Stablecoin市場目前顯示出一些混合信號

這一轉變是在三月的強勁流入，在四月的積極流出。這種下降可能意味著加密貨幣的風險季節正在降溫。

The stablecoin market is showing some mixed signals.

Stablecoin市場顯示出一些混合信號。

According to blockchain analytics firm Nansen, exchange balances of stablecoins had recently dropped. Balances fell from $67 billion in March to $61.5 billion by the end of April.

根據區塊鏈分析公司Nansen的數據，Stablecoins的交換餘額最近下降了。餘額從3月的670億美元下降到4月底的615億美元。

This shift came as a strong inflow during March gave way to aggressive outflows in April. That drop might mean crypto’s risk-on season is cooling off. Or, it could mean money is simply moving to newer opportunities elsewhere.

這一轉變是在三月的強勁流入，在四月的積極流出。這種下降可能意味著加密貨幣的風險季節正在降溫。或者，這可能意味著金錢只是在其他地方轉向更新的機會。

March saw stablecoins flow in. April saw them drain out.In March, exchange inflows often matched or exceeded outflows, keeping balances fairly stable between ~$66B–67B.But in April? A clear reversal. Outflows dominated nearly every day, pulling total exchange balances down to… pic.twitter.com/VR3qrOe0iE

三月看到Stablecoins流入。四月看到他們排出。在3月，交換流入通常相匹配或超過流出，使餘額保持穩定在約66b – 67b的左右。但是4月在4月？清晰的逆轉。流出幾乎每天占主導地位，將全部交換餘額降低到…pic.twitter.com/vr3qroe0ie

At the same time that balances are dipping on exchanges, stablecoins are seeing surging interest from institutions and governments.

同時，餘額正在交流，Stablecoins看到機構和政府的興趣激增。

The US Treasury Borrowing Advisory Committee, for the first time ever, discussed stablecoins as a legitimate “new payment mechanism” and a major buyer of US T-bills.

美國財政部借貸諮詢委員會首次將Stablecoins討論為合法的“新付款機制”和美國T-Bills的主要買家。

Related: Binance Lands $2 Billion From MGX, Deal Done Entirely in USD1 Stablecoin

相關：Binance從MGX中獲得20億美元，完全在USD1 Stablecoin中完成

With stablecoin issuers already holding over $120 billion in T-bills, projections suggest demand could grow by as much as $900 billion if stablecoin adoption picks up. To put that number in perspective, that projected $900 billion is nearly 14% of the entire $6.4 trillion T-bill market today.

隨著Stablecoin發行人已經持有超過1,200億美元的T-Bills，預測表明，如果採用Stablecoin收養，需求可能會增長多達9000億美元。從這個角度看，預計9000億美元的整個$ 6.4萬億美元的t-bill市場中的14％。

For the first time ever, the Treasury Borrowing Advisory Committee discusses stablecoins as a "new payment mechanism" and a potentially huge source of demand for US T-Bills.Key observations:1. Stablecoin issuers currently hold >$120bn in T-bills2. Rapid growth in stablecoins… pic.twitter.com/Kl1gQk3Dh9

財政部借貸諮詢委員會首次將Stablecoins作為“新的付款機制”討論，並且可能是對美國T-Bills的潛在需求來源。 Stablecoin發行人目前在T-Bills2中持有> 120億美元。 stablecoins的快速增長…pic.twitter.com/kl1gqk3dh9

Meanwhile, on the retail front, Visa is quietly getting a stablecoin revolution going. The payments giant has launched a pilot program enabling users in six Latin American nations—including Argentina, Colombia, and Mexico—to spend stablecoins directly through Visa cards, in collaboration with Bridge (a Stripe subsidiary).

同時，在零售方面，Visa悄悄地進行了一場Stablecoin革命。這些付款巨頭已經啟動了一項試點計劃，使六個拉丁美洲國家（包括阿根廷，哥倫比亞和墨西哥）的用戶可以與Bridge（Stripe cuptiary）合作，直接通過Visa卡來花費Stablecoins。

If successful, Visa plans to expand into Europe, Asia, and Africa, signaling a global integration of stablecoins into everyday transactions.

如果成功的話，Visa計劃擴展到歐洲，亞洲和非洲，這表明了Stablecoins在日常交易中的全球整合。

All of this happens as US lawmakers move closer to finally regulating the stablecoin sector. The Senate is fast-tracking the GENIUS Act, with bipartisan support and coordination with the House, which may soon bring about the first major crypto legislation in American history.

隨著美國立法者最終調節穩定行業，所有這些都發生了。參議院正在快速追踪《天才法》，並與眾議院的兩黨支持和協調，這很快可能會帶來美國歷史上的第一項主要加密立法。

Majority Leader John Thune has pushed for a process that would eventually lead to a vote on the first even stablecoin regulatory bill in the US.

多數黨領袖約翰·圖恩（John Thune）推動了一個程序，該程序最終會導致對美國第一個甚至是穩定的監管法案進行投票。

Related: Stablecoins Processed $14 Trillion in 2024, Exceeding Visa: Bitwise Data

相關：2024年，Stablecoins在2024年處理了14萬億美元，超過簽證：位數據

The act aims to provide clear rules for stablecoin issuers and ensure foreign companies face the same regulatory standards—an effort widely supported by the Trump administration’s digital asset advisory team.While stablecoins ascend, the rest of the crypto market is undergoing its own shifts. Speculative memecoins have roared back into the spotlight, according to Santiment, as traders drift from Bitcoin and layer-1 protocols toward high-risk, high-reward plays.

該法案旨在為Stablecoin發行人提供明確的規則，並確保外國公司面臨相同的監管標準，這是由特朗普政府的數字資產諮詢團隊廣泛支持的努力。雖然Stablecoins上升，但加密貨幣市場的其餘部分仍在進行自身的轉變。根據Santiment的說法，當交易員從比特幣和第1層協議轉向高風險，高獎金的比賽時，投機性模因已重返焦點。