繫繩，圓圈和競爭：2025年的穩定攤牌

隨著傳統財務的包含令牌化，繫繩和圈子麵臨著不斷上升的競爭。 Stablecoin景觀是否即將被破壞？

The stablecoin world is heating up! With traditional finance players entering the arena and innovative newcomers challenging the status quo, Tether and Circle are facing unprecedented competition. Let's dive into the key trends and insights shaping this dynamic landscape.

Stablecoin世界正在加熱！隨著傳統的金融球員進入競技場，創新的新移民挑戰現狀，Tether和Circle面臨著前所未有的競爭。讓我們深入了解塑造這一動態景觀的關鍵趨勢和見解。

The High-Yield Dilemma: Are Stablecoin Holders Missing Out?

高收益的困境：穩定者持有人是否錯過了？

Stablecoin issuers like Tether and Circle are raking in profits from high-interest rates on their U.S. Treasury reserves. According to Wormhole co-founder Dan Reecer, these companies are essentially "printing money" while stablecoin holders see none of those returns. Tether, for example, reported a whopping $4.9 billion in net profit in Q2 2025. The question is, how long before users demand a share of the yield or seek alternatives?

Tether和Circle這樣的穩定​​發行人從其美國財政部儲備中的高利率利潤中獲利。根據蠕蟲聯合創始人丹·里斯（Dan Reecer）的說法，這些公司本質上是“印刷資金”，而Stablecoin持有人看不到這些回報。例如，Tether報告了第2季度2025年的淨利潤高達49億美元。問題是，用戶需要多長時間要求收益率或尋求替代方案？

Projects like M^0 and Agora are already emerging, aiming to route yield directly to users or applications. As Reecer puts it, holding USDC feels like "losing money" because Circle is capturing all the income generated by the underlying Treasuries. While regulatory concerns likely prevent Tether and Circle from directly sharing yield, the pressure is mounting. Money market funds, though still a small fraction of the market, offer another avenue for investors to access these yields.

M^0和Agora之類的項目已經在出現，旨在將收益直接送給用戶或應用程序。正如Reecer所說的那​​樣，持有USDC的感覺就像是“虧錢”，因為Circle正在捕獲基礎紀念品產生的所有收入。儘管監管問題可能會阻止繫繩和圈子直接共享產量，但壓力正在增加。貨幣市場基金雖然仍然佔市場的一小部分，但為投資者提供了另一條途徑，以獲得這些收益率。

Tether's Big Bet: A $500 Billion Valuation?

Tether的大賭注：價值5000億美元的估值？

Tether is reportedly exploring a massive $15 billion to $20 billion equity raise, potentially valuing the company at around $500 billion. Investors are drawn to Tether's revenue generation from interest on its reserves, estimated at $13.4 billion last year. With roughly 500 million users worldwide, USDT remains a crucial on-ramp to the crypto world. However, such a lofty valuation and expansion into new business lines will undoubtedly attract increased regulatory scrutiny.

據報導，Tether正在探索150億美元至200億美元的股權籌集資金，可能以約5000億美元的價格估值。投資者從儲備金的利息中吸引了Tether的收入，去年估計為134億美元。全球大約有5億用戶，USDT仍然是加密貨幣世界至關重要的。但是，如此崇高的估值和擴展到新的業務範圍無疑會引起監管審查的增加。

Circle Under Pressure: The Rise of Tokenized Deposits

壓力下的圓圈：令牌沉積物的上升

Circle's stock took a hit in late September 2025, with a 12% weekly drop. This decline reflects growing investor apprehension amid evolving market dynamics, intensifying competition, and regulatory shifts. The announcement of pilot programs by major U.K. banks to launch blockchain-based tokenized deposits is a major catalyst. These banks, with the backing of the Bank of England, are favoring native tokenized solutions over stablecoins like USDC.

Circle的股票在2025年9月下旬受到了轟動，每週下降12％。這種下降反映了在不斷發展的市場動態，加劇競爭和監管轉變的情況下，投資者的憂慮不斷增長。英國主要銀行宣布開展基於區塊鏈的令牌存款的試點計劃是主要的催化劑。這些銀行在英格蘭銀行的支持下，偏愛本地的令牌解決方案，而不是像USDC這樣的穩定​​的解決方案。

Tokenized deposits offer 24/7 operations, faster settlement, and enhanced efficiency compared to legacy systems. Unlike stablecoins, they are traditional bank liabilities, often insured by the FDIC and governed by existing banking regulations. JPMorgan Chase, Citigroup, Mastercard, and Visa are all actively involved in tokenized deposit initiatives, potentially shifting a substantial portion of the digital currency market from fintech-issued stablecoins to bank-issued digital liabilities.

與傳統系統相比，令牌礦床提供24/7的運營，更快的定居點和提高的效率。與Stablecoins不同，它們是傳統的銀行負債，通常由FDIC保險，並由現有的銀行法規管轄。摩根大通，花旗集團，萬事達卡和簽證都積極參與令牌化的存款計劃，有可能將大部分數字貨幣市場從金融科技貨幣市場轉移到銀行發行的數字負債。

The Competition Heats Up: New Players and Regulatory Hurdles

比賽加劇：新球員和監管障礙

New stablecoin offerings, like Hyperliquid’s USDH, which provides yield to holders, are posing a direct threat to USDC's market share. Meanwhile, the U.S. GENIUS Act restricts stablecoin issuers from offering interest to depositors, further complicating Circle's growth strategy. Regulatory preference outside the U.S., including the Bank of England, leans towards tokenized bank deposits over stablecoins, citing the added stability and trust inherent in existing banking frameworks.

新的Stablecoin產品，例如Hyperliquid的USDH，它為持有人提供了收益率，對USDC的市場份額構成了直接威脅。同時，《美國天才法案》限制了穩定發行人向儲戶提供利益，這進一步使Circle的增長戰略變得複雜了。包括英格蘭銀行在內的美國境外的監管偏好傾向於穩定的銀行存款，理由是現有銀行框架固有的穩定性和信任。

My Take: The Future is Hybrid

我的看法：未來是混合的

While stablecoins like USDT and USDC have carved out a significant niche, the rise of tokenized deposits signals a potential shift in the landscape. I believe the future will be a hybrid model, where stablecoins coexist with regulated tokenized deposits, each serving different use cases. Stablecoins may continue to dominate the crypto-native world, while tokenized deposits gain traction within traditional finance. The key will be interoperability and seamless integration between these different forms of digital money.

儘管USDT和USDC這樣的Stablecoins已經雕刻了一個很大的利基市場，但令牌礦床的興起信號標誌著景觀的潛在轉變。我相信未來將是一個混合模型，在該模型中，Stablecoins與受調節的令牌沉積物共存，每個存款都提供不同的用例。穩定幣可能會繼續統治加密本地世界，而令牌礦床在傳統金融中獲得了吸引力。關鍵將是這些不同形式的數字貨幣之間的互操作性和無縫集成。

Consider JPMorgan's JPM Coin, a prime example of a tokenized deposit designed for institutional clients. Its compatibility with existing financial infrastructure and issuance on Coinbase's Base blockchain demonstrates the potential for traditional finance and crypto to converge.

考慮一下JPMorgan的JPM硬幣，這是為機構客戶設計的令牌礦床的主要例子。它與Coinbase基本區塊鏈現有的金融基礎設施以及發行的兼容性表明，傳統的金融和加密貨幣有可能融合。

Final Thoughts

最後的想法

The stablecoin market is anything but stable! With competition intensifying and the regulatory landscape evolving, it's an exciting time to watch how Tether, Circle, and other players adapt and innovate. One thing's for sure: the future of money is digital, and the race is on to build the most trusted and widely adopted solutions. So buckle up, folks, it's gonna be a wild ride!

Stablecoin市場絕對是穩定的！隨著競爭的加劇和監管景觀的發展，這是一個令人興奮的時刻，可以觀察繫繩，圈子和其他玩家如何適應和創新。可以肯定的是：貨幣的未來是數字化的，而種族正在建立最受信任和廣泛採用的解決方案。伙計們，搭扣，這將是一次瘋狂的旅程！