明年要考虑的 2 种替代稳定币

鉴于 USDC 在挑战 USDT 的主导地位以及为高度主导的市场带来平衡方面发挥着重要作用，替代稳定币的需求可能会在 2025 年出现增长。

Stablecoins play a crucial role in the cryptocurrency market and the decentralized finance (DeFi) ecosystem. Among the various stablecoins available, two corporations notably dominate the scene. However, recent developments may pave the way for alternative stablecoins to gain traction in 2025.

稳定币在加密货币市场和去中心化金融（DeFi）生态系统中发挥着至关重要的作用。在各种可用的稳定币中，两家公司尤其占据主导地位。然而，最近的发展可能为替代稳定币在 2025 年获得关注铺平道路。

One of the leading stablecoins, Circle's USDC, encountered a pivotal shift in its dynamics. As Bloomberg originally reported and Unchained covered further, Circle increased the "standard" redemption fees for USDC on October 29. This fee tier applies to holders seeking to bypass the standard two-day waiting period for "basic" redemptions, enabling them to obtain their dollar amount instantly but at a higher fee cost.

Circle 的 USDC 是领先的稳定币之一，其动态发生了关键转变。正如彭博社最初报道和 Unchained 进一步报道的那样，Circle 于 10 月 29 日提高了 USDC 的“标准”赎回费用。此费用等级适用于寻求绕过“基本”赎回的标准两天等待期的持有者，使他们能够获得他们的赎回费用。立即获得美元金额，但费用较高。

According to analysts, this fee increase may hamper demand for USDC from institutions and high-net-worth individuals engaged in trading, investments, and reserves. Notably, this decision comes amid a loss of market share to Tether's USDT, which surpassed a $120 billion capitalization and achieved over 70% dominance, as reported by Finbold.

分析师表示，此次费用上涨可能会抑制从事交易、投资和储备的机构和高净值个人对 USDC 的需求。值得注意的是，这一决定是在 Tether 的 USDT 失去市场份额的情况下做出的，据 Finbold 报道，Tether 的 USDT 市值超过 1200 亿美元，占据了 70% 以上的主导地位。

“In February, USDC accounted for 31% of the stablecoin market, while USDT represented 52%, but USDC’s market share has since dropped to 20% as USDT’s has grown to 70%.”

“2 月份，USDC 占稳定币市场的 31%，而 USDT 占 52%，但此后 USDC 的市场份额下降至 20%，而 USDT 的市场份额已增长至 70%。”

2 alternative stablecoins to consider for the next yearGiven USDC's significance in challenging USDT's dominance and bringing balance to a highly dominated market, alternative stablecoins may see an increase in demand in 2025.

明年要考虑的 2 种替代稳定币鉴于 USDC 在挑战 USDT 的主导地位以及为高度主导的市场带来平衡方面具有重要意义，替代稳定币的需求可能会在 2025 年出现增长。

The alternatives can vary from similarly centralized solutions like PayPal’s PYUSD or decentralized experiments like Ethena’s USDe, which uses a totally new system based on a drafted model by the known crypto executive Arthur Hayes.

替代方案可能与 PayPal 的 PYUSD 等类似的集中式解决方案或 Ethena 的 USDe 等分散式实验有所不同，后者使用基于知名加密货币高管 Arthur Hayes 起草的模型的全新系统。

However, users, traders, and investors must understand these alternatives are still mostly experimental, bringing considerable risks.

然而，用户、交易者和投资者必须明白，这些替代方案大多仍处于实验阶段，带来相当大的风险。

Maker’s DAI: Leading decentralized stablecoinFirst, Maker’s (MKR) DAI is the third largest stablecoin by market cap, with over $5.36 billion minted. It has 15% of USDC’s $34.87 billion capitalization and 4.5% of USDT’s $120.47 billion market value.

Maker 的 DAI：领先的去中心化稳定币首先，Maker (MKR) DAI 是市值第三大的稳定币，铸造额超过 53.6 亿美元。它占 USDC 348.7 亿美元市值的 15%，占 USDT 1204.7 亿美元市值的 4.5%。

Top 3 stablecoins by market capitalization. Source: CoinMarketCap / Finbold

按市值排名前 3 位的稳定币。资料来源：CoinMarketCap / Finbold

DAI is an overcollateralized stablecoin, which means that investors must deposit far more nominal value in different cryptocurrencies to Maker’s vaults in order to mint a smaller amount of DAI in a decentralized manner.

DAI 是一种超额抵押的稳定币，这意味着投资者必须将更多名义价值的不同加密货币存入 Maker 的金库，才能以去中心化的方式铸造更少量的 DAI。

However, recent governance moves from the MakerDAO, in an apparently failed rebranding attempt, raised market concerns and negative price consequences. MKR lost over 50% of its value since the rebranding announcement to Sky with the launch of a new token.

然而，MakerDAO 最近的治理举措显然是一次失败的品牌重塑尝试，引发了市场担忧和负面价格后果。自从宣布更名为 Sky 并推出新代币以来，MKR 的价值损失了超过 50%。

MKR holders offloaded their positions as the token would be rendered useless after the rebranding, now halted, was completed. Finbold reported how a MakerDAO’s investor capitulated for less than $2 million from a position previously valued at less than $3 million.

MKR 持有者卸载了他们的头寸，因为在现已停止的品牌重塑完成后，该代币将变得毫无用处。 Finbold 报道了 MakerDAO 的投资者如何从之前价值不到 300 万美元的头寸中以不到 200 万美元的价格投降。

Hatom’s USH: Promising alternative stablecoin for 2025Similar to Maker’s DAI, Hatom (HTM) is in the final stages of launching USH after years of development and tests. Hatom's USH utilizes DAI's battle-tested overcollateralized model to maintain its peg to the U.S. dollar.

Hatom 的 USH：2025 年有望替代的稳定币 与 Maker 的 DAI 类似，经过多年的开发和测试，Hatom (HTM) 正处于推出 USH 的最后阶段。 Hatom 的 USH 利用 DAI 久经考验的超额抵押模型来维持与美元挂钩。

At the time of writing, USH is undergoing public testing on an open testnet operating on MultiversX’s (EGLD) Devnet. The decentralized alternative stablecoin can be minted by supplying cryptocurrencies such as EGLD, Bittensor (TAO), wBTC, wETH, USDC, and USDT, as announced on October 28.

在撰写本文时，USH 正在 MultiversX (EGLD) Devnet 上运行的开放测试网上进行公开测试。正如 10 月 28 日宣布的那样，可以通过提供 EGLD、Bittensor (TAO)、wBTC、wETH、USDC 和 USDT 等加密货币来铸造去中心化替代稳定币。

The wait is finally over! We're excited to announce the introduction of both USH and Booster V2 on the Public Devnet for the community to start rigorous stress-testing.

等待终于结束了！我们很高兴地宣布在公共 Devnet 上引入 USH 和 Booster V2，以便社区开始严格的压力测试。

We invite you all to explore all the features and put them to the test by accessing any of the links below:… pic.twitter.com/HhsEwb7Cx7

我们邀请大家探索所有功能，并通过访问以下任何链接来测试它们：… pic.twitter.com/HhsEwb7Cx7

Moreover, Hatom Labs will provide various incentives for users who contribute to liquidity and stake the minted USH in other protocols. At Finbold, we previously covered the protocol as a promising platform for yield farming and earning passive income through lending.

此外，Hatom Labs 还将为贡献流动性并将铸造的 USH 质押到其他协议中的用户提供各种激励。在 Finbold，我们之前将该协议视为一个有前途的流动性挖矿平台，并通过贷款赚取被动收入。

Despite its relatively low market capitalization, the MultiversX blockchain has attracted the attention of key industry players. For instance, Uphold's Head of Research Dr. Martin Hiesboeck highlighted MultiversX as a promising Ethereum rival in an article on X. Notably, Uphold also featured the chain in a closed webinar for institutional investors on October 15.

尽管市值相对较低，MultiversX 区块链还是吸引了主要行业参与者的关注。例如，Uphold 的研究主管 Martin Hiesboeck 博士在一篇关于 X 的文章中强调 MultiversX 是一个有前途的以太坊竞争对手。值得注意的是，Uphold 还在 10 月 15 日面向机构投资者的封闭式网络研讨会上介绍了该链。

Additionally, Justin Bons, the founder and CIO of Europe's oldest crypto fund, described EGLD as the “technological Holy

此外，欧洲最古老的加密货币基金的创始人兼首席信息官 Justin Bons 将 EGLD 描述为“技术圣地”