Stablecoins市值超過2,300億美元，同比增長54％

花旗GPS發布的最新報告顯示，截至2025年4月，穩定的總發行量已超過2300億美元

The latest report by Citi GPS shows that by April 2025, the total circulation of stablecoins has exceeded US$230 billion, displaying a 54% year-on-year increment from April 2024.

花旗GPS的最新報告表明，到2025年4月，穩定的總發行量已經超過2300億美元，比2024年4月的同比增長了54％。

The market is now dominated by two giants, Tether (USDT) and USD Coin (USDC), which together take up over 90% of the market share in terms of trading volume and transaction value.

現在，市場由兩個巨頭Tether（USDT）和USD Coin（USDC）主導，它們在交易量和交易價值方面共同佔了市場份額的90％以上。

In recent years, the transaction volume of stablecoins has rapidly grown. Adjusting the data, we can see that the monthly transaction volume of stablecoins in the first quarter of 2025 has reached 650 billion to 700 billion US dollars, almost double the level seen in the same period from the second half of 2021 to the first half of 2024. The main applications are still focused on supporting the cryptocurrency trading ecosystem.

近年來，穩定蛋白的交易量迅速增長。通過調整數據，我們可以看到，2025年第一季度第一季度的穩定幣的每月交易量已達到650億至7000億美元，幾乎是從2021年下半年到2024年上半年同期所見的兩倍。

Apart from its role in the cryptocurrency field, stablecoins are also gradually becoming a key tool in the cross-border payment system. The Citi GPS report indicates that the transaction volume of stablecoins is expected to surpass the existing transaction volume of VISA and Mastercard in the future. Though still in its early stages of development, the trend is clear.

除了其在加密貨幣領域的作用外，Stablecoins還逐漸成為跨境支付系統中的關鍵工具。花旗GPS報告表明，穩定菌的交易量預計將來會超過現有的簽證和萬事達卡的交易量。儘管仍處於發展的早期階段，但趨勢很明顯。

As Matt Blumenfeld, PwC's US and global digital asset leader, mentioned, more banks and traditional financial institutions will join the market. USD stablecoins are expected to continue dominating, and the number of participants will depend on the diversity of products catering to different scenarios. In the future, the competitive landscape of the stablecoin track may exceed that of the existing card organization system.

正如普華永道美國和全球數字資產負責人Matt Blumenfeld所提到的那樣，更多的銀行和傳統金融機構將加入市場。預計USD Stablecoins將繼續主導，參與者的數量將取決於迎合不同情況的產品的多樣性。將來，Stablecoin軌道的競爭格局可能會超過現有卡組織系統的競爭環境。

Financial technology giants accelerate their layout

金融技術巨頭加速其佈局

Changes in the U.S. digital asset regulatory environment are profoundly affecting corporate payments, capital flows, and asset management methods. The new SEC Chairman Paul S. Atkins is expected to bring clearer regulatory expectations to the crypto industry, which is actively welcomed by the industry.

美國數字資產監管環境的變化對公司付款，資本流量和資產管理方法的影響深遠。新的SEC主席Paul S. Atkins有望為加密貨幣行業帶來更清晰的監管期望，該行業受到該行業的歡迎。

a16z stated that stablecoins have reached a level of popularity that can completely change the global payment system, just as WhatsApp has revolutionized international communications. Currently, financial giants are gathering to enter the market and compete for the stablecoin payment market.

A16Z表示，正如WhatsApp徹底改變了國際通信一樣，Stablecoins已經達到了可以完全改變全球支付系統的知名度。目前，金融巨頭正在聚集進入市場並爭奪Stablecoin支付市場。

Circle Payment Network

圈子支付網絡

USDC issuer Circle has officially launched Circle Payments Network (CPN), aiming to solve the long-standing problems of cross-border payments such as multiple intermediaries, complex compliance, and fragmented legal jurisdictions, especially providing efficient and modern payment solutions for emerging markets.

USDC發行人Circle已正式啟動了Circle Payments Network（CPN），旨在解決跨境支付的長期問題，例如多個中介機構，複雜的合規性和分散的法律管轄區，尤其是為新興市場提供有效的現代支付解決方案。

CPN creates an Internet-based payment experience, realizes global real-time settlement of funds, and ensures compliance, including licenses, AML/CFT, network security, risk management, etc. The first batch of partners include banks, financial technology companies, payment and remittance service providers and USDC strategic partners. In the future, we hope to compete head-on with traditional payment networks such as Mastercard and Visa.

CPN創造了基於Internet的付款經驗，實現全球實時資金結算，並確保合規，包括許可證，AML/CFT，網絡安全，風險管理等。第一批合作夥伴包括銀行，金融技術公司，付款和匯款服務提供商和USDC戰略合作夥伴。將來，我們希望能與傳統的支付網絡（如萬事達卡和Visa）進行競爭。

In addition, CPN supports third-party developers to build diversified financial service scenarios based on smart contracts and modular APIs. It has currently cooperated with large global banks such as Banco Santander, Deutsche Bank, Societe Generale, and Standard Chartered Bank.

此外，CPN支持第三方開發人員根據智能合約和模塊化API來建立多元化的金融服務方案。它目前已經與大型全球銀行合作，例如桑坦德銀行，德意志銀行，社會興業銀行和標準特許銀行。

Circle CEO Jeremy Allaire said that CPN will simplify remittances to be as convenient as sending an email, which not only consolidates Circle's position in the global financial services field, but also verifies the transformative value of stablecoins in efficient, compliant and real-time payments.

Circle首席執行官Jeremy Allaire表示，CPN將簡化匯款與發送電子郵件一樣方便，這不僅鞏固了Circle在全球金融服務領域的地位，而且還驗證了Stablecoins在高效，合規和實時付款中的變革價值。

Stripe Stablecoin Application

Stripe Stablecoin應用程序

Stripe has launched a new product portfolio based on AI and stablecoins to help businesses grow their payments. Its Payments Foundation Model relies on tens of billions of transaction data to improve anti-fraud and payment authorization rates, and is particularly good at identifying card testing attacks.

Stripe基於AI和Stablecoins推出了一個新產品組合，以幫助企業增加付款。它的支付基金會模型依靠數百億美元的交易數據來提高反欺詐和付款授權率，並且特別擅長識別卡測試攻擊。

At the same time, Stripe launched Stablecoin Financial Accounts, which supports enterprises in 101 countries to use stablecoins for payment (currently supports USDC and USDB , and will be expanded to more currencies in the future). In addition, through the Bridge platform, it cooperates with Visa to issue bank cards bound to stablecoin wallets, allowing users to directly consume stablecoins at merchants that accept Visa. Bridge CEO Zach Abrams said that this innovation is an important step in integrating stablecoins into daily payments.

同時，Stripe推出了Stablecoin財務帳戶，該帳戶支持101個國家 /地區使用Stablecoins付款的企業（目前支持USDC和USDB，並將在將來擴展到更多的貨幣）。此外，通過橋平台，它與簽證合作以簽發包裹的銀行卡，該卡限於穩定錢包，使用戶可以直接在接受簽證的商人那裡消費stablecoins。橋樑首席執行官扎克·艾布拉姆斯（Zach Abrams）表示，這項創新是將穩定幣納入日常付款的重要一步。

Stripe CEO Patrick Collison emphasized that AI and stablecoins are rapidly releasing business dividends. In 2024, AI functions will help Stripe's total payment volume increase by 38%.

Stripe首席執行官Patrick Collison強調，AI和Stablecoins正在迅速發佈業務股息。在2024年，AI功能將有助於Stripe的總支付量增加38％。

Global Dollar Network (USDG)

全球美元網絡（USDG）

Visa is planning to join the Global Dollar Network (USDG) alliance led by Paxos, a US compliant stablecoin issuer, and become the first traditional financial institution to participate in the alliance. The alliance brings together leading companies such as Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei, focusing on improving the interoperability, liquidity, and revenue sharing mechanism of stablecoins.

Visa計劃加入由美國符合的Stablecoin發行人Paxos領導的全球美元網絡（USDG）聯盟，並成為第一個參加聯盟的傳統金融機構。該聯盟匯集了Robinhood，Kraken，Galaxy Digital，Anchorage Digital，Blulish和Nuvei等領先的公司，重點是改善StableCoins的互操作性，流動性和收入共享機制。

USDG launched a stablecoin anchored to the US dollar in November last year, aiming to increase the global application rate of stablecoins and bring

USDG於去年11月推出了一個固定在美元的穩定幣，旨在提高全球施用型穩定率並帶來