美国稳定币市场洗牌：Tether 的统治地位随着竞争对手的崛起而减弱

在稳定币持续遭遇挫折的情况下，加密货币交易格局发生了转变。虽然主要与美元和欧元挂钩的稳定币目前占加密货币交易的 82%，但 Tether 的 USDT 在中心化交易所的市场份额从 82% 下降至 69%，面临着 FDUSD 和 USDC 的竞争，FDUSD 和 USDC 因其自身的优势而受到关注。零费用交易和对受监管金融产品的需求增加分别。

Stablecoin Market Dynamics Shift: Tether's Dominance Wanes as Competitors Gain Ground

稳定币市场动态转变：随着竞争对手的崛起，Tether 的主导地位逐渐减弱

Amidst the ongoing scrutiny surrounding stablecoins in crypto markets, new research from Kaiko Research sheds light on significant shifts in market capitalization and trading trends.

在加密货币市场对稳定币的持续审查中，Kaiko Research 的新研究揭示了市值和交易趋势的重大变化。

Despite setbacks such as high-profile collapses and challenges in maintaining fiat currency pegs, stablecoins have steadily increased their market share compared to traditional fiat currencies in crypto trading. Currently, major USD and EUR-pegged stablecoins command an impressive 82% of all crypto transactions, with fiat currencies accounting for only 18%.

尽管遭遇了引人注目的崩盘和维持法定货币挂钩方面的挑战等挫折，但与加密货币交易中的传统法定货币相比，稳定币的市场份额仍在稳步增长。目前，与美元和欧元挂钩的主要稳定币占据了所有加密货币交易的 82%，而法定货币仅占 18%。

However, the stablecoin market remains dominated by a handful of key players, led by Tether's USDT. This powerhouse has processed a staggering $3.6 trillion in trading volume this year, eclipsing its closest rival, First Digital's FDUSD, by nearly fourfold.

然而，稳定币市场仍然由少数主要参与者主导，其中以 Tether 的 USDT 为首。这家巨头今年处理的交易量高达 3.6 万亿美元，比最接近的竞争对手 First Digital 的 FDUSD 多出近四倍。

Despite USDT's market leadership, its presence on centralized exchanges (CEXs) has declined from 82% to 69% this year. This erosion is attributed, in part, to the rising prominence of FDUSD, which has benefited from zero-fee trading on the Binance platform.

尽管 USDT 占据市场领先地位，但其在中心化交易所 (CEX) 中的份额今年已从 82% 下降至 69%。这种侵蚀在一定程度上归因于 FDUSD 的日益突出，它受益于币安平台上的零费用交易。

Meanwhile, Circle's USDC has emerged as a formidable challenger, capturing an increasing share of the market as traders gravitate towards regulated financial products in the crypto space. Kaiko analysts report that USDC's market share has skyrocketed from less than 1% in 2020 to an impressive 11% today.

与此同时，随着交易者倾向于加密货币领域受监管的金融产品，Circle 的 USDC 已成为一个强大的挑战者，占据了越来越大的市场份额。 Kaiko 分析师报告称，USDC 的市场份额已从 2020 年的不到 1% 飙升至如今令人印象深刻的 11%。

The stablecoin landscape is further diversifying with the introduction of new players like Ethena's yield-bearing stablecoin USDe. While USDe experienced a surge in volume following an airdrop of Ethena's ENA token, it has subsequently retreated from its April peak.

随着 Ethena 的收益稳定币 USDe 等新参与者的引入，稳定币格局进一步多元化。虽然 USDe 在 Ethena 的 ENA 代币空投后经历了交易量激增，但随后从 4 月份的峰值回落。

Looking towards the future, the path for algorithmic stablecoins appears uncertain, particularly in the United States. Proposed legislation threatens to impose stringent regulations or even outright bans on certain types of stablecoins. These regulatory headwinds could profoundly impact the adoption and stability of these digital assets.

展望未来，算法稳定币的发展道路似乎充满不确定性，尤其是在美国。拟议的立法可能会对某些类型的稳定币实施严格的监管甚至彻底禁止。这些监管阻力可能会对这些数字资产的采用和稳定性产生深远影响。

"Overall, algorithmic stablecoins face elevated regulatory and operational risks, including the potential for a ban in the US if the proposed stablecoin bill is enacted into law, which could hinder their broader adoption," the Kaiko report concludes.

Kaiko 报告总结道：“总体而言，算法稳定币面临着较高的监管和运营风险，包括如果拟议的稳定币法案成为法律，可能会在美国被禁止，这可能会阻碍其更广泛的采用。”

As the stablecoin market continues to evolve, it remains to be seen how these regulatory developments will shape the competitive landscape and the overall trajectory of this rapidly growing sector.

随着稳定币市场的不断发展，这些监管发展将如何塑造这个快速增长行业的竞争格局和整体轨迹还有待观察。