经过一年的增长，Stablecoin供应的扩张已停滞不前

长期以来，Stablecoins一直是数字资产生态系统的骨干。它们对于加密的流动性格局至关重要

Stablecoins have long been touted as the backbone of the digital asset ecosystem.

长期以来，Stablecoin一直被吹捧为数字资产生态系统的骨干。

Essential to crypto’s liquidity landscape, they provide the sorts of dollar-pegged assets that facilitate trades and offer safety in otherwise volatile markets. But of late, they’ve been looking a bit less stable—and for a few pretty plausible reasons.

对于加密货币的流动性格局至关重要，它们提供了促进交易并提供其他波动市场安全性的多种美元的资产。但是最近，他们看上去的稳定性降低了，出于一些非常合理的原因。

As almost every crypto exchange and trading pair, stablecoins like USDT, USDC, and DAI, have core quote assets. These assets signal capital movement and sentiment. When the supply of these assets is rising, it almost always indicates that an influx of fresh capital is coming into the space and is ready to be deployed into some of the riskier assets. At times when capital isn’t flowing into the forced reserve stablecoins, we can assume that investors are either pulling capital from the space or sitting in the space waiting for clearer market signals.

由于USDT，USDC和DAI等几乎所有加密交易所和交易对，都有核心报价资产。这些资产信号信号的资本运动和情感。当这些资产的供应上升时，几乎总是表明新鲜资本的涌入即将进入该空间，并准备部署到一些风险的资产中。有时，当资本不流入强迫储备稳定币时，我们可以假设投资者要么从空间中撤出资本，要么坐在空间中，等待更清晰的市场信号。

The recent slowdown in stablecoin supply expansion, while subtle, is adding to accumulating signs that the wider crypto market might be entering a more prudent phase. After a year that was 2024—speculatively by the main meme coin manias, AI token rallies, and a deluge of fresh on-chain projects—that part of the crypto world seemed more like the deep, blue sea than the promising surf zone. And this is not to even mention at the turn from late 2024 into early 2025 and what might happen to crypto price action and trading volume if the Fed persistently keeps interest rates high.

Stablecoin供应扩张的最近放缓虽然微妙，但它增加了累积的迹象表明，更广泛的加密市场可能正在进入更加谨慎的阶段。一年之后，2024年（由主要的模因硬币玛尼亚斯（Meme Coin Manias），AI代币集会和一系列新鲜的链链项目提出，加密货币世界的一部分似乎更像是深蓝色的海洋而不是有前途的冲浪区。而且，从2024年末到2025年初，这甚至不提到，如果美联储持续保持利率很高，则加密货币价格行动和交易量可能会发生什么。

According to reports, stablecoins surpassed Visa's payment volume for the first time in 2024.

据报道，Stablecoins在2024年首次超过Visa的付款量。

Stablecoins Outpace Visa in Transaction Volume

交易量的稳定币超出空间签证

Even with this growth slowdown, stablecoins’ influence in international finance appears to be gaining. Reports suggest that, for the first time ever, stablecoins cleared more in payments than the Visa network does in a year.

即使这种增长放缓，Stablecoins在国际金融中的影响似乎也在增长。报道表明，有史以来第一次，Stablecoins在付款中清除了比一年中签证网络的付款更多。

That’s quite a milestone for an asset class that many in traditional finance still view as a bit of a wild child. But what’s happening here isn’t just a crypto thing. This is also about transactions based on U.S. dollars, and stablecoins clearing payment volumes in a dollar-dominated world.

对于资产类别的资产类别来说，这是一个里程碑，许多传统金融中仍然认为这是一个野生孩子。但是这里发生的不仅仅是加密货币。这也是关于基于美元的交易，以及以美元为主的世界清算付款量的稳定量。

Tether (USDT) has seen a 13% increase in users in Q1 2025, showcasing its role as a key financial tool in developing countries facing economic challenges.

Tether（USDT）在2025年第1季度的用户增加了13％，展示了其作为面临经济挑战的发展中国家的关键金融工具的作用。

More info🔍https://t.co/S5T6AnqxoQ#Crypto #Investment #USDT #Stablecoin #Finance

更多信息🔍Https：//t.co/s5t6anqxoq#crypto #investment #usdt #stablecoin #finance #finance

— Cobain (@Cobain_btc) April 15, 2025

- Cobain（@Cobain_BTC）2025年4月15日

Fast, low-cost and borderless transactions—that’s what you get with stablecoins. This makes them a not-so-secret weapon for not just traders but also businesses, remittance platforms, and individuals wandering through the financial desert of unstable monetary policy.

快速，低成本和无边界的交易 - 这就是您使用Stablecoins所获得的。这使它们成为不仅是交易者，而且是企业，汇款平台和个人在不稳定的货币政策的金融沙漠中徘徊的个人而不是如此秘密的武器。

These dollar-backed digital currencies are part of a shift that threatens to take a huge bite out of the payment systems operated by traditional banking giants.

这些以美元支持的数字货币是转变的一部分，它有可能从传统银行业巨头经营的支付系统中大量咬一口。

Among all stablecoins, Tether (USDT) remains the forerunner in adoption. In the first quarter of 2025, USDT had a user base that increased by 13%—that is, a significant leap that indicates growing usefulness in the very sort of places where its sort of decentralized functionality is most desired: developing nations. Those from the developed world who are poor and who are told they might as well stay poor are increasingly using Tether to shield themselves and their families from the sorts of things that make a currency unstable, inflation guaranteed, and financial system collapse all but certain.

在所有Stablecoins中，Tether（USDT）仍然是收养的先驱。在2025年第一季度，USDT的用户群增加了13％，也就是说，这是一个很大的飞跃，表明在最需要的分散功能的地方，有用的有用性日益增加：发展中国家。从发达国家贫穷并被告知他们可能会保持贫困的人越来越多地利用束缚来保护自己及其家人免受使货币不稳定，保证通货膨胀和金融体系崩溃几乎确定的各种事情。

The expanding utility places stablecoins at a unique intersection of the crypto innovation and real-world financial resilience. While the speculative use cases may ebb and flow, the demand for stable, accessible, and censorship-resistant money remains persistently strong, especially in places where conventional finance fails.

不断扩展的公用事业将稳定的稳定性置于加密创新和现实世界中财务弹性的独特交集。虽然投机性用例可能会逐渐消失，但对稳定，可访问和审查的资金的需求仍然坚固，尤其是在常规财务失败的地方。

But, the macroeconomic headwinds we encounter don’t just blow against stablecoins; they blow against the whole crypto market and the whole economy. A sustained recession or series of negative quarter-on-quarter GDP reports (which can sometimes happen) can lead to memories of the Great Depression. These are waters the whole crypto market is trying not to tread.

但是，我们遇到的宏观经济的逆风不仅仅是对抗稳定的。他们对整个加密货币市场和整个经济抗衡。持续的经济衰退或一系列负四分之一的GDP报告（有时可能发生）可能会导致对大萧条的记忆。这些是整个加密市场都试图不踩踏的水域。

The worry among stablecoin issuers is that regulators may restrict the amount of cash that can back a stablecoin. However, a recent report from the International Monetary Fund notes that funds held at banks may not be enough to back all the stablecoins in circulation. If that’s the case, stablecoins are at another near-death experience.

Stablecoin发行人的担忧是，监管机构可能会限制可以支持稳定的现金数量。但是，国际货币基金组织的最新报告指出，在银行持有的资金可能不足以支持所有流通的稳定币。如果是这样的话，Stablecoins将处于另一种近乎死亡的体验。

However, at present, stablecoins exemplify how crypto can shake up and make financial systems more accessible. Stablecoins were in the Digital Dollar 1.0 phase. They now meditate on what the next phase looks like. That is why they are here, reading from the same hymnal but acknowledging in their different ways that the agenda must change.

但是，目前，Stablecoins举例说明了加密货币如何摇动并使金融系统更容易访问。 Stablecoins处于数字美元1.0阶段。他们现在沉思着下一阶段的样子。这就是为什么他们在这里，从同一个赞美诗中读到，但以不同的方式承认议程必须改变。

In the coming year

来年