Stablecoins继续发展成为加密货币世界和全球金融体系的支柱

市场已经超过2350亿美元，表明人们对这些资产的未来有信心。目前，两个以美元支持的稳定股（USDT和USDC）

Stablecoins are quickly becoming a pillar of both the cryptocurrency world and the global financial system. With over $235 billion in total value locked, people have faith in the future of these assets.

Stablecoins迅速成为加密货币世界和全球金融体系的支柱。锁定的总价值超过2350亿美元，人们对这些资产的未来充满信心。

Currently, two USD-backed stablecoins (USDT and USDC) hold about 90% of the market. The rest of the top-10, including USDe and PYUSD, are also dollar-denominated. Euro-based stablecoins have minimal market share by comparison.

目前，两个以美元支持的Stablecoins（USDT和USDC）持有大约90％的市场。包括USDE和PYUSD在内的前十名的其余部分也以美元计价。相比之下，基于欧元的Stablecoins的市场份额很小。

Why is that? There are many discussions around regulation, interoperability, and integration with TradFi. However, the single most important factor is liquidity. Without deep and sustainable liquidity, no stablecoin can gain mass traction, and no amount of regulatory clarity will change that.

这是为什么？关于法规，互操作性以及与TradFI的集成，有许多讨论。但是，最重要的因素是流动性。如果没有深层和可持续的流动性，就没有稳定的人可以获得大规模吸引力，并且没有任何监管清晰度将改变这一点。

What’s the Issue With Non-USD Stablecoins?

非USD Stablecoins有什么问题？

Let’s take the Euro as an example. EUR-backed stablecoins have existed for years at this point, yet they remain barely used. Mainly that’s because of liquidity challenges. That’s what ultimately determines whether a stablecoin can become a widely used financial tool.

让我们以欧元为例。在这一点上已经存在了多年，但它们仍然几乎没有使用。这主要是由于流动性挑战。这就是最终决定稳定币是否可以成为广泛使用的财务工具的原因。

For years now, USD-backed stablecoins like USDT and USDC have been the dominant force in this landscape, acting as the primary source of liquidity in lending pools and trading pairs. USD-backed stablecoins have deep liquidity, high trading volumes, and extensive integration across CeFi/DeFi platforms.

多年来，USDT和USDC等以美元支持的Stablecoins一直是该风景中的主要力量，是贷款池和贸易对流动性的主要来源。跨CEFI/DEFI平台的美元稳定股具有深厚的流动性，高交易量和广泛的整合。

In contrast, euro (and other non-USD) stablecoins suffer from a lack of market mechanisms that could sustain them. There simply aren’t enough trading pairs, users, and financial instruments built around them to create a proper liquidity ecosystem like what the USD stablecoins have.

相比之下，欧元（和其他非USD）Stablecoins缺乏可以维持它们的市场机制。根本没有足够的交易对，用户和金融工具来创建像USD StableCoins一样的适当的流动性生态系统。

One of the key reasons for this liquidity gap is that centralized market makers do not see enough financial incentive to provide liquidity for euro stablecoins. It simply isn’{~}t profitable enough for them. So they prioritize other assets, leaving EUR-backed stablecoins on the backfoot.

造成这种流动性差距的关键原因之一是，集中的做市商没有看到足够的经济激励措施来为欧元稳定者提供流动性。它只是对他们来说是不够有利可图的。因此，他们优先考虑其他资产，将欧洲支持的稳定股份放在后脚上。

This isn’t just a matter of preferences — it’s a more fundamental issue that’s economic in nature. If market makers can’t make a decent return on providing liquidity for these assets, they won’t allocate capital towards them.

这不仅是偏好问题，而且是一个更根本的问题，本质上是经济的。如果做市商在为这些资产提供流动性方面无法获得不错的回报，他们将不会分配资本。

So, how can this be changed?

那么，如何改变呢？

Is Regulation the Key or Just a Side Factor?

法规是钥匙还是副因素？

An argument can be made that if other jurisdictions get ahead in terms of establishing clear-cut rules, non-USD stablecoins will become a lot more attractive. The introduction of MiCA regulations in the EU, for example, has paved the way for compliant EUR-backed stablecoins such as EURC, turning them into an increasingly viable alternative to consider when integrating with TradFi.

可以提出，如果其他司法管辖区在制定明确的规则方面取得了成功，那么非USD Stablecoins将变得更具吸引力。例如，在欧盟中引入了云母法规为符合欧洲符合的欧洲支持的稳定的稳定币铺平了道路，使其成为与TradFi集成时越来越可行的替代方案。

To some extent, I agree. As various jurisdictions worldwide keep moving towards better regulation of digital assets, we can very well expect more stablecoins pegged to local currencies to start cropping up. In Asia, the Middle East, Latin America — regions that would be inclined to use such assets to improve their financial stability. Besides which, it would also help them lower the dependency on the U.S. dollar.

在某种程度上，我同意。随着全世界各种司法管辖区一直朝着更好地监管数字资产的监管，我们可以很好地期望有更多的稳定符号固定在当地货币上开始出现。在亚洲，中东，拉丁美洲 - 倾向于使用此类资产来改善其财务稳定的地区。除此之外，这也将帮助他们降低对美元的依赖。

We actually have supporting examples here, like Singapore’s XSGD or Switzerland’s XCHF. Hong Kong also launched an HKD-pegged stablecoin in December 2024. The trend seems clear.

实际上，我们在这里有支持的例子，例如新加坡的XSGD或瑞士的XCHF。香港还于2024年12月推出了HKD蛋黄酱。趋势似乎很明显。

However, regulation alone is not the deciding factor. EUR-backed stablecoins existed before MiCA came along. And, it’s still unclear whether the framework will ultimately help or hinder their adoption in the long run. MiCA could act as a kind of “restriction” on USD-backed stablecoins in Europe. Potentially, this gives euro stablecoins an unfair advantage rather than making them genuinely competitive on their own merits.

但是，仅监管不是决定因素。在云母出现之前，欧洲支持的稳定币存在。而且，目前尚不清楚该框架是否会最终帮助或阻碍他们长期以来的收养。云母可以作为对欧洲以美元支持的稳定稳定的一种“限制”。有可能，这使欧元稳定者具有不公平的优势，而不是使他们真正具有自己的优点竞争。

And at the end of the day, regulation cannot solve the more fundamental issue of liquidity. Without it, no regulatory framework can make a stablecoin viable enough for broad use. So, the question is: how can we create liquidity for non-USD stablecoins?

归根结底，法规无法解决更根本的流动性问题。没有它，任何监管框架都无法使稳定的稳定框架足以供广泛使用。因此，问题是：我们如何为非USD Stablecoins创造流动性？

Addressing Liquidity Constraints

解决流动性限制

To put things into perspective, the market capitalization of USDT and USDC stand at $141 billion and $56 billion, respectively. By comparison, euro-based stablecoins like EURC or EURS barely go above $100 million. The sheer gap is obvious, and it directly impacts their usability. That’s fewer trading pairs, fewer DeFi integrations, and ultimately, less incentive for traders and institutional players to adopt them. As a result, they can’t become mainstream assets.

为了看待事情，USDT和USDC的市值分别为1410亿美元和560亿美元。相比之下，基于欧元的稳定币（例如Eurc或Eurs）几乎不超过1亿美元。纯粹的差距很明显，它直接影响了它们的可用性。交易对较少，较少的偏差集成，最终使交易者和机构参与者采用它们的动机更少。结果，它们不能成为主流资产。

A case could be made for the EURe, which I personally use a lot and find to be the most convenient euro stablecoin for real-world application. Even so, the broader non-USD stablecoin market still faces the same challenges: limited adoption, fewer integrations, and a long way to go before they can compete with dollar-backed counterparts.

可以为EURE制作一个案例，我个人使用了很多东西，并发现是现实世界中最方便的欧元稳定者。即便如此，更广泛的非USD Stablecoin市场仍然面临着同样的挑战：采用有限，集成量较少，还有很长的路要走，在与美元支持的同行竞争之前，还有很长的路要走。

One possible solution lies in developing more effective liquidity algorithms for non-USD stablecoins. Reliance on professional market makers has proven ineffective

一种可能的解决方案在于为非USD Stablecoins开发更有效的流动性算法。依赖专业做市商已证明无效