儘管競爭日益激烈，但Tether的USDT仍然是主要的Stablecoin：報告

儘管新興發行人的競爭日益加劇，但Stablecoin市場仍然在很大程度上受到一些關鍵參與者的控制。

Tether’s USDt continues to largely dominate the stablecoin market despite growing competition from emerging issuers, according to data from Web3 research firm Nansen.

根據Web3研究公司Nansen的數據，儘管新興發行人的競爭日益增長，但Tether的USDT仍在很大程度上佔據了Stablecoin市場。

As of April 25, Tether (USDT) has a roughly 66% market share among stablecoins, compared to around 28% for USDC (USDC), and Ethena’s USDe (USDe) has just over 2%, according to the April 25 report.

根據4月25日的報告，截至4月25日，Tether（USDT）在Stablecoins中的市場份額約為66％，而USDC（USDC）約為28％，Ethena的USDE（USDE）剛剛超過2％。

While USDC has clocked faster growth rates, Nansen expects Tether’s lead to endure.

儘管USDC提高了更快的增長率，但Nansen預計Tether的領先地位會持久。

“With nearly 3x as many users as Uniswap and 50+% more transactions than the next app, Tether is by and far the largest use case of onchain activity,” Nansen said.

Nansen說：“與下一個應用程序相比，近3倍的用戶與Uniswap的用戶相比，交易多50％以上，這是OnChain活動的最大用例。”

“Despite the potential dispersion in stables, we inevitably believe this is a ‘winner-takes-most’ market dynamic.”

“儘管潛在的馬s上有潛在的散佈，但我們不可避免地認為這是'贏家最喜歡的'市場動態。”

Tether is also the most profitable stablecoin issuer, clocking nearly $14 billion in 2024 profits. The company earns revenue by accepting US dollars to mint USDT and subsequently invests those dollars into highly liquid, yield-bearing instruments such as US Treasury bills.

Tether也是最有利可圖的Stablecoin發行人，在2024年的利潤中達到了近140億美元。該公司通過接受美元造幣廠的美元來賺取收入，然後將這些美元投資到高度流動的，屈服的工具，例如美國財政賬單。

“Given the growth of USDT and USDC, the users are clearly expressing that they do not necessarily care about the yield as they are forgoing it to Tether and Circle -they simply want access to the most liquid and ‘stable’/ least-likely-to-depeg stablecoin out there,” Nansen said.

Nansen說：“鑑於USDT和USDC的增長，用戶清楚地表明，他們不一定要關心收益率，因為他們將其束縛和圈子 - 他們只是想進入那裡的最液體和“穩定”/最不重要的depeg stablecoin。”

Competitive landscape

競爭格局

Adoption of USDC has accelerated since November, when US President Donald Trump’s election victory ushered in a more favorable US regulatory environment for crypto, Nansen said.

納森說，自11月以來，美國總統唐納德·特朗普的選舉勝利就加入了美國加密貨幣的更有利的美國監管環境。

Circle’s US-regulated stablecoin has been “particularly attractive to institutions requiring regulatory clarity,” the report said.

報告說，Circle受到美國監管的穩定性“對需要監管清晰度的機構特別有吸引力”。

But USDC now faces “intensifying competition as major traditional financial institutions (i.e., Fidelity, PayPal, and banks) enter the market,” Nansen said, adding that stablecoins, including PayPal’s PYUSD and Ripple USD, are “rapidly gaining traction.”

但是，USDC現在面臨“加強競爭，因為主要的傳統金融機構（即富達，貝寶和銀行）進入市場，” Nansen說，他補充說，包括Paypal的Pyusd和Ripple USD在內的Stablecoins正在“快速獲得牽引力”。

On April 25, payment processor Stripe tipped plans to create a new stablecoin product of its own after buying stablecoin platform Bridge last year.

4月25日，付款處理器條紋計劃在去年購買Stablecoin Platform Bridge之後，計劃自己創建新的Stablecoin產品。

Despite its smaller market share, Ethena's yield-bearing USDe stablecoin remains “competitive on most fronts moving forward,” partly because of integrations across centralized exchanges (CEXs) and decentralized finance (DeFi) protocols, the report said.

報告稱，儘管市場份額較小，但埃塞納（Ethena）承擔的屈服USDE Stablecoin“在大多數前進方面的競爭力仍然具有競爭力”，部分原因是集中式交易所（CEXS）和分散財務（DEFI）協議之間的整合。

Since launching in 2024, Ethena’s stablecoin has generated an average annualized yield of approximately 19%, according to Ethena’s website.

根據Ethena的網站，自2024年推出以來，Ethena的Stablecoin的平均年化收益率約為19％。