Stablecoin市场超过2000亿美元：迅速扩大的采用

自2023年中期以来，Stablecoin市场经历了壮观的扩张。 2024年1月，其资本化达到2110亿美元

The total capitalization of stablecoins has just crossed a historic threshold, reaching 211 billion dollars. This rapid progression, driven mainly by Tether (USDT) and USDC, reflects a growing interest from investors in these dollar-backed assets. While USDT still dominates the market with 139.4 billion dollars, the dynamics of the moment indicate a rising influence of USDC, whose capitalization has more than doubled in three months. This shift in balance raises strategic questions: are we witnessing a simple redistribution of capital or a precursor signal of a major turning point for the crypto market?

稳定币的总资本化刚刚越过历史性的门槛，达到了211亿美元。这种快速发展，主要由Tether（USDT）和USDC驱动，反映出投资者对这些美元支持的资产的兴趣日益增长。尽管USDT仍然以1394亿美元的价格统治了市场，但此刻的动态表明USDC的影响力不断上升，USDC的资本化在三个月内增加了一倍以上。这种平衡的转变提出了战略性问题：我们是否目睹了对资本的简单重新分配或加密市场主要转折点的前体信号？

Stablecoins now have a market capitalization of over 200 billion dollars, a sign of their rapid adoption.

Stablecoins现在的市值超过2000亿美元，这表明他们迅速采用了。

Since mid-2023, the stablecoin market has experienced spectacular expansion. In January 2024, its capitalization reached 211 billion dollars, representing a 73 % increase in just a few months, according to data from Alphractal. This growth is largely driven by Tether (USDT), which maintains its status as the leader with 139.4 billion dollars in circulation, accounting for 63.84 % of the market.

自2023年中期以来，Stablecoin市场经历了壮观的扩张。根据Alphractal的数据，2024年1月，其资本化达到了2110亿美元，在短短几个月内增长了73％。这种增长在很大程度上是由Tether（USDT）驱动的，该公司以1394亿美元的流通，占市场的63.84％。

However, another player stands out with a spectacular progression: USDC. While its capitalization stood at 24.1 billion dollars in November 2023, it has more than doubled in three months, reaching 53.4 billion dollars in January 2024. This rise is accompanied by a spectacular increase in trading volumes, with a record of 20 billion dollars in daily transactions on January 18. According to CoinMarketCap, this dynamic is partly explained by a reallocation of capital from altcoins to stablecoins, a movement favored by the increased volatility of the crypto market. In the face of uncertainties, many investors prefer to secure their funds by converting their assets into USDC, thereby reinforcing its position within the ecosystem.

但是，另一个球员以惊人的进步脱颖而出：USDC。虽然2023年11月的资本化为241亿美元，但在三个月内增加了一倍以上，在2024年1月达到534亿美元。这一涨幅伴随着交易量的惊人增长，每天的每日20亿美元，每天创下20亿美元1月18日的交易。根据CoinMarketCap的说法，这种动态的部分解释是从AltCoins到Stablecoins的资本重新分配，这是由加密市场的波动增加所青睐的运动。面对不确定性，许多投资者更喜欢通过将其资产转换为USDC来确保其资金，从而加强其在生态系统中的地位。

USDC's rapid rise is intriguing analysts, who see it as a potentially ambiguous signal for the crypto market. A similar situation occurred at the end of the bullish cycle in 2021, when the rise of USDC preceded a sharp market turnaround. A few months later, Bitcoin collapsed below 15,500 dollars in November 2022, marking the start of an extended bear market.

USDC的迅速增长是吸引人的分析师，他们认为这是加密市场的潜在模棱两可的信号。在2021年的看涨周期结束时发生了类似的情况，当时USDC的崛起在市场周转急剧之前。几个月后，比特币在2022年11月倒塌了15,500美元，这标志着扩展的熊市的开始。

According to Alphractal experts, a marked new increase in USDC dominance could reflect a rise in risk aversion among investors. Thus, “if this metric continues to climb, it could indicate an increase in the level of risk aversion among investors,” they highlight in a post on platform X (formerly Twitter) on January 31, 2025. The increase in capital allocated to stablecoins can indeed reflect a defensive strategy, where investors prefer to store their funds in low-volatility assets in anticipation of a market correction.

根据Alphractal专家的说法，USDC主导地位的明显新增长可能反映了投资者的风险厌恶。因此，“如果该指标继续攀升，这可能表明投资者之间的风险规避水平有所提高，”他们在2025年1月31日在平台X（以前是Twitter）的帖子中强调。分配给StableCoins的资本增加确实可以反映出一种防御策略，在这种策略中，投资者更喜欢将其资金存储在低挥发性资产中，以期预期市场纠正。

Nevertheless, another interpretation of this trend suggests a more optimistic scenario. The expansion of the stablecoin market could also be seen as a sign of renewed investor confidence. Moreover, the accumulation of liquidity within the crypto ecosystem could precede a new phase of expansion, providing a reservoir of capital ready to be reinjected into risky assets when the environment becomes more favorable. If this dynamic continues, 2025 could represent a strategic turning point for cryptos, oscillating between a phase of consolidation and a return of bullish momentum.

然而，对这一趋势的另一种解释表明了一个更乐观的情景。 Stablecoin市场的扩展也可以看作是重新获得投资者信心的标志。此外，加密生态系统中流动性的积累可能在新的扩张阶段之前，在环境变得更加有利时，可以将资本储备备份准备重新注入风险资产。如果这种动态持续，2025可以代表加密货币的战略转折点，在巩固阶段和看涨势头的回归之间振荡。