Tether (USDT) 主导稳定币市场，但 Circle (USDC) 正在争夺一杯羹

稳定币是加密货币和区块链生态系统的重要组成部分，而 Tether 一直是该领域的领导者。

Stablecoins have become an integral part of the crypto and blockchain ecosystem, and Tether has maintained its leadership in this segment. This dominance is not only evident in terms of stablecoin adoption but also in terms of USDT marketcap.

稳定币已成为加密货币和区块链生态系统不可或缺的一部分，Tether 一直保持着该领域的领先地位。这种主导地位不仅在稳定币的采用方面很明显，而且在 USDT 市值方面也很明显。

Tether has been actively minting USDT in response to the robust demand for stablecoins this year. Recent reports have disclosed that the company minted 1 billion USDT on Thursday.

为了应对今年稳定币的强劲需求，Tether 一直在积极铸造 USDT。最近的报道披露，该公司周四铸造了 10 亿美元。

Tether has been on a USDT minting spree since 6 November, adding 21 billion UDT to the market within that short period. At the time of observation, its marketcap had rallied to a new ATH of $139.76 billion.

自 11 月 6 日以来，Tether 一直在疯狂铸造 USDT，短时间内向市场增加了 210 亿枚 UDT。截至观察时，其市值已升至 1,397.6 亿美元的新高。

For perspective, USDT marketcap at the start of 2024 was at $91.72 billion. This means it has so far added a bit over $48 billion to its marketcap just this year alone.

从长远来看，2024 年初 USDT 市值为 917.2 亿美元。这意味着仅今年一年，该公司的市值就增加了 480 亿美元多一点。

This perfectly encapsulates the liquidity resurgence observed in the market during the year.

这完美地体现了今年市场上观察到的流动性复苏。

The Brewing Battle for Dominance in the Stablecoin Segment

稳定币领域的主导地位之战正在酝酿之中

The aggressive USDT marketcap growth is just one of the key growth areas that have so far allowed it to be the most dominant stablecoin. The other key factor is the level of adoption.

USDT 市值的强劲增长只是迄今为止使其成为最具主导地位的稳定币的关键增长领域之一。另一个关键因素是采用程度。

To put things into perspective, here’s a DeFiLlama chart demonstrating USDT dominance which was at 69.42% at press time. USDT was the second most dominant stablecoin at 20.62%.

为了更直观地了解情况，这里有一张 DeFiLlama 图表，展示了 USDT 的主导地位，截至发稿时，其占比为 69.42%。 USDT 是第二大稳定币，占比 20.62%。

Recently, Circle has been gunning for a bigger piece of the stablecoin marketcap share with USDC. In fact, there were reports earlier in the week highlighting a partnership with Binance aimed at boosting USDC adoption.

最近，Circle 一直在与 USDC 争夺更大的稳定币市场份额。事实上，本周早些时候有报道强调与币安的合作旨在促进 USDC 的采用。

The collaboration could pave the way for USDC to pull off a more competitive front and potentially gain more dominance. This was announced just 2 days before Tether’s recent USDT minting.

此次合作可能为 USDC 赢得更具竞争力的战线并可能获得更多主导地位铺平道路。这是在 Tether 最近铸造 USDT 的前 2 天宣布的。

If Circle’s endeavor proves successful, then USDC could benefit from more adoption and utility. This means more people could start using it and thus boosting its dominance.

如果 Circle 的努力被证明是成功的，那么 USDC 可以从更多的采用和实用性中受益。这意味着更多的人可以开始使用它，从而增强它的主导地位。

This also warrants a look at user or address statistics. USDT had just over 15 million total addresses at the start of May 2021 and slightly below $3 million had a non-zero balance.

这也值得查看用户或地址统计数据。截至 2021 年 5 月，USDT 的地址总数略高于 1500 万个，余额非零，略低于 300 万美元。

Total addresses have since grow to 42.76 million addresses, with over 6.02 million addresses having a non-zero balance.

此后，地址总数已增长至 4276 万个地址，其中超过 602 万个地址具有非零余额。

This is as of 9 December, painting a reasonable picture of just how USDT addresses have grown so far.

这是截至 12 月 9 日的数据，合理地描绘了迄今为止 USDT 地址的增长情况。

Meanwhile, USDC had 4.33 million total addresses as of early May 2021. There were slightly under 888,000 addresses with balance during the same period.

与此同时，截至 2021 年 5 月上旬，USDC 的地址总数为 433 万个。同期，有余额的地址略低于 888,000 个。

USDT total addresses have since then grown to 15.63 million addresses as of 9 December. There were 2.4 million addresses with balance during the same time.

截至 12 月 9 日，USDT 总地址已增至 1563 万个。同期有240万个地址有余额。

Based on these figures, it was clear that USDT outperformed USDC in terms of address growth. But the real question is, will Circle’s partnership with Binance narrow this gap?

根据这些数据，很明显 USDT 在地址增长方面优于 USDC。但真正的问题是，Circle 与币安的合作会缩小这一差距吗？

USDC could reap immense benefits from the deal in terms of user growth and perhaps even in terms of dominance.

USDC 可以从用户增长甚至主导地位方面从这笔交易中获得巨大利益。

However, it has a long way to go before securing a chance at surpassing USDT both in terms of user growth and marketcap.

然而，无论是在用户增长还是市值方面，它距离超越 USDT 还有很长的路要走。