2024 年与法币挂钩的经济蓬勃发展——稳定币达到 200B 美元，Tether 市场飙升 50%，新玩家涌现

加密货币市场在 2024 年出现显着增长，比特币 (BTC) 突破 10 万美元里程碑，稳定币领域贡献显着

The crypto market witnessed substantial growth in 2024, with bitcoin (BTC) crossing the $100,000 threshold and stablecoins playing a significant role in this expansion. The fiat-pegged cryptocurrency economy reached an impressive $204 billion by year-end, marking a $73 billion increase from the beginning of the year.

2024 年，加密市场出现大幅增长，比特币 (BTC) 突破 10 万美元大关，稳定币在这一扩张中发挥了重要作用。到年底，与法币挂钩的加密货币经济规模达到令人印象深刻的 2040 亿美元，比年初增加了 730 亿美元。

Stablecoins Flourish While Rankings Shift

稳定币蓬勃发展，排名发生变化

Stablecoins serve as a crucial alternative to traditional currencies in the crypto world, offering a stable option. These assets, such as Tether (USDT) and USD Coin (USDC), are pegged to the U.S. dollar and provide crypto users the flexibility to trade without cashing out into fiat currencies. At the start of 2024, the total value of the stablecoin market stood at $131 billion, which surged to $204 billion by December 31, 2024, according to data from CoinGecko and DeFiLlama.

稳定币是加密世界中传统货币的重要替代品，提供了稳定的选择。这些资产，例如 Tether (USDT) 和 USD Coin (USDC)，与美元挂钩，为加密货币用户提供了交易的灵活性，而无需兑现为法定货币。根据 CoinGecko 和 DeFiLlama 的数据，2024 年初，稳定币市场总价值为 1310 亿美元，到 2024 年 12 月 31 日激增至 2040 亿美元。

In January, Tether (USDT) led the stablecoin market with a valuation of $91.78 billion, and by the year’s end, its value had soared by 50% to reach $137.67 billion. Similarly, USD Coin (USDC), issued by Circle, grew from a $24.71 billion market cap to $43.82 billion.

1月份，Tether（USDT）以917.8亿美元的估值领跑稳定币市场，到年底，其价值飙升50%，达到1376.7亿美元。同样，Circle 发行的美元硬币 (USDC) 市值从 247.1 亿美元增长到 438.2 亿美元。

The market witnessed a reshuffling among the top stablecoins, with DAI dropping from third place to fourth. While DAI's market cap stood at $5.24 billion at the start of 2024, it had fallen to $4.42 billion by year-end. This shift was partly due to MakerDAO's rebranding to Sky and the introduction of the USDS stablecoin, which now ranks as the seventh-largest stablecoin with a $1.26 billion market cap.

市场上顶级稳定币重新洗牌，DAI 从第三名跌至第四名。 2024 年初，DAI 的市值为 52.4 亿美元，但到年底已降至 44.2 亿美元。这一转变的部分原因是 MakerDAO 更名为 Sky 以及 USDS 稳定币的推出，该稳定币目前以 12.6 亿美元的市值排名第七大稳定币。

The Emergence of New Players

新玩家的出现

As 2025 approaches, new entrants are gaining steam in the stablecoin market. Ethena’s USDE has risen to third place, with a market cap of $5.867 billion. This yield-bearing asset pegged to the U.S. dollar was not even among the top stablecoins a year ago. TrueUSD (TUSD), which held fourth place in 2024, has now dropped to 12th position.

随着 2025 年的临近，稳定币市场的新进入者正在崛起。 Ethena的USDE已升至第三位，市值为58.67亿美元。这种与美元挂钩的收益资产在一年前甚至还不是顶级稳定币之一。 TrueUSD (TUSD) 在 2024 年排名第四，现已跌至第 12 位。

The market saw a reshuffling among the top stablecoins, with DAI dropping from third place to fourth. While DAI's market cap stood at $5.24 billion at the start of 2024, it had fallen to $4.42 billion by year-end. This shift was partly due to MakerDAO's rebranding to Sky and the introduction of the USDS stablecoin, which now ranks as the seventh-largest stablecoin with a $1.26 billion market cap.

市场上顶级稳定币重新洗牌，DAI 从第三名跌至第四名。 2024 年初，DAI 的市值为 52.4 亿美元，但到年底已降至 44.2 亿美元。这一转变的部分原因是 MakerDAO 更名为 Sky 以及 USDS 稳定币的推出，该稳定币目前以 12.6 亿美元的市值排名第七大稳定币。

First Digital’s FDUSD, which held fifth place in 2024, has remained steady with a slight increase in its market cap, rising from $1.80 billion to $2.16 billion. Meanwhile, stablecoins like BUSD, USDD, FRAX, USDP, and PYUSD, which were ranked sixth through tenth in 2024, have experienced shifts in their rankings.

First Digital 的 FDUSD 在 2024 年排名第五，保持稳定，市值略有上升，从 18 亿美元增至 21.6 亿美元。与此同时，2024 年排名第六至第十的 BUSD、USDD、FRAX、USDP 和 PYUSD 等稳定币的排名也发生了变化。

As we enter 2025, the sixth to tenth largest stablecoins by market cap are now USD0, USDS, USDD, PYUSD, and USDX, reflecting the constant evolution of the market.

进入 2025 年，市值排名第六至第十的稳定币现已是 USD0、USDS、USDD、PYUSD 和 USDX，反映了市场的不断演变。

A Dynamic Future for Stablecoins

稳定币充满活力的未来

The rapid growth of stablecoins signals their increasing integration into the global financial system. As adoption continues to rise, these digital assets have become an essential component for crypto users seeking stability amid market fluctuations. Stablecoins play a key role in decentralized finance (DeFi) and beyond, reshaping how cryptocurrencies are used in everyday transactions.

稳定币的快速增长标志着它们日益融入全球金融体系。随着采用率的不断上升，这些数字资产已成为加密货币用户在市场波动中寻求稳定的重要组成部分。稳定币在去中心化金融（DeFi）及其他领域发挥着关键作用，重塑了加密货币在日常交易中的使用方式。

Looking ahead, the reshuffling of stablecoin rankings indicates a dynamic market where innovation drives continued growth. With newer players like Ethena’s USDE gaining traction, traditional stablecoins face challenges to maintain dominance. The evolution of the stablecoin sector will be closely watched as it continues to transform the landscape of decentralized finance and the broader cryptocurrency economy.

展望未来，稳定币排名的重新洗牌表明市场充满活力，创新驱动持续增长。随着像 Ethena 的 USDE 这样的新玩家越来越受欢迎，传统稳定币面临着维持主导地位的挑战。稳定币行业的演变将受到密切关注，因为它继续改变去中心化金融和更广泛的加密货币经济的格局。