長期以來，穩定的加油

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。隨著Stablecoin採用的命中

Stablecoins have become an integral part of the crypto landscape, and their role is becoming increasingly critical as institutions and governments engage more with the Web3 industry. A recent report by Allium and Ignas sheds light on the record-breaking levels of stablecoin adoption in November 2024, highlighting the impact on the next crypto cycle.

Stablecoins已成為加密景觀不可或缺的一部分，隨著機構和政府更多地與Web3行業互動，它們的作用變得越來越重要。 Allium和Ignas的最新報告闡明了2024年11月的Stablecoin採用紀錄水平，突出了對下一個加密週期的影響。

Recent Stablecoin ATH

最近的Stablecoin Ath

In November 2024, the global stablecoin market capitalization reached an unexpected high of $190 billion, surpassing the previous all-time high of $188 billion attained in April 2022. Moreover, stablecoin trading volumes on centralized exchanges surged, registering a 77.5% increase month-over-month to $1.81 trillion as of November 25.

2024年11月，全球Stablecoin市值達到了1900億美元的意外高價，超過了2022年4月的先前歷史最高高點1,880億美元。此外，在集中式交易所的股票交易量飆升，在每月增長到77.5％的時間增長到77.5％，至11月25日，這增加到了77.5％。

Source: Allium & Ignas

資料來源：Allium＆Diveor

Meanwhile, USDT retained its dominant position, accounting for 82.7% of total volume across centralized exchanges. FDUSD claimed the second spot with a 9.01% market share, followed by USDC at 8.09%. According to the report, FDUSD’s surging dominance reflects its strong adoption in Asian markets, particularly for cross-border payments. On the other hand, euro-denominated stablecoins displayed a 52.9% surge in trading activity, reaching $657 million, indicating increased usage by European users.

同時，USDT保留了其主導地位，佔集中交易所總數的82.7％。 FDUSD奪冠，市場份額為9.01％，其次是USDC為8.09％。根據該報告，FDUSD的統治地位反映了其在亞洲市場中的強烈採用，尤其是用於跨境支付。另一方面，以歐元為基礎的斯ababalecoins的交易活動增長了52.9％，達到6.57億美元，表明歐洲用戶的使用率增加了。

Source: Token Terminal

來源：令牌終端

TradFi with Stablecoin during the “red color” market

在“紅色”市場期間與Stablecoin的Tradfi

Amid the gloomy days of the crypto market, the rise of stablecoins has caught the attention of both the traditional finance (TradFi) market and the crypto market. According to the Trump administration’s Stablecoin bill, several opportunities are opening for both conventional investors and crypto investors. As a result, major TradFi players like Bank of America, Standard Chartered, PayPal, and Stripe actively captured the bills through their actions. 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.

在加密市場的陰鬱時代，穩定幣的興起引起了傳統金融（Tradfi）市場和加密貨幣市場的關注。根據特朗普政府的Stablecoin法案，傳統投資者和加密貨幣投資者都在開放幾個機會。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。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。

Case studies for stablecoin fuelling the crypto market

穩定劑的案例研究加油市場

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, as stablecoins act as a stable bridge between fiat and crypto, allowing seamless asset conversion within the blockchain ecosystem.

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。這種發展通常會導致價格上漲，因為Stablecoins充當菲亞特和加密貨幣之間的穩定橋樑，從而可以在區塊鏈生態系統內進行無縫的資產轉換。

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). 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.

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）。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. 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.

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。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). 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.

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。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。

Source: CoinMarketCap

資料來源：CoinMarketCap

Updated: Today, Circle has minted an additional $250 million in USDC on the Solana blockchain.

更新：今天，Circle在Solana區塊鏈上又增加了2.5億美元的USDC。

Looking forward

期待

In the past, stablecoin minting, including USDT and USDC, was primarily used to provide liquidity and fuel crypto market pumps, especially during bull cycles like 2017-2018 and 2020-2021. However, in 2025, stablecoins have expanded beyond just market pumps due to

過去，包括USDT和USDC在內的Stablecoin鑄造主要用於提供流動性和燃料加密市場泵，尤其是在諸如2017 - 2018年和2020-2021之類的Bull Cycles期間。但是，在2025年，由於穩定​​劑的擴大，由於