Ripple 的 XRP 超越 Tether (USDT) 成为市值第三大加密货币

这一激增发生在欧洲 USDT 的未来越来越不确定的时期，特别是在 MiCA 法规（加密资产市场）现已生效的情况下。

Ripple’s XRP has overtaken Tether (USDT) to become the third-largest cryptocurrency by market capitalization, a significant shift in the cryptocurrency market rankings. This development comes as Europe begins enforcing MiCA regulations (Markets in Crypto-Assets), which are expected to impact the landscape for stablecoins like USDT.

Ripple 的 XRP 已超越 Tether（USDT），成为市值第三大加密货币，这是加密货币市场排名的重大转变。这一发展正值欧洲开始执行 MiCA 法规（加密资产市场）之际，预计这将影响 USDT 等稳定币的格局。

According to data from CoinGecko, XRP surged by 1.5% over the last 24 hours and 13.1% in the past week, currently trading at $2.44. This surge pushed XRP's market capitalization to around $140 billion, placing it behind only Bitcoin (BTC) and Ethereum (ETH), valued at $1.3 trillion and $427 billion, respectively.

根据 CoinGecko 的数据，XRP 在过去 24 小时内飙升 1.5%，在过去一周飙升 13.1%，目前交易价格为 2.44 美元。这一飙升将 XRP 的市值推至约 1400 亿美元，仅次于比特币 (BTC) 和以太坊 (ETH)，后者的市值分别为 1.3 万亿美元和 4270 亿美元。

In contrast, USDT, the second-largest cryptocurrency, experienced a decline of 1.4% over the last seven days, dropping from a market cap of $140 billion to $137 billion. This decrease coincides with growing concerns about the regulatory environment for stablecoins in Europe.

相比之下，第二大加密货币 USDT 在过去 7 天里下跌了 1.4%，市值从 1400 亿美元跌至 1370 亿美元。这一下降恰逢人们对欧洲稳定币监管环境的日益担忧。

The timing of this development is crucial. MiCA regulations came into effect this week, aiming to establish a unified legal framework for the crypto industry across European Union member states. While MiCA's goal is to provide clarity and stability for the industry, it has also created significant challenges for stablecoins, especially USDT.

这一发展的时机至关重要。 MiCA 法规于本周生效，旨在为欧盟成员国的加密行业建立统一的法律框架。虽然 MiCA 的目标是为行业提供清晰度和稳定性，但它也给稳定币，尤其是 USDT 带来了重大挑战。

As the regulatory pressure mounts, platforms like Coinbase have taken precautionary measures, such as delisting USDT in Europe to avoid potential conflicts with MiCA. These actions are fueling concerns that USDT could face a difficult future in Europe, contributing to its recent decline in market capitalization.

随着监管压力的加大，Coinbase等平台已采取预防措施，例如在欧洲下架USDT，以避免与MiCA发生潜在冲突。这些行动加剧了人们对 USDT 在欧洲可能面临艰难未来的担忧，导致其近期市值下跌。

Amidst the shifting landscape for stablecoins, new yield-bearing stablecoins are gaining ground in the market. Cryptocurrencies like Ethena, with their delta-neutral model, and Ondo, with their RWA-backed model, are becoming increasingly popular. These stablecoins offer users the ability to earn yield while holding the tokens, providing an attractive alternative to USDT.

在稳定币格局不断变化的背景下，新的收益稳定币正在市场上占据一席之地。 Ethena 等加密货币（其 Delta 中性模型）和 Ondo（其 RWA 支持模型）正变得越来越受欢迎。这些稳定币使用户能够在持有代币的同时赚取收益，成为 USDT 的有吸引力的替代品。

Moreover, platforms such as Coinbase are also offering yield-bearing products for holding stablecoins like USDC, adding to the shifting demand for stablecoins. As tokens like Ethena's USDe become trading pairs on major exchanges such as Bybit, the demand for USDT continues to diminish.

此外，Coinbase 等平台还提供持有 USDC 等稳定币的有收益的产品，增加了对稳定币的需求变化。随着 Ethena 的 USDe 等代币成为 Bybit 等主要交易所的交易对，对 USDT 的需求持续减少。

Additionally, the continued secrecy surrounding USDT's reserves, particularly regarding how it maintains its peg to the US dollar, has led to a growing skepticism about the stability and transparency of USDT. These factors have combined to make USDT less appealing to many investors.

此外，围绕 USDT 储备的持续保密，特别是关于其如何保持与美元挂钩的问题，导致人们对 USDT 的稳定性和透明度越来越怀疑。这些因素综合在一起，导致 USDT 对许多投资者的吸引力下降。

While XRP has benefited from this decline in USDT's market cap, it's important to note that this isn’t the first time XRP has overtaken USDT. In fact, back on December 1, 2024, XRP climbed above the $2 mark for the first time in nearly seven years, briefly surpassing both USDT and Solana (SOL) in market cap. This moment highlighted the growing momentum behind XRP and its position as a strong contender in the market.

虽然 XRP 受益于 USDT 市值的下降，但值得注意的是，这并不是 XRP 第一次超越 USDT。事实上，早在 2024 年 12 月 1 日，XRP 近七年来首次攀升至 2 美元大关，市值短暂超过 USDT 和 Solana (SOL)。这一刻凸显了 XRP 背后的增长势头及其作为市场强有力竞争者的地位。

XRP's rise is also influenced by optimism surrounding Ripple's legal battles with the U.S. SEC. As the case progresses, investor sentiment has shifted in favor of XRP, pushing its price and market cap to new heights. Many analysts believe that if the lawsuit is resolved in Ripple's favor, the price of XRP could see even further gains.

XRP 的上涨也受到了 Ripple 与美国 SEC 法律纠纷的乐观情绪的影响。随着案件的进展，投资者的情绪已经转向 XRP，将其价格和市值推向新的高度。许多分析师认为，如果诉讼以 Ripple 有利的方式得到解决，XRP 的价格可能会进一步上涨。

As 2025 unfolds, the crypto market will continue to evolve, and the shifting positions of XRP and USDT are only the beginning. With MiCA regulations influencing stablecoin dynamics in Europe and new stablecoins offering attractive alternatives to USDT, it's clear that the market landscape is undergoing significant changes.

随着 2025 年的到来，加密货币市场将继续发展，XRP 和 USDT 的地位转变只是一个开始。随着 MiCA 法规影响欧洲稳定币动态，以及新的稳定币为 USDT 提供有吸引力的替代品，很明显，市场格局正在发生重大变化。

For now, XRP's rise signals a new era for Ripple and the broader cryptocurrency market, as it continues to outshine USDT and other altcoins. The future remains bright for Ripple as it looks to solidify its position in the top ranks of the cryptocurrency world.

目前，XRP 的崛起标志着 Ripple 和更广泛的加密货币市场进入了新时代，因为它继续超越 USDT 和其他山寨币。 Ripple 的未来仍然光明，因为它希望巩固其在加密货币世界顶级地位的地位。