以太坊继续在Stablecoin宇宙中主张其至高无上

这种爆炸性的增长引起了问题：这种大规模采用能否真正影响ETH的估值或相反使其竞争对手受益？

Ethereum is asserting its supremacy in the stablecoin universe. With a record transaction volume of 850 billion dollars, largely dominated by USDT and USDC, this explosive growth raises questions: can this massive adoption really impact the valuation of ETH or conversely benefit its competitors?

以太坊正在主张其在Stablecoin宇宙中的至高无上。凭借创纪录的交易量为8500亿美元，主要由USDT和USDC主导，这种爆炸性的增长引发了问题：这种大规模采用能否真正影响ETH的估值或相反使其竞争对手受益？

A few days after a member of the Trump government defended stablecoins while opposing CBDCs, these digital currencies exploded on Ethereum. Indeed, Tether’s USDT and Circle’s USDC were the main drivers of transaction volume on Ethereum. Together, they generated 291 billion dollars for USDT and 499 billion dollars for USDC. That is 790 billion dollars in volume out of the total 850 billion dollars in February.

在反对CBDC的同时，特朗普政府成员捍卫了稳定币的几天后，这些数字货币在以太坊上爆炸。确实，Tether的USDT和Circle的USDC是以太坊交易量的主要驱动力。他们共同为美元产生了2910亿美元，为USDC产生了4.99亿美元。在2月的总计8500亿美元中，这是7900亿美元的数量。

This domination is due to several factors. On the one hand, Ethereum offers a robust and secure environment for stablecoin transactions, favored by its massive adoption in decentralized finance (DeFi). On the other hand, stablecoins are widely used for cross-border payments and trading, thus increasing their presence on the network.

这种统治是由于几个因素。一方面，以太坊为Stablecoin交易提供了一个健壮且安全的环境，其在分散融资（DEFI）中的大规模采用（DEFI）都受到了青睐。另一方面，稳定剂被广泛用于跨境支付和交易，从而增加了他们在网络上的存在。

However, this centralization on USDT and USDC raises questions about the resilience of the ecosystem. A potential failure of one of these stablecoins could undermine Ethereum! This highlights the importance of diversifying towards other solutions like DAI or FRAX.

但是，对USDT和USDC的集中化提出了有关生态系统弹性的疑问。这些稳定菌之一的潜在失败可能会破坏以太坊！这凸显了对戴伊或弗拉克斯等其他解决方案多样化的重要性。

Can this volume propel ETH?

这个卷可以推动ETH吗？

Can such a massive transactional volume boost the price of ETH or even its valuation? In theory, the more Ethereum is used, the higher the demand for ETH should be to cover transaction fees (gas). However, the reality is more nuanced.

如此庞大的交易量可以提高ETH甚至其估值的价格吗？从理论上讲，使用以太坊越多，对ETH的需求应越高，应支付交易费用（气体）。但是，现实更加细微。

If stablecoins stimulate activity on Ethereum, the impact on ETH depends on the real demand for the token. The rise of layer 2 solutions, which reduce gas fees, could limit this effect. Moreover, ETH must compete with other rival blockchains like Solana or Avalanche that offer alternatives to stablecoins on Ethereum.

如果稳定蛋白刺激对以太坊的活性，则对ETH的影响取决于对令牌的实际需求。降低汽油费的2层解决方案的上升可能会限制这种影响。此外，ETH必须与其他竞争对手的区块链（如Solana或Avalanche）竞争，这些区块链为以太坊提供了stablecoins的替代方案。

As Ethereum’s on-chain activity collapses, this dominance in the stablecoin market therefore appears as a relief. While this trend strengthens its ecosystem, the impact on the valuation of ETH remains uncertain. To fully benefit from this dynamic, Ethereum will need to continue innovating in the face of growing competition.

随着以太坊的链活动崩溃，在稳定市场中的这种优势似乎是一种救济。尽管这种趋势增强了其生态系统，但对ETH估值的影响仍然不确定。为了完全受益于这种动态，以太坊将需要在竞争日益激烈的情况下继续进行创新。