比特币潮流和美联储政策增加了市场波动

2025年3月20日，比特币的价格打破了85,000美元，近期升高，单天增加了3％以上。

Bitcoin price surged more than 3% on March 20, hitting a recent high of $85,000, and Ethereum price rose nearly 7%, driving the crypto market to rise across the board.

比特币的价格在3月20日飙升了3％以上，最近达到了85,000美元的高价，以太坊价格上涨了近7％，推动加密货币市场上涨。

This rise is closely related to the risk aversion demand caused by the plunge of the Turkish lira. The trading volume of BTC/TRY on the Binance platform has surged to a one-year peak, and investors are accelerating their shift to stablecoin assets such as USDT.

这一上升与土耳其里拉的暴跌引起的风险规避需求密切相关。 BTC/Try在Binance平台上的交易量已经飙升至一年的高峰，投资者正在加速他们向USDT等Stablecoin资产的转变。

At the same time, the Federal Reserve announced its interest rate decision early this morning. As expected, it would maintain the benchmark interest rate unchanged, but lowered its GDP growth forecast for 2025 and raised its inflation forecast.

同时，美联储今天清晨宣布了其利率决定。如预期的那样，它将保持基准利率不变，但降低了其GDP的增长预测，并提高了其通货膨胀预测。

Fed Chairman Powell said that "policy adjustments need to be made based on data," and the market's uncertainty about expectations for rate cuts has exacerbated short-term volatility.

美联储董事长鲍威尔说，“需要根据数据进行政策调整”，市场对削减税率期望的不确定性加剧了短期波动。

In this context, XBIT decentralized exchange has become the core choice for investors to hedge risks with its multiple security mechanisms - it uses cold wallets to store 95% of user assets offline, smart contracts are regularly audited by third parties such as CertiK, the vulnerability rate is kept at 0%, and the transaction records are traceable on the entire chain through blockchain browsers to ensure the authenticity and integrity of each transaction.

The compliance process of USDC exchanges is accelerating, and SBI and OKX are the focus

USDC交流的合规过程正在加速，SBI和OKX是重点

The ecological layout of stablecoin USDC continues to deepen. SBI VC Trade, an exchange under the Japanese financial giant SBI Group, officially launched the USDC service on March 12, becoming the first institution in Japan to obtain the registration of "electronic payment methods and other transaction practitioners."

Stablecoin USDC的生态布局继续加深。日本金融巨头SBI集团的交易所SBI VC Trade于3月12日正式启动了USDC服务，成为日本第一家获得“电子支付方法和其他交易从业人员”注册的机构。

Although the current circulation scope is limited to internal testing of the group, this move marks a key step in the landing of USDC in Asian compliant exchanges.

尽管目前的循环范围仅限于该组的内部测试，但此举标志着在符合亚洲的交流中登陆USDC的关键步骤。

In addition, OKX has recently added dozens of USD trading pairs, covering tokens such as MDT, PERP, and AXS, further expanding the application scenarios of USDC in spot trading and providing more fiat currency deposit and withdrawal options for global users.

此外，OKX最近增加了数十个USD交易对，涵盖了MDT，PERP和AXS等代币，进一步扩大了USDC的应用程序方案，并为全球用户提供了更多的法定货币存款和提款期权。

USDC Economic Status report released by Circle shows that the total historical transaction volume of USDC has now exceeded $20 trillion, and the monthly transaction volume in November reached $1 trillion, a year-on-year increase of 50%. Its advantages in compliance and cross-border payment capabilities continue to attract institutional users. For example, Standard Chartered Bank Zodia Markets has minted 4 billion US dollars of USDC for foreign exchange settlement, which solves the T+1 settlement problem in the Asia-Pacific region.

Circle发布的USDC经济状况报告显示，现在的历史交易总额已超过20万亿美元，11月的每月交易量达到1万亿美元，同比增长50％。它在合规性和跨境支付能力方面的优势继续吸引机构用户。例如，标准的特许银行Zodia市场已铸造了40亿美元的外汇和解，该公司解决了亚太地区T+1和解问题。

XBIT decentralized exchange: a safe and efficient hedge option

XBIT分散交流：安全有效的树篱选项

Against the background of Bitcoin’s sharp fluctuations and the Fed’s policy adjustments, XBIT decentralized exchange has become the core platform for investors’ asset management with its non-custodial architecture and on-chain verifiable mechanism. XBIT uses zero-knowledge proof technology (ZK-Snarks) to ensure transaction privacy and uses multi-signature wallets to reduce asset custody risks. Recently, its cross-chain bridging function supports instant exchange of USDC with BTC and ETH, further improving liquidity efficiency.

在比特币的急剧波动和美联储的政策调整的背景下，XBIT分散交流已成为投资者资产管理的核心平台，其非习惯架构和链上可验证的机制。 XBIT使用零知识证明技术（ZK-SNARKS）来确保交易隐私，并使用多签名钱包来降低资产保管风险。最近，其跨链桥接功能支持USDC与BTC和ETH的即时交换，从而进一步提高了流动性效率。

It is worth noting that the decentralized trading protocol Hibachi announced the completion of a $5 million seed round of financing on the same day, with participation from top institutions such as Dragonfly. Its verifiable security design based on zero knowledge echoes the technical path of XBIT, highlighting the industry’s emphasis on transparent infrastructure.

值得注意的是，分散的交易协议Hibachi宣布在同一天完成500万美元的种子融资，并从蜻蜓等顶级机构参与。其基于零知识的可验证的安全设计与XBIT的技术路径相呼应，突出了该行业对透明基础架构的重视。

USDC liquidity game in DEX and CEX: core differences and market dynamics

DEX和CEX中的USDC流动性游戏：核心差异和市场动态

Against the background of Bitcoin’s sharp fluctuations and the Fed’s policy adjustments, USDC, as a compliant stable currency, has a significant difference in the liquidity role of DEX in decentralized exchanges and CEX centralized exchanges. The following is a comparative analysis from four dimensions: asset control, transaction efficiency, security and regulatory adaptability:

在比特币的急剧波动和美联储的政策调整的背景下，作为合规稳定的货币，USDC在DEX在分散交流和CEX集中交易所中的流动性作用有显着差异。以下是来自四个维度的比较分析：资产控制，交易效率，安全性和监管适应性：

1.Asset control and transparency

1.国库控制和透明度

DEX: Users directly manage assets through self-hosted wallets, private keys are always controlled by individuals, transactions are completed on the smart contract chain, and all records are publicly available, eliminating the risk of black box operations. For example, the XBIT platform provides low slippage transactions through USDC, and user assets flow on the chain without relying on third-party custody.

DEX：用户直接通过自主钱包，私钥始终由个人控制，交易在智能合约链上完成，并且所有记录都可以公开可用，从而消除了黑匣子操作的风险。例如，XBIT平台通过USDC提供低水平交易，而用户资产在不依赖第三方监管机构的情况下流动。

CEX: Users need to deposit USDC into the exchange’s custodial wallet, the private key is controlled by the platform, and the transaction is executed off-chain, which has low transparency. Recently, a leading CEX has caused users to turn to DEX due to the leakage of API keys, highlighting the custody risk.

CEX：用户需要将USDC存放到交易所的托管钱包中，私钥由平台控制，并且交易是在链子外执行的，其透​​明度较低。最近，由于API键泄漏，领先的CEX导致用户转向DEX，从而突出了监护权风险。

2.Trading efficiency and liquidity depth

2.交易效率和流动性深度

CEX: With centralized market makers and a large user base, CEX provides high liquidity and instant trading experience, and USDC has extremely low slippage in mainstream currency pairs. For example, after the MEXC exchange launched the DEX+ function, the transaction volume exceeded 110,000 USDT in 24 hours,

CEX：借助集中式做市商和大型用户群，CEX提供了高流动性和即时交易经验，而USDC在主流货币对中的滑倒极低。例如，在MEXC Exchange启动DEX+功能之后，交易量在24小时内超过110,000美元，