美國銀行業巨頭花旗集團（Citigroup

在上週發布的市場報告中，花旗集團將支持Stablecoin市場，目的是在未來五年內至少見證7倍的供應增長。

American banking giant Citigroup has shared a highly bullish forecast of the stablecoin market in its latest market perspective report. Alongside this intriguing insight, Citigroup has also highlighted potential hurdles and roadblocks for these fiat-peg virtual assets.

美國銀行業巨頭花旗集團（Citigroup）在其最新的市場觀點報告中對Stablecoin市場表示了高度看漲的預測。除了這一有趣的見解外，花旗集團還強調了這些菲亞特 - PEG虛擬資產的潛在障礙和障礙。

US Regulatory Framework To Spur Stablecoin Growth

美國的監管框架刺激穩定生長

In a market report released last week, Citigroup is backing the stablecoin market to witness at least a 7x supply growth over the next five years.

在上週發布的市場報告中，花旗集團將支持Stablecoin市場，目的是在未來五年內至少見證7倍的供應增長。

The multinational investment bank has tied this bullish position to the obvious intentions of the current US administration to draft policies that support the growth of the digital asset industry.

跨國投資銀行將這一看漲立場與現任美國政府的明顯意圖聯繫起來，以草擬支持數字資產行業增長的政策。

Notably, in January 2025, US President Donald Trump ordered the creation of a crypto working group to create a federal regulatory framework in line with the demand of the nascent industry.

值得注意的是，在2025年1月，美國總統唐納德·特朗普（Donald Trump）下令成立一個加密貨幣工作組，以根據新生行業的需求創建一個聯邦監管框架。

According to Citigroup, the establishment of this regulatory framework, as well as increased adoption of digital assets by existing financial institutions, is expected to drive the demand for stablecoins.

花旗集團認為，該監管框架的建立以及現有金融機構對數字資產採用的增加有望推動對穩定的需求。

Data from DefiLlama shows that the value of the stablecoin market grew by 30x in the last years as the total crypto market surged by over 1400% in the same time.

Defillama的數據表明，隨著加密貨幣市場的同時飆升了1400％以上，Stablecoin市場的價值增長了30倍。

While Citigroup notes it’s difficult to make future predictions, the current scenario and past performances suggest stablecoin supply could rise by $1.6 trillion by 2030 in a base case 2030.

花旗集團指出，很難做出未來的預測，但當前的情況和過去的表演表明，在2030年基本案例中，到2030年，Stablecoin供應可能會增加1.6萬億美元。

In a bullish scenario, the investment bank predicts the stablecoin market could gain by $3.7 trillion, while a bearish case would only support market growth by $0.5 trillion.

在看漲的情況下，投資銀行預測，穩定市場的市場可能會增長3.7萬億美元，而看跌案只能支持市場增長0.5萬億美元。

Interestingly, Citigroup also explains that a US stablecoin regulatory framework would boost the demand for dollar risk-free assets within and outside the US. This is because stablecoin issuers are required to hold US Treasuries or other low-risk assets as collateral for each circulating stablecoin.

有趣的是，花旗集團還解釋說，美國穩定的監管框架將促進美國內外對美元無風險資產的需求。這是因為穩定發行人必須將我們的國債或其他低風險資產作為每個循環穩定的股份。

In the base case scenario, the American bank expects the surge in stablecoin demand to result in a $1 trillion purchase of US Treasuries.

在基本案例情況下，美國銀行預計，穩定需求的激增將導致1萬億美元購買美國國債。

What Are The Challenges For Stablecoins?

穩定幣面臨哪些挑戰？

While being largely optimistic on the stablecoins’ potential for growth, Citigroup has also shared certain potential challenges these virtual assets may face in adoption.

花旗集團在很大程度上對Stablecoins的增長潛力感到樂觀，但在採用時可能會面臨這些虛擬資產可能面臨的某些潛在挑戰。

A stablecoin represents a virtual cryptocurrency with a fixed value that is pegged to an existing fiat currency. Presently, US dollar-pegged stablecoins are strongly dominant in the market. Therefore, it is likely that other nations may view stablecoins as a tool to sustain the US financial hegemony.

Stablecoin代表具有固定值的虛擬加密貨幣，該貨幣與現有菲亞特貨幣掛鉤。目前，美元固定的穩定穩定在市場上是強烈的占主導地位。因此，其他國家可能會將Stablecoins視為維持美國​​金融霸權的工具。

In this case, Citigroup expects nations in Europe and China to invest in central bank digital currencies (CBDCs) or stablecoins pegged to their native fiat currencies. Therefore, the stablecoin market may likely be 90% dollar-denominated by 2030.

在這種情況下，花旗集團預計歐洲和中國的國家將投資於中央銀行數字貨幣（CBDC）或與其本地法定貨幣掛鉤的穩定貨幣。因此，到2030年，Stablecoin市場可能會達到90％的成績。

Furthermore, Citigroup notes that stablecoins bear a run risk in the case of a potential de-peg. The investment bank explains that a major de-pegging event could drastically reduce crypto liquidity, affecting trading platforms and the general financial market.

此外，花旗集團指出，在潛在的de-peg的情況下，穩定的風險有奔跑的風險。投資銀行解釋說，一場重大的挑戰活動可以大大降低加密流動性，從而影響交易平台和一般金融市場。

At press time, the stablecoin market is valued at $237.25 billion, with Tether (USDT) remaining the market leader with a 62.65% dominance.

發稿時，Stablecoin市場的價值為2372.5億美元，Tether（USDT）仍然是市場領導者，其優勢為62.65％。