加密市场现在拥有历史上最高的稳定币流动性

今年，不同类型的法币挂钩代币的供应量有所增加，最终突破了历史新高。

The crypto market now boasts the highest stablecoin liquidity in its history, following the latest token issuance by Tether (USDT). Throughout the year, the supply of different types of fiat-pegged tokens has been increasing, leading it to finally break its all-time high.

在 Tether (USDT) 最新发行代币之后，加密市场目前拥有历史上最高的稳定币流动性。全年不同类型的法币挂钩代币的供应量不断增加，最终突破历史新高。

The recent Bitcoin (BTC) all-time high on November 12 was accompanied by a record series of new Tether (USDT) inflows. USDT added billions to its supply, while the value of all stablecoins surpassed peak levels from the 2021-2022 bull market.

11 月 12 日，比特币 (BTC) 创下历史新高，随之而来的是一系列创纪录的新 Tether (USDT) 流入。 USDT 的供应量增加了数十亿美元，而所有稳定币的价值都超过了 2021-2022 年牛市的峰值水平。

Pegged Token Growth Closely Tied to Bull Runs

挂钩代币增长与牛市密切相关

Artemis data tracking a basket of 14 stablecoins shows that the supply expanded to 166.7B, breaking the 2022 record of 166.4B. Of that supply, a total of 125.2B belongs to USDT, after the latest addition of more than 4B tokens within a week.

Artemis 追踪一篮子 14 种稳定币的数据显示，供应量扩大至 166.7B，打破了 2022 年 166.4B 的记录。其中，USDT 总量为 125.2B，最近一周内新增了超过 4B 代币。

Stablecoin growth, especially in the short term, remains closely tied to the biggest bull rallies, as most of the newly issued fiat-pegged tokens flowed directly into centralized exchanges.

稳定币的增长，尤其是短期内的增长，仍然与最大的牛市反弹密切相关，因为大多数新发行的与法币挂钩的代币直接流入中心化交易所。

The data was a snapshot during peak trading activity, so some may have since adjusted their supply downward.

该数据是交易活动高峰期间的快照，因此有些人可能已经下调了供应量。

In the past few months, the stablecoin supply has grown gradually. However, it had a hard time offsetting the outflows of several types of stablecoins. The 2024 stablecoin profile is showing marked differences, after removing more than 9B tokens of Terra’s UST, slashing the supply of DAI in half, and adding new types like Ethena’s USDe.

过去几个月，稳定币供应量逐渐增长。然而，它很难抵消几种稳定币的流出。在删除了 Terra 的 UST 超过 9B 种代币、将 DAI 的供应量削减一半并添加了 Ethena 的 USDe 等新类型之后，2024 年的稳定币概况显示出明显的差异。

Bull Market Split Stablecoins by Niche

牛市按利基划分稳定币

The 2024 bull market had an insatiable appetite for stablecoins as a settlement asset. For that task, the most suitable assets were USDT, Circle USD (USDC), and First Digital USD (FDUSD). Those tokens had the largest cumulative trading volumes, though skewed toward USDT.

2024 年的牛市对稳定币作为结算资产有着无法满足的需求。对于该任务，最合适的资产是 USDT、Circle USD (USDC) 和 First Digital USD (FDUSD)。这些代币的累计交易量最大，但偏向于 USDT。

In the past few days, USDT also achieved peak trading volumes, ranging between $240B and $263B in 24 hours. The growing demand for using USDT led to additional prints, which were absorbed into the daily turnover.

这几天USDT的交易量也达到峰值，24小时内交易量在$240B到$263B之间。使用 USDT 的需求不断增长导致了额外的打印，这些打印被吸收到每日营业额中。

The most useful version of USDT remains the Ethereum-based ERC-20 token, with the highest share of the supply and the broadest ecosystem. These tokens are also flowing into L2s, with accelerated deposits to Arbitrum (ARB). The Arbitrum chain now carries $4.8B in stablecoin liquidity, pointing to a highly active DeFi sector.

USDT 最有用的版本仍然是基于以太坊的 ERC-20 代币，其供应份额最高，生态系统最广泛。这些代币也流入 L2，并加速存入 Arbitrum (ARB)。 Arbitrum 链目前承载着 $4.8B 的稳定币流动性，表明 DeFi 领域高度活跃。

USDC and FDUSD together reached volumes of $33B in 24 hours, though targeted to specific trading pairs. FDUSD has a volume to market cap ratio of 653%, reflecting the activity on its most widely used Binance trading pair. Even with a supply of just 2.3B, FDUSD is one of the key mechanisms for settling BTC trading on Binance.

尽管针对特定交易对，USDC 和 FDUSD 的交易量在 24 小时内总计达到了 $33B。 FDUSD 的交易量与市值之比为 653%，反映了其最广泛使用的币安交易对的活动。即使供应量仅为 2.3B，FDUSD 也是币安上 BTC 交易结算的关键机制之一。

The second tier of stablecoins tied to the 2024 bull market belong to DeFi – DAI, Sky Dollar, USDe by Ethena, and GHO by Aave. The supply of DAI fell to 3.2B, though compensated by a switch to the new asset, Sky Dollar.

与 2024 年牛市相关的第二层稳定币属于 DeFi——DAI、Sky Dollar、Ethena 的 USDe 和 Aave 的 GHO。 DAI 的供应量下降至 3.2B，但通过转向新资产 Sky Dollar 进行了补偿。

The supply of USDS stabilized at 5.12B, leaving Sky/Maker with more than 8.3B in pegged token value. The Sky/Maker ecosystem is much closer to its peak value at 9.8B tokens, achieved in February 2022.

USDS 的供应量稳定在 5.12B，使得 Sky/Maker 的挂钩代币价值超过 8.3B。 Sky/Maker 生态系统更接近 2022 年 2 月达到的峰值 9.8B 代币。

GHO, the stablecoin issued by Aave, expanded its supply to 180M tokens, with the goal of serving the Aave ecosystem. GHO also spread to other DeFi protocols and gained prominence above other algorithmic stablecoins.

Aave 发行的稳定币 GHO 将其供应量扩大至 1.8 亿枚，目标是服务 Aave 生态系统。 GHO 还传播到了其他 DeFi 协议，并比其他算法稳定币获得了显着的地位。

The remainder of the supply is made up of less active asset-backed tokens, including Gemini USD (GUSD), the almost phased-out Binance USD (BUSD), and other regulated tokens like PayPal USD (PYUSD).

其余供应量由不太活跃的资产支持代币组成，包括 Gemini USD (GUSD)、几乎被淘汰的 Binance USD (BUSD) 以及 PayPal USD (PYUSD) 等其他受监管代币。

The remainder of the stablecoin market is for niche tokens with under $100M in value locked. Those tokens are riskier. Some fail to hold at the $1 peg, while others serve only one protocol. A total of 119 different tokens emerged over the past few years, copying the models of larger projects.

稳定币市场的其余部分是锁定价值低于 1 亿美元的利基代币。这些代币风险更大。有些无法坚持 1 美元挂钩，而另一些则只提供一种协议。过去几年，共有 119 个不同的代币出现，复制了大型项目的模式。