自2025年初以來，Global Stablecoin供應增長了約14％

這種看漲趨勢表明，流動性流量增加和投資者需求增加。根據Token終端的數據，迄今為止的總年份（YTD）更改

Global stablecoin supply has grown by roughly 14% since the beginning of 2025, suggesting increased liquidity flow and DeFi investor demand, according to Token Terminal. The aggregated Year to Date (YTD) change has shown steady momentum recently, skyrocketing in recent weeks, bringing the market closer to the $200 billion mark.

根據Token Terminal的數據，自2025年初以來，全球Stablecoin供應量增長了約14％，這表明流動性流量增加和投資者需求增加。迄今為止的總年份變化最近顯示出穩定的動力，最近幾週猛增，使市場接近2000億美元。

THE GLOBAL STABLECOIN SUPPLY IS UP 14% SINCE THE START OF THE YEARTHIS IS BULLISH 🦬 According to @TokenTerminal , the aggregated YTD change has shown steady momentum recently, skyrockoting in recent weeks. We're nearing the $200 billion mark. pic.twitter.com/mi4DBRD0DU

自今年年初以來，全球Stablecoin供應量增長了14％，根據@TokenTerminal的看法，總YTD變化最近顯示出穩定的動力，最近幾週在Skyrockoting。我們將接近2000億美元的大關。 pic.twitter.com/mi4dbrd0du

An increase in supply would indicate a rise in capital inflows into dollar-pegged assets such as Tether (USDT) and USD Coin (USDC). In crypto markets, stablecoins are often considered a proxy for so-called dry powder, readily deployable capital. The more stablecoins are out in circulation, the more buying power there is for exchanges and protocols.

供應的增加將表明資本流入增加到美元固定資產，例如Tether（USDT）和USD Coin（USDC）。在加密市場中，穩定的穩定劑通常被認為是易於部署資本的所謂乾粉的代理。流通量越多，對於交流和協議的購買力就越多。

Liquidity Return Boosts DeFi and Trading Activity

流動性回報促進FEFI和交易活動

Increased stablecoin issuance tends to be accompanied by increased trading activity and user participation in DeFi apps. The added liquidity allows smooth transactions and low slippage for high-volume trades and is good for the platforms involved in lending, staking, and providing synthetic assets.

Stablecoin發行的增加往往伴隨著增加的交易活動和用戶參與Defi Apps。增加的流動性可以使交易平穩和低水平交易用於大容量交易，並且非常適合參與貸款，積分和提供合成資產的平台。

Since mid-January, data from Token Terminal shows a consistent rise in supply volume and YTD growth. The supply, however, paused briefly to plateau in late February to early April but resumed upwards as of mid-April in sync with broader crypto market bullishness.

自1月中旬以來，Token終端的數據顯示，供應量和YTD增長的持續增加。然而，供應在2月下旬至4月初短暫停留到高原，但自4月中旬與更廣泛的加密市場看漲時恢復了上升。

By far, Tether holds the largest market share in the stablecoin, with circulation at over 61%. However, the trend in growth does not stop with a single issuer, indicating high trust within on-chain stables as a whole despite macroeconomic uncertainty and few fiat yield opportunities.

到目前為止，繫帶有在Stablecoin中最大的市場份額，發行量超過61％。但是，增長的趨勢並沒有隨著單個發行人而停止，這表明儘管宏觀經濟不確定性和菲亞特收益率很少，但整個鍊鍊馬s中的信任都很高。

Stablecoin Bill Faces Setback As Key Democrats Rethink Support

當關鍵民主黨人重新考慮支持時，Stablecoin Bill面臨挫折

This comes as support for the high-stakes stablecoin bill has weakened among Democratic senators, strengthening the bill’s chances of passing the Senate by the Memorial Day holiday. The legislation, once celebrated by crypto-friendly Democrats as a bipartisan breakthrough, is now hung up as a second set of Democrats objected.

這是因為對高風險穩定法案的支持在民主黨參議員中削弱了，從而加強了該法案在陣亡將士紀念日假期之前通過參議院的機會。這項立法曾經是由加密貨幣友好的民主黨人慶祝的兩黨突破，現在被視為第二組民主黨人反對。

Some Democratic lawmakers who before backed the bill are now complaining of unresolved national security, anti-money laundering enforcement, and regulatory control over foreign-issued stablecoins, according to a report by Politico. They are also looking for clearer reporting measures for issuers that don’t comply with the compliance standard.

Politico的一份報告顯示，一些以前支持該法案的民主黨立法者現在抱怨尚未解決的國家安全，反洗錢的執法以及對外國發行的穩定的監管控制。他們還在為不符合合規性標準的發行人尋求更明確的報告措施。

Among those reconsidering their support is Arizona Senator Ruben Gallego. The President’s stance is meant as a heightened strategic bid for concessions before the final vote. It takes at least seven Democrats to back the bill for Republicans to get the 60 votes needed to break through a Senate filibuster.

重新考慮支持的人包括亞利桑那州參議員魯本·加列戈（Ruben Gallego）。總統的立場是在最後投票之前提高優惠的戰略競標。至少需要七個民主黨人來支持共和黨人獲得參議院挑戰所需的60票。

Crypto Regulation Still Largely Divided Along Party Lines

加密法規仍然在很大程度上劃分

The shift illustrates a lasting partisan divide in Washington over digital asset legislation. Although a small group of Democrats supports crypto regulators moving forward, the party as a whole is holding back. Senate Republicans, who introduced the stablecoin bill, intended to weigh innovation’s benefits with the federal framework, but negotiations are stalling.

這一轉變說明了華盛頓對數字資產立法的持久黨派鴻溝。儘管一小群民主黨支持加密監管機構前進，但整個政黨都在阻止。提出了《穩定法案》的參議院共和黨人打算用聯邦框架權衡創新的利益，但談判正在停滯不前。

Senate Majority Leader John Thune has said he would like the bill passed before the Memorial Day recess. On Sunday, Arizona Democratic Governor Katie Hobbs vetoed a bill that would have placed a state-held Bitcoin reserve.

參議院多數黨領袖約翰·杜恩（John Thune）表示，他希望該法案在陣亡將士紀念日休會前通過。週日，亞利桑那州民主黨州長凱蒂·霍布斯（Katie Hobbs）否決了一項將為州立國有比特幣準備的法案。