长期以来，长期以来，通过向市场注入流动性来推动加密公牛的运行

长期以来，长期以来，通过向市场注入流动性来推动了加密牛的运行，但它们的作用正在不断发展。

Stablecoins have played a crucial role in injecting liquidity into the crypto market, often fueling bullish trends. As stablecoin adoption hits record highs, the question arises: how will this impact the next crypto cycle?

Stablecoins在将流动性注入加密货币市场方面发挥了至关重要的作用，通常会推动看涨的趋势。随着Stablecoin的采用达到记录高潮，问题出现了：这将如何影响下一个加密周期？

According to Allium and Ignas, the global stablecoin market capitalization reached an unexpected high of $190 billion in November 2024. This surpasses the previous all-time high of $188 billion, which was hit in April 2022.

根据Allium and Ignas的数据，全球Stablecoin市值在2024年11月达到了1900亿美元的意外高价。这超过了先前的1880亿美元高价，该高价在2022年4月袭击。

Moreover, stablecoin trading volumes on centralized exchanges also surged, increasing by 77.5% month-over-month to $1.81 trillion as of November 25. Among the stablecoins, USDT remained dominant, accounting for 82.7% of the total volume across centralized exchanges. FDUSD followed with a 9.01% market share, and USDC had an 8.09% share.

此外，集中式交易所的Stablecoin交易量也飙升，截至11月25日，在月超时增加了77.5％，至1.81万亿美元。在Stablecoins中，USDT仍然占主导地位，占集中式交易总量总数的82.7％。 FDUSD随后占有9.01％的市场份额，USDC的份额为8.09％。

The report highlights that FDUSD's rising dominance can be attributed to its strong adoption in Asian markets for cross-border payments. On the other hand, euro-denominated stablecoins saw a 52.9% surge in trading activity, reaching $657 million, indicating increased adoption among European users.

该报告强调，FDUSD的统治地位可以归因于其在亚洲市场上的强烈采用来支付跨境支付。另一方面，以欧元为基础的稳定稳定人数的交易活动激增了52.9％，达到6.57亿美元，表明欧洲用户的采用率增加。

The Trump administration’s Stablecoin bill has opened several opportunities for both conventional investors and crypto investors, especially amid the gloomy days of the crypto market. As a result, major TradFi players like Bank of America, Standard Chartered, PayPal, and Stripe actively captured the bills through their actions.

特朗普政府的Stablecoin法案为传统投资者和加密投资者提供了一些机会，尤其是在加密市场的阴暗时期。结果，像美国银行这样的主要贸易爱好者，标准的特许，贝宝和条纹，通过其行动积极捕获账单。

With the government providing regulatory clarity on stablecoins and increasing trust and adoption, institutions utilized stablecoins for short-term trading liquidity, real-world utility, and even planned to launch their own stablecoins if regulations permitted.

随着政府对稳定的稳定性和提高信任和收养提供监管的清晰度，机构将稳定的股币用于短期交易流动性，现实世界实用程序，甚至计划在法规允许的情况下推出自己的Stablecoins。

Stablecoin Supply Growth & Crypto Liquidity

Stablecoin供应增长和加密流动性

Since 2017, stablecoin supply growth (e.g., USDT, USDC) has been closely tied to crypto liquidity, enabling investors to buy Bitcoin, Ethereum, and altcoins. Such developments often led to price surges.

自2017年以来，Stablecoin供应增长（例如USDT，USDC）与加密流动性密切相关，使投资者能够购买比特币，以太坊和替代币。这样的发展通常会导致价格飙升。

During the period of 2017 – 2018, Tether (USDT) minted large amounts of USDT on Ethereum and Tron to meet surging liquidity demand during the crypto bull run. USDT supply grew from a few billion USD in early 2017 to over $2 billion by year-end, continuing to rise in 2018 (CoinGecko, BeInCrypto).

在2017年至2018年期间，Tether（USDT）在以太坊和Tron上铸造了大量USDT，以满足加密公牛运行期间的流动性需求。 USDT供应从2017年初的数十亿美元增长到年底超过20亿美元，在2018年持续增长（Coingecko，beincrypto）。

The reason behind it is that USDT was used to buy BTC and ETH, fueling a price surge as investors avoided fiat volatility and traded easily on exchanges like Binance, Coinbase, and Bitfinex. Eventually, BTC hit $20,000 in December 2017, partly driven by USDT liquidity. However, in 2018, the market crashed, partly due to concerns over Tether’s transparency and allegations of unbacked USDT issuance.

其背后的原因是USDT被用来购买BTC和ETH，随着投资者避免菲亚特波动，并在Binance，Coinbase和Bitfinex等交易所进行交易，从而推动了价格上涨。最终，BTC在2017年12月达到了20,000美元，部分是由USDT流动性驱动的。但是，在2018年，市场崩溃了，部分原因是对林线的透明度和对未来的USDT发行的指控的担忧。

Another case with USDC, it saw a significant supply increase in 2021, particularly on Ethereum. According to CoinMarketCap, its market cap surged from a few billion USD in early 2021 to over $50 billion by year-end. USDC provided liquidity for DeFi and major exchanges like Coinbase, so investors used it to buy BTC, ETH, and DeFi tokens, contributing to the price surge during this period.

USDC的另一个情况是，它在2021年，尤其是以太坊的供应量大幅增加。根据CoinMarketCap的数据，其市值从2021年初的数十亿美元飙升至年底超过500亿美元。 USDC为Defi和Coinbase等主要交易所提供了流动性，因此投资者用它来购买BTC，ETH和DEFI令牌，在此期间为价格上涨做出了贡献。

As a result, BTC and ETH hit all-time highs, while DeFi protocols like Aave and Uniswap benefited from increased TVL (total value locked) driven by USDC growth.

结果，BTC和ETH达到了历史高潮，而诸如AAVE和UNISWAP之类的DEFI协议受益于USDC增长驱动的TVL（总价值锁定）的增加。

Most recently, a continuous minting of USDT and USDC from March to September 2024 has been predicted as a precursor to a strong pump in late 2024 (November and December).

最近，预计从2024年下半年（11月和12月），预测从3月至2024年9月的USDT和USDC的连续铸造被视为强大泵的前身。

Therefore, stablecoin minting signals from whales toward the end of 2024 could indicate a bullish trend for crypto prices soon, particularly in the first half of 2025, amid the current market uncertainty and skepticism.

因此，从鲸鱼到2024年底的Stablecoin铸造信号可能表明很快出现加密价格的看涨趋势，尤其是在2025年上半年，在当前市场的不确定性和怀疑中。