi institutions are preparing for the expansion of stablecoins in 2025. Bank of America is open to launching its own stablecoin if the regulatory climate permits it.

此外，主要的貿易受理機構正在準備在2025年擴大Stablecoins。

PayPal also has plans to expand the adoption of PYUSD in 2025. Recently, Stripe acquired Bridge, a stablecoin platform, for $1.1 billion.

PayPal還計劃擴大2025年Pyusd的採用。最近，Stripe Aquined Bridge是一個穩定的平台，售價為11億美元。

Revolut is currently considering issuing a stablecoin, and Visa is focused on integrating stablecoins into its global payments and treasury operations.

Revolut目前正在考慮發行Stablecoin，Visa專注於將Stablecoins整合到其全球付款和國庫業務中。