繫繩一直處於頂部，但Stablecoin比賽才剛剛開始

爭取Stablecoin主導地位的戰鬥正在加劇，但係繩仍處於牢固的控制之下。

In the rapidly evolving landscape of cryptocurrency, stablecoins have emerged as a critical component, providing a bridge between fiat currencies and volatile digital assets. Among the various stablecoins vying for dominance, Tether’s USDT has consistently held the top spot, according to a recent report by Web3 analytics firm Nansen.

在快速發展的加密貨幣景觀中，穩定幣已成為關鍵組成部分，在法定貨幣和揮發性數字資產之間提供了橋樑。 Web3 Analytics公司Nansen最近的一份報告顯示，在爭奪主導地位的各種穩定的爭奪中，Tether的USDT始終保持最佳狀態。

As of late April, USDT still commands about 66% of the dollar-pegged stablecoin market, despite faster growth rates from rivals like USDC and Ethena’s USDe, which have 28% and just over 2% shares, respectively.

截至4月下旬，儘管來自USDC和Ethena的USDE等競爭對手的增長率更快，但USDT仍占美元增長的66％，分別具有28％和剛剛超過2％的股票。

Despite this growth, Nansen predicts that Tether’s advantage will last. With significantly more users than top DeFi platforms like Uniswap and a commanding lead in transaction volume, USDT has firmly entrenched itself as the leading stablecoin use case on-chain.

儘管有這種增長，Nansen預測Tether的優勢將持續下去。 USDT的用戶比Uniswap（例如Uniswap）和交易量的指揮所的用戶多得多，因此，USDT堅定地將自己置於領先的StableCoin用例鏈上。

Researchers argue that the stablecoin market is shaping up as a “winner-takes-most” environment, favoring first movers due to the high switching costs for users. This is evidenced by the fact that even after two years on the market, USDC is only approaching 30% adoption among top stablecoin addresses.

研究人員認為，穩定的市場正在塑造一個“勝利者”的環境，由於用戶的轉換成本很高，因此有利於首次推動者。這一事實證明了這一事實是，即使在市場上兩年之後，在頂級穩定地址中，USDC仍接近30％的採用。

Moreover, Tether’s financial strength during the 2024 crypto winter has contributed to its resilience. The company pulled in nearly $14 billion in profits by investing users’ dollar deposits into liquid, yield-bearing assets like U.S. Treasury bills.

此外，系托特（Tether）在2024年冬季的財務實力促進了其韌性。該公司通過將用戶的美元存款投資於液體，債務資產，例如美國國庫賬單，從而獲得了近140億美元的利潤。

Interestingly, Nansen observed that users appear less concerned with missing out on yield and more focused on stable access to liquidity, hence favoring the products they deem least likely to depeg. This is crucial in an environment where trust in crypto firms remains a key concern.

有趣的是，南森（Nansen）觀察到，用戶似乎不太關心丟失收益率，而更專注於穩定的流動性，因此有利於他們認為最不可能的產品。在對加密公司的信任仍然是關鍵問題的環境中，這至關重要。

After November’s U.S. election results brought increased institutional interest in regulatory clarity, Circle’s USDC adoption has noticeably accelerated. The U.S.-regulated stablecoin has become an appealing option for more compliance-focused investors.

在11月的美國大選成績引起了監管清晰度的機構興趣，Circle的USDC採用明顯加速了。美國監管的Stablecoin已成為更多以合規性投資者的吸引人的選擇。

However, the landscape is quickly changing as traditional financial giants like PayPal, Fidelity, and Stripe (which recently acquired stablecoin platform Bridge) are preparing their own digital dollar products, threatening to introduce a new wave of competition and potentially reshape the market yet again.

但是，隨著貝寶（Paypal），富達（Fidelity）和條紋（最近收購的Stablecoin平台橋樑）等傳統金融巨頭等傳統金融巨頭正在準備自己的數字美元產品，威脅要引入新的競爭浪潮，並可能再次重塑市場。

Amid this scramble, newer players like Ethena are trying a different approach. By offering an average 19% yield since launch and boasting deep integrations with both centralized exchanges and DeFi platforms for maximum visibility, USDe has carved out a niche among investors seeking income over stability.

在這種爭奪中，像埃塞那這樣的新玩家正在嘗試另一種方法。自推出以來，平均提供19％的收益率，並與集中式交易所和Defi平台具有深厚的融合，以提高可見度，USDE已經在尋求穩定性收入的投資者中找到了一個利基市場。

Although Tether currently holds a dominant position, the entry of traditional financial firms and the rising popularity of yield-focused stablecoins suggest that the battle for stablecoin dominance is far from over. As these new players enter the arena and begin attracting users en masse, the landscape of the stablecoin market will undoubtedly continue to evolve in 2024.

儘管Tether目前擁有主導地位，但傳統金融公司的進入以及以產量為中心的Stablecoins的普及表明，爭取Stablecoin優勢的戰鬥還遠遠沒有結束。隨著這些新球員進入競技場並開始吸引用戶大批吸引用戶，毫無疑問，Stablecoin市場的景觀將在2024年繼續發展。