長期以來，長期以來，通過向市場注入流動性來推動加密公牛的運行

長期以來，長期以來，通過向市場注入流動性來推動了加密牛的運行，但它們的作用正在不斷發展。

Stablecoins have played a crucial role in injecting liquidity into the crypto market, often fueling bullish trends. As stablecoin adoption hits record highs, the question arises: how will this impact the next crypto cycle?

Stablecoins在將流動性注入加密貨幣市場方面發揮了至關重要的作用，通常會推動看漲的趨勢。隨著Stablecoin的採用達到記錄高潮，問題出現了：這將如何影響下一個加密週期？

According to Allium and Ignas, the global stablecoin market capitalization reached an unexpected high of $190 billion in November 2024. This surpasses the previous all-time high of $188 billion, which was hit in April 2022.

根據Allium and Ignas的數據，全球Stablecoin市值在2024年11月達到了1900億美元的意外高價。這超過了先前的1880億美元高價，該高價在2022年4月襲擊。

Moreover, stablecoin trading volumes on centralized exchanges also surged, increasing by 77.5% month-over-month to $1.81 trillion as of November 25. Among the stablecoins, USDT remained dominant, accounting for 82.7% of the total volume across centralized exchanges. FDUSD followed with a 9.01% market share, and USDC had an 8.09% share.

此外，集中式交易所的Stablecoin交易量也飆升，截至11月25日，在月超時增加了77.5％，至1.81萬億美元。在Stablecoins中，USDT仍然占主導地位，佔集中式交易總量總數的82.7％。 FDUSD隨後佔有9.01％的市場份額，USDC的份額為8.09％。

The report highlights that FDUSD's rising dominance can be attributed to its strong adoption in Asian markets for cross-border payments. On the other hand, euro-denominated stablecoins saw a 52.9% surge in trading activity, reaching $657 million, indicating increased adoption among European users.

該報告強調，FDUSD的統治地位可以歸因於其在亞洲市場上的強烈採用來支付跨境支付。另一方面，以歐元為基礎的穩定穩定人數的交易活動激增了52.9％，達到6.57億美元，表明歐洲用戶的採用率增加。

The Trump administration’s Stablecoin bill has opened several opportunities for both conventional investors and crypto investors, especially amid the gloomy days of the crypto market. As a result, major TradFi players like Bank of America, Standard Chartered, PayPal, and Stripe actively captured the bills through their actions.

特朗普政府的Stablecoin法案為傳統投資者和加密投資者提供了一些機會，尤其是在加密市場的陰暗時期。結果，像美國銀行這樣的主要貿易愛好者，標準的特許，貝寶和條紋，通過其行動積極捕獲賬單。

With the government providing regulatory clarity on stablecoins and increasing trust and adoption, institutions utilized stablecoins for short-term trading liquidity, real-world utility, and even planned to launch their own stablecoins if regulations permitted.

隨著政府對穩定的穩定性和提高信任和收養提供監管的清晰度，機構將穩定的股幣用於短期交易流動性，現實世界實用程序，甚至計劃在法規允許的情況下推出自己的Stablecoins。

Stablecoin Supply Growth & Crypto Liquidity

Stablecoin供應增長和加密流動性

Since 2017, stablecoin supply growth (e.g., USDT, USDC) has been closely tied to crypto liquidity, enabling investors to buy Bitcoin, Ethereum, and altcoins. Such developments often led to price surges.

自2017年以來，Stablecoin供應增長（例如USDT，USDC）與加密流動性密切相關，使投資者能夠購買比特幣，以太坊和替代幣。這樣的發展通常會導致價格飆升。

During the period of 2017 – 2018, Tether (USDT) minted large amounts of USDT on Ethereum and Tron to meet surging liquidity demand during the crypto bull run. USDT supply grew from a few billion USD in early 2017 to over $2 billion by year-end, continuing to rise in 2018 (CoinGecko, BeInCrypto).

在2017年至2018年期間，Tether（USDT）在以太坊和Tron上鑄造了大量USDT，以滿足加密公牛運行期間的流動性需求。 USDT供應從2017年初的數十億美元增長到年底超過20億美元，在2018年持續增長（Coingecko，beincrypto）。

The reason behind it is that USDT was used to buy BTC and ETH, fueling a price surge as investors avoided fiat volatility and traded easily on exchanges like Binance, Coinbase, and Bitfinex. Eventually, BTC hit $20,000 in December 2017, partly driven by USDT liquidity. However, in 2018, the market crashed, partly due to concerns over Tether’s transparency and allegations of unbacked USDT issuance.

其背後的原因是USDT被用來購買BTC和ETH，隨著投資者避免菲亞特波動，並在Binance，Coinbase和Bitfinex等交易所進行交易，從而推動了價格上漲。最終，BTC在2017年12月達到了20,000美元，部分是由USDT流動性驅動的。但是，在2018年，市場崩潰了，部分原因是對林線的透明度和對未來的USDT發行的指控的擔憂。

Another case with USDC, it saw a significant supply increase in 2021, particularly on Ethereum. According to CoinMarketCap, its market cap surged from a few billion USD in early 2021 to over $50 billion by year-end. USDC provided liquidity for DeFi and major exchanges like Coinbase, so investors used it to buy BTC, ETH, and DeFi tokens, contributing to the price surge during this period.

USDC的另一個情況是，它在2021年，尤其是以太坊的供應量大幅增加。根據CoinMarketCap的數據，其市值從2021年初的數十億美元飆升至年底超過500億美元。 USDC為Defi和Coinbase等主要交易所提供了流動性，因此投資者用它來購買BTC，ETH和DEFI令牌，在此期間為價格上漲做出了貢獻。

As a result, BTC and ETH hit all-time highs, while DeFi protocols like Aave and Uniswap benefited from increased TVL (total value locked) driven by USDC growth.

結果，BTC和ETH達到了歷史高潮，而諸如AAVE和UNISWAP之類的DEFI協議受益於USDC增長驅動的TVL（總價值鎖定）的增加。

Most recently, a continuous minting of USDT and USDC from March to September 2024 has been predicted as a precursor to a strong pump in late 2024 (November and December).

最近，預計從2024年下半年（11月和12月），預測從3月至2024年9月的USDT和USDC的連續鑄造被視為強大泵的前身。

Therefore, stablecoin minting signals from whales toward the end of 2024 could indicate a bullish trend for crypto prices soon, particularly in the first half of 2025, amid the current market uncertainty and skepticism.

因此，從鯨魚到2024年底的Stablecoin鑄造信號可能表明很快出現加密價格的看漲趨勢，尤其是在2025年上半年，在當前市場的不確定性和懷疑中。