以太坊超越 Tron，夺回 Tether（USDT）领先区块链的主导地位

过去一周，以太坊上的 USDT 发行量显着增加了 9.3%，而 Tron 的发行量则减少了 1.5%

Ethereum has taken the lead once again as the preferred blockchain for hosting Tether (USDT), surpassing Tron with a circulating supply of $60.3 billion. This development follows a notable 9.3% increase in USDT issuance on Ethereum over the past week.

以太坊再次成为托管 Tether (USDT) 的首选区块链，以 603 亿美元的流通量超越 Tron。这一进展是在过去一周以太坊上 USDT 发行量显着增加 9.3% 之后发生的。

According to data from DefiLlama, Ethereum has regained its dominance in the USDT market for the first time since August 2022. During this period, Tron experienced a slight decrease in its USDT supply, bringing it down to $58.1 billion, as reported by DefiLlama.

DefiLlama 的数据显示，自 2022 年 8 月以来，以太坊首次重新夺回了 USDT 市场的主导地位。据 DefiLlama 报道，在此期间，Tron 的 USDT 供应量略有下降，降至 581 亿美元。

The total circulating supply of USDT across all platforms has reached an impressive $132.9 billion, indicating a growing demand for the stablecoin. This development serves as a bullish indicator for the broader cryptocurrency market.

USDT 在所有平台上的总流通量已达到令人印象深刻的 1329 亿美元，表明对稳定币的需求不断增长。这一发展是更广泛的加密货币市场的看涨指标。

Stablecoins, such as Tether, play a crucial role in providing liquidity and facilitating efficient capital flow within the cryptocurrency ecosystem. They offer a stable value, typically pegged to fiat currencies like the U.S. dollar, making them less susceptible to the price volatility that characterizes cryptocurrencies.

Tether 等稳定币在提供流动性和促进加密货币生态系统内高效资本流动方面发挥着至关重要的作用。它们提供稳定的价值，通常与美元等法定货币挂钩，这使得它们不易受到加密货币特有的价格波动的影响。

Factors Driving Ethereum’s Resurgence

推动以太坊复苏的因素

Several factors have contributed to Ethereum's resurgence as the preferred blockchain for USDT. Financial institutions are increasingly adopting Ethereum to tokenize assets that are backed by the U.S. dollar. This development aligns with a broader trend of institutional adoption and crypto integration.

有几个因素促使以太坊重新成为 USDT 的首选区块链。金融机构越来越多地采用以太坊来对美元支持的资产进行代币化。这一发展符合机构采用和加密货币集成的更广泛趋势。

In contrast, Tron continues to be favored in regions that are grappling with high inflation. The blockchain's low transaction fees and fast processing speeds make it an attractive option for using stablecoins as a savings tool, especially in countries where traditional savings instruments offer meager returns.

相比之下，波场继续在面临高通胀的地区受到青睐。区块链的低交易费用和快速处理速度使其成为使用稳定币作为储蓄工具的有吸引力的选择，特别是在传统储蓄工具回报微薄的国家。

Key Events in USDT Supply Dynamics

USDT供应动态的关键事件

Ethereum solidified its lead in USDT circulating supply on November 21, 2024, with the minting of $1 billion in USDT on the blockchain. By November 23, this lead was further strengthened with the minting of an additional $2 billion in USDT on Ethereum.

2024 年 11 月 21 日，以太坊在区块链上铸造了 10 亿美元的 USDT，巩固了其在 USDT 流通供应量中的领先地位。到 11 月 23 日，随着以太坊上额外铸造了 20 亿美元的 USDT，这一领先优势进一步得到加强。

During the same period, Tron minted only $1 billion in USDT, highlighting the disparity in stablecoin issuance on the two blockchains.

同一时期，Tron 仅铸造了 10 亿美元的 USDT，凸显了两个区块链上稳定币发行量的差异。

Other blockchains that contribute to Tether's circulation include BNB Chain, which currently hosts $4.58 billion in USDT, Arbitrum with $3.09 billion, and Avalanche at $1.31 billion.

其他对 Tether 流通做出贡献的区块链包括 BNB Chain（目前托管着 45.8 亿美元的 USDT）、Arbitrum（持有 30.9 亿美元）和 Avalanche（持有 13.1 亿美元）。

Broader Stablecoin Ecosystem Dynamics

更广泛的稳定币生态系统动态

Tether (USDT) remains the world's largest stablecoin by market capitalization, valued at $132.3 billion. It is followed by Circle's USD Coin (USDC), with a market cap of $39 billion.

Tether (USDT) 仍然是全球市值最大的稳定币，价值 1,323 亿美元。紧随其后的是 Circle 的美元硬币（USDC），市值为 390 亿美元。

Ethereum also dominates USDC circulation, hosting $26.3 billion, or 67.5% of its total circulating supply. This reflects a significant presence of both USDT and USDC within the Ethereum ecosystem.

以太坊还主导了 USDC 的流通，托管着 263 亿美元的资金，占其总流通量的 67.5%。这反映了 USDT 和 USDC 在以太坊生态系统中的重要存在。

However, Tron lags substantially in USDC circulating supply due to earlier decisions by both Circle and Binance to withdraw support for the stablecoin on the Tron network.

然而，由于 Circle 和 Binance 早些时候决定取消对 Tron 网络上稳定币的支持，Tron 在 USDC 流通供应方面大幅落后。

Despite this, Tether remains a critical stablecoin within the digital asset ecosystem, reportedly reaching a user base of 350 million globally as of October 2024.

尽管如此，Tether 仍然是数字资产生态系统中重要的稳定币，据报道，截至 2024 年 10 月，全球用户群已达 3.5 亿。

Cantor Fitzgerald's Stake in Tether

坎托·菲茨杰拉德 (Cantor Fitzgerald) 持有 Tether 股份

In a related development, financial services firm Cantor Fitzgerald has acquired a 5% stake in Tether, which could be valued at up to $600 million. This move positions the company strategically amid increasing regulatory scrutiny of Tether's operations.

相关进展中，金融服务公司 Cantor Fitzgerald 收购了 Tether 5% 的股份，该股份的估值可能高达 6 亿美元。此举使该公司在 Tether 运营受到越来越严格的监管审查的情况下处于战略地位。

Cantor Fitzgerald's CEO, Howard Lutnick, is set to serve as the U.S. Secretary of Commerce under President-Elect Donald Trump. In this role, Lutnick may be involved in addressing Tether's regulatory challenges.

坎托·菲茨杰拉德 (Cantor Fitzgerald) 的首席执行官霍华德·卢特尼克 (Howard Lutnick) 将担任当选总统唐纳德·特朗普 (Donald Trump) 领导下的美国商务部长。在此职位上，Lutnick 可能会参与解决 Tether 的监管挑战。

The stablecoin issuer is currently facing investigations by the U.S. Attorney's Office for the Southern District of New York, which include allegations of illicit activity involving USDT.

该稳定币发行人目前正面临纽约南区美国检察官办公室的调查，其中包括涉及 USDT 非法活动的指控。

Tether's largest shareholder, Giancarlo Devasini, has reportedly expressed confidence in Lutnick's ability to navigate potential regulatory threats. Lutnick, who is currently involved in shaping the incoming administration, is expected to step down as Cantor Fitzgerald's CEO once his cabinet appointment is confirmed.

据报道，Tether 最大股东 Giancarlo Devasini 对 Lutnick 应对潜在监管威胁的能力表示信心。目前正在参与组建新一届政府的卢特尼克预计，一旦内阁任命得到确认，他将辞去坎托·菲茨杰拉德首席执行官的职务。

Looking Ahead

展望未来

Ethereum's renewed dominance in USDT circulating supply highlights the blockchain's critical role in the cryptocurrency ecosystem, especially for stablecoins. As Ethereum continues to expand its adoption for institutional use cases, the broader stablecoin market is expected to witness further growth and development.

以太坊在 USDT 流通供应中重新占据主导地位，凸显了区块链在加密货币生态系统中的关键作用，特别是对于稳定币而言。随着以太坊继续扩大其在机构用例中的采用，更广泛的稳定币市场预计将见证进一步的增长和发展。

Meanwhile, Cantor Fitzgerald's strategic investment in Tether underscores the increasing intersection of traditional finance, political influence, and the cryptocurrency sector, setting the stage for significant developments in the regulatory landscape.

与此同时，Cantor Fitzgerald 对 Tether 的战略投资凸显了传统金融、政治影响力和加密货币领域日益交叉，为监管环境的重大发展奠定了基础。