有助於推動當前 2024 年加密貨幣週期的 6 大穩定幣

今年所有穩定幣的市值已成長 30%，從 1,300 億美元增至近 1.7 億美元，創兩年多來新高

The market cap of all stablecoins has grown 30% this year from $130 billion to nearly $170 million, a more than two-year high that reflects the public’s growing enthusiasm for cryptocurrencies.

今年所有穩定幣的市值成長了 30%，從 1,300 億美元成長到近 1.7 億美元，創兩年多來新高，反映出大眾對加密貨幣日益增長的熱情。

This enthusiasm is also evident in the increasing willingness of crypto users to hold money onchain instead of in a traditional bank account.

這種熱情也體現在加密貨幣用戶越來越願意在鏈上而不是傳統的銀行帳戶中持有資金。

“Globally, there is a growing adoption of digital assets as part of the broader trend toward digitization in finance,” said Paolo Ardoino, the CEO of the largest stablecoin provider Tether, in an email to Unchained.

最大穩定幣提供者 Tether 的執行長 Paolo Ardoino 在給 Unchained 的電子郵件中表示：“在全球範圍內，數位資產的採用越來越多，這是金融數位化大趨勢的一部分。”

“This adoption is driven by a combination of the increasing need for efficient cross-border transactions, the desire for financial inclusion, and the demand for alternatives to traditional banking systems, especially in regions with unstable fiat currencies.”

「這種採用是由對高效跨境交易日益增長的需求、對金融包容性的渴望以及對傳統銀行系統替代方案的需求共同推動的，特別是在法定貨幣不穩定的地區。”

Stablecoins are tokens that can be used onchain and are designed to stay pegged to fiat currency in an effort to minimize volatility. The lack of volatility means they are often used for routine transactions.

穩定幣是可以在鏈上使用的代幣，旨在與法定貨幣掛鉤，以盡量減少波動。缺乏波動性意味著它們經常用於日常交易。

While each stablecoin aims to maintain its peg to a specific fiat currency such as the U.S. dollar, not all stablecoins are designed to uphold their peg in the same way. Some are backed by cash and cash equivalents, while the mechanisms of others are dependent on crypto assets and short future positions.

雖然每種穩定幣都旨在維持與美元等特定法定貨幣的掛鉤，但並非所有穩定幣都旨在以相同的方式維持其掛鉤。有些由現金和現金等價物支持，而其他機制則依賴加密資產和空頭期貨部位。

Since stablecoins are designed not to move much in price, their market cap is a good proxy for demonstrating how large the crypto ecosystem truly is. The market cap shows “how many people are actually happy to have money, [or rather] the equivalent of money, onchain as opposed to in their bank account,” said Aurelie Barthere, principal research analyst at blockchain analytics firm Nansen.

由於穩定幣的設計目的是價格波動不大，因此它們的市值可以很好地反映加密貨幣生態系統的真正規模。區塊鏈分析公司Nansen 的首席研究分析師Aurelie Barthere 表示，市值顯示「有多少人實際上樂於擁有鏈上的錢，（或更確切地說）相當於錢的東西，而不是在他們的銀行帳戶中」。

Here are the top six stablecoins by market cap that are helping drive the current 2024 crypto cycle:

以下是按市值計算的六大穩定幣，它們有助於推動當前的 2024 年加密貨幣週期：

1. USDT

1、泰達幣

Market cap: $118 Billion

市值：1,180 億美元

Year Started: 2014

開始年份: 2014

Tether issues five different stablecoins of which its USDT offering, which tracks the US dollar, is the largest, taking a nearly 70% share of the entire stablecoin market, Nansen data shows.

Nansen 數據顯示，Tether 發行了五種不同的穩定幣，其中追蹤美元的 USDT 發行量最大，佔據了整個穩定幣市場近 70% 的份額。

Tether’s USDT went at the beginning of s2023 from a 48% share of total stablecoin market cap to 70%, “a huge gain” Nansen’s Barthere said.

Nansen 的 Barthere 表示，Tether 的 USDT 在 2023 年初從穩定幣總市值的 48% 上升到 70%，「這是一個巨大的增長」。

Tether maintains USDT’s peg to the US dollar by holding fiat currency. According to its June transparency report, Tether’s reserves are largely composed of U.S. Treasury Bills, money market funds, and overnight reverse repurchase agreements.

Tether 透過持有法定貨幣來維持 USDT 與美元的掛鉤。根據其 6 月的透明度報告，Tether 的儲備主要由美國國庫券、貨幣市場基金和隔夜逆回購協議組成。

Even though Tether has quarterly attestation reports detailing the reserve backings it holds, the firm has yet to have an official audit, a fact that has drawn significant criticism. Last December, S&P’s inaugural stablecoin stability assessment gave Tether a score of 4 on its ability to maintain its peg to a fiat currency, the second-worst possible score.

儘管 Tether 擁有詳細說明其持有的儲備支援的季度認證報告，但該公司尚未進行正式審計，這一事實招致了嚴重批評。去年 12 月，標準普爾首次穩定幣穩定性評估給 Tether 維持與法定貨幣掛鉤的能力打出了 4 分，這是第二差的得分。

The Tron network holds just under 50% of the total USDT supply, followed by Ethereum at 39%, data from DefiLlama shows. Despite Ethereum trailing Tron, the average USDT transaction size on Ethereum is much larger than on Tron — $38,510 on Ethereum, compared to $6,550 on Tron, according to onchain intelligence platform Artemis.

DefiLlama 的數據顯示，Tron 網路佔 USDT 總供應量的近 50%，其次是以太坊，佔 39%。儘管以太坊落後於波場，但根據鏈上情報平台 Artemis 的數據，以太坊上的平均 USDT 交易規模比波場大得多——以太坊為 38,511 美元，而波場為 6,555 美元。

2. USDC

2.USDC

Market cap: $33.8 Billion

市值：338億美元

Year started: 2018

開始年份：2018

Circle’s flagship product reached an all-time high in market cap of $55.6 billion in July 2022, but proceeded to shed more than half of that by December 2023.

Circle 的旗艦產品市值在 2022 年 7 月達到 556 億美元的歷史新高，但到 2023 年 12 月，市值縮水一半以上。

USDC’s decline in market cap came largely from the impact of USDC depegging in March 2023 when two federally insured members of the Federal Reserve System — Silicon Valley Bank and Silvergate Bank — shut down. Circle had previously held a significant portion of USDC reserves in cash in those banks.

USDC 市值的下降主要是由於 2023 年 3 月 USDC 脫鉤的影響，當時聯準會系統的兩家受聯邦保險的成員——矽谷銀行和 Silvergate 銀行——關閉。 Circle 先前在這些銀行持有 USDC 現金儲備的很大一部分。

Circle’s position as an important player in the stablecoin ecosystem is also related to the firm’s relationship with Coinbase, the largest crypto exchange in the US. The technology underlying USDC was jointly developed by Coinbase and Circle. The exchange also acquired an equity stake in Circle.

Circle 作為穩定幣生態系統重要參與者的地位也與該公司與美國最大的加密貨幣交易所 Coinbase 的關係有關。 USDC 底層技術由 Coinbase 和 Circle 共同開發。該交易所還收購了 Circle 的股權。

Coinbase is the largest holder of USDC on Base, the layer 2 network incubated by the exchange. Nansen’s data shows 20 out of the top 21 USDC holders of Base, belong to Coinbase, with each holding $101 million worth of USDC. In the first half of 2024 ending on June 30, Coinbase generated roughly $437.8 million in revenue from stablecoins, more than 14% of the firm’s total revenue of about $3 billion, according to Coinbase’s latest quarterly report.

Coinbase 是該交易所孵化的二層網路 Base 上 USDC 的最大持有者。 Nansen 的數據顯示，Base 前 21 位 USDC 持有者中，有 20 位屬於 Coinbase，每人持有價值 1.01 億美元的 USDC。根據 Coinbase 最新的季度報告，截至 6 月 30 日的 2024 年上半年，Coinbase 從穩定幣中獲得了約 4.378 億美元的收入，佔該公司約 30 億美元總收入的 14% 以上。

Two-thirds of the USDC supply lives

三分之二的 USDC 供應量仍存在