Stablecoins正在重塑全球金融体系

该报告由Dune和Artemis共同发布，探讨了Stablecoin市场的增长及其对传统金融部门的影响。

The rapid development of stablecoins is reshaping the global financial system. In the "2025 State of Stablecoins" report jointly released by Dune and Artemis, data showed that the stablecoin market has seen significant growth in the past year, with accelerated institutional adoption, the rise of decentralized stablecoins, and continued growth in on-chain transaction activity.

Stablecoins的快速发展正在重塑全球金融体系。在Dune和Artemis共同发布的“ 2025年稳定状态”报告中，数据显示，稳定市场在过去的一年中已经显着增长，随着机构采用的加速，分散的稳定剂的兴起以及链接交易活动的持续增长。

As of February, the supply of stablecoins has reached $214 billion, with an annual transaction volume of $35 trillion, twice the size of Visa's annual transaction volume.

截至2月，Stablecoins的供应已达到2140亿美元，年度交易量为35万亿美元，是Visa年度交易量的两倍。

The market activity has also increased, with the number of active addresses on the chain increasing by 53% to over 30 million.

市场活动也增加了，链条上的主动地址数量增加了53％，达到3000万以上。

Institional funds are flowing in on a large scale, driving the deep integration of TradFi and the crypto market.

Intitional基金正在大规模流入，推动了Tradfi和加密货币市场的深刻融合。

Driven by the compliance process and market strategies, USDC and USDT still dominate, but there are subtle changes in market share.

在合规过程和市场策略的推动下，USDC和USDT仍然占主导地位，但市场份额有细微的变化。

In the DeFi ecosystem, the influence of decentralized stablecoins has increased significantly, and many emerging projects have achieved breakthrough growth.

在Defi生态系统中，分散的Stablecoins的影响有了显着增加，许多新兴项目已经实现了突破性的增长。

The flow trend of stablecoins reflects the positioning and competitiveness of different public chains in the market:

Stablecoins的流动趋势反映了市场上不同公共连锁店的定位和竞争力：

Most stablecoin liquidity is concentrated in centralized exchanges, and trading volume is mainly driven by DeFi (DEX, lending, and yield mining), reflecting the efficient circulation and innovation of funds.

大多数稳定的流动性集中在集中交易所，交易量主要由Defi（DEX，贷款和产量挖掘）驱动，这反映了资金的有效循环和创新。

Stablecoins have become a key infrastructure in the crypto market, while also driving innovation in the traditional financial sector. Industry experts are optimistic about the future development of stablecoins:

Stablecoins已成为加密市场中的关键基础设施，同时也推动了传统金融领域的创新。行业专家对Stablecoins的未来发展保持乐观：

"Stablecoins are the lifeblood of the crypto market and a super conductor for the financial system. They open up new markets and financial opportunities, driving innovation that would otherwise be out of reach."

“ Stablecoins是加密货币市场的命脉，也是金融体系的超级指挥。他们开辟了新的市场和财务机会，推动了原本无法实现的创新。”

— Rob Hadick, General Partner, Dragonfly

- 普通伙伴罗布·哈迪克（Rob Hadick），蜻蜓

"Stablecoins have significant advantages in cross-border payments. We hope that Base will support more local currency stablecoins, so that global users can use familiar currencies to trade on the chain and increase the popularity of blockchain technology."

“ Stablecoins在跨境支付方面具有显着优势。我们希望基地能够支持更多的本地货币稳定币，以便全球用户可以使用熟悉的货币来交易链条并提高区块链技术的普及。”

— Neodaoist, Product Manager of Base

- 基础产品经理Neodaisist

"The new generation of stablecoins must have market resilience. At its core, USDe is a yield-backed stability mechanism that ensures users have access to a reliable alternative to the U.S. dollar."

“新一代的Stablecoins必须具有市场的弹性。本质上，USDE是一种屈服的稳定机制，可确保用户可以使用美元可靠的替代品。”

— Conor Ryder, Head of Research at Ethena Labs

- Conor Ryder，Ethena Labs研究主管

"The flow of stablecoins depends on the quality of infrastructure—low cost, fast transactions, and market demand. On Solana, Meme coin transactions have extremely high demand for liquidity and instant settlement, making stablecoins an indispensable part."

“稳定蛋白的流动取决于基础设施的质量 - 低成本，快速交易和市场需求。关于索拉纳，模因硬币交易对流动性和即时定居的需求极高，使稳定的稳定者成为必不可少的部分。”

— Andrew Hong, Herd founder and data analysis expert

- 安德鲁·洪（Andrew Hong），牛群创始人兼数据分析专家

"TRON has become the blockchain of choice for stablecoin transactions, with billions of dollars in daily transactions. USDT drives real economic activity on TRON, especially in emerging markets, where it has become a key tool for payments and savings."

“ Tron已成为Stablecoin交易的首选区块链，每日交易数十亿美元。USDT推动了Tron的真正经济活动，尤其是在新兴市场中，它已成为付款和储蓄的关键工具。”

—Sam Elfarra, TRON DAO community spokesperson

- Sam Elfarra，Tron Dao社区发言人