随着 USDT、USDC 保持主导地位，稳定币市场将在 2025 年达到 300B 美元：Cointelegraph 调查

加密稳定币在 2024 年取得了巨大成功，12 月流通供应量达到历史最高水平，超过 2000 亿美元。

Crypto stablecoins had a banner year in 2024, with the total circulating supply of stablecoins reaching an all-time high of over $200 billion in December. Stablecoins, which are cryptocurrencies designed to mimic the value of a currency, most popularly the US dollar, are an integral part of the crypto ecosystem and now account for 5% of the crypto market capitalization.

2024 年，加密稳定币迎来了辉煌的一年，12 月稳定币的流通总量达到了超过 2000 亿美元的历史新高。稳定币是一种旨在模仿货币（最常见的是美元）价值的加密货币，是加密货币生态系统不可或缺的一部分，目前占加密货币市值的 5%。

With 2025 fast approaching, Cointelegraph has rounded up the industry’s forecasts and predictions on the key stablecoin trends to expect next year.

随着 2025 年的临近，Cointelegraph 汇总了业界对明年稳定币主要趋势的预测和预测。

Next stop is $300 billion: USDT and USDC to retain dominance

下一站是 3000 亿美元：USDT 和 USDC 保持主导地位

Multiple industry executives and founders told Cointelegraph that Tether’s USDt (USDT) and Circle’s USD Coin (USDC) — the two largest stablecoins by market capitalization — will likely retain their dominance in 2025,

下一站是 3000 亿美元：USDT 和 USDC 保持主导地位 多位行业高管和创始人告诉 Cointelegraph，Tether 的 USDt (USDT) 和 Circle 的 USD Coin (USDC)——市值最大的两种稳定币——可能会在 2025 年保持主导地位，

Guy Young, founder of decentralized stablecoin protocol Ethena, predicted that USDT will continue to be the largest stablecoin next year and that the total stablecoin market cap will rise to $300 billion.

去中心化稳定币协议 Ethena 创始人 Guy Young 预测，明年 USDT 将继续成为最大的稳定币，稳定币总市值将升至 3000 亿美元。

“I expect we cross $300 billion in outstanding, Tether continues to dominate with their existing moat, and the rest of the market is challenged by new fintech and Web2 entrants with their own offerings,” Young told Cointelegraph.

Young 告诉 Cointelegraph：“我预计我们的流通量将超过 3000 亿美元，Tether 继续以其现有的护城河占据主导地位，而市场的其余部分则受到新的金融科技和 Web2 进入者及其产品的挑战。”

Alchemy Pay’s chief marketing officer, Ailona Tsik, said stablecoins like USDT and USDC “have already established themselves as critical tools for global transactions, and their adoption across emerging markets and decentralized applications will likely accelerate.”

Alchemy Pay 首席营销官 Ailona Tsik 表示，USDT 和 USDC 等稳定币“已经成为全球交易的关键工具，它们在新兴市场和去中心化应用中的采用可能会加速。”

Coinbase, the co-operator of USDC, said in its 2025 outlook that stablecoins are “just getting started” as some analysts project the tokens could grow into a $3 trillion market over the next five years.

USDC 的合作伙伴 Coinbase 在其 2025 年展望中表示，稳定币“才刚刚起步”，因为一些分析师预计稳定币可能在未来五年内成长为 3 万亿美元的市场。

Stablecoin payments: Visa expects stablecoin card demand to spike

稳定币支付：Visa 预计稳定币卡需求将激增

Visa’s head of crypto, Cuy Sheffield, told Cointelegraph that stablecoin adoption can modernize and streamline global payments, but that existing stablecoin spending opportunities are still limited.

稳定币支付：Visa 预计稳定币卡需求将激增 Visa 加密货币业务主管 Cuy Sheffield 告诉 Cointelegraph，稳定币的采用可以实现全球支付的现代化和简化，但现有的稳定币消费机会仍然有限。

“If 2024 was the year stablecoin demand picked back up, 2025 will introduce the next pivotal opportunity: the rise of stablecoin-linked cards,” Sheffield said.

Sheffield 表示：“如果 2024 年是稳定币需求回升的一年，那么 2025 年将带来下一个关键机遇：与稳定币挂钩的卡的崛起。”

He said Visa will expand its capabilities to enable issuers to settle stablecoin-linked cards directly with the payments giant using stablecoins.

他表示，Visa 将扩大其能力，使发卡机构能够使用稳定币直接与支付巨头结算与稳定币挂钩的卡。

Crypto platform Uphold’s CEO, Simon McLoughlin, is also optimistic about growing payment adoption in the coming year.

加密货币平台 Uphold 的首席执行官 Simon McLoughlin 也对未来一年支付采用率的增长持乐观态度。

“2025 will be the year that stablecoins go mainstream as the vehicle for international payments,” McLoughlin said. He highlighted new stablecoins targeting cross-border settlement, such as Ripple Labs’ Ripple USD (RLUSD), which started trading on Dec. 17.

McLoughlin 表示：“2025 年，稳定币将成为国际支付工具主流。”他重点介绍了针对跨境结算的新稳定币，例如 Ripple Labs 的 Ripple USD (RLUSD)，该货币于 12 月 17 日开始交易。

BitPay’s chief market officer, Bill Zielke, told Cointelegraph that stablecoins accounted for at least a quarter of the volume in 2024 on the crypto payments platform despite making up just 5% of all transactions.

BitPay 首席市场官 Bill Zielke 告诉 Cointelegraph，尽管稳定币仅占所有交易的 5%，但到 2024 年，稳定币至少占该加密支付平台交易量的四分之一。

“While the average BTC transaction value at BitPay is just over $1,000, USDC transactions average more than $5,000,” he said.

“虽然 BitPay 的平均 BTC 交易价值刚刚超过 1,000 美元，但 USDC 的交易平均价值超过 5,000 美元，”他说。

“We anticipate this trajectory will continue into 2025 as stablecoins further solidify their role in global commerce and business-to-business payments,” Zielke added.

Zielke 补充道：“随着稳定币进一步巩固其在全球商业和企业对企业支付中的作用，我们预计这一趋势将持续到 2025 年。”

Regulatory divergence and need for consistent regimes will persist

监管分歧和对一致制度的需求将持续存在

Despite many expressing optimism about stablecoins’ growth in 2025, regulations around the tokens remain inconsistent globally.

监管分歧和对一致制度的需求将持续存在尽管许多人对 2025 年稳定币的增长表示乐观，但全球范围内围绕代币的监管仍然不一致。

“One of the key challenges we foresee for stablecoins in 2025 is navigating the evolving regulatory landscape,” Alchemy Pay’s Tsik said.

Alchemy Pay 的 Tsik 表示：“我们预计 2025 年稳定币面临的主要挑战之一是应对不断变化的监管环境。”

BitGo’s head of stablecoins, Ben Reynolds, said regulatory uncertainty and the need for greater transparency will remain significant challenges in 2025 until lawmakers provide clear guidance.

BitGo 稳定币主管 Ben Reynolds 表示，在立法者提供明确指导之前，监管不确定性和提高透明度的需求在 2025 年仍将是重大挑战。

True Markets founder Vishal Gupta told Cointelegraph that the stablecoin legal landscape will “still face inefficiencies and fragmentation due to inconsistent regulatory regimes.”

True Markets 创始人 Vishal Gupta 告诉 Cointelegraph，稳定币法律环境“仍将因监管制度不一致而面临效率低下和碎片化的问题”。

He referred to a global regulatory divergence triggered by the introduction of stablecoin rules specific to the European Union, particularly the Markets in Crypto-Assets Regulation (MiCA).

他提到了欧盟特有的稳定币规则的引入引发了全球监管分歧，特别是加密资产市场监管（MiCA）。

“Regulatory divergence could open opportunities in regions with clear, balanced rules but create challenges where regulations are overly complex or restrictive,” Gupta said.

古普塔表示：“监管分歧可能会在规则清晰、平衡的地区带来机遇，但在监管过于复杂或限制性过大的地区会带来挑战。”

With US President-elect Donald Trump preparing to take office in January, companies like BitPay expect greater clarity and consistency on how stablecoins and crypto markets are regulated.

随着美国当选总统唐纳德·特朗普准备于 1 月份就职，BitPay 等公司预计稳定币和加密货币市场的监管方式将更加清晰和一致。

2025 stablecoin trends: L2s, yields and interoperability

2025 年稳定币趋势：L2、收益率和互操作性

Many industry execs predicted further stablecoin developments next year in areas such as layer 2s (L2), yields and interoperability.

2025 年稳定币趋势：L2、收益率和互操作性许多行业高管预测明年稳定币在第 2 层 (L2)、收益率和互操作性等领域将进一步发展。

BitPay’s Zielke said L2 stablecoin adoption on networks like Arbitrum, Optimism and Base will be among the biggest development areas for the tokens in 2

BitPay 的 Zielke 表示，L2 稳定币在 Arbitrum、Optimism 和 Base 等网络上的采用将是 2 年来代币最大的发展领域之一