穩定幣在Q1中移動了重量，流入了一組新的鏈條

雖然在以太坊上添加了更多的USDT和USDC，但較小的鏈條上的穩定量增加。

Stablecoin supply shifted in Q1, with more USDT and USDC being added on Ethereum, while the stablecoin supply increased on smaller chains.

Stablecoin的供應在第1季度發生了變化，在以太坊上增加了更多的USDT和USDC，而較小的鏈條上的穩定量則增加。

Smaller protocols like Morph, Cronos, and Stacks had the biggest percentage growth in Q1. The shift in stablecoin flows followed another expansion of the overall supply to 231.9B tokens, up another 2.88% in March. The growth comes from USDT and USDC mints, in addition to the creation of new supply for algorithmic or crypto-collateralized protocols.

較小的協議，例如Morph，Cronos和Stacks，在第一季度的增長百分比最大。 Stablecoin流的轉變是在總體供應量的另一種擴展為231.9B代幣之後，三月份又增加了2.88％。增長來自USDT和USDC造幣廠，除了創建用於算法或加密貨幣化協議的新供應。

Small protocols turn to self-created liquidity

小規程轉向自我創造的流動性

Morph, Cronos, and Stacks were the biggest growth chains that attracted new inflows of stablecoins. In the fourth position, the Build on Bob chain built up its supply to over $1M. BOB is an outlier, since the chain is issuing its native asset, instead of receiving bridged funds. Morph Finance is also testing its own algorithmic stablecoin. Cronos also expanded its supply with the native USC.

Morph，Cronos和Stacks是吸引新穩定蛋白流入的最大生長鏈。在第四個位置，Bob Chain上的構建將其供應量增加到100萬美元以上。鮑勃（Bob）是一個離群值，因為該連鎖店正在發行其本地資產，而不是收到橋接資金。 Morph Finance還正在測試其自己的算法穩定性。克羅諾斯（Cronos）還擴大了與本地USC的供應。

Algorand, ZKSync and Hedera also saw stablecoin inflows, with the hope of reviving their previous activity. Algorand mostly carries USDC, the same as ZKSync. Hedera also has over 99% dominance of USDC, as the three chains seek a more secure, fully regulated asset.

Algorand，Zksync和Hedera還看到了Stablecoin的流入，希望能夠恢復其先前的活動。 Algorand主要攜帶USDC，與Zksync相同。 Hedera也擁有超過99％的USDC統治地位，因為這三個連鎖店尋求更安全，完全監管的資產。

The most significant change came for Solana, which grew its stablecoin supply by 146% to $12.53B. The inflows mostly came from USDC, as Circle had a special series of mints for the Solana ecosystem. USDC helped create the meme token trading peak on Orca, as stablecoins added liquidity for the newly launched trading pairs. USDC is also key for Kamino Lending and other Solana-based protocols, aiming to revive economic activity on the chain.

索拉納（Solana）最重大的變化是將其穩定供應量增長了146％，達到12.53B美元。流入主要來自USDC，因為Circle為Solana生態系統提供了一系列特殊的薄荷糖。 USDC幫助創建了Orca上的Meme代幣交易峰，因為Stablecoins為新推出的交易對增加了流動性。 USDC也是Ka​​mino貸款和其他基於SOLANA的協議的關鍵，旨在恢復鏈條上的經濟活動。

Crypto-collateral stablecoins return to growth

加密 - 加色穩定穩定恢復增長

Stablecoins went through a slight shift in supply, as algorithmic coin issuance slowed down, while crypto-collateralized assets expanded to 8.2% of the market. Stablecoins are drawing attention as a tool to lock in gains, while other growth opportunities are limited.

隨著算法硬幣發行的放緩，穩定的供應經歷了略有變化，而加密貨幣資產則擴大到市場的8.2％。 Stablecoins將注意力作為鎖定收益的工具，而其他增長機會也有限。

Crypto-collateralized stablecoins allow protocols to mint new liquidity by tapping the value of otherwise idle altcoins and even meme tokens.

加密加密化的穩定穩定性允許協議通過攻擊其他空閒山寨幣甚至模因令牌的價值來造成新的流動性。

Crypto-collateralized stablecoins remain relatively risky, especially after the recent drawdown for Bitcoin and Ethereum. Despite this, in Q1, crypto-collateralized coins increased their turnover and overall supply.

加密加密的穩定穩定性仍然相對危險，尤其是在比特幣和以太坊最近逐漸減少之後。儘管如此，在第一季度，加密貨幣硬幣增加了其營業額和整體供應。

On-chain transfer volume for this type of stablecoin gradually increased since early 2025, though still not competing with the leading USDT and USDC. DAI remains a key asset for decentralized activities, as DEX have no limitations or requirements for the type of stablecoin used.

自2025年初以來，這種類型的Stablecoin的鏈上轉移量逐漸增加，儘管仍然沒有與領先的USDT和USDC競爭。 DAI仍然是分散活動的關鍵資產，因為DEX對使用的Stablecoin類型沒有限製或要求。

Stablecoins returned to DeFi

Stablecoins返回Defi

The market slowdown in Q1 created more demand for preserving gains. This also determined the flow of stablecoins, which increased among DeFi protocols, for both loans and collaterals.

第一季度的市場放緩產生了對維護收益的更多需求。這還確定了貸款和抵押品之間在Fefi方案之間增加的穩定蛋白的流動。

Centralized exchanges were the biggest attractor for stablecoins, with reserves nearing an all-time high. Over $44B of the total stablecoin supply still sits on centralized exchanges, mostly tied to demand for derivative markets.

集中式交流是Stablecoins的最大吸引者，儲備金接近歷史最高。超過$ 44B的總穩定供應仍在集中交易所上，主要與對衍生市場的需求有關。

In Q1, centralized exchanges increased their stablecoin reserves by $2.8B based on Artemis data. The second growth sector was DeFi, attracting over $707M in net flows.

在第1季度，基於Artemis數據的集中式交易所將其穩定儲備提高了2.8b美元。第二個增長部門是Defi，吸引了超過7.07億美元的淨流。

Stablecoins flowed out of bridges, as well as L2 protocols, especially Arbitrum. Some of the supply returned to Ethereum, with large net changes for TRON and Solana.

穩定劑從橋樑以及L2方案，尤其是仲裁中流出。一些供應返回到以太坊，Tron和Solana的淨變化很大。

Stablecoin issuers have shown to be adaptive, but users also altered their use patterns. While Ethereum had a greater supply of stablecoins, other chains had a higher count for daily active wallets.

Stablecoin發行人已顯示自適應，但用戶也改變了其使用模式。儘管以太坊的穩定劑供應量更大，但其他鏈的每日活動錢包的數量較高。

The most activity was seen on TRON, BNB Smart Chain, Celo, Polygon, and Solana. Other chains saw bigger transfers, but had fewer wallets interacting with the protocol.

在Tron，BNB智能鏈，Celo，Polygon和Solana上看到的活動最多。其他連鎖店看到的轉移更大，但與該協議相互作用的錢包較少。