穩定的，產量和監管壓力：導航新加密景觀

探索《天才法》對穩定蛋白的影響，承重替代品的興起以及不斷發展的監管環境。了解市場趨勢和未來前景。

Stablecoins, Yield, and Regulatory Pressure: Navigating the New Crypto Landscape

穩定的，產量和監管壓力：導航新加密景觀

The stablecoin market is heating up, but not without a dash of regulatory spice. The GENIUS Act has thrown a curveball, impacting yields and reshaping the competitive landscape. Let's dive into the trends and insights driving this dynamic sector.

Stablecoin市場正在加熱，但並非沒有一段監管香料。 《天才法案》投擲了曲線球，影響了產量並重塑了競爭格局。讓我們深入了解推動這一動態部門的趨勢和見解。

The GENIUS Act: A Regulatory Earthquake

天才法：監管地震

The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, signed into law on July 18, 2025, represents a watershed moment for stablecoins. This act aims to foster innovation while enhancing consumer protection and combating illicit activities. By mandating 100% reserve backing for payment stablecoins and imposing strict transparency requirements, the GENIUS Act sets a new standard for the industry.

2025年7月18日簽署為法律的《美國Stablecoins法案》或Genius Act的指導和建立國家創新代表了斯塔布萊幣的分水嶺。該法案旨在促進創新，同時增強消費者保護並打擊非法活動。通過要求100％的儲備金支持付款穩定幣並實施嚴格的透明度要求，《天才法》為行業設定了新的標準。

Yield-Bearing Stablecoins: The Rebellious Underdogs

承重穩定的人：叛逆的失敗者

With regulators cracking down on direct yield offerings, investors are flocking to alternative yield channels. Stablecoins like Ethena’s USDe and Sky’s USDS have emerged as surprising winners, offering staking-based returns that have captured significant market attention. Since the passage of the GENIUS Act, the circulating supply of USDe has surged by 70%, reaching 9.49 billion tokens, while the supply of USDS has risen by 23% to almost 4.81 billion.

隨著監管機構打擊直接產出的產品，投資者湧向替代的收益渠道。 Ethena的USDE和Sky的USD等Stablecoins已成為令人驚訝的贏家，提供了基於樁的回報，引起了市場的極大關注。自《天才法》通過以來，USD的循環供應飆升了70％，達到94.9億代幣，而USD的供應量已上漲23％，達到近48.1億。

Winners and Losers: A Shifting Landscape

獲獎者和失敗者：不斷變化的景觀

The regulatory changes are creating clear winners and losers. Compliant U.S.-based stablecoin issuers and financial institutions are poised to thrive, while foreign issuers face increasing scrutiny. Companies that embrace the new regulatory paradigm and innovate within its boundaries are best positioned for long-term success.

監管變化正在創造明顯的贏家和失敗者。合規的美國穩定發行人和金融機構有望蓬勃發展，而外國發行人面臨越來越多的審查。在其邊界內採用新的監管範式和創新的公司最適合長期成功。

Market Outlook: $300 Billion and Beyond?

市場前景：3000億美元及以後？

The overall stablecoin market has grown from $205 billion at the start of the year to $268 billion, a 23.5% increase. Experts predict the total supply could approach $300 billion by the end of the year if current trends persist. However, tokenization efforts by traditional finance players could temper growth by offering regulated alternatives.

整個Stablecoin市場已從年初的2050億美元增長到2680億美元，增長了23.5％。專家預測，如果當前趨勢持續存在，到今年年底，總供應可能會接近3000億美元。但是，傳統金融參與者的代幣化努力可以通過提供受監管的替代方案來降低增長。

Broader Implications: A New Financial Paradigm

更廣泛的含義：新的財務範式

The GENIUS Act and the ascendance of stablecoins represent a fundamental re-architecture of global finance. This event fits squarely into the broader industry trend of digital transformation, where traditional financial systems are increasingly integrating with blockchain technology to enhance efficiency, reduce costs, and expand access.

《天才法》和穩定的穩定代表了全球金融的基本重新結構。該活動完全符合數字化轉型的更廣泛的行業趨勢，在這種行業中，傳統的金融系統越來越多地與區塊鏈技術融為一體，以提高效率，降低成本並擴大訪問權限。

My Take: Innovation Finds a Way

我的看法：創新找到了一種方法

While regulatory pressure might seem like a roadblock, it's actually a catalyst for innovation. The rise of yield-bearing stablecoins demonstrates the market's ability to adapt and find new ways to offer value to investors. As long as these alternatives prioritize transparency and compliance, they could represent the future of stablecoins.

雖然監管壓力似乎是障礙，但實際上是創新的催化劑。承重穩定的穩定性的興起表明了市場適應和尋找新方法為投資者提供價值的能力。只要這些替代方案優先考慮透明度和合規性，它們就可以代表穩定的未來。

What’s Next?

接下來是什麼？

Keep an eye on how traditional financial institutions integrate stablecoins into their offerings and the competitive dynamics within the stablecoin market. The stablecoin revolution is not just about digital money; it's about building a more efficient, inclusive, and resilient global financial system.

請密切關注傳統金融機構如何將Stablecoins整合到他們的產品中以及Stablecoin市場中的競爭動態。 Stablecoin革命不僅與數字資金有關。這是關於建立更高效，包容和彈性的全球金融體系。

So, buckle up, folks! The world of stablecoins is about to get a whole lot more interesting. Who knows? Maybe one day, we'll all be paying for our morning coffee with yield-bearing stablecoins. Now, wouldn't that be something?

所以，搭扣，伙計們！ Stablecoins的世界將變得更加有趣。誰知道？也許有一天，我們所有人都會用承重的穩定蛋糕付費。現在，那不是嗎？