Stablecoins正在重塑全球金融體系

該報告由Dune和Artemis共同發布，探討了Stablecoin市場的增長及其對傳統金融部門的影響。

The rapid development of stablecoins is reshaping the global financial system. In the "2025 State of Stablecoins" report jointly released by Dune and Artemis, data showed that the stablecoin market has seen significant growth in the past year, with accelerated institutional adoption, the rise of decentralized stablecoins, and continued growth in on-chain transaction activity.

Stablecoins的快速發展正在重塑全球金融體系。在Dune和Artemis共同發布的“ 2025年穩定狀態”報告中，數據顯示，穩定市場在過去的一年中已經顯著增長，隨著機構採用的加速，分散的穩定劑的興起以及鏈接交易活動的持續增長。

As of February, the supply of stablecoins has reached $214 billion, with an annual transaction volume of $35 trillion, twice the size of Visa's annual transaction volume.

截至2月，Stablecoins的供應已達到2140億美元，年度交易量為35萬億美元，是Visa年度交易量的兩倍。

The market activity has also increased, with the number of active addresses on the chain increasing by 53% to over 30 million.

市場活動也增加了，鏈條上的主動地址數量增加了53％，達到3000萬以上。

Institional funds are flowing in on a large scale, driving the deep integration of TradFi and the crypto market.

Intitional基金正在大規模流入，推動了Tradfi和加密貨幣市場的深刻融合。

Driven by the compliance process and market strategies, USDC and USDT still dominate, but there are subtle changes in market share.

在合規過程和市場策略的推動下，USDC和USDT仍然占主導地位，但市場份額有細微的變化。

In the DeFi ecosystem, the influence of decentralized stablecoins has increased significantly, and many emerging projects have achieved breakthrough growth.

在Defi生態系統中，分散的Stablecoins的影響有了顯著增加，許多新興項目已經實現了突破性的增長。

The flow trend of stablecoins reflects the positioning and competitiveness of different public chains in the market:

Stablecoins的流動趨勢反映了市場上不同公共連鎖店的定位和競爭力：

Most stablecoin liquidity is concentrated in centralized exchanges, and trading volume is mainly driven by DeFi (DEX, lending, and yield mining), reflecting the efficient circulation and innovation of funds.

大多數穩定的流動性集中在集中交易所，交易量主要由Defi（DEX，貸款和產量挖掘）驅動，這反映了資金的有效循環和創新。

Stablecoins have become a key infrastructure in the crypto market, while also driving innovation in the traditional financial sector. Industry experts are optimistic about the future development of stablecoins:

Stablecoins已成為加密市場中的關鍵基礎設施，同時也推動了傳統金融領域的創新。行業專家對Stablecoins的未來發展保持樂觀：

"Stablecoins are the lifeblood of the crypto market and a super conductor for the financial system. They open up new markets and financial opportunities, driving innovation that would otherwise be out of reach."

“ Stablecoins是加密貨幣市場的命脈，也是金融體系的超級指揮。他們開闢了新的市場和財務機會，推動了原本無法實現的創新。”

— Rob Hadick, General Partner, Dragonfly

- 普通夥伴羅布·哈迪克（Rob Hadick），蜻蜓

"Stablecoins have significant advantages in cross-border payments. We hope that Base will support more local currency stablecoins, so that global users can use familiar currencies to trade on the chain and increase the popularity of blockchain technology."

“ Stablecoins在跨境支付方面具有顯著優勢。我們希望基地能夠支持更多的本地貨幣穩定幣，以便全球用戶可以使用熟悉的貨幣來交易鏈條並提高區塊鏈技術的普及。”

— Neodaoist, Product Manager of Base

- 基礎產品經理Neodaisist

"The new generation of stablecoins must have market resilience. At its core, USDe is a yield-backed stability mechanism that ensures users have access to a reliable alternative to the U.S. dollar."

“新一代的Stablecoins必須具有市場的彈性。本質上，USDE是一種屈服的穩定機制，可確保用戶可以使用美元可靠的替代品。”

— Conor Ryder, Head of Research at Ethena Labs

- Conor Ryder，Ethena Labs研究主管

"The flow of stablecoins depends on the quality of infrastructure—low cost, fast transactions, and market demand. On Solana, Meme coin transactions have extremely high demand for liquidity and instant settlement, making stablecoins an indispensable part."

“穩定蛋白的流動取決於基礎設施的質量 - 低成本，快速交易和市場需求。關於索拉納，模因硬幣交易對流動性和即時定居的需求極高，使穩定的穩定者成為必不可少的部分。”

— Andrew Hong, Herd founder and data analysis expert

- 安德魯·洪（Andrew Hong），牛群創始人兼數據分析專家

"TRON has become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. USDT drives real economic activity on TRON, especially in emerging markets, where it has become a key tool for payments and savings."

“ Tron已成為Stablecoin交易的首選區塊鏈，每日交易數十億美元。USDT推動了Tron的真正經濟活動，尤其是在新興市場中，它已成為付款和儲蓄的關鍵工具。”

—Sam Elfarra, TRON DAO community spokesperson

- Sam Elfarra，Tron Dao社區發言人