Stablecoins正在发展成为全球金融生态系统中的基本工具

在他们的第1季度2025分析师指出，PitchBook研究人员分析了对全球金融生态系统中Stablecoins不断发展的作用的分析。

In their recent Q1 2025 analyst note, PitchBook researchers have shared an analysis of the evolving role of stablecoins in the global financial ecosystem.

在他们最近的第1季度2025分析师指出，PitchBook研究人员分析了Stablecoins在全球金融生态系统中不断发展的作用的分析。

Their report, released in early 2025, sheds light on the increasing use of these digital assets, pegged to stable benchmarks like major fiat currencies (e.g., US dollar, Euro) or commodities, as crucial tools in seamlessly bridging traditional finance (TradFi) and the emerging decentralized crypto economy.

他们的报告于2025年初发布，阐明了这些数字资产的日益使用，并将其固定在稳定的基准测试中，例如主要的法定货币（例如，美元，美元，欧元）或商品，是无缝弥补传统融资（TradFI）和新兴的分散的Crypto经济的关键工具。

The research highlights a steady adoption of stablecoins, with their total market capitalization surpassing $200 billion in Q1 2025, up 15% from Q4 2024.

该研究强调了稳定的稳定采用，其总市值超过了2025年第1季度的2000亿美元，比第4季度2024年增长了15％。

Tether (USDT) and USD Coin (USDC) continue to dominate, together commanding over 70% of the market share, while newer entrants like PayPal’s PYUSD are gaining traction, especially in the payments sector.

Tether（USDT）和USD Coin（USDC）继续占据主导地位，共同指挥了超过70％的市场份额，而PayPal的Pyusd等新参与者正在受到关注，尤其是在付款领域。

PitchBook attributes this growth to the utility of stablecoins in facilitating cross-border transactions, their role in decentralized finance (DeFi), and their role as a hedge against cryptocurrency volatility.

PitchBook将这种增长归因于Stablecoins在促进跨境交易中的实用性，它们在分散融资（DEFI）中的作用以及它们作为对密码货币波动的对冲的作用。

Highlighting the scale of stablecoin transactions, the report notes that transaction volumes reached $1.8 trillion in Q1 2025 alone. To put this in perspective, this surpasses PayPal’s annual processed volume, signaling the increasing integration of stablecoins into everyday finance.

报告指出，该报告指出，仅第1季度2025年，交易量就达到了1.8万亿美元。从角度来看，这超过了PayPal的年度处理量，这表明Stablecoins的整合不断增加到日常金融中。

A pivotal theme is emerging around regulation. The report details how 2024 saw significant developments in the regulatory landscape, with the EU’s Markets in Cryptoassets (MiCA) framework and US proposals for stablecoin oversight setting the stage for a more structured 2025.

关键主题正在围绕法规出现。该报告详细介绍了2024年如何在监管环境中看到了重大发展，欧盟的市场在加密货币（MICA）框架（MICA）框架和美国关于Stablecoin监督的提议为2025年更结构化的2025年奠定了基础。

Citing a recent survey, PitchBook notes that 60% of institutional investors now view regulatory clarity as a prerequisite for deeper involvement in the stablecoin market.

Pitchbook援引最近的调查指出，有60％的机构投资者现在将监管清晰度视为更深入参与Stablecoin市场的先决条件。

Furthermore, the researchers highlight the rising compliance costs. Major stablecoin issuers, like Circle, are spending over $50 million annually on audits and ensuring reserves transparency to meet the new standards.

此外，研究人员强调了依从性的上升成本。像Circle这样的主要Stablecoin发行人每年在审计上花费超过5000万美元，并确保储备金透明度符合新标准。

However, the report cautions that overly stringent rules could have a stifling effect on innovation, potentially pushing smaller issuers out of the market.

但是，该报告警告说，过于严格的规则可能会对创新产生窒息的影响，从而将较小的发行人推出市场。

The market dynamics also reveal a shifting competitive landscape. PitchBook identifies a “stablecoin trilemma”—balancing decentralization, stability, and scalability—as a core challenge faced by the industry.

市场动态还揭示了竞争的不断变化。 PitchBook确定了“稳定三元素”（平衡的权力下放，稳定性和可扩展性），这是该行业面临的核心挑战。

Centralized stablecoins like USDT, which rely on trust in their issuers, are coming under increasing scrutiny for their reserve backing strategies. Conversely, algorithmic models, like the failed TerraUSD, struggle to maintain stability despite their potential for decentralization.

像USDT这样的集中式Stablecoins依靠对发行人的信任，对他们的后备支持策略的审查正在受到越来越多的审查。相反，算法模型，例如失败的Terrausd，尽管具有分散性的潜力，但仍在努力保持稳定性。

The report delves into emerging hybrid models, combining fiat collateral with blockchain efficiencies, as key enablers of the next stage of growth.

该报告深入研究了新兴的混合模型，将菲亚特抵押品与区块链效率相结合，作为下一阶段增长的关键推动者。

Venture capital interest reflects this shift, with $1.2 billion invested in stablecoin-related startups in 2024, a 20% increase from 2023. This funding is targeting innovations in interoperability and real-world asset tokenization.

风险投资的权益反映了这一转变，2024年，与Stablecoin相关的初创公司投资了12亿美元，比2023年增长了20％。这笔资金针对的是互操作性和现实世界中的资产标记的创新。

In another relevant development, PitchBook also touches upon the role of stablecoins in illicit finance, a topic that has come into sharper focus.

在另一个相关的发展中，PitchBook还谈到了Stablecoins在非法金融中的作用，这个话题已引起人们的关注。

The report estimates that 2-3% of stablecoin flows—roughly $50 billion in 2024—are linked to illicit activity, a reduction from

该报告估计，斯塔布莱币的2-3％的流量（2024年的500亿美元）与非法活动有关，从