穩定幣市值創歷史新高

穩定幣市值創歷史新高 根據DefiLlama數據，穩定幣整體市值突破169

The market capitalization of stablecoins has reached a new all-time high.

穩定幣市值創歷史新高。

However, there are different types of stablecoin, and in this specific case, only those pegged and fully collateralized in fiat currencies are examined, thus excluding those pegged to other assets (such as gold or other cryptocurrencies), and those that are algorithmic.

然而，穩定幣有不同類型，在這種特定情況下，只檢查那些與法定貨幣掛鉤並完全抵押的穩定幣，從而排除那些與其他資產（例如黃金或其他加密貨幣）掛鉤的穩定幣，以及那些透過演算法獲得的穩定幣。

According to the data from DefiLlama, the overall market capitalization of stablecoins has exceeded 169 billion dollars.

DefiLlama數據顯示，穩定幣整體市值已超過1,690億美元。

However, this data takes into consideration all stablecoins pegged to fiat currencies, including algorithmic ones.

然而，該數據考慮了所有與法定貨幣掛鉤的穩定幣，包括演算法穩定幣。

Examining even the algorithmic ones, like UST which failed in 2022, the all-time high would be at the end of April/beginning of May 2022, when just before the implosion of the Terra/Luna crypto ecosystem, due precisely to the loss of the UST peg, 187 billion dollars were reached.

甚至檢查演算法演算法，例如在 2022 年失敗的 UST，歷史最高點將出現在 2022 年 4 月底/5 月初，當時正好是 Terra/Luna 加密生態系統崩潰之前，正是由於失去了UST 掛鉤，達到1870 億美元。

At the time, UST was effectively the third largest stablecoin by market capitalization, with more than 18 billion dollars. Excluding these, the figure drops to less than 169 billion dollars.

當時，以市值計算，UST 實際上是第三大穩定幣，市值超過 180 億美元。除去這些，這個數字下降到不到1690億美元。

Therefore, excluding UST, the overall market capitalization of fiat-pegged stablecoins has reached its all-time high in recent days. Even excluding all other algorithmic stablecoins, the all-time high is the current one.

因此，剔除UST後，與法幣掛鉤的穩定幣整體市值近幾日已創歷史新高。即使排除所有其他演算法穩定幣，歷史最高點也是當前的。

On DefiLlama it is possible to apply filters to these charts.

在 DefiLlama 上，可以對這些圖表套用濾鏡。

For example, excluding all algorithmic stablecoins, such as UST, in 2022 the peak was 167 billion dollars, reached in March.

例如，排除所有演算法穩定幣，例如UST，2022年的峰值為1670億美元，在3月達到。

Instead, the current level has risen to almost 168 billion, therefore slightly higher compared to the maximum of 2022.

相反，目前的水平已上升至近 1680 億，因此略高於 2022 年的最高水平。

Excluding also those criptovalute that are pegged to fiat currencies but collateralized in criptovalute (such as DAI), the peak of 2022 drops to 155 billion dollars, reached in April, while the current level is well above 158.

不包括那些與法定貨幣掛鉤但以 criptovalute 抵押的 criptovalute（例如 DAI），2022 年的高峰將降至 4 月份達到的 1550 億美元，而當前水準遠高於 158。

So the biggest difference compared to the peaks of 2022 is precisely that of the stablecoin anchored to the US dollar and collateralized in dollars.

所以比起2022年的最高峰最大的差異恰恰就是錨定美元、以美元抵押的穩定幣。

It should be emphasized that the first 11 stablecoins anchored to fiat currencies and collateralized in fiat currencies are dollar stablecoins, and that the first in another fiat currency, Anchored Coins AEUR (AEUR), has a very marginal market capitalization, even less than 70 million dollars.

需要強調的是，前11 個錨定法幣並以法幣抵押的穩定幣是美元穩定幣，而第一個以另一種法幣錨定的硬幣AEUR（AEUR）的市值非常邊緣，甚至不到7000 萬。

From this data, it clearly emerges how the stablecoin market anchored to fiat currencies is literally dominated by those collateralized directly in fiat, and in particular those collateralized in US dollars.

從這些數據中可以清楚地看出，錨定於法定貨幣的穩定幣市場實際上是由直接以法定貨幣抵押的穩定幣市場主導的，特別是那些以美元抵押的穩定幣市場。

The stablecoin anchored to other fiat currencies turn out to be almost irrelevant, like the algorithmic ones. Those anchored to the dollar but collateralized in other assets have a slightly higher weight, but still very limited.

事實證明，與其他法定貨幣掛鉤的穩定幣幾乎無關緊要，就像演算法貨幣一樣。那些錨定美元但以其他資產抵押的資產權重稍高，但仍然非常有限。

To all this must be added that within the cauldron of stablecoins pegged to the US dollar and collateralized in dollars, USDT by Tether.

除此之外，還必須補充一點，在與美元掛鉤並以美元（由 Tether 提供的 USDT）作為抵押的穩定幣的大鍋中。

literally dominates.

從字面上看占主導地位。

Taking into consideration only the stablecoins pegged to the US dollar and collateralized in dollars, its dominance is 74%, but even extending the calculation to all stablecoins pegged to fiat currencies, and not just the dollar, and to those algorithmic or collateralized in other assets, its dominance only drops to 69%.

僅考慮與美元掛鉤並以美元抵押的穩定幣，其主導地位為74％，但甚至將計算擴展到所有與法幣掛鉤的穩定幣，而不僅僅是美元，以及那些演算法或以其他資產抵押的穩定幣，其主導地位僅下降至69%。

Therefore, in the relatively small group of stablecoins pegged to the US dollar and collateralized in dollars, the market capitalization of USDT alone is almost three times that of all other stablecoins combined.

因此，在相對較小的與美元掛鉤並以美元抵押的穩定幣中，僅 USDT 的市值就幾乎是所有其他穩定幣總和的三倍。

Overall, however, USDT capitalizes more than double all other stablecoins pegged to existing fiat currencies.

但總體而言，USDT 的資本化程度是所有其他與現有法定貨幣掛鉤的穩定幣的兩倍以上。

USDT has grown especially in recent months, particularly since November 2023.

USDT 最近幾個月尤其成長，尤其是自 2023 年 11 月以來。

The bulk of the growth, in fact, occurred between 2020 and the beginning of 2022, but during that period, almost all stablecoins had grown. It is enough to say that UST had reached a market capitalization of 18 billion dollars when USDT was around 80 billion.

事實上，大部分成長發生在 2020 年至 2022 年初之間，但在此期間，幾乎所有穩定幣都出現了成長。可以說，當USDT的市值在800億左右時，UST的市值已經達到了180億美元。

After the implosion of UST, even USDT lost market capitalization, but it limited itself to dropping to 65 billion dollars.

UST暴跌後，即使USDT市值也有所損失，但也僅限於跌至650億美元。

At the beginning of 2023, it started to recover what it had lost in the previous year, eventually returning above 80 billion in April of last year.

2023年初，它開始收復上一年的損失，最終在去年4月恢復到800億以上。

In November, however, a new rise began, still ongoing, which brought it above 90 billion in December. Then in March of this year, even above 100 billion. Now it is at 117 billion dollars, still growing.

然而，11 月，新的成長開始，且仍在持續，12 月達到 900 億美元以上。然後今年3月份，甚至突破了1000億。現在已達到 1170 億美元，並且仍在成長。

Taking into consideration the entire stablecoin sector, the hypothesis circulating regarding the possible causes of this year’s growth is that new money is simply entering the crypto sector.

考慮到整個穩定幣產業，關於今年成長的可能原因的假設是，新資金正在進入加密貨幣產業。

This is due in particular to the fact that the highest record, proportionally, was registered by stablecoin collateralized directly in fiat currency.

這尤其是因為按比例而言，最高記錄是由直接以法定貨幣抵押的穩定幣記錄的。

In fact, for every new dollar

事實上，每增加一美元