Stablecoins正在發展成為全球金融生態系統中的基本工具

在他們的第1季度2025分析師指出，PitchBook研究人員分析了對全球金融生態系統中Stablecoins不斷發展的作用的分析。

In their recent Q1 2025 analyst note, PitchBook researchers have shared an analysis of the evolving role of stablecoins in the global financial ecosystem.

在他們最近的第1季度2025分析師指出，PitchBook研究人員分析了Stablecoins在全球金融生態系統中不斷發展的作用的分析。

Their report, released in early 2025, sheds light on the increasing use of these digital assets, pegged to stable benchmarks like major fiat currencies (e.g., US dollar, Euro) or commodities, as crucial tools in seamlessly bridging traditional finance (TradFi) and the emerging decentralized crypto economy.

他們的報告於2025年初發布，闡明了這些數字資產的日益使用，並將其固定在穩定的基準測試中，例如主要的法定貨幣（例如，美元，美元，歐元）或商品，是無縫彌補傳統融資（TradFI）和新興的分散的Crypto經濟的關鍵工具。

The research highlights a steady adoption of stablecoins, with their total market capitalization surpassing $200 billion in Q1 2025, up 15% from Q4 2024.

該研究強調了穩定的穩定採用，其總市值超過了2025年第1季度的2000億美元，比第4季度2024年增長了15％。

Tether (USDT) and USD Coin (USDC) continue to dominate, together commanding over 70% of the market share, while newer entrants like PayPal’s PYUSD are gaining traction, especially in the payments sector.

Tether（USDT）和USD Coin（USDC）繼續佔據主導地位，共同指揮了超過70％的市場份額，而PayPal的Pyusd等新參與者正在受到關注，尤其是在付款領域。

PitchBook attributes this growth to the utility of stablecoins in facilitating cross-border transactions, their role in decentralized finance (DeFi), and their role as a hedge against cryptocurrency volatility.

PitchBook將這種增長歸因於Stablecoins在促進跨境交易中的實用性，它們在分散融資（DEFI）中的作用以及它們作為對密碼貨幣波動的對沖的作用。

Highlighting the scale of stablecoin transactions, the report notes that transaction volumes reached $1.8 trillion in Q1 2025 alone. To put this in perspective, this surpasses PayPal’s annual processed volume, signaling the increasing integration of stablecoins into everyday finance.

報告指出，該報告指出，僅第1季度2025年，交易量就達到了1.8萬億美元。從角度來看，這超過了PayPal的年度處理量，這表明Stablecoins的整合不斷增加到日常金融中。

A pivotal theme is emerging around regulation. The report details how 2024 saw significant developments in the regulatory landscape, with the EU’s Markets in Cryptoassets (MiCA) framework and US proposals for stablecoin oversight setting the stage for a more structured 2025.

關鍵主題正在圍繞法規出現。該報告詳細介紹了2024年如何在監管環境中看到了重大發展，歐盟的市場在加密貨幣（MICA）框架（MICA）框架和美國關於Stablecoin監督的提議為2025年更結構化的2025年奠定了基礎。

Citing a recent survey, PitchBook notes that 60% of institutional investors now view regulatory clarity as a prerequisite for deeper involvement in the stablecoin market.

Pitchbook援引最近的調查指出，有60％的機構投資者現在將監管清晰度視為更深入參與Stablecoin市場的先決條件。

Furthermore, the researchers highlight the rising compliance costs. Major stablecoin issuers, like Circle, are spending over $50 million annually on audits and ensuring reserves transparency to meet the new standards.

此外，研究人員強調了依從性的上升成本。像Circle這樣的主要Stablecoin發行人每年在審計上花費超過5000萬美元，並確保儲備金透明度符合新標準。

However, the report cautions that overly stringent rules could have a stifling effect on innovation, potentially pushing smaller issuers out of the market.

但是，該報告警告說，過於嚴格的規則可能會對創新產生窒息的影響，從而將較小的發行人推出市場。

The market dynamics also reveal a shifting competitive landscape. PitchBook identifies a “stablecoin trilemma”—balancing decentralization, stability, and scalability—as a core challenge faced by the industry.

市場動態還揭示了競爭的不斷變化。 PitchBook確定了“穩定三元素”（平衡的權力下放，穩定性和可擴展性），這是該行業面臨的核心挑戰。

Centralized stablecoins like USDT, which rely on trust in their issuers, are coming under increasing scrutiny for their reserve backing strategies. Conversely, algorithmic models, like the failed TerraUSD, struggle to maintain stability despite their potential for decentralization.

像USDT這樣的集中式Stablecoins依靠對發行人的信任，對他們的後備支持策略的審查正在受到越來越多的審查。相反，算法模型，例如失敗的Terrausd，儘管具有分散性的潛力，但仍在努力保持穩定性。

The report delves into emerging hybrid models, combining fiat collateral with blockchain efficiencies, as key enablers of the next stage of growth.

該報告深入研究了新興的混合模型，將菲亞特抵押品與區塊鏈效率相結合，作為下一階段增長的關鍵推動者。

Venture capital interest reflects this shift, with $1.2 billion invested in stablecoin-related startups in 2024, a 20% increase from 2023. This funding is targeting innovations in interoperability and real-world asset tokenization.

風險投資的權益反映了這一轉變，2024年，與Stablecoin相關的初創公司投資了12億美元，比2023年增長了20％。這筆資金針對的是互操作性和現實世界中的資產標記的創新。

In another relevant development, PitchBook also touches upon the role of stablecoins in illicit finance, a topic that has come into sharper focus.

在另一個相關的發展中，PitchBook還談到了Stablecoins在非法金融中的作用，這個話題已引起人們的關注。

The report estimates that 2-3% of stablecoin flows—roughly $50 billion in 2024—are linked to illicit activity, a reduction from

該報告估計，斯塔布萊幣的2-3％的流量（2024年的500億美元）與非法活動有關，從