穩定蛋白的總供應已達到歷史最高水平，在過去兩年中增加了44％。

投資策略將從大規模採用Stablecoins中獲利嗎？

Author: Ignas

作者：Ignas

Compiled by: Tim, PANews

編譯者：蒂姆，潘努斯

The total supply of stablecoins has hit a new all-time high, increasing by 44% over the past two years.

Stablecoins的總供應已經達到了新的歷史最高水平，在過去兩年中增長了44％。

With mainstream traditional financial institutions now actively deploying the stablecoin market, which investment strategies will profit from the mass adoption of stablecoins?

隨著主流傳統金融機構現在積極部署Stablecoin市場，哪些投資策略將從大量採用Stablecoins中獲利？

For added context, the Trump administration set August as a deadline for passing a stablecoin bill.

為了增加背景，特朗普政府將8月設定為通過一項穩定法案的截止日期。

Previously, an increase in the supply of stablecoins tended to push up cryptocurrency prices as people held them for short periods of time, primarily for speculative trading.

以前，隨著人們在短時間內將其持有的加密貨幣價格的增加往往會推高加密貨幣價格，主要用於投機交易。

Today, the use of stablecoins has gone beyond speculation. For example, SpaceX uses stablecoins to recover funds from its Starlink sales in Argentina and Nigeria, and artificial intelligence company ScaleAI also uses stablecoins to pay overseas contractors.

如今，使用穩定的人已經超越了猜測。例如，SpaceX使用Stablecoins從其在阿根廷和尼日利亞的Starlink銷售中收回資金，而人工智能公司Scaleai還使用Stablecoins向海外承包商支付。

The simplest investment strategy is to bet on the track where mainstream institutions may issue new stablecoins.

最簡單的投資策略是押注主流機構可能會發行新的穩定的賽道。

Ethereum, Base, Tron and Solana are the main public chains for the current issuance of stablecoins.

以太坊，基地，Tron和Solana是當前發行Stablecoins的主要公共連鎖店。

It is worth noting that although SOL has dominated this round of bull market, the growth of stablecoins on the Solana chain is relatively slow. Currently, only the Base chain has successfully sat on the stablecoin competition table with USDC.

值得注意的是，儘管SOL在這一輪牛市中佔據了主導地位，但Solana鏈上的穩定菌的增長相對較慢。目前，只有基本鏈成功地坐在USDC的Stablecoin競賽桌上。

Since the Base chain itself does not issue tokens, Coinbase's stock (NASDAQ: COIN) may become a potential target.

由於基本鏈本身沒有發出代幣，因此Coinbase的股票（NASDAQ：COIN）可能會成為潛在的目標。

Another strategy is to wait for the IPO of Circle, the issuer of USDC, or choose to invest in Visa or PayPal stocks.

另一個策略是等待USDC的發行人Circle IPO，或選擇投資簽證或PayPal股票。

In addition to transactions and payments, stablecoins are also used to earn returns in DeFi:

除交易和付款外，穩定幣還用於賺取DEFI的回報：

Therefore, if the supply of stablecoins continues to expand, mature DeFi protocols may become the main beneficiaries:

因此，如果穩定幣的供應繼續擴展，那麼成熟的DEFI方案可能會成為主要受益者：

- Aave/Morpho/Euler/Fluid

- AAVE/Morpho/Euler/Fluid

- Uniswap/Curve

- UNISWAP/曲線

- Maker

- 製造商

-Ethena

公司

Increased stablecoin supply → Pushing up the total locked value (TVL) on the chain → Increased protocol fee income → Increased token valuation (especially tokens with revenue sharing mechanisms)

增加穩定的供應量→提高鏈條上的總鎖定價值（TVL）→增加協議費收入→提高令牌估值（尤其是具有收入分享機制的令牌）

Yield is a key factor affecting the dynamics of the stablecoin market:

產量是影響Stablecoin市場動態的關鍵因素：

For example: PayPal’s stablecoin PYUSD is now available on Solana and Ethereum, but its growth has been slow.

例如：PayPal的Stablecoin Pyusd現已在Solana和Ethereum上使用，但其增長速度很慢。

Solana once used the high annualized returns of the Kamino protocol to incentivize an increase in the

Solana曾經使用Kamino協議的高年度回報來激勵增加