Tether Holdings首席執行官Paolo Ardoino宣布該公司將重點放在美國以外的市場上

由加密貨幣行業支持的《天才法》已經在參議院中移動，而眾議院金融服務委員會的單獨法案仍在等待全額投票。

Tether Holdings is turning its attention to markets outside the U.S., as Congress makes progress on new rules for stablecoins.

由於國會在新規則的新規則上取得了進步，繫繩控股將其註意力轉移到美國以外的市場上。

The Genius Act, which has industry support and has moved through the Senate, would create new standards for stablecoins used in the U.S. and require issuers to maintain reserves in liquid assets. A separate bill from the House Financial Services Committee is still awaiting a full vote.

擁有行業支持並通過參議院的Genius Act將為美國使用的Stablecoins創建新的標準，並要求發行人維持液體資產的儲備。眾議院金融服務委員會的單獨法案仍在等待全額投票。

Ardoino said that Tether is monitoring how the Genius Act treats foreign versus domestic issuers.

Ardoino說，Tether正在監視《天才法》如何對待外國與國內發行人。

“We are going to be compliant with whatever is decided. But the main interest will remain on the U.S. markets.”

“我們將遵守所決定的一切。但是，主要利益將保留在美國市場上。”

Tether, which is based in El Salvador, issues USDT, the world’s largest stablecoin, which had a 60% market share at the start of 2025. Its reserves include U.S.-compliant assets like cash and short-term treasuries. But others, like Bitcoin and secured loans, wouldn’t meet the proposed standards.

Tether位於薩爾瓦多（El Salvador）的Tether發行USDT，這是全球最大的Stablecoin，在2025年初的市場份額為60％。其儲量包括現金和短期財政部等美國資產。但是其他人，例如比特幣和有抵押貸款，將不符合擬議的標準。

Top 4 stablecoins: Q1 2024 vs Q1 2025

前4個Stablecoins：Q1 2024 vs Q1 2025

StablecoinValue Q1 2024Billion USDValue Q1 2025Billion USDCentral bank digital currencies (CADC)s are quickly gaining ground in the evolving landscape of global finance. These digital forms of fiat money, issued and managed by central banks, promise to introduce new levels of efficiency and transparency to monetary policy and financial inclusion.

Stablecoinvalue Q1 2024億美元Value Q1 2025億美元的銀行數字貨幣（CADC）在全球融資的不斷發展的景觀中迅速獲得基礎。由中央銀行發行和管理的這些數字形式的菲亞特貨幣，承諾將為貨幣政策和金融包容帶來新的效率和透明度。

In the first quarter of 2025, the total value of the top 4 stablecoins has undergone significant shifts, showcasing the dynamic nature of the cryptocurrency market in response to regulatory trends and institutional adoption.

在2025年的第一季度，前4個穩定幣的總價值發生了重大變化，以響應監管趨勢和機構採用，展示了加密貨幣市場的動態性質。

Relative to the last quarter of 2024, there has been a complete turnover in the top 4 ranking of stablecoins.

相對於2024年的最後一個季度，在穩定的前4個排名中，已經完全失誤了。

As of March 31, 2025, Tether’s USDT remains the dominant stablecoin, with a market share of over 60%. Despite a slight decrease from $77.2 billion in Q4 2024, Tether’s flagship token still commands an impressive balance.

截至2025年3月31日，Tether的USDT仍然是主要的Stablecoin，市場份額超過60％。儘管2024年第四季度的772億美元略有下降，但Tether的旗艦令牌仍然具有令人印象深刻的平衡。

Following closely is Circle’s USDC, known for its strong emphasis on regulatory compliance. USDC has seen a substantial growth from $34.5 billion in Q1 2024 to $39.7 billion, highlighting the increasing appeal of fully compliant stablecoins for institutional investors.

Circle的USDC緊隨其後，以其對監管合規性的強烈重視而聞名。 USDC的增長率從2024年第1季度的345億美元增加到397億美元，強調了完全合規的Stablecoins對機構投資者的吸引力越來越大。

Earlier this year, Circle announced it would be winding down its own liquid recovery fund for crypto lenders, which was launched in the wake of the 3AC bankruptcy to help institutions in financial distress.

今年早些時候，Circle宣布將結束自己的Crypto貸方液體恢復基金，該基金是在3AC破產後推出的，以幫助機構處於財務困境中。

Coming in third place is TrueUSD (TUSD), a liquid stablecoin that is fully backed by a basket of fiat currencies. TrueUSD has seen a slight decrease in value from $5.6 billion to $5.3 billion.

排在第三位的是Trueusd（Tusd），這是一種液體穩定的，它完全由一籃子法定貨幣支持。 Trueusd的價值從56億美元減少到53億美元。

Completing the top 4 is Binance USD (BUSD), a stablecoin issued by Binance and pegged to the U.S. dollar. BUSD has undergone a significant decline from $16.4 billion to $9.6 billion.

完成前4名的是Binance USD（BUSD），這是由Binance發行的Stablecoin，並將其固定在美元上。布爾德的經歷從164億美元下降到96億美元。

The significant shifts in the stablecoin market are a testament to the ongoing evolution of the cryptocurrency landscape. As institutions continue to enter the crypto space and regulators become more active in setting new rules, we can expect to see further changes in the coming year.

穩定市場的重大轉變證明了加密貨幣景觀的持續發展。隨著機構繼續進入加密貨幣空間，監管機構在製定新規則方面變得更加活躍，我們可以期望看到來年的進一步變化。