USDC终于从FTX崩溃中完全恢复了

USDC是Circle曾经被击倒的Stablecoin，终于正式从FTX崩溃的灾难中正式恢复了完全恢复。

Once battered by the FTX collapse, Circle’s stablecoin, USDC, has finally pulled off a full recovery. Its market cap is now back at $56.2 billion, hitting the same level as it had before the crypto giant fell apart in November 2022, according to data from CoinMarketCap.

一旦被FTX崩溃击中，Circle的Stablecoin USDC终于完全恢复了。根据CoinMarketCap的数据，它的市值现在返回562亿美元，与加密巨头巨头崩溃之前的水平相同。

At one point in early 2023, USDC tumbled to as low as $24.5 billion. Unlike its rival, Tether’s USDT, which hit recovery mode in April 2024, USDC took a long way back.

在2023年初的某一时刻，USDC跌至245亿美元。与竞争对手Tether的USDT不同，该公司在2024年4月达到了恢复模式，USDC走了很长一段路。

Now crypto markets have been enjoying a boost since Donald Trump returned to the White House, with his pro-crypto executive order helping stablecoins make serious gains. The order, which was signed on Jan. 24, talked about supporting dollar-backed stablecoins to “promote the growth of lawful and legitimate” financial tools globally.

自从唐纳德·特朗普（Donald Trump）返回白宫以来，加密货币市场一直在享受推动力，他的亲克莱普托（Crypto）行政命令有助于稳定的稳定订单。该命令于1月24日签署，谈到了支持美元支持的Stablecoins，以“在全球范围内促进合法和合法的”金融工具。

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In November 2022, when FTX filed for bankruptcy, the panic among investors was immediate. Over $6 billion in USDC was redeemed within 72 hours, causing its market cap to shrink from $44.5 billion to $38 billion in a flash. People wanted liquidity, and USDC was one of the fastest routes back to dollars.

2022年11月，当FTX申请破产时，投资者的恐慌立即出现。超过60亿美元的USDC在72小时内被赎回，导致其市值从445亿美元缩小到380亿美元。人们想要流动性，USDC是回到美元的最快路线之一。

Circle couldn’t even catch its breath before Binance made things worse. From September 2022 to February 2023, Binance automatically converted users’ USDC balances into its own stablecoin, BUSD. That wiped out over $3.7 billion in exchange-held USDC, cutting off liquidity until Binance walked back its policy in early 2023.

圆圈在二手持续情况下甚至无法呼吸。从2022年9月到2023年2月，Binance自动将用户的USDC余额转换为自己的Stablecoin Busd。这已经消除了超过37亿美元的交易所持有的USDC，切断了流动性，直到Binance在2023年初退缩了其政策。

Then March 2023 happened. Circle was caught in the crossfire of yet another collapse; that of Silicon Valley Bank. This bank had $3.3 billion of their cash reserves tied up in SVB when the bank went under. For a brief but brutal moment, USDC’s peg broke and the stablecoin dropped all the way to $0.8 on March 11.

然后2023年3月发生了。圈子被陷入了另一个崩溃的交火中。硅谷银行的。该银行在银行失败时将33亿美元的现金储备捆绑在SVB。在短暂但残酷的时刻，USDC的钉子破裂了，Stablecoin在3月11日下降到0.8美元。

By the time 2023 wrapped up, USDC had hit rock bottom at $24.5 billion. Circle was down but not out. The company launched an aggressive recovery plan, backed by strategic partnerships, regulatory engagement, and a focus on boosting liquidity.

到2023年结束时，USDC已达到245亿美元的岩石底部。圈子倒下，但没有出去。该公司启动了一项积极的恢复计划，并以战略合作伙伴关系，监管参与度以及促进流动性的重点为支持。

By January 2024, USDC had climbed back to a market cap of $35.7 billion. Just one year later, in February 2025, it hit $56.2 billion, finally back to pre-FTX levels.

到2024年1月，USDC攀升到了357亿美元的市值。仅一年后，即2025年2月，它达到了562亿美元，终于恢复了FTX之前的水平。

One of the key drivers of this recovery was institutional adoption. Big-money investors started choosing USDC over USDT, with daily transactions surging from 23,450 in early 2024 to over 51,000 by 2025. Ethereum network volumes doubled from $2.3 billion to $4.5 billion per month, and transactions on Polygon more than doubled.

这种恢复的主要驱动力之一是机构采用。大型投资者开始选择USDC超过USDT，每天的交易从2024年初的23,450笔飙升到2025年的51,000多个。以太坊网络量从每月23亿美元增加了一倍，增加到每月45亿美元，而多边形的交易量增加了一倍以上。

Meanwhile, US lawmakers did their part by introducing a stablecoin regulation bill in January 2025. The bill requires stablecoin issuers to be officially licensed as “permitted payment stablecoin issuers.” Financial Services Committee Chair Rep. French Hill and Digital Assets Subcommittee Chair Rep. Bryan Steil led the bipartisan push.

同时，美国立法者在2025年1月提出了一项Stablecoin法案，该法案要求该法案要求Stablecoin发行人正式获得“允许的付款Stablecoin发行人”。金融服务委员会主席众议员法国山和数字资产小组委员会主席众议员布莱恩·史蒂尔（Bryan Steil）领导了两党的推动力。

Circle’s CEO, Jeremy Allaire, praised the legislation, calling it “a tremendous opportunity to strengthen the US dollar and drive enormous innovation.” But Tether still rules the stablecoin market with a $96.4 billion market cap, though in January, USDC led Tether in daily transaction volume, with over 51,000 transactions compared to USDT’s 38,200, according to on-chain data.

Circle的首席执行官Jeremy Allaire赞扬了这项立法，称其为“加强美元并推动巨大创新的巨大机会”。但是，根据链接数据，束缚仍然以964亿美元的市值来统治Stablecoin市场，尽管1月份，USDC领导了Tether的日常交易量，而交易量超过51,000，而不是USDT的38,200。