為什麼Tether（USDT）主導Stablecoin市場

穩定幣是一種特殊類型的加密貨幣，旨在保持穩定的價值，通常與Dollar這樣的傳統貨幣匹配

In the bustling cryptocurrency landscape, stablecoins act like digital dollars, providing a stable anchor in the often-stormy seas of crypto markets. People use them extensively to buy and sell other cryptocurrencies like Bitcoin or Ethereum, move funds across borders quickly, participate in decentralized finance (DeFi) applications, or simply park their money digitally without facing the price swings common to other crypto assets.

在繁華的加密貨幣景觀中，Stablecoins的行為就像數字美元一樣，在經常風格的加密貨幣市場中提供了穩定的錨點。人們廣泛使用它們來買賣其他加密貨幣，例如比特幣或以太坊，迅速跨越邊界，參與分散的財務（DEFI）申請，或者簡單地將其數字化的錢停放而不面對其他加密資產共同的價格波動。

Given their fundamental role, the leadership position in the stablecoin arena is highly significant. To understand which stablecoin reigns supreme and why is crucial for comprehending the current state and future direction of digital finance.

鑑於他們的基本角色，在Stablecoin領域的領導地位非常重要。要了解哪種Stablecoin統治最高的至高無上，為什麼對於理解數字融資的當前狀態和未來方向至關重要。

The standard way to compare the size and influence of cryptocurrencies is through market capitalization – the total value of all coins in circulation. For a stablecoin aiming for a $1 peg, the market cap effectively shows how many dollars worth of that stablecoin exist and are being used.

比較加密貨幣的規模和影響的標準方法是通過市值 - 所有循環中所有硬幣的總價值。對於瞄準$ 1釘的穩定幣，市值有效地顯示了價值多少美元，並正在使用。

By this measure, Tether (USDT) holds a commanding lead in early 2025. Data from Brave New Coin on April 3 shows that USDT’s market capitalization is currently around $144 billion. This figure places it far ahead of its nearest rival, USD Coin (USDC), which has a market cap of approximately $60.7 billion.

通過這一措施，Tether（USDT）在2025年初持有指揮領導。 4月3日，Brave New Coin的數據顯示，USDT的市值目前約為1,440億美元。這個數字將其領先於最接近的競爭對手USD Coin（USDC），該硬幣的市值約為607億美元。

To put this scale in perspective, according to the well-known data platform DefiLlama, the total value of all tracked stablecoins is around $235 billion. This means that USDT alone represents over 61% of this entire market, a clear sign of its dominant position.

根據著名的數據平台Defillama的說法，將這個規模置於角度上，所有追踪的Stablecoins的總價值約為2350億美元。這意味著單獨使用USDT佔整個市場的61％以上，這是其主導地位的明顯跡象。

Interestingly, while USDT leads globally, where these stablecoins are most popular varies. While market cap shows overall size, trading volume reveals where the activity is happening. Research highlighted by organizations like the World Economic Forum shows that there's a distinct geographic pattern to stablecoin usage.

有趣的是，儘管USDT在全球範圍內領導，而這些穩定的穩定者最受歡迎。儘管市值顯示整體規模，但交易量揭示了活動的發生位置。像世界經濟論壇這樣的組織強調的研究表明，有一個獨特的地理模式可以使用穩定的使用。

This geographic split highlights how regional preferences, regulatory landscapes, and specific use cases shape the adoption of different stablecoins.

該地理分裂強調了區域偏好，監管景觀和特定用例如何塑造採用不同穩定的穩定劑。

Understanding the two leaders requires looking beyond just their market caps:

了解兩位領導人需要超越他們的市值：

Tether (USDT):

Tether（USDT）：

Is the older and more established stablecoin, having launched in 2015.

是較老，更具成熟的Stablecoin，於2015年推出。

Has faced scrutiny in the past over the transparency of its reserves, although it recently began disclosing attestations from accounting firms to show the types of assets backing USDT.

過去，由於其儲備的透明度，面臨審查，儘管它最近開始披露會計師事務所的證明，以顯示支持USDT的資產類型。

Is often preferred in markets outside North America, where it is widely listed on exchanges and used for trading.

在北美以外的市場中通常是首選，在北美地區，它在交易所被廣泛列出並用於交易。

Is said to be favored by individual traders and smaller institutions.

據說受到個人商人和較小機構的青睞。

USD Coin (USDC):

美元硬幣（USDC）：

Was launched in 2019 by Circle and is known for its strong regulatory focus.

於2019年由Circle推出，並以其強烈的監管重點而聞名。

Regularly publishes independent audits of its reserves, which are held in U.S. Treasury bills and cash.

定期發布有關其儲備金的獨立審核，這些審核是在美國國庫賬單和現金中進行的。

Has gained popularity among institutional investors and in North America, aided by its integration with platforms like Paxos and willingness to engage with regulators.

在與Paxos這樣的平台和與監管機構互動的願意的融合的支持下，機構投資者和北美都廣受歡迎。

Is said to be preferred by hedge funds and venture capitalists.

據說是對沖基金和風險資本家的首選。

Several other stablecoins play important roles, often bringing unique features, though their market caps remain much smaller:

其他幾個穩定的穩定角色扮演著重要的角色，通常會帶來獨特的功能，儘管它們的市值仍然小得多：

Dai (CRYPTO: DAI) is a decentralized stablecoin governed by the MakerDAO protocol. It aims to maintain its $1 peg through an open market value (MIVR) system and is used heavily in DeFi protocols.

DAI（加密：DAI）是由Makerdao協議管理的分散的Stablecoin。它旨在通過公開市場價值（MIVR）系統保持其1美元的釘子，並在DEFI協議中大量使用。

Paxos Standard (PAX) is a U.S.-dollar-backed stablecoin issued by Paxos, a New York-based trust company. It is fully disclosed and regularly audited.

Paxos Standard（PAX）是由總部位於紐約的信託公司Paxos發行的美國支持的Stablecoin。它被充分披露並定期審核。

USD+E is a yield-bearing stablecoin offered by Anchor, a lending protocol on the Terra blockchain. It seeks to provide interest income on stablecoins.

USD+E是由Terra區塊鏈上的貸款方案Anchor提供的承重穩定的。它旨在為穩定幣提供利息收入。

While these contenders offer valuable alternatives and innovations, particularly within the DeFi space, they currently lack the scale and widespread infrastructure integration to challenge USDT’s overall market dominance.

儘管這些競爭者提供了有價值的替代方案和創新，尤其是在Defi領域中，但他們目前缺乏規模和廣泛的基礎設施集成，以挑戰USDT的整體市場優勢。

Crucially, the future of stablecoins is deeply intertwined with evolving regulations worldwide. Governments are trying to balance encouraging innovation with managing risks related to financial stability and consumer protection.

至關重要的是，穩定蛋白的未來與全球不斷發展的法規息息相關。政府試圖在鼓勵創新與管理與金融穩定和消費者保護有關的風險之間取得平衡。

The approaches vary:

方法各不相同：

The U.S. is taking a measured step-by-step approach, with the SEC and Congress actively examining the legal classification and oversight of stablecoins.

美國證券交易委員會和國會正在採取一種測量的分步方法，積極研究了對穩定的法律分類和監督。

China has largely banned cryptocurrencies and signaled a preference for centrally controlled digital currency.

中國在很大程度上禁止了加密貨幣，並表示偏愛中央控制的數字貨幣。

The EU is moving swiftly with proposals for comprehensive regulation of crypto assets, including stablecoins, aiming to create a unified market.

歐盟正在迅速提出對加密資產的全面監管（包括Stablecoins）的提議，旨在創建一個統一的市場。

This regulatory heat is forcing stablecoin issuers to adapt. For instance, USDC has integrated with Paxos to offer compliant trading services for institutional clients, while also engaging in active dialogue with relevant U.S. government bodies.

這種監管熱量迫使穩定發行人適應。例如，USDC已與Paxos集成，為機構客戶提供合規的交易服務，同時還與相關的美國政府機構進行了積極的對話。

Navigating this complex regulatory environment will be crucial for all stablecoin issuers, and the compliance costs and restrictions could influence future market share.

瀏覽這一複雜的監管環境對所有Stablecoin發行人至關重要，並且合規成本和限制可能會影響未來的市場份額。

Ultimately, the success of a stablecoin depends on trust — trust that it will hold its $1 value and trust that it can be redeemed when needed. The historical questions surrounding USDT’s reserve transparency, despite recent attestations showing strong backing, remain a factor for some users.

最終，穩定幣的成功取決於信任 - 信任它將保持其1美元的價值和信任，即在需要時可以兌換它。儘管最近表現出強烈的支持，但圍繞USDT儲備透明度的歷史問題仍然是某些用戶的一個因素。

On the other hand,

另一方面，