Stablecoins的演變：從十幾歲到市場英雄

比特幣（BTC）出生於17年前，它仍處於十幾歲的年齡。難怪，這個分散的金融業正在不斷變化和發展。

Cryptocurrency is still quite a novel invention: Bitcoin (BTC) was born just 17 years ago, and it’s still in its teenage years. No wonder, this decentralized finance industry is constantly changing and developing. In this ever-evolving crypto landscape, stablecoins have emerged as heroes, facilitating the transition from traditional finance to decentralized finance.

加密貨幣仍然是一項新穎的發明：比特幣（BTC）出生於17年前，而且還處於十幾歲的時候。難怪，這個分散的金融業正在不斷變化和發展。在這種不斷發展的加密景觀中，穩定的人已經成為英雄，從而促進了從傳統金融到分散財務的過渡。

Often overshadowed by the volatility of cryptocurrencies, including the major ones like Bitcoin and Ethereum (ETH), stablecoins offer a semblance of stability in a tumultuous market. Their pegged value to fiat currencies, primarily the world reserve currency, U.S. dollar—such as Tether (USDT) and USD Coin (USDC)—provides a reliable medium of exchange, making them increasingly attractive to both individual users and institutional investors beyond the crypto space.

穩定幣通常被加密貨幣的波動所蒙上陰影，包括比特幣和以太坊（ETH）等主要的貨幣，在動蕩的市場中提供了穩定性的外觀。他們對法定貨幣的固定價值，主要是世界預備役貨幣，美元（例如Tether（USDT）和USD Coin（USDC））提供了一種可靠的交換媒介，使它們對個人用戶和機構投資者的吸引力都越來越多。

The surge in stablecoin adoption

穩定幣的激增

Recent data underscores the burgeoning adoption of stablecoins. According to a joint report by on-chain analysis platforms Artemis and Dune, active stablecoin wallets have surged by 53% over the past year, escalating from 19.6 million in February 2024 to over 30 million in February 2025. This significant uptick reflects a growing trust in stablecoins as a viable financial instrument, bridging the gap between conventional finance and the crypto realm.

最近的數據強調了穩定的穩定的採用。 According to a joint report by on-chain analysis platforms Artemis and Dune, active stablecoin wallets have surged by 53% over the past year, escalating from 19.6 million in February 2024 to over 30 million in February 2025. This significant uptick reflects a growing trust in stablecoins as a viable financial instrument, bridging the gap between conventional finance and the crypto realm.

This growth isn’t merely a numerical increase; it signifies a paradigm shift in how users perceive and utilize digital currencies. The stability offered by digital assets redeemable 1:1 with fiat currencies makes them ideal for everyday transactions, savings, and as a hedge against the volatility inherent in other cryptocurrencies.

這種增長不僅僅是數值的增長。它表示用戶如何看待和利用數字貨幣的範式轉變。數字資產可兌換1：1提供的穩定性，使其非常適合日常交易，儲蓄，也是對其他加密貨幣固有的波動性的籬笆。

Unsurprisingly, the United States issued timely guidelines for regulating stablecoins. The U.S. Securities and Exchange Commission issued a notice, paving the way for a more regulated and stable digital asset landscape. As Selva Ozelli, an international tax attorney and a regular columnist at Crypto.news, explained:

毫不奇怪，美國發布了及時的調節穩定劑準則。美國證券交易委員會發出了通知，為更加規範和穩定的數字資產格局鋪平了道路。正如國際稅務律師兼加密新聞的常規專欄作家塞爾瓦·奧澤利（Selva Ozelli）所解釋的那樣：

“The SEC notice gives examples of readily liquid assets that should back a Covered Stablecoin which include USD cash equivalents, demand deposits with banks or other financial institutions, U.S. Treasury securities, or/and money market funds registered under Section 8(a) of the Investment Company Act of 1940, and do not include precious metals or other crypto assets.”

“ SEC通知給出了易於液體資產的示例，這些資產應支持覆蓋的穩定股份，其中包括USD現金等價物，與銀行或其他金融機構的需求存款，美國國債證券或/和/和根據1940年投資公司法案第8（a）條註冊的貨幣市場資金，並且不包括貴金屬或其他Crypto收藏品。”

As per data on stablecoins, Albridge internal analytics indicate that USDT retains its transactional lead in transactions and demonstrates 7% to 20% growth in month-over-month transaction volume between March 2024 and March 2025. USDC, on the other hand, remains second in the number of transactions and less popular than USDT in terms of transactional amounts, averaging at 25%. The total volume of USDT and USDC transactions varies from $85M to $198M between February 2024 and February 2025. Evidently, stablecoins are getting their momentum.

根據穩定菌素的數據，Albridge內部分析表明，USDT在2024年3月至2025年3月之間保留了交易中的交易領先優勢，並且在每月交易中的月份增長7％至20％。另一方面，USDC在交易的數量中仍然是交易的數量，而不是USDT，而在交易量中則保持較少的速度。 USDT和USDC交易的總數從2024年2月至2025年2月之間的8500萬美元到19.98萬美元不等。顯然，Stablecoins正在獲得勢頭。

Transaction volumes rivaling traditional payment networks

交易量與傳統支付網絡競爭

The practical utility of stablecoins is further evidenced by their staggering transaction volumes. Earlier this year, an asset management firm, ARK Invest, issued a report that highlighted the growth of stablecoin adoption, whose transaction value in 2024 reached $15.6 trillion, overtaking traditional payment firms Mastercard and Visa by more than 100%. This monumental volume underscores the growing reliance on stablecoins for a myriad of financial activities, from remittances to institutional settlements.

穩定幣的實際實用性通過其驚人的交易量進一步證明。今年早些時候，一家資產管理公司ARK Invest發表了一份報告，該報告強調了採用Stablecoin的增長，該公司的交易價值在2024年達到15.6萬億美元，超過了傳統支付公司MasterCard和Visa的交易價值超過100％。從匯款到機構定居點，這一巨大的著作強調了對穩定的財務活動的日益依賴。

Another report, issued by Citigroup, a multinational investment bank and financial services company, forecasts a potential fivefold increase in the stablecoin market over the next five years, possibly reaching nearly $4 trillion. Moreover, if the U.S. implements a regulatory framework, stablecoin issuers could emerge as major holders of U.S. Treasuries by 2030, potentially generating over $1 trillion in additional demand for Treasuries due to the expansion of stablecoins.

由跨國投資銀行和金融服務公司花旗集團（Citigroup）發布的另一份報告預測，未來五年內，穩定股市場的可能增長了五倍，可能達到近4萬億美元。此外，如果美國實施一個監管框架，那麼達貝幣的發行人可能會到2030年成為美國國債的主要持有人，這可能會產生超過1萬億美元的額外需求，這是由於擴大了穩定的國債。

Bridging fragmented blockchains

橋接碎片的區塊鏈

Users and developers today encounter numerous obstacles when working across multiple blockchains. Delivering a seamless web3 user experience is already a complex task, if we want mass adoption in the crypto industry. Moving tokens between layers tends to be cumbersome, slow, and fraught with risk. Developers face the added difficulty of dealing with fragmented ecosystems, each featuring distinct tools and protocols. Meanwhile, users often face repeated challenges due to inconsistent wallet compatibility and varying user interfaces across chains.

當今的用戶和開發人員在跨多個區塊鏈工作時遇到了許多障礙。如果我們想在加密行業中大量採用，那麼提供無縫的Web3用戶體驗已經是一項複雜的任務。在層之間移動令牌往往繁瑣，緩慢且充滿風險。開發人員面臨著處理分散的生態系統的額外困難，每個生態系統都具有不同的工具和協議。同時，由於錢包的兼容性不一致以及跨連鎖店的用戶界面變化，用戶經常面臨重複的挑戰。

As the crypto ecosystem becomes increasingly fragmented with multiple blockchains, the need for seamless interoperability has never been more critical. We, at Allbridge Core, address this challenge by offering a native stablecoin bridging experience, enabling seamless cross-chain swaps between EVM and non-EVM blockchains. With over a million total transfers and a total value locked exceeding $28 million, Allbridge Core exemplifies the infrastructure necessary for a cohesive DeFi environment.

隨著加密生態系統越來越多地被多個區塊鏈分散，對無縫互操作性的需求從未如此關鍵。在Allbridge Core，我們通過提供本地Stablecoin橋接體驗來應對這一挑戰，從而在EVM和非EVM區塊鏈之間實現無縫的跨鏈交換。 Allbridge Core的總轉移總額超過一百萬，總價值超過2800萬美元，體現了凝聚力型環境所需的基礎設施。

Friendly regulation and institutional embrace

友好的監管和機構擁抱

The maturation of the stablecoin market is not occurring in a vacuum. Regulatory frameworks are evolving to accommodate and oversee this

穩定市場的成熟並未發生在真空中。監管框架正在發展，以適應和監督