随着Altcoin市值继续下降，交易所中的Stablecoins达到三年高

交易所上的Stablecoins通常被视为投资者购买力的关键指标。更高的稳定余额表明贸易商准备购买山寨币

Crypto traders use on-chain data to identify buying opportunities, especially in the lower time frames. Among the key indicators that traders monitor closely are stablecoin balances on exchanges. A higher stablecoin balance suggests traders have more capital at their disposal to purchase altcoins, setting the stage for a potential market recovery.

加密交易者使用链上数据来识别购买机会，尤其是在较低的时间范围内。在交易者密切监视的关键指标中，有交流的稳定余额。更高的稳定余额表明，贸易商拥有更多的资本购买山寨币，为潜在的市场恢复奠定了基础。

According to CryptoQuant, the total value of ERC-20 stablecoins on exchanges reached $46.5 billion at the start of 2025. As of press time, this figure stands at $44 billion.

根据CryptoQuant的说法，在2025年初，交易所中ERC-20 Stablecoins的总价值达到465亿美元。截至发稿时，这一数字为440亿美元。

The data has led investors like The DeFi Investor to believe that the capital is readily available to fuel a market rebound.

这些数据导致像Defi投资者这样的投资者相信，很容易获得资本来推动市场反弹。

“Stablecoin CEX reserves are at an all-time high. There’s a lot of capital waiting to be deployed. But we need the macro situation to improve first,” The DeFi Investor remarked.

“ Stablecoin CEX储备都处于历史最高水平。有很多资本等待部署。但是我们需要宏观情况才能首先改善。” Defi投资者说。

However, a closer look at the data from CryptoQuant reveals that while the total value of stablecoins on exchanges is indeed high, most of these funds are held on derivatives exchanges.

但是，仔细观察来自加密素养的数据表明，尽管交易所上的稳定菌的总价值确实很高，但这些资金中的大多数均在衍生品交换上持有。

Of the $44 billion in ERC-20 stablecoins on centralized exchanges (CEXs), an astounding $43.8 billion is in the possession of derivatives exchanges. In contrast, spot exchanges currently hold a mere $220 million in stablecoins.

在集中式交易所（CEXS）的ERC-20稳定股中的440亿美元中，令人惊讶的438亿美元拥有衍生品交易所。相比之下，现场交流目前仅持有2.2亿美元的稳定股。

To put this into perspective, from July 2023 to March 2024, a surge in spot exchange stablecoin reserves coincided with the market capitalization incrementally increasing from $1 trillion to $2.7 trillion.

从2023年7月到2024年3月，Spot Exchange Stablecoin储备金的激增与市值从1万亿美元逐步增加到2.27万亿美元相吻合。

But today, spot exchange reserves have dropped to a three-year low.

但是今天，现场交换储量已下降到三年低点。

It is important to note that most stablecoins on derivatives exchanges do not directly contribute to sustainable price increases. Instead, they reflect short-term leveraged trading, which carries a high risk of liquidation.

重要的是要注意，大多数在衍生工具交易所上的稳定者并不直接促进可持续价格上涨。取而代之的是，它们反映了短期杠杆交易，该交易具有很高的清算风险。

BeInCrypto previously reported that 334,404 traders were liquidated in the past 24 hours, resulting in a total of $947.7 million in liquidated positions. Among them, Long positions suffered the most significant losses.

Beincrypto先前报道说，在过去的24小时内清算了334,404家交易员，总计9.477亿美元。其中，长位置遭受了最重大的损失。

Furthermore, the altcoin market capitalization (TOTAL2) experienced a 20% decline in March alone, plummeting from $1.2 trillion to below $1 trillion.

此外，仅3月份，Altcoin市值（总计2）就会下降20％，从1.2万亿美元下降到低于1万亿美元。

Stablecoin Market Cap Hits New High Amid Rising Adoption

稳定的市场上限在采用不断上升的新高中

According to Ignas, co-founder of Pink Brains, the stablecoin market capitalization has surged by 44% over the past two years, surpassing $200 billion.

根据Pink Brains的联合创始人Ignas的说法，过去两年中，Stablecoin市值飙升了44％，超过了2000亿美元。

Historically, a growing stablecoin supply signaled the start of an Altcoin Season. However, Ignas believes the narrative in 2025 is different.

从历史上看，日益增长的稳定供应量标志着Altcoin季节的开始。但是，Ignas认为2025年的叙述是不同的。

“Until recently, an increase in stablecoin supply led to a pump in crypto prices, as stablecoins were mostly used for short-term holding between trades. Now, stablecoins are growing beyond speculation,” Ignas noted.

“直到最近，稳定的供应量的增加导致了加密货币价格的泵，因为稳定剂主要用于交易之间的短期持有。现在，稳定剂的发展范围已经超越了猜测。” Ignas指出。

He highlighted several real-world use cases that extend beyond crypto trading. For instance, SpaceX is processing Starlink sales in Argentina and Nigeria using stablecoins.

他强调了几个现实世界中的用例，这些案例超出了加密交易。例如，SpaceX正在使用Stablecoins在阿根廷和尼日利亚处理Starlink销售。

ScaleAI, a leading AI company, pays its employees in foreign countries with stablecoins.

领先的人工智能公司Scaleai在拥有稳定的国外雇员在国外向雇员付款。

Moreover, major TradFi institutions are preparing for the expansion of stablecoins in 2025. Bank of America is open to launching its own stablecoin if the regulatory climate permits it.

此外，主要的贸易受理机构正在准备在2025年扩大Stablecoins。

PayPal also has plans to expand the adoption of PYUSD in 2025. Recently, Stripe acquired Bridge, a stablecoin platform, for $1.1 billion.

PayPal还计划扩大2025年Pyusd的采用。最近，Stripe Aquined Bridge是一个稳定的平台，售价为11亿美元。

Revolut is currently considering issuing a stablecoin, and Visa is focused on integrating stablecoins into its global payments and treasury operations.

Revolut目前正在考虑发行Stablecoin，Visa专注于将Stablecoins整合到其全球付款和国库业务中。