大型集中交易所的美元系绳（USDT）供应正在旋转

最大的美元固定型稳定股（USDT）的美元系绳（USDT）在集中式交易所的存款中创下了新的记录。

The supply of U.S. Dollar Tether (USDT) on major centralized cryptocurrency exchanges has surged rapidly since the beginning of the bull rally in early November, according to CryptoQuant. This development could potentially serve as an indicator for the approach of the next phase of crypto price increases.

据CryptoQuant称，自11月初公牛集会开始以来，在主要集中的加密货币交易所的供应量迅速飙升。这种发展有可能成为下一阶段加密价格上涨的指标。

As per data from CryptoQuant, traders have deposited over $12.5 billion in USDT into centralized exchanges (CEXes) following the U.S. presidential elections. This massive inflow of USDT liquidity has led to a 43% increase in the stablecoin's net exchange volume, bringing it to a record high of $43 billion in less than three months.

根据CryptoQuant的数据，在美国总统大选之后，交易员已将超过125亿美元的USDT存入了集中式交易所（CEXES）。 USDT流动性的大量流入使Stablecoin的净汇率增加了43％，在不到三个月的时间内使其达到创纪录的430亿美元。

"Stablecoins just hit new highs on exchanges.

“ Stablecoins只是在交流中达到了新的高点。

Since November 4, USDT has surged from $30.5B to $43B (up 41%), boosting market liquidity.

自11月4日以来，USDT已从30.5B美元飙升至43B美元（增长41％），增加了市场流动性。

Historically, more stablecoins often mean higher prices."

从历史上看，更多的稳定币通常意味着更高的价格。”

The net capitalization of the stablecoin segment has also surged during this period, rising from $167 billion to $204 billion, according to CryptoQuant. This metric, which measures the total market cap of stablecoins excluding those used as collateral for loans or other instruments, has also reached record levels with a 22.1% increase from November to January.

据CryptoQuant称，在此期间，Stablecoin细分市场的净资本化也飙升，从1670亿美元增加到2040亿美元。该指标衡量了稳定币的总市值，不包括贷款或其他工具的抵押品，但从11月到1月，它也达到了创纪录的水平，增长了22.1％。

Considering that stablecoin liquidity can only be utilized for purchasing Bitcoin (BTC) or altcoins, the high concentration of stablecoins on CEXes may suggest the buildup for the next leg of the BTC rally.

考虑到只能用于购买比特币（BTC）或Altcoins的稳定流动性，在CEXES上，稳定的稳定量很高可能表明BTC Rally下一条比赛的积累。

For context, during the most severe phase of the crypto downturn in 2021-2022, following the collapse of FTX and Alameda, the net exchange volume of stablecoins stood at $18 billion. At the time, the total stablecoin segment market cap was around $140 billion, nearly 30% lower than current levels.

在上下文中，在FTX和Alameda崩溃之后，在2021 - 2022年加密货币衰退最严重的阶段，Stablecoins的净交换量为180亿美元。当时，Stablecoin市场上限的总数约为1400亿美元，比目前的水平低近30％。

Meanwhile, the stablecoin segment continues to be highly centralized, with USDT maintaining dominance at around 66%. However, the largest stablecoin faces competition from Circle's USDC, which is emerging as a strong rival.

同时，Stablecoin细分市场仍然是高度集中的，USDT的优势保持在66％左右。但是，最大的Stablecoin面临着Circle USDC的竞争，该公司正成为强大的竞争对手。

As reported by U.Today, CryptoQuant recently highlighted USDC as the fastest-growing stablecoin in recent months, with its market cap surging from $35 billion to over $52 billion in three months.

正如U.Today报道的那样，CryptoQuant最近强调了USDC是最近几个月增长最快的Stablecoin，其市值从350亿美元飙升至三个月内超过520亿美元。

The position of USDT may also be threatened by the introduction of new regulated stablecoins, such as Ripple's RLUSD, and the potential delisting of certain stablecoins for EU customers under MiCA.

USDT的位置也可能受到引入新的受监管的Stablecoins（例如Ripple的RLUSD）的威胁，以及在MICA领导下的欧盟客户的某些稳定者的潜在推荐。

For instance, starting Jan. 31, 2025, USDT will no longer be available to European users of Tier 1 exchange Crypto.com due to the upcoming regulatory measures.

例如，从2025年1月31日开始，由于即将采取的监管措施，USDT将不再向Tier 1 Exchange Crypto.com的欧洲用户提供。