以太坊稳定币创下新的 ATH，但 TVL 在 USDT 挑战中下降

以太坊的稳定币刚刚达到了一个重要的里程碑。全球稳定币市值目前为 2057.9 亿美元。以太坊持有其中 1173.9 亿美元，占 54.32%。

Ethereum’s stablecoins just hit a big milestone. The global stablecoin market cap is now $205.79 billion. Of that, Ethereum holds $117.39 billion, which is 54.32%. This marks a new all-time high (ATH), breaking the record set in February 2022.

以太坊的稳定币刚刚达到了一个重要的里程碑。全球稳定币市值目前为 2057.9 亿美元。其中，以太坊持有 1173.9 亿美元，占比 54.32%。这创下了历史新高 (ATH)，打破了 2022 年 2 月创下的纪录。

Over the past two months, strong inflows have boosted Ethereum’s stablecoin share, indicating increased trust from investors and improved liquidity. However, ETH still faces challenges that could hamper its progress.

过去两个月，强劲的资金流入提振了以太坊的稳定币份额，表明投资者信任度增强，流动性改善。然而，ETH 仍然面临着可能阻碍其进步的挑战。

Stablecoin Growth Enhances Liquidity

稳定币的增长增强了流动性

ETH’s stablecoin growth highlights the network’s significance within the crypto landscape. Liquidity plays a crucial role by facilitating faster and smoother trades, ultimately attracting users and capital. Despite this growth, a concerning aspect is the decline in Ethereum’s total value locked (TVL). TVL measures the value of assets held in DeFi protocols, and a lower TVL indicates reduced utilization of the network, potentially impacting future growth.

ETH 稳定币的增长凸显了该网络在加密领域的重要性。流动性通过促进更快、更顺畅的交易发挥着至关重要的作用，最终吸引用户和资本。尽管出现这种增长，但令人担忧的是以太坊总锁定价值（TVL）的下降。 TVL 衡量 DeFi 协议中持有的资产的价值，TVL 较低表明网络利用率降低，可能会影响未来的增长。

Factors Contributing to Declining TVL

导致 TVL 下降的因素

One factor influencing the drop in TVL is the price of ETH. As ETH prices decline, the value of locked assets also falls. Another contributing factor is the recent tax code changes, which have made staking less attractive.

影响 TVL 下降的因素之一是 ETH 的价格。随着 ETH 价格下跌，锁定资产的价值也会下跌。另一个影响因素是最近的税法变化，这降低了质押的吸引力。

The Internal Revenue Service (IRS) now subjects staking rewards to tax, even if they are not cashed out. This has led some investors to avoid staking their ETH. As a result, fewer people are staking, which in turn decreases TVL and slows down DeFi activity.

美国国税局（IRS）现在对质押奖励征税，即使这些奖励没有兑现。这导致一些投资者避免抵押他们的 ETH。结果，质押的人越来越少，这反过来又减少了 TVL，并减缓了 DeFi 活动。

Challenges for USDT Impact Ethereum Stablecoins

USDT 面临的挑战影响以太坊稳定币

ETH also faces other challenges, including regulatory concerns surrounding USDT, the largest stablecoin on the Ethereum network. In the UK, there are apprehensions about USDT being removed from the market due to its non-compliance with regulations. Notably, USDT comprises 64.63% of Ethereum’s stablecoin market cap.

ETH 还面临其他挑战，包括围绕以太坊网络上最大的稳定币 USDT 的监管担忧。在英国，人们担心 USDT 由于不符合监管规定而被撤出市场。值得注意的是，USDT 占以太坊稳定币市值的 64.63%。

Potential Effects of Removing USDT from UK Markets

将 USDT 从英国市场移除的潜在影响

If USDT were to be delisted, ETH could encounter two primary issues. Firstly, there would be a decline in stablecoin transactions on the network. Secondly, some users might shift their funds into ETH as a safer alternative.

如果 USDT 下架，ETH 可能会遇到两个主要问题。首先，网络上的稳定币交易量将会下降。其次，一些用户可能会将资金转移到 ETH，作为更安全的选择。

However, these challenges may not persist indefinitely. Clearer regulations could contribute to stabilizing the situation and rebuilding trust. To continue thriving, Ethereum must adapt to these changing dynamics.

然而，这些挑战可能不会无限期地持续下去。更明确的监管有助于稳定局势和重建信任。为了继续繁荣，以太坊必须适应这些不断变化的动态。

What's Next for Ethereum (ETH) in Crypto?

加密货币中以太坊（ETH）的下一步是什么？

ETH's new stablecoin record underscores its enduring strength within the crypto landscape. Liquidity is rising, and investors are placing their trust in the network. However, looming concerns remain, with falling TVL and regulatory hurdles posing significant risks.

ETH 的新稳定币记录凸显了其在加密货币领域的持久实力。流动性不断增加，投资者对网络充满信心。然而，迫在眉睫的担忧依然存在，TVL 下降和监管障碍带来重大风险。

New tax code rules and apprehensions about USDT have the potential to slow growth. But with strategic planning and clear regulations, ETH could rally and recover. Its substantial role in the stablecoin market highlights Ethereum's vitality and leadership in the crypto domain. Having achieved remarkable milestones, ETH must now navigate these challenges to maintain its शीर्ष position.

新的税法规则和对 USDT 的担忧可能会减缓增长。但通过战略规划和明确的监管，ETH 可能会反弹并复苏。它在稳定币市场中的重要作用凸显了以太坊在加密领域的活力和领导地位。在取得了非凡的里程碑之后，ETH 现在必须应对这些挑战，以维持其领先地位。