稳定币在Q1中移动了重量，流入了一组新的链条

虽然在以太坊上添加了更多的USDT和USDC，但较小的链条上的稳定量增加。

Stablecoin supply shifted in Q1, with more USDT and USDC being added on Ethereum, while the stablecoin supply increased on smaller chains.

Stablecoin的供应在第1季度发生了变化，在以太坊上增加了更多的USDT和USDC，而较小的链条上的稳定量则增加。

Smaller protocols like Morph, Cronos, and Stacks had the biggest percentage growth in Q1. The shift in stablecoin flows followed another expansion of the overall supply to 231.9B tokens, up another 2.88% in March. The growth comes from USDT and USDC mints, in addition to the creation of new supply for algorithmic or crypto-collateralized protocols.

较小的协议，例如Morph，Cronos和Stacks，在第一季度的增长百分比最大。 Stablecoin流的转变是在总体供应量的另一种扩展为231.9B代币之后，三月份又增加了2.88％。增长来自USDT和USDC造币厂，除了创建用于算法或加密货币化协议的新供应。

Small protocols turn to self-created liquidity

小规程转向自我创造的流动性

Morph, Cronos, and Stacks were the biggest growth chains that attracted new inflows of stablecoins. In the fourth position, the Build on Bob chain built up its supply to over $1M. BOB is an outlier, since the chain is issuing its native asset, instead of receiving bridged funds. Morph Finance is also testing its own algorithmic stablecoin. Cronos also expanded its supply with the native USC.

Morph，Cronos和Stacks是吸引新稳定蛋白流入的最大生长链。在第四个位置，Bob Chain上的构建将其供应量增加到100万美元以上。鲍勃（Bob）是一个离群值，因为该连锁店正在发行其本地资产，而不是收到桥接资金。 Morph Finance还正在测试其自己的算法稳定性。克罗诺斯（Cronos）还扩大了与本地USC的供应。

Algorand, ZKSync and Hedera also saw stablecoin inflows, with the hope of reviving their previous activity. Algorand mostly carries USDC, the same as ZKSync. Hedera also has over 99% dominance of USDC, as the three chains seek a more secure, fully regulated asset.

Algorand，Zksync和Hedera还看到了Stablecoin的流入，希望能够恢复其先前的活动。 Algorand主要携带USDC，与Zksync相同。 Hedera也拥有超过99％的USDC统治地位，因为这三个连锁店寻求更安全，完全监管的资产。

The most significant change came for Solana, which grew its stablecoin supply by 146% to $12.53B. The inflows mostly came from USDC, as Circle had a special series of mints for the Solana ecosystem. USDC helped create the meme token trading peak on Orca, as stablecoins added liquidity for the newly launched trading pairs. USDC is also key for Kamino Lending and other Solana-based protocols, aiming to revive economic activity on the chain.

索拉纳（Solana）最重大的变化是将其稳定供应量增长了146％，达到12.53B美元。流入主要来自USDC，因为Circle为Solana生态系统提供了一系列特殊的薄荷糖。 USDC帮助创建了Orca上的Meme代币交易峰，因为Stablecoins为新推出的交易对增加了流动性。 USDC也是Ka​​mino贷款和其他基于SOLANA的协议的关键，旨在恢复链条上的经济活动。

Crypto-collateral stablecoins return to growth

加密 - 加色稳定稳定恢复增长

Stablecoins went through a slight shift in supply, as algorithmic coin issuance slowed down, while crypto-collateralized assets expanded to 8.2% of the market. Stablecoins are drawing attention as a tool to lock in gains, while other growth opportunities are limited.

随着算法硬币发行的放缓，稳定的供应经历了略有变化，而加密货币资产则扩大到市场的8.2％。 Stablecoins将注意力作为锁定收益的工具，而其他增长机会也有限。

Crypto-collateralized stablecoins allow protocols to mint new liquidity by tapping the value of otherwise idle altcoins and even meme tokens.

加密加密化的稳定稳定性允许协议通过攻击其他空闲山寨币甚至模因令牌的价值来造成新的流动性。

Crypto-collateralized stablecoins remain relatively risky, especially after the recent drawdown for Bitcoin and Ethereum. Despite this, in Q1, crypto-collateralized coins increased their turnover and overall supply.

加密加密的稳定稳定性仍然相对危险，尤其是在比特币和以太坊最近逐渐减少之后。尽管如此，在第一季度，加密货币硬币增加了其营业额和整体供应。

On-chain transfer volume for this type of stablecoin gradually increased since early 2025, though still not competing with the leading USDT and USDC. DAI remains a key asset for decentralized activities, as DEX have no limitations or requirements for the type of stablecoin used.

自2025年初以来，这种类型的Stablecoin的链上转移量逐渐增加，尽管仍然没有与领先的USDT和USDC竞争。 DAI仍然是分散活动的关键资产，因为DEX对使用的Stablecoin类型没有限制或要求。

Stablecoins returned to DeFi

Stablecoins返回Defi

The market slowdown in Q1 created more demand for preserving gains. This also determined the flow of stablecoins, which increased among DeFi protocols, for both loans and collaterals.

第一季度的市场放缓产生了对维护收益的更多需求。这还确定了贷款和抵押品之间在Fefi方案之间增加的稳定蛋白的流动。

Centralized exchanges were the biggest attractor for stablecoins, with reserves nearing an all-time high. Over $44B of the total stablecoin supply still sits on centralized exchanges, mostly tied to demand for derivative markets.

集中式交流是Stablecoins的最大吸引者，储备金接近历史最高。超过$ 44B的总稳定供应仍在集中交易所上，主要与对衍生市场的需求有关。

In Q1, centralized exchanges increased their stablecoin reserves by $2.8B based on Artemis data. The second growth sector was DeFi, attracting over $707M in net flows.

在第1季度，基于Artemis数据的集中式交易所将其稳定储备提高了2.8b美元。第二个增长部门是Defi，吸引了超过7.07亿美元的净流。

Stablecoins flowed out of bridges, as well as L2 protocols, especially Arbitrum. Some of the supply returned to Ethereum, with large net changes for TRON and Solana.

稳定剂从桥梁以及L2方案，尤其是仲裁中流出。一些供应返回到以太坊，Tron和Solana的净变化很大。

Stablecoin issuers have shown to be adaptive, but users also altered their use patterns. While Ethereum had a greater supply of stablecoins, other chains had a higher count for daily active wallets.

Stablecoin发行人已显示自适应，但用户也改变了其使用模式。尽管以太坊的稳定剂供应量更大，但其他链的每日活动钱包的数量较高。

The most activity was seen on TRON, BNB Smart Chain, Celo, Polygon, and Solana. Other chains saw bigger transfers, but had fewer wallets interacting with the protocol.

在Tron，BNB智能链，Celo，Polygon和Solana上看到的活动最多。其他连锁店看到的转移更大，但与该协议相互作用的钱包较少。