尽管宏观经济不确定性，但在过去的八个月中，Tether（USDT）和USD Coin（USDC）的市值已经大大增长

尽管目前在加密市场的波动性，这是由于持续的贸易战引起的宏观经济不确定性的推动，但资本仍通过稳定剂继续流入生态系统。

In the dynamic landscape of digital assets, stablecoins have emerged as a crucial pillar, facilitating seamless value transfer across diverse Web3 applications and serving as a critical liquidity source for traders engaging in crypto derivatives.

在数字资产的动态景观中，Stablecoins已成为一个关键的支柱，促进了各种Web3应用程序中无缝的价值转移，并作为从事加密衍生物的贸易商的关键流动性来源。

Despite the market downturn that began in November 2022 and the looming macroeconomic uncertainty, two leading stablecoins, Tether’s USDT and Circle’s USD Coin (USDC), have witnessed a remarkable surge in their market caps over the past eight months.

尽管市场跌至2022年11月开始，而且迫在眉睫的宏观经济不确定性，但两个领先的Stablecoins，Tether的USDT和Circle的USD Coin（USDC），在过去的八个月中目睹了他们的市值激增。

According to a chart shared by crypto financial services firm Matrixport on April 15, Tether’s flagship dollar-linked token has seen its market cap rise from around $113 billion in August to over $143 billion by April, indicating a 26% increase.

根据加密货币金融服务公司Matrixport在4月15日共享的图表，Tether的旗舰美元链接令牌已看到其市值从8月的1,130亿美元增加到4月的1,430亿美元，表明增长了26％。

This growth comes despite Tether facing partial delistings across some European platforms due to non-compliance with the Markets in Crypto Assets (MiCA) regulations, which were approved by the European Union in May 2023 and require crypto firms to apply for licenses in the bloc. The regulations, designed to unify crypto rules across the 27-member EU, also mandate tighter disclosure and asset backing standards.

尽管纽约市在某些欧洲平台上面临部分优势，但由于与加密资产（MICA）法规的市场不符合统一，这一增长源于某些欧洲平台，该法规在2023年5月获得了欧盟的批准，并要求加密货币公司申请Bloc的许可证。该法规旨在统一27名成员的加密规则，还要求更严格的披露和资产支持标准。

Meanwhile, USDC’s market cap has witnessed an even steeper escalation, surging from just over $31 billion to roughly $60 billion—an 93% increase.

同时，USDC的市值升级了甚至更高的升级，从仅超过310亿美元增加到大约600亿美元，增长了93％。

In August last year, the combined market cap of USDT and USDC stood at approximately $144 billion, but by April, it had crossed the $203 billion threshold.

去年八月，市值的联合市值为1440亿美元，但到4月，它已经超过了2030亿美元的门槛。

These figures highlight the sustained growth of major stablecoins even as digital assets’ prices have bled considerably over the past few months.

这些数字强调了主要稳定蛋白的持续增长，尽管数字资产的价格在过去几个月中大幅流散。

“Despite the macro uncertainty and regulatory challenges, we are seeing capital continue to flow into the crypto ecosystem through stablecoins,” said Matrixport analysts.

Matrixport分析师说：“尽管存在宏观的不确定性和监管挑战，但我们看到资本通过稳定生态系统继续通过稳定生态系统流入。”

They added that these coinflows suggest that stablecoins are becoming increasingly embedded in the digital economy, even without a parallel bull run in crypto assets themselves.

他们补充说，这些共振力线表明，即使在加密资产本身中没有平行的牛市，稳定币也越来越多地嵌入数字经济中。

The continued inflow of stablecoins comes against a complex regulatory backdrop in the United States. Just last week, the Securities and Exchange Commission (SEC) clarified that so-called “Covered Stablecoins”—fiat-backed, fully redeemable assets like USDT and USDC—do not fall under its jurisdiction as securities. This statement offers some relief to issuers.

在美国，稳定的持续流入与复杂的监管背景相比。就在上周，美国证券交易委员会（SEC）澄清说，所谓的“覆盖稳定币”（由USDT和USDC（例如USDT和USDC））（例如，由FIAT支持的，完全可赎回的资产）属于其作为证券的管辖范围。该声明为发行人提供了一些解脱。

However, this stance remains in contrast with legislative proposals like the STABLE Act, which seeks to impose bank-like regulatory requirements on all stablecoin issuers, and the more innovation-friendly GENIUS Act, which proposes a federal charter system to regulate stablecoins without stifling private-sector innovation. Both Acts are currently being discussed by the U.S. Congress.

但是，这种立场与诸如《稳定法》之类的立法提案形成鲜明对比，该法案旨在对所有Stablecoin发行人施加类似银行的监管要求，以及更具创新的天才法案，该法案提出了联邦宪章制度来监管Stablecoins而不扼杀私营私营私人创新的情况。美国国会目前正在讨论这两种行为。