菲亞特支持的穩定幣，象徵性的國庫和Defi：紐約財務未來的一分鐘

由菲亞特支持的穩定幣，代幣化的國庫和Defi正在重塑融資。本文深入了解最新趨勢，市場優勢和未來前景。

The intersection of fiat-backed stablecoins, tokenized treasuries, and DeFi is buzzing louder than a Times Square street performer. Capital’s flowing, adoption’s surging, and innovation’s popping off as DeFi bridges the gap with traditional finance (TradFi).

比時代廣場街的表演者大聲嗡嗡作響的菲亞族支持的穩定的穩定幣，象徵化的國庫。當Defi與傳統金融（TradFi）彌補差距時，Capital的流動，收養的飆升和創新爆發。

Stablecoins: Still the Kingpins

Stablecoins：仍然是Kingpins

Stablecoins are the bedrock, no doubt. From the start of 2024 to April 2025, fiat-backed stablecoins ballooned by $97 billion—a 76% jump—hitting a record $224.9 billion. USDT and USDC still run the show, holding down 93.5% of the market. USDT led the charge with a $56.3 billion infusion, while USDC added $37.6 billion. Institutions trust 'em, liquidity’s deep—that's the ticket.

毫無疑問，穩定的是基岩。從2024年初到2025年4月，由菲亞特支持的Stablecoins激增了970億美元（76％的增長），達到了創紀錄的2249億美元。 USDT和USDC仍在舉辦演出，佔據了93.5％的市場。 USDT以563億美元的注入領先，而USDC則增加了376億美元。機構信任他們的流動性深處 - 這是票。

New kids on the block like Ethena Labs’ USDt and Usual Money’s USD0 are making noise, grabbing significant market share fast. Still, even with these hot debuts, alternative stablecoins are just chilling with a modest 3.3% slice of the pie.

Ethena Labs的USDT和通常的Money的USD0之類的新孩子在發出噪音，迅速獲得了大量的市場份額。儘管如此，即使有這些熱門的首次亮相，替代穩定的stablecoins還是以3.3％的餡餅片而冷卻。

Interestingly, the big boys from TradFi, like PayPal’s PYUSD and Société Générale’s EURCV, haven't exactly killed it. Regulatory fog? That’s the likely culprit.

有趣的是，來自Tradfi的大男孩，例如Paypal的Pyusd和Sociétégénérale的Eurcv，尚未完全殺死它。監管霧？那可能是罪魁禍首。

Tokenized Treasuries: Economic Fears Fuel the Fire

代幣化的國庫：經濟擔心會激發大火

Tokenized U.S. Treasury securities? Hot stuff. They’ve shot up, reaching a $5.6 billion market cap in April 2025—a 544.8% jump since early 2024. Economic uncertainty’s the match that lit this fire. BlackRock’s BUIDL fund is leading the pack, snagging 45% of the market by April 2025. They’re making fixed-income investments transparent and accessible using blockchain. Ethereum’s the main stage, but with just over 11,000 holders globally, it’s still a niche game.

象徵美國國庫證券？熱的東西。他們的投籃命中率上升，在2025年4月達到了56億美元的市值，自2024年初以來增加了544.8％。經濟不確定性是激發這場大火的比賽。貝萊德（Blackrock）的Buidl Fund領導著這一領先，到2025年4月，佔地45％。他們正在使固定收益投資透明且使用區塊鏈可訪問。以太坊是主要舞台，但全球僅11,000多個持有人，這仍然是一場利基遊戲。

Onchain Private Credit: Slow and Steady?

OnChain私人信用：緩慢而穩定？

Private on-chain credit? Not as flashy. Active loan volume’s at $546.8 million, about a third of its May 2022 peak. Maple Finance is holding it down, though, with $374 million in active loans—67% of the top six platforms. They’re even playing in the RWA space. With regulatory leniency and innovation brewing, this market might just get its second wind.

私人鏈上信用？不那麼浮華。 Active Loan Volume的價格為5.468億美元，約佔其2022年5月的峰值的三分之一。不過，Maple Finance將其拒之門外，有3.74億美元的有效貸款，占前六名平台的67％。他們甚至在RWA空間裡玩。隨著監管寬大和創新釀造，這個市場可能只會獲得第二種風。

Sei Network's Rise

您是網絡的崛起

Sei Network, optimizing dApp development for DeFi and trading, is gaining traction. Selected as a pilot for the Wyoming Stable Token (WYST), Sei demonstrated high competency in uptime, security, user base, and infrastructure performance. This is improving Sei's status, with increased TVL and project financing.

SEI網絡優化用於DEFI和交易的DAPP開發正在獲得吸引力。 SEI被選為懷俄明州穩定令牌（WYST）的飛行員，在正常運行時間，安全性，用戶群和基礎架構性能方面具有很高的能力。隨著TVL和項目融資的增加，這正在改善SEI的狀態。

Final Thoughts: DeFi's Shifting Sands

最終想法：Defi的變化沙子

DeFi’s changing fast. Stablecoins and tokenized treasuries are where it’s at. Mainstream decentralized finance? Still a work in progress.

Defi的變化很快。穩定的國債和代幣化的國債。主流分散的金融？仍在進行中。

So, what’s the takeaway? Keep your eyes peeled, because this space moves faster than a New York minute. And remember, always do your own research before diving into the crypto pool!

那麼，收穫是什麼？睜大眼睛，因為這個空間的移動速度比紐約分鐘快。請記住，在潛入加密池之前，請務必做自己的研究！