为什么Tether（USDT）主导Stablecoin市场

稳定币是一种特殊类型的加密货币，旨在保持稳定的价值，通常与Dollar这样的传统货币匹配

In the bustling cryptocurrency landscape, stablecoins act like digital dollars, providing a stable anchor in the often-stormy seas of crypto markets. People use them extensively to buy and sell other cryptocurrencies like Bitcoin or Ethereum, move funds across borders quickly, participate in decentralized finance (DeFi) applications, or simply park their money digitally without facing the price swings common to other crypto assets.

在繁华的加密货币景观中，Stablecoins的行为就像数字美元一样，在经常风格的加密货币市场中提供了稳定的锚点。人们广泛使用它们来买卖其他加密货币，例如比特币或以太坊，迅速跨越边界，参与分散的财务（DEFI）申请，或者简单地将其数字化的钱停放而不面对其他加密资产共同的价格波动。

Given their fundamental role, the leadership position in the stablecoin arena is highly significant. To understand which stablecoin reigns supreme and why is crucial for comprehending the current state and future direction of digital finance.

鉴于他们的基本角色，在Stablecoin领域的领导地位非常重要。要了解哪种Stablecoin统治最高的至高无上，为什么对于理解数字融资的当前状态和未来方向至关重要。

The standard way to compare the size and influence of cryptocurrencies is through market capitalization – the total value of all coins in circulation. For a stablecoin aiming for a $1 peg, the market cap effectively shows how many dollars worth of that stablecoin exist and are being used.

比较加密货币的规模和影响的标准方法是通过市值 - 所有循环中所有硬币的总价值。对于瞄准$ 1钉的稳定币，市值有效地显示了价值多少美元，并正在使用。

By this measure, Tether (USDT) holds a commanding lead in early 2025. Data from Brave New Coin on April 3 shows that USDT’s market capitalization is currently around $144 billion. This figure places it far ahead of its nearest rival, USD Coin (USDC), which has a market cap of approximately $60.7 billion.

通过这一措施，Tether（USDT）在2025年初持有指挥领导。4月3日，Brave New Coin的数据显示，USDT的市值目前约为1,440亿美元。这个数字将其领先于最接近的竞争对手USD Coin（USDC），该硬币的市值约为607亿美元。

To put this scale in perspective, according to the well-known data platform DefiLlama, the total value of all tracked stablecoins is around $235 billion. This means that USDT alone represents over 61% of this entire market, a clear sign of its dominant position.

根据著名的数据平台Defillama的说法，将这个规模置于角度上，所有追踪的Stablecoins的总价值约为2350亿美元。这意味着单独使用USDT占整个市场的61％以上，这是其主导地位的明显迹象。

Interestingly, while USDT leads globally, where these stablecoins are most popular varies. While market cap shows overall size, trading volume reveals where the activity is happening. Research highlighted by organizations like the World Economic Forum shows that there's a distinct geographic pattern to stablecoin usage.

有趣的是，尽管USDT在全球范围内领导，而这些稳定的稳定者最受欢迎。尽管市值显示整体规模，但交易量揭示了活动的发生位置。像世界经济论坛这样的组织强调的研究表明，有一个独特的地理模式可以使用稳定的使用。

This geographic split highlights how regional preferences, regulatory landscapes, and specific use cases shape the adoption of different stablecoins.

该地理分裂强调了区域偏好，监管景观和特定用例如何塑造采用不同稳定的稳定剂。

Understanding the two leaders requires looking beyond just their market caps:

了解两位领导人需要超越他们的市值：

Tether (USDT):

Tether（USDT）：

Is the older and more established stablecoin, having launched in 2015.

是较老，更具成熟的Stablecoin，于2015年推出。

Has faced scrutiny in the past over the transparency of its reserves, although it recently began disclosing attestations from accounting firms to show the types of assets backing USDT.

过去，由于其储备的透明度，面临审查，尽管它最近开始披露会计师事务所的证明，以显示支持USDT的资产类型。

Is often preferred in markets outside North America, where it is widely listed on exchanges and used for trading.

在北美以外的市场中通常是首选，在北美地区，它在交易所被广泛列出并用于交易。

Is said to be favored by individual traders and smaller institutions.

据说受到个人商人和较小机构的青睐。

USD Coin (USDC):

美元硬币（USDC）：

Was launched in 2019 by Circle and is known for its strong regulatory focus.

于2019年由Circle推出，并以其强烈的监管重点而闻名。

Regularly publishes independent audits of its reserves, which are held in U.S. Treasury bills and cash.

定期发布有关其储备金的独立审核，这些审核是在美国国库账单和现金中进行的。

Has gained popularity among institutional investors and in North America, aided by its integration with platforms like Paxos and willingness to engage with regulators.

在与Paxos这样的平台和与监管机构互动的愿意的融合的支持下，机构投资者和北美都广受欢迎。

Is said to be preferred by hedge funds and venture capitalists.

据说是对冲基金和风险资本家的首选。

Several other stablecoins play important roles, often bringing unique features, though their market caps remain much smaller:

其他几个稳定的稳定角色扮演着重要的角色，通常会带来独特的功能，尽管它们的市值仍然小得多：

Dai (CRYPTO: DAI) is a decentralized stablecoin governed by the MakerDAO protocol. It aims to maintain its $1 peg through an open market value (MIVR) system and is used heavily in DeFi protocols.

DAI（加密：DAI）是由Makerdao协议管理的分散的Stablecoin。它旨在通过公开市场价值（MIVR）系统保持其1美元的钉子，并在DEFI协议中大量使用。

Paxos Standard (PAX) is a U.S.-dollar-backed stablecoin issued by Paxos, a New York-based trust company. It is fully disclosed and regularly audited.

Paxos Standard（PAX）是由总部位于纽约的信托公司Paxos发行的美国支持的Stablecoin。它被充分披露并定期审核。

USD+E is a yield-bearing stablecoin offered by Anchor, a lending protocol on the Terra blockchain. It seeks to provide interest income on stablecoins.

USD+E是由Terra区块链上的贷款方案Anchor提供的承重稳定的。它旨在为稳定币提供利息收入。

While these contenders offer valuable alternatives and innovations, particularly within the DeFi space, they currently lack the scale and widespread infrastructure integration to challenge USDT’s overall market dominance.

尽管这些竞争者提供了有价值的替代方案和创新，尤其是在Defi领域中，但他们目前缺乏规模和广泛的基础设施集成，以挑战USDT的整体市场优势。

Crucially, the future of stablecoins is deeply intertwined with evolving regulations worldwide. Governments are trying to balance encouraging innovation with managing risks related to financial stability and consumer protection.

至关重要的是，稳定蛋白的未来与全球不断发展的法规息息相关。政府试图在鼓励创新与管理与金融稳定和消费者保护有关的风险之间取得平衡。

The approaches vary:

方法各不相同：

The U.S. is taking a measured step-by-step approach, with the SEC and Congress actively examining the legal classification and oversight of stablecoins.

美国证券交易委员会和国会正在采取一种测量的分步方法，积极研究了对稳定的法律分类和监督。

China has largely banned cryptocurrencies and signaled a preference for centrally controlled digital currency.

中国在很大程度上禁止了加密货币，并表示偏爱中央控制的数字货币。

The EU is moving swiftly with proposals for comprehensive regulation of crypto assets, including stablecoins, aiming to create a unified market.

欧盟正在迅速提出对加密资产的全面监管（包括Stablecoins）的提议，旨在创建一个统一的市场。

This regulatory heat is forcing stablecoin issuers to adapt. For instance, USDC has integrated with Paxos to offer compliant trading services for institutional clients, while also engaging in active dialogue with relevant U.S. government bodies.

这种监管热量迫使稳定发行人适应。例如，USDC已与Paxos集成，为机构客户提供合规的交易服务，同时还与相关的美国政府机构进行了积极的对话。

Navigating this complex regulatory environment will be crucial for all stablecoin issuers, and the compliance costs and restrictions could influence future market share.

浏览这一复杂的监管环境对所有Stablecoin发行人至关重要，并且合规成本和限制可能会影响未来的市场份额。

Ultimately, the success of a stablecoin depends on trust — trust that it will hold its $1 value and trust that it can be redeemed when needed. The historical questions surrounding USDT’s reserve transparency, despite recent attestations showing strong backing, remain a factor for some users.

最终，稳定币的成功取决于信任 - 信任它将保持其1美元的价值和信任，即在需要时可以兑换它。尽管最近表现出强烈的支持，但围绕USDT储备透明度的历史问题仍然是某些用户的一个因素。

On the other hand,

另一方面，