稳定币供应量创历史新高，增加了加密行业的流动性

稳定币——旨在与另一种资产（通常是美元）的价值挂钩的代币——的供应量周二创下历史新高，提振了加密行业的流动性。

The total supply of stablecoins, a type of cryptocurrency designed to maintain a peg to the value of another asset, typically the U.S. dollar, hit a new all-time high on Tuesday, continuing to bolster the liquidity of the crypto market.

稳定币是一种旨在与另一种资产（通常是美元）价值挂钩的加密货币，其总供应量周二创下历史新高，继续增强加密货币市场的流动性。

Specifically, the market cap of stablecoins has increased by roughly $10 billion since Election Day, rising from $164.8 billion to $174.7 billion at press time, according to data from blockchain analyticsArtemis.

具体来说，根据区块链分析Artemis的数据，自选举日以来，稳定币的市值已增加约100亿美元，从截至发稿时的1648亿美元增至1747亿美元。

This marks a 6% increase in the period.

这标志着该时期增长了 6%。

The supply of stablecoin on various blockchains since 2017. (Artemis)

自 2017 年以来各种区块链上稳定币的供应情况。（Artemis）

“Stablecoins are one of the few aspects of the onchain economy that have indisputable product market fit. They are globally accessible, transactions are instantaneous, and they offer lower fees for their usage than you see in TradFi,” wrote Alexander Cutler, a core contributor of decentralized exchange Aerodrome, in a Telegram message.

“稳定币是链上经济中为数不多的具有无可争议的产品市场契合度的方面之一。它们可以在全球范围内访问，交易是即时的，而且它们的使用费用比 TradFi 更低。”去中心化交易所 Aerodrome 的核心贡献者 Alexander Cutler 在 Telegram 消息中写道。

“When you offer a better product, adoption is just a matter of time.”

“当你提供更好的产品时，采用只是时间问题。”

Cutler also noted that stablecoins allow holders to engage in various onchain activities, such as lending, providing liquidity and positioning themselves for potential market rallies in the future.

卡特勒还指出，稳定币允许持有者参与各种链上活动，例如借贷、提供流动性以及为未来潜在的市场反弹做好准备。

“The great thing about stables is that there is so much composability,” Cutler added.

“马厩的伟大之处在于它具有如此多的可组合性，”卡特勒补充道。

Competitors are entering the ring with their own stablecoin offerings.

竞争对手正在带着自己的稳定币产品进入这个圈子。

Tether, the provider of USDT, is largely responsible for the growth in the stablecoin supply, as the amount of USDT circulating has increased by $7.6 billion since Nov. 5. This new all-time high for stablecoin supply comes as Ripple is preparing to launch its stablecoin for enterprise use cases such as payments, and Binance announced its new product BFUSD, a reward-bearing margin asset for its futures trading users.

USDT 的提供商 Tether 对稳定币供应量的增长负有主要责任，自 11 月 5 日以来，USDT 的流通量增加了 76 亿美元。稳定币供应量创下历史新高之际，正值 Ripple 准备推出稳定币时其稳定币用于支付等企业用例，币安还宣布推出新产品 BFUSD，这是为其期货交易用户提供奖励的保证金资产。

According to an X post from the team behind Binance Futures early Tuesday, the “rewards will be funded by delta-hedging spot and futures positions to receiving funding fee income, as well as rewards from staking.”

根据币安合约交易平台背后团队周二早些时候发布的 X 帖子，“奖励将通过 Delta 对冲现货和期货头寸来提供，以获取融资费收入以及质押奖励。”

Binance’s BFUSD reward mechanism is reminiscent of the synthetic dollar USDe, the flagship product of Ethena, which has seen massive growth. With Binance Labs as an investor, Ethena Labs, the software firm behind USDe, has seen the market cap of its token, which is designed to stay pegged to the U.S. dollar, increase to $668 million since Election Day, up from about $2.8 billion to roughly $3.5 billion at press time.

币安的 BFUSD 奖励机制让人想起合成美元 USDe，Ethena 的旗舰产品，它已经取得了巨大的增长。在 Binance Labs 作为投资者的情况下，USDe 背后的软件公司 Ethena Labs 发现其与美元挂钩的代币市值自选举日以来已从约 28 亿美元增至 6.68 亿美元。截至发稿时约为 35 亿美元。

Despite the rise in stablecoin supply, Aerodrome’s Cutler argues that the increase in the amount of stablecoins is just beginning.

尽管稳定币供应量有所增加，但 Aerodrome 的卡特勒认为，稳定币数量的增加才刚刚开始。

“Their growth has just begun as it seems clear that their use on blockchains have the ability to disrupt traditional payment networks,” Cutler said. “In particular, the rails now exist to deliver superior FX experiences to consumers and instructions, a market opportunity that can be valued in trillions.”

卡特勒说：“它们的增长才刚刚开始，因为很明显，它们在区块链上的使用有能力颠覆传统的支付网络。” “特别是，现在的铁路线可以为消费者和指令提供卓越的外汇体验，这是一个价值数万亿美元的市场机会。”