穩定幣：多元化和全球激增——新時代

探索穩定幣的多元化、其全球激增以及推動其在主流金融中採用的因素。看看監管影響、機構利益和未來趨勢。

Stablecoins: Diversification and Global Surge – A New Era

穩定幣：多元化和全球激增——新時代

Stablecoins are no longer just for crypto natives. They're breaking into the big leagues! This surge is fueled by diversification, regulatory clarity, and a growing appetite from institutions. Buckle up; it's about to get interesting.

穩定幣不再只適合加密貨幣原住民。他們正在闖入大聯盟！這種激增是由多元化、監管清晰度和機構日益增長的興趣推動的。係好安全帶；事情即將變得有趣。

From Concentration to Diversification

從集中化到多元化

The stablecoin market is undergoing a profound shift. Once dominated by a few major players, it's now seeing a surge in diversification. Regulatory clarity in key jurisdictions, rising institutional participation, and expanding real-world applications have opened the door for a broader mix of stablecoins to thrive. The U.S. dollar-denominated stablecoin market has grown to $225 billion, accounting for roughly 7% of the broader $3 trillion crypto ecosystem. Some reports even predict stablecoins could balloon to $2 trillion by the end of 2028.

穩定幣市場正在經歷深刻的轉變。曾經由少數主要參與者主導的行業現在正經歷多元化的浪潮。主要司法管轄區的監管清晰度、機構參與度的提高以及現實世界應用的擴大，為更廣泛的穩定幣組合的蓬勃發展打開了大門。以美元計價的穩定幣市場已增長至 2250 億美元，約佔更廣泛的 3 萬億美元加密生態系統的 7%。一些報告甚至預測，到 2028 年底，穩定幣的價值可能會飆升至 2 萬億美元。

Regulatory Tailwinds

監管順風

Regulatory frameworks like the U.S. GENIUS Act, MiCA (EU), and VARA (UAE) are game-changers. The GENIUS Act, signed into law on July 18, 2025, formally brings stablecoin issuance into the federal regulatory perimeter. In Europe, the MiCA stablecoin framework has already enabled the introduction of licensed euro-referenced stablecoins like EURC. This regulatory green light is sparking heightened institutional interest.

美國《天才法案》、MiCA（歐盟）和 VARA（阿聯酋）等監管框架改變了遊戲規則。 GENIUS 法案於 2025 年 7 月 18 日簽署成為法律，正式將穩定幣發行納入聯邦監管範圍。在歐洲，MiCA 穩定幣框架已經允許引入獲得許可的歐元參考穩定幣，例如 EURC。這一監管綠燈正在引發機構的更大興趣。

The Big Boys Still Dominate (For Now)

大男孩仍然佔據主導地位（目前）

Despite these advancements, on-chain data shows that USDT (Tether) and USDC still lead stablecoin transaction activity. From June 2024 to June 2025, USDT processed an average of about $703 billion monthly, peaking at $1.01 trillion in June 2025. USDC’s monthly volume fluctuated, ranging from $3.21 billion to as high as $1.54 trillion. These figures underscore their continued dominance in crypto market infrastructure, especially for institutional activity and cross-border payments.

儘管取得了這些進步，鏈上數據顯示 USDT（Tether）和 USDC 仍然領先穩定幣交易活動。 2024年6月至2025年6月，USDT平均每月處理量約為7030億美元，2025年6月達到峰值1.01萬億美元。 USDC每月處理量波動較大，從32.1億美元到高達1.54萬億美元不等。這些數字強調了他們在加密貨幣市場基礎設施​​方面的持續主導地位，特別是在機構活動和跨境支付方面。

The Rise of the Underdogs

失敗者的崛起

While Tether and USDC remain massive, smaller stablecoins like EURC, PYUSD, and DAI are recording rapid acceleration. EURC, for example, grew by nearly 76% on average each month, rising from roughly $42.5 million in June 2024 to over $7.4 billion in June 2025 and further to $9.2 billion in July 2025. PYUSD also showed strong adoption, scaling from about $785 million to $3.74 billion by June 2025 and reaching $4.8 billion the following month.

雖然 Tether 和 USDC 仍然規模龐大，但 EURC、PYUSD 和 DAI 等較小的穩定幣正在快速加速。例如，EURC 每月平均增長近 76%，從 2024 年 6 月的約 4250 萬美元增至 2025 年 6 月的超過 74 億美元，並進一步增至 2025 年 7 月的 92 億美元。 PYUSD 的採用率也很高，到 2025 年 6 月從約 7.85 億美元增至 37.4 億美元，並在下個月達到 48 億美元。

Regional Flavors

地方風味

Market behavior is diverging regionally. USDC’s growth correlates with U.S. institutional payment infrastructure and regulated transaction corridors. EURC’s rising prominence suggests growing European interest in euro-denominated digital assets, likely propelled by MiCA compliance. PYUSD’s upward trajectory may reflect increasing retail and consumer appetite for highly regulated, alternative stablecoins.

市場行為因地區而異。 USDC 的增長與美國機構支付基礎設施和受監管的交易走廊相關。 EURC 的日益突出表明歐洲對以歐元計價的數字資產的興趣日益濃厚，這可能是受到 MiCA 合規性的推動。 PYUSD 的上漲軌跡可能反映出零售和消費者對受到嚴格監管的替代穩定幣的興趣不斷增加。

Institutions Jump In

機構介入

Financial institutions worldwide are moving from cautious observation to active experimentation and integration of stablecoin-based products. Banks, fintech companies, payment providers, and global financial infrastructures are exploring how stablecoins can enhance efficiency, reduce transaction costs, and unlock new forms of financial innovation. Stripe, Mastercard, and Visa have rolled out products allowing users to spend stablecoins through familiar payment rails. Even banking giants like Citi and Bank of America are signaling interest in stablecoin-related services.

全球金融機構正在從謹慎觀察轉向積極嘗試和整合基於穩定幣的產品。銀行、金融科技公司、支付提供商和全球金融基礎設施正在探索穩定幣如何提高效率、降低交易成本並開啟新的金融創新形式。 Stripe、萬事達卡和 Visa 都推出了產品，允許用戶通過熟悉的支付方式使用穩定幣。甚至花旗和美國銀行等銀行巨頭也表示對穩定幣相關服務感興趣。

The Future is Now

未來就是現在

Stablecoins are evolving into programmable, interoperable money powering payments, settlements, and financial automation. As regional use cases evolve and regulatory clarity improves, global stablecoin markets may continue shifting toward a more diversified landscape, where local demand increasingly shapes global transaction flows.

穩定幣正在演變成可編程、可互操作的貨幣，為支付、結算和金融自動化提供支持。隨著區域用例的發展和監管清晰度的提高，全球穩定幣市場可能會繼續轉向更加多元化的格局，當地需求日益影響全球交易流。

My Take

我的看法

I think the future of stablecoins is bright, but it's not without its challenges. Regulatory uncertainty remains a significant hurdle, and the market is still heavily reliant on USDT and USDC. However, the increasing adoption by institutions and the rise of smaller, regionally focused stablecoins are encouraging signs. The fact that institutional investors are now thinking less “crypto as defence” and more about “participation” in the structural evolution of global finance is a game changer.

我認為穩定幣的未來是光明的，但也並非沒有挑戰。監管不確定性仍然是一個重大障礙，市場仍然嚴重依賴 USDT 和 USDC。然而，機構越來越多地採用以及規模較小、以區域為重點的穩定幣的興起是令人鼓舞的跡象。事實上，機構投資者現在不再考慮“加密貨幣作為防禦”，而是更多地考慮“參與”全球金融的結構演變，這一事實改變了遊戲規則。

The Sygnum Future Finance 2025 report underscores this shift, revealing that portfolio diversification (57%) has overtaken short-term return potential (53%) as the key reason to invest in digital assets. Moreover, 50% of allocation is due to improved regulatory conditions – this is likely to grow further. The increasing institutional appetite for stablecoins is also reflected in the finding that over 80% believe Bitcoin is a viable treasury reserve.

Sygnum Future Finance 2025 報告強調了這一轉變，顯示投資組合多元化 (57%) 已經超過短期回報潛力 (53%)，成為投資數字資產的關鍵原因。此外，50% 的分配是由於監管條件的改善——這一比例可能會進一步增長。超過 80% 的人認為比特幣是可行的國庫儲備，這也反映了機構對穩定幣日益增長的興趣。

Final Thoughts

最後的想法

So, there you have it. Stablecoins are diversifying, surging globally, and attracting serious attention. It’s like watching a quirky indie band suddenly top the charts – unexpected, but definitely worth paying attention to. Who knows, maybe one day we'll all be paying for our lattes with stablecoins. Until then, keep an eye on this space – it’s bound to be an exciting ride!

所以，你就知道了。穩定幣正在走向多元化，在全球範圍內風起雲湧，並引起了廣泛關注。這就像看著一支古怪的獨立樂隊突然登上排行榜榜首——出乎意料，但絕對值得關注。誰知道呢，也許有一天我們都會用穩定幣來支付拿鐵咖啡的費用。在那之前，請密切關注這個領域——這一定會是一次令人興奮的旅程！