隨著 DeFi 生態系統的爆炸性增長，穩定幣的主導地位激增

受去中心化金融（DeFi）應用需求增加的推動，穩定幣的使用量將在 2024 年持續成長。以太坊4 月穩定幣交易量預計將超過1 兆美元，穩定幣總供應量將達到1,650 億美元，為2022 年6 月以來的最高水準。地位，而演算法穩定幣則在Ethena 的 USDe，推動總供應量達到 100 億美元，為 2022 年 10 月以來的最高水準。

Stablecoin Dominance Soars amid DeFi Explosion

DeFi 爆炸性成長，穩定幣的主導地位飆升

As the decentralized finance (DeFi) ecosystem flourishes, the demand for stablecoins, digital assets pegged to fiat currencies, has surged in 2024. The monthly stablecoin trading volume on the Ethereum blockchain alone is poised to surpass $1 trillion for the first time ever this April, reaching an all-time high of over $989 billion as of April 25, according to data from The Block.

隨著去中心化金融（DeFi）生態系統的蓬勃發展，對穩定幣（與法定貨幣掛鉤的數位資產）的需求將在2024 年激增。預計今年4 月將首次突破1 兆美元根據 The Block 數據顯示，截至 4 月 25 日，這一數字達到了超過 9,890 億美元的歷史新高。

Ethereum-based stablecoins command a formidable presence, accounting for 55% of the total stablecoin market. However, Tron and other blockchain networks have also gained significant market share.

基於以太坊的穩定幣佔據著強大的地位，佔整個穩定幣市場的 55%。然而，Tron 和其他區塊鏈網路也獲得了巨大的市場份額。

The total supply of Ethereum stablecoins has rebounded to its highest level since March 2023, reaching $92 billion. This surge follows a record high of $125.6 billion in March 2022. The overall stablecoin supply has also hit its highest point since June 2022, surpassing $165 billion.

以太坊穩定幣總供應量已反彈至2023年3月以來的最高水平，達到920億美元。此次飆升是在 2022 年 3 月創下 1256 億美元的歷史新高之後。

Tether's USDT remains the undisputed market leader, boasting a record market capitalization of $115 billion and claiming 70% of the total market share. Notably, USDT holds a commanding presence on both Tron and Ethereum, with a record-breaking 58 billion USDT on Tron and 52 billion USDT on Ethereum.

Tether 的 USDT 仍然是無可爭議的市場領導者，市值達到創紀錄的 1,150 億美元，佔總市場份額的 70%。值得注意的是，USDT 在 Tron 和以太坊上都佔有主導地位，Tron 上的 USDT 達到創紀錄的 580 億 USDT，以太坊上的 USDT 達到創紀錄的 520 億 USDT。

Circle's USDC, the second-largest stablecoin by market cap, maintains a supply of over $34 billion, with $26 billion residing on Ethereum. Despite Tron's limited role in the Circle ecosystem, USDC support for Tron was abruptly halted in February.

Circle 的 USDC 是按市值計算的第二大穩定幣，其供應量超過 340 億美元，其中 260 億美元存在於以太坊上。儘管 Tron 在 Circle 生態系統中的作用有限，但 USDC 對 Tron 的支援在 2 月突然停止。

Algorithmic Stablecoins Resurgence

演算法穩定幣復甦

Algorithmic stablecoins, a type of stablecoin that uses algorithms to maintain its peg to a target asset, are also experiencing a revival on Ethereum. The total supply of algorithmic stablecoins has skyrocketed to nearly $10 billion, reaching its highest level since October 2022.

演算法穩定幣是一種使用演算法來維持與目標資產掛鉤的穩定幣，也在以太坊上經歷了復興。演算法穩定幣的總供應量已飆升至近100億美元，達到2022年10月以來的最高水準。

Notably, DAI's market capitalization has remained relatively stable around $5 billion over the past year. However, the aggregate value of other algorithmic stablecoins has doubled during the same period, primarily driven by Ethena's USDe, which has rapidly ascended to a market cap of $2.4 billion.

值得注意的是，DAI 的市值在過去一年中相對穩定地保持在 50 億美元左右。然而，同期其他演算法穩定幣的總價值卻翻了一番，這主要是由 Ethena 的 USDe 推動的，其市值已迅速升至 24 億美元。

Regulatory Concerns

監管問題

Despite the burgeoning growth of the stablecoin market, concerns have arisen regarding a bipartisan bill recently introduced by US Senators Cynthia Lummis and Kirsten Gillibrand. This bill proposes to ban algorithmic stablecoins, citing potential risks to investors.

儘管穩定幣市場蓬勃發展，但美國參議員辛西婭·魯米斯 (Cynthia Lummis) 和克爾斯滕·吉利布蘭德 (Kirsten Gillibrand) 最近提出的兩黨法案引起了人們的擔憂。該法案提議禁止演算法穩定幣，理由是對投資者有潛在風險。

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隨時了解狀況

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