长期以来，稳定的加油

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。随着Stablecoin采用的命中

Stablecoins have become an integral part of the crypto landscape, and their role is becoming increasingly critical as institutions and governments engage more with the Web3 industry. A recent report by Allium and Ignas sheds light on the record-breaking levels of stablecoin adoption in November 2024, highlighting the impact on the next crypto cycle.

Stablecoins已成为加密景观不可或缺的一部分，随着机构和政府更多地与Web3行业互动，它们的作用变得越来越重要。 Allium和Ignas的最新报告阐明了2024年11月的Stablecoin采用纪录水平，突出了对下一个加密周期的影响。

Recent Stablecoin ATH

最近的Stablecoin Ath

In November 2024, the global stablecoin market capitalization reached an unexpected high of $190 billion, surpassing the previous all-time high of $188 billion attained in April 2022. Moreover, stablecoin trading volumes on centralized exchanges surged, registering a 77.5% increase month-over-month to $1.81 trillion as of November 25.

2024年11月，全球Stablecoin市值达到了1900亿美元的意外高价，超过了2022年4月的先前历史最高高点1,880亿美元。此外，在集中式交易所的股票交易量飙升，在每月增长到77.5％的时间增长到77.5％，至11月25日，这增加到了77.5％。

Source: Allium & Ignas

资料来源：Allium＆Diveor

Meanwhile, USDT retained its dominant position, accounting for 82.7% of total volume across centralized exchanges. FDUSD claimed the second spot with a 9.01% market share, followed by USDC at 8.09%. According to the report, FDUSD’s surging dominance reflects its strong adoption in Asian markets, particularly for cross-border payments. On the other hand, euro-denominated stablecoins displayed a 52.9% surge in trading activity, reaching $657 million, indicating increased usage by European users.

同时，USDT保留了其主导地位，占集中交易所总数的82.7％。 FDUSD夺冠，市场份额为9.01％，其次是USDC为8.09％。根据该报告，FDUSD的统治地位反映了其在亚洲市场中的强烈采用，尤其是用于跨境支付。另一方面，以欧元为基础的斯ababalecoins的交易活动增长了52.9％，达到6.57亿美元，表明欧洲用户的使用率增加了。

Source: Token Terminal

来源：令牌终端

TradFi with Stablecoin during the “red color” market

在“红色”市场期间与Stablecoin的Tradfi

Amid the gloomy days of the crypto market, the rise of stablecoins has caught the attention of both the traditional finance (TradFi) market and the crypto market. According to the Trump administration’s Stablecoin bill, several opportunities are opening for both conventional investors and crypto investors. As a result, major TradFi players like Bank of America, Standard Chartered, PayPal, and Stripe actively captured the bills through their actions. 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.

在加密市场的阴郁时代，稳定币的兴起引起了传统金融（Tradfi）市场和加密货币市场的关注。根据特朗普政府的Stablecoin法案，传统投资者和加密货币投资者都在开放几个机会。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。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。

Case studies for stablecoin fuelling the crypto market

稳定剂的案例研究加油市场

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, as stablecoins act as a stable bridge between fiat and crypto, allowing seamless asset conversion within the blockchain ecosystem.

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。这种发展通常会导致价格上涨，因为Stablecoins充当菲亚特和加密货币之间的稳定桥梁，从而可以在区块链生态系统内进行无缝的资产转换。

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). 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.

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）。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. 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.

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。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). 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.

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。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。

Source: CoinMarketCap

资料来源：CoinMarketCap

Updated: Today, Circle has minted an additional $250 million in USDC on the Solana blockchain.

更新：今天，Circle在Solana区块链上又增加了2.5亿美元的USDC。

Looking forward

期待

In the past, stablecoin minting, including USDT and USDC, was primarily used to provide liquidity and fuel crypto market pumps, especially during bull cycles like 2017-2018 and 2020-2021. However, in 2025, stablecoins have expanded beyond just market pumps due to

过去，包括USDT和USDC在内的Stablecoin铸造主要用于提供流动性和燃料加密市场泵，尤其是在诸如2017 - 2018年和2020-2021之类的Bull Cycles期间。但是，在2025年，由于稳定​​剂的扩大，由于