加密市場很冷，比特幣的價格從109,000美元下降了

在2005年春季，加密貨幣市場很冷，比特幣的價格一直從年初的109,000美元下降到75,000美元的低點。

In the spring of 2005, the crypto market was in a chill, and the price of Bitcoin fell all the way from $109,000 at the beginning of the year to a low of $75,000.

在2005年春季，加密貨幣市場很冷，比特幣的價格一直從年初的109,000美元下降到75,000美元的低點。

The sluggish trading volume is accompanied by market fluctuations. Various tracks have been shut down one after another, the sector effect has disappeared, and only sporadic currency movements have captured the market's short-term attention.

較短的交易量伴隨著市場波動。各種軌道已經接一個地關閉，行業效應消失了，只有零星的貨幣運動才引起了市場的短期關注。

However, in such a sluggish market, the stablecoin market presents a completely different picture: according to data from Artemis, as of April 2025, the total market value of stablecoins has reached US$231.6 billion, a significant increase of 51% compared to US$152.6 billion in the same period of 2024.

然而，在如此遲鈍的市場中，穩定的市場呈現出完全不同的情況：根據Artemis的數據，截至2025年4月，Stablecoins的總市場價值已達到2316億美元，相比之下，在2024年同期，穩定增長了51％。

While the overall crypto asset market is weak, stablecoins continue to expand. So the question is: if the constantly issued stablecoins do not flow into cryptocurrency investment, where do they go?

儘管總體加密資產市場較弱，但Stablecoins仍在不斷擴大。因此，問題是：如果不斷發行的穩定幣不流入加密貨幣投資，他們會去哪裡？

Beyond encryption, stablecoins are quickly taking root in the real world

除了加密之外，穩定劑正在迅速紮根於現實世界

As the infrastructure of the blockchain world, stablecoins not only dominate on-chain transactions, but are also the core tools for crypto users to exchange tokens, perform DeFi operations, and transfer money.

作為區塊鏈世界的基礎架構，Stablecoins不僅主導了鏈交易，而且還是加密用戶交換令牌，執行Defi操作和轉移資金的核心工具。

However, its influence has long surpassed the boundaries of encryption and is taking root and growing in the real world.

但是，它的影響力長期超過了加密的界限，並且正在現實世界中紮根和生長。

In terms of market capitalization, stablecoins directly account for 5% of the total market capitalization of cryptocurrencies. If companies that manage stablecoins and blockchains whose main business is stablecoins (such as Tron) are included, this proportion reaches 8%.

就市值而言，穩定菌素直接佔加密貨幣總市值的5％。如果包括主要業務是Stablecoins（例如TRON）的穩定者和區塊鏈的公司，則此比例將達到8％。

It is worth noting that mainstream stablecoin issuers adopt an operating model similar to MasterCard, reaching end users through intermediaries such as exchanges and payment service providers.

值得注意的是，主流Stablecoin發行人採用類似於萬事達卡的操作模型，通過交易所和付款服務提供商等中介機構與最終用戶聯繫。

Take Argentina as an example. Although local crypto exchanges LemonCash, Bitso, and Rippio are not well-known globally, their user base has reached an astonishing 20 million, equivalent to half of Coinbase's user base, while Argentina's population is only one-seventh of that of the United States. Lemon Cash alone generated about $5 billion in trading volume last year, mainly in stablecoin-related transactions.

以阿根廷為例。儘管當地加密貨幣交換檸檬粉，BITSO和RIPPIO在全球範圍內並不眾所周知，但他們的用戶群達到了驚人的2000萬，相當於Coinbase用戶群的一半，而阿根廷的人口僅占美國的一半。去年，僅檸檬現金就產生了約50億美元的交易量，主要是與Stablecoin相關的交易。

What is even more thought-provoking is that according to Artemis data, of the total stablecoin circulation of US$206.78 billion as of March 2025, traditional CEX, DeFi and other encryption scenarios only account for a small share, and as much as 67% (US$138.6 billion) of stablecoins flow into the "unclassified application" field.

更令人發人深省的是，根據Artemis數據，截至2025年3月，穩定的穩定蛋白髮行量為2067.8億美元，傳統的CEX，DEFI和其他加密場景僅佔較小的份額，而多達67％（1386億美元）（1386億美元）（1386億美元）的STABLECOINS流入了尚未統治的應用程序。

Most stablecoins flow in data blind spots that are not clearly tracked, and their secrets are kept in black boxes outside of encryption.

數據盲點中的大多數穩定劑流都無法清楚地跟踪，並且它們的秘密保存在加密之外的黑匣子中。

In the black and gray trade, stablecoins are circulating "stably"

在黑色和灰色的貿易中，穩定的穩態正在“穩定”循環

On the dark side of social rules, stablecoins are weaving a huge black and gray industry network.

在社會規則的陰暗面上，Stablecoins編織了一個巨大的黑色和灰色行業網絡。

Liu Ping (pseudonym), who works in cross-border e-commerce, said that although regular USD payment platforms such as Airwallex, Payoneer, and PingPong all require strict qualification review and real order data, "someone always needs other solutions", especially those merchants who sell counterfeit goods, infringing goods, or arms contraband. These illegal merchants either purchase the platform's "black and gray backdoor" account opening rights at a high price, or directly use USDT to receive and pay.

在跨境電子商務工作的Liu Ping（假名）表示，儘管諸如AirWallex，Payoneer和Pingpong之類的常規美元支付平台都需要嚴格的資格審查和實際訂單數據，但“總是需要其他解決方案”，但“總是需要其他解決方案”，尤其是那些出售商品，侵犯商品，侵犯商品，違約的商人。這些非法商人要么以高價購買該平台的“黑色和灰色後門”帳戶開設權，要么直接使用USDT來接收和付款。

As Liu Ping explained, the corresponding industrial chain grows in the dark. After illegal merchants receive payments through the platform's "black and gray backdoors", they quickly exchange them for USDT with the help of underground banks and withdraw. "This is equivalent to those who open backdoors for illegal merchants eating the losses of their own company."

正如Liu Ping所解釋的那樣，相應的工業鏈在黑暗中生長。在非法商人通過該平台的“黑色和灰色後門”獲得付款後，他們在地下銀行的幫助下迅速將其交換為USDT並撤離。 “這相當於那些為非法商人開放後門的人，吃了自己公司的損失。”

In the field of advertising, she also mentioned some more covert operations: "There are black and gray accounts that specialize in placing illegal advertisements on platforms such as Facebook, such as guns and ammunition. Most of the funds for advertisers to recharge are stolen credit cards. Some people specialize in purchasing stolen credit card limits, recharging them into advertising accounts, and then selling them at a discount with USDT. An advertising account worth $2,000 may only cost $1,500 to $1,700 using USDT."

在廣告領域，她還提到了一些更秘密的操作：“有一些黑色和灰色的帳戶專門將非法廣告放在諸如Facebook之類的平台上，例如槍支和彈藥。大多數用於補給廣告商的資金都被盜了信用卡。有些人專門將其限制在商品上，然後將其銷售給他們的廣告，然後將其銷售給他們，然後將廣告銷售給廣告，然後將其折價。 $ 2,000使用USDT可能只有$ 1,500至$ 1,700。”

"Cross-border merchants actually want to use USDT for settlement because it is flexible, has no price difference, and can avoid asset risks to a certain extent. However, formal platforms have licenses, accept US dollars, and exchange rates must also comply with regulations," Liu Ping said frankly.

Liu Ping坦率地說：“跨境商人實際上想使用USDT進行和解，因為它是靈活的，沒有價格差異，並且可以在一定程度上避免資產風險。但是，正式平台獲得許可，接受美元，匯率也必須遵守法規。”

"But formal platforms have licenses, they accept U.S. dollars, and exchange must comply with regulations. The essence of the black and gray backdoor is to leave a time window for scammers to an opportunity to use USDT to run away. Small amounts are directly withdrawn, and the platform suffers;

“但是正式的平台獲得許可，他們接受美元，並且交換必須遵守法規。黑色和灰色後門的本質是為騙子留下時間窗口，讓騙子有機會使用USDT逃跑。少量的少量被撤回，平台受苦；