随着加密货币市场反弹停滞，稳定币崩溃

在最近的市场低迷中，与美元等资产挂钩的稳定币、加密货币的市值出现下降，达到两年多来的最低点。尽管加密货币生态系统经历了一些复苏，但稳定币仍在苦苦挣扎，其市值将连续 18 个月下降，凸显了交易量低迷和美元疲软对这些代币市场的影响。

Stablecoins Succumb to Prolonged Downturn, Overshadowing Crypto Market Rebound

稳定币屈服于长期低迷，掩盖了加密货币市场的反弹

The late summer slump has extended beyond Bitcoin's recent woes, engulfing the stablecoin sector, whose market capitalization has dwindled to its lowest point in over two years. Subdued trading volumes and a depreciating U.S. dollar have weighed heavily on the token market.

夏末的暴跌已经超出了比特币最近的困境，席卷了稳定币行业，该行业的市值已降至两年多来的最低点。交易量低迷和美元贬值给代币市场带来了沉重压力。

Stablecoins Suffer Disproportionately

稳定币遭受的损失尤为严重

While the broader crypto ecosystem has exhibited some recovery from its 2022 lows, the stablecoin sector's market capitalization has declined for the 18th consecutive month, according to research firm CCData. The sector has contracted by nearly 10% this year, hovering at $124.4 billion as of September 14th.

研究公司 CCData 的数据显示，虽然更广泛的加密生态系统已从 2022 年的低点有所复苏，但稳定币行业的市值已连续 18 个月下降。截至 9 月 14 日，该行业已萎缩近 10%，徘徊在 1,244 亿美元。

"The appetite for stablecoins, primarily denominated in U.S. dollars, is closely tied to the demand for the dollar," said James Butterfill, head of research at CoinShares. He noted that the surge in the dollar index amid interest rate hikes last year coincided with a substantial increase in stablecoin trading volumes.

CoinShares 研究主管 James Butterfill 表示：“对主要以美元计价的稳定币的需求与对美元的需求密切相关。”他指出，去年加息导致美元指数飙升，同时稳定币交易量大幅增加。

Tether's Resilience Amid Sector Woes

Tether 在行业困境中保持韧性

Despite the general downturn, Tether, the largest dollar-pegged stablecoin, has bucked the trend, reaching an all-time high of $83.8 billion in July, according to CoinGecko. After briefly dipping below $80 billion in the first quarter of this year, it has since stabilized around $82.9 billion.

据 CoinGecko 称，尽管整体低迷，但最大的与美元挂钩的稳定币 Tether 却逆势而上，在 7 月份达到了 838 亿美元的历史新高。在今年第一季度短暂跌破 800 亿美元后，此后稳定在 829 亿美元左右。

Paolo Ardoino, Tether's chief technology officer, attributed the coin's resilience to its popularity in emerging markets. "Tether's enduring appeal stems from its widespread adoption in emerging markets, particularly in Central and South America, where it has become a de facto currency," he explained.

Tether 首席技术官 Paolo Ardoino 将这种货币的韧性归因于其在新兴市场的受欢迎程度。他解释说：“Tether 的持久吸引力源于其在新兴市场的广泛采用，特别是在中美洲和南美洲，它已成为事实上的货币。”

Temporary De-Risking in Stablecoin Market

稳定币市场暂时去风险

Stablecoins, while constituting only a fraction of the trillion-dollar crypto market, play a crucial role for traders, enabling them to mitigate price volatility in other tokens like Bitcoin and store idle cash without converting it back to fiat currencies. Some proponents also envision stablecoins as a viable means of payment.

稳定币虽然只占万亿美元加密货币市场的一小部分，但对交易者来说发挥着至关重要的作用，使他们能够减轻比特币等其他代币的价格波动，并存储闲置现金，而无需将其转换回法定货币。一些支持者还认为稳定币是一种可行的支付手段。

However, the stablecoin market has struggled since the collapse of TerraUSD, an algorithmic stablecoin that was once the fourth largest in the sector. TerraUSD's downfall triggered a domino effect of failures within the industry.

然而，自 TerraUSD 崩溃以来，稳定币市场一直陷入困境，TerraUSD 是一种算法稳定币，曾是该行业的第四大稳定币。 TerraUSD 的垮台引发了行业内失败的多米诺骨牌效应。

Regulatory Scrutiny and Market Uncertainty

监管审查和市场不确定性

The market has also been impacted by the decline of Binance's dollar-linked token, BUSD, which has plummeted by approximately 89% from its November peak. In February, the New York Department of Financial Services ordered Paxos, the issuer of BUSD, to cease minting the token, which was once the third-largest stablecoin.

市场还受到币安与美元挂钩的代币 BUSD 下跌的影响，该代币已较 11 月的峰值暴跌约 89%。今年 2 月，纽约金融服务部命令 BUSD 发行人 Paxos 停止铸造该代币，该代币曾经是第三大稳定币。

Although Paxos has committed to supporting BUSD through at least February 2024, a Binance spokesperson indicated that the company is encouraging users to exchange their BUSD balances for alternative stablecoins.

尽管 Paxos 承诺至少在 2024 年 2 月之前支持 BUSD，但币安发言人表示，该公司正在鼓励用户将其 BUSD 余额兑换为替代稳定币。

USD Coin (USDC), the second-largest stablecoin, has witnessed a decline of over 53% in its market capitalization from its June 2022 peak, currently hovering around $26 billion.

第二大稳定币美元币（USDC）的市值较 2022 年 6 月的峰值下降了 53% 以上，目前徘徊在 260 亿美元左右。

Both Tether and USDC experienced temporary depegging events from the U.S. dollar last year: Tether during TerraUSD's collapse in May 2022 and USDC in March when Silicon Valley Bank (SVB) failed. SVB held $3.3 billion of Circle Internet Financial's cash reserves, the issuer of USDC.

去年，Tether 和 USDC 都经历了与美元暂时脱钩的事件：Tether 在 2022 年 5 月 TerraUSD 崩溃期间，USDC 在 3 月份硅谷银行 (SVB) 倒闭期间。 SVB 持有 Circle Internet Financial 的 33 亿美元现金储备，该公司是 USDC 的发行者。

Dante Disparte, Circle's chief strategy officer and head of global policy, highlighted the lingering uncertainty in the market stemming from SVB's failure and other regional bank failures earlier this year. While acknowledging that growth is not the sole metric of success for Circle, he expressed confidence that market corrections would emerge over time.

Circle 首席战略官兼全球政策主管但丁·迪斯帕特 (Dante Disparte) 强调，今年早些时候硅谷银行倒闭和其他地区性银行倒闭导致市场挥之不去的不确定性。虽然他承认增长并不是 Circle 成功的唯一衡量标准，但他表示相信随着时间的推移，市场将会出现调整。

"There has been a temporary de-risking from the U.S., but it is not driven by regulatory ambiguity," Disparte said. "Rather, it is a consequence of the banking crisis's lingering effects, which I anticipate will begin to correct themselves in the market."

迪斯帕特表示：“美国暂时降低了风险，但这并不是由监管模糊性推动的。” “相反，这是银行业危机挥之不去的影响的结果，我预计这种影响将开始在市场上自我纠正。”