Tether (USDT) 主導穩定幣市場，但 Circle (USDC) 正在爭奪一杯羹

穩定幣是加密貨幣和區塊鏈生態系統的重要組成部分，而 Tether 一直是該領域的領導者。

Stablecoins have become an integral part of the crypto and blockchain ecosystem, and Tether has maintained its leadership in this segment. This dominance is not only evident in terms of stablecoin adoption but also in terms of USDT marketcap.

穩定幣已成為加密貨幣和區塊鏈生態系統不可或缺的一部分，Tether 一直保持著該領域的領先地位。這種主導地位不僅在穩定幣的採用方面很明顯，而且在 USDT 市值方面也很明顯。

Tether has been actively minting USDT in response to the robust demand for stablecoins this year. Recent reports have disclosed that the company minted 1 billion USDT on Thursday.

為了應對今年穩定幣的強勁需求，Tether 一直在積極鑄造 USDT。最近的報道披露，該公司週四鑄造了 10 億美元。

Tether has been on a USDT minting spree since 6 November, adding 21 billion UDT to the market within that short period. At the time of observation, its marketcap had rallied to a new ATH of $139.76 billion.

自 11 月 6 日以來，Tether 一直在瘋狂鑄造 USDT，短時間內向市場增加了 210 億枚 UDT。截至觀察時，其市值已升至 1,397.6 億美元的新高。

For perspective, USDT marketcap at the start of 2024 was at $91.72 billion. This means it has so far added a bit over $48 billion to its marketcap just this year alone.

從長遠來看，2024 年初 USDT 市值為 917.2 億美元。這意味著光是今年，該公司的市值就增加了 480 億美元多一點。

This perfectly encapsulates the liquidity resurgence observed in the market during the year.

這完美地體現了今年市場上觀察到的流動性復甦。

The Brewing Battle for Dominance in the Stablecoin Segment

穩定幣領域的主導地位之戰正在醞釀中

The aggressive USDT marketcap growth is just one of the key growth areas that have so far allowed it to be the most dominant stablecoin. The other key factor is the level of adoption.

USDT 市值的強勁成長只是迄今為止使其成為最具主導地位的穩定幣的關鍵成長領域之一。另一個關鍵因素是採用程度。

To put things into perspective, here’s a DeFiLlama chart demonstrating USDT dominance which was at 69.42% at press time. USDT was the second most dominant stablecoin at 20.62%.

為了更直觀地了解情況，這裡有一張 DeFiLlama 圖表，顯示 USDT 的主導地位，截至發稿時為 69.42%。 USDT 是第二大穩定幣，佔 20.62%。

Recently, Circle has been gunning for a bigger piece of the stablecoin marketcap share with USDC. In fact, there were reports earlier in the week highlighting a partnership with Binance aimed at boosting USDC adoption.

最近，Circle 一直在與 USDC 爭奪更大的穩定幣市場份額。事實上，本週稍早有報導強調與幣安的合作旨在促進 USDC 的採用。

The collaboration could pave the way for USDC to pull off a more competitive front and potentially gain more dominance. This was announced just 2 days before Tether’s recent USDT minting.

此次合作可能為 USDC 贏得更具競爭力的戰線並可能獲得更多主導地位鋪平道路。這是在 Tether 最近鑄造 USDT 的前 2 天宣布的。

If Circle’s endeavor proves successful, then USDC could benefit from more adoption and utility. This means more people could start using it and thus boosting its dominance.

如果 Circle 的努力被證明是成功的，那麼 USDC 可以從更多的採用和實用性中受益。這意味著更多的人可以開始使用它，從而增強它的主導地位。

This also warrants a look at user or address statistics. USDT had just over 15 million total addresses at the start of May 2021 and slightly below $3 million had a non-zero balance.

這也值得查看用戶或地址統計數據。截至 2021 年 5 月，USDT 的地址總數略高於 1,500 萬個，餘額非零，略低於 300 萬美元。

Total addresses have since grow to 42.76 million addresses, with over 6.02 million addresses having a non-zero balance.

此後，地址總數已增長至 4,276 萬個地址，其中超過 602 萬個地址具有非零餘額。

This is as of 9 December, painting a reasonable picture of just how USDT addresses have grown so far.

這是截至 12 月 9 日的數據，合理地描繪了迄今為止 USDT 地址的增長情況。

Meanwhile, USDC had 4.33 million total addresses as of early May 2021. There were slightly under 888,000 addresses with balance during the same period.

同時，截至 2021 年 5 月上旬，USDC 的地址總數為 433 萬個。

USDT total addresses have since then grown to 15.63 million addresses as of 9 December. There were 2.4 million addresses with balance during the same time.

截至 12 月 9 日，USDT 總地址已增至 1,563 萬個。同期有240萬個地址有餘額。

Based on these figures, it was clear that USDT outperformed USDC in terms of address growth. But the real question is, will Circle’s partnership with Binance narrow this gap?

根據這些數據，很明顯 USDT 在地址增長方面優於 USDC。但真正的問題是，Circle 與幣安的合作會縮小這一差距嗎？

USDC could reap immense benefits from the deal in terms of user growth and perhaps even in terms of dominance.

USDC 可以從用戶成長甚至主導地位方面從這筆交易中獲得巨大利益。

However, it has a long way to go before securing a chance at surpassing USDT both in terms of user growth and marketcap.

然而，無論是在用戶成長還是市值方面，它距離超越 USDT 還有很長的路要走。