USDT通過將美元轉換為全球數字資產，將其帶入鏈上。它已成為最大的穩定穩定

USDT通過將美元轉換為全球數字資產，將其帶入鏈上。它已成為最大的Stablecoin，市值超過1,400億美元。

Article Author: xparadigms

文章作者：Xparadigms

Article Translation: Block unicorn

文章翻譯：塊獨角獸

Key Takeaways

關鍵要點

Despite rumors of insufficient collateral in the past, USDT has maintained its position as the leading stablecoin.

儘管有謠言過去的抵押品不足，但美國農業部仍保持著領先的穩定狀態。

As the stablecoin market expands, Tether USDT's market cap has grown from $80 billion to $144 billion.

隨著Stablecoin市場的擴大，Tether USDT的市值從800億美元增長到1440億美元。

In order to maintain growth, USDT is taking a bold approach to expand cross-chain capabilities, with multi-chain token USDT0 powered by LayerZero OFT and a hub with Legacy Hub and Plasma at its core.

為了維持增長，USDT採取了一種大膽的方法來擴展跨鏈能力，多鏈令牌USDT0由layerZero oft提供動力，並具有帶有傳統樞紐和等離子體的樞紐的核心。

Preface

前言

Tether’s USDT brings the U.S. dollar on-chain, transforming it into a global digital asset. It is the largest stablecoin, with a market cap of over $140 billion. Despite rumors of insufficient collateral in the past, USDT has maintained its position as the leading stablecoin.

Tether的USDT將美元的鍊鍊帶入了全球數字資產。它是最大的Stablecoin，市值超過1,400億美元。儘管有謠言過去的抵押品不足，但美國農業部仍保持著領先的穩定狀態。

However, as the stablecoin market expands, USDT's market dominance is decreasing. Last year, Tether's market cap was around $80 billion, but it has since increased by 80% to reach $144 billion in 2025. Meanwhile, other stablecoins are expanding, causing USDT's market dominance to drop from 70% to 61%.

但是，隨著Stablecoin市場的擴大，USDT的市場優勢正在下降。去年，Tether的市值約為800億美元，但此後增長了80％，達到2025年的1,440億美元。與此同時，其他Stablecoins正在擴大，導致USDT的市場優勢從70％下降到61％。

In order to maintain growth, USDT must take a more aggressive approach. To expand its cross-chain capabilities, USDT is launching a multi-chain token called USDT0 powered by LayerZero OFT. Additionally, they are building a hub with Legacy Hub and Plasma at its core. Through these approaches, they aim to address the problems they face.

為了維持增長，USDT必須採取更具侵略性的方法。為了擴展其跨鏈功能，USDT正在啟動一個由layerZero oft供電的多鏈令牌。此外，他們還在其核心建造帶有傳統樞紐和等離子體的樞紐。通過這些方法，它們旨在解決他們面臨的問題。

1. Problems with Tether’s USDT expansion plan

1。繫繩的USDT擴展計劃的問題

1.1 Tether USDT only supports 12 chains

1.1 Tether USDT僅支撐12條鏈

In 2014, the stablecoin USDT issued by Tether was first launched on the Omni Layer protocol on the Bitcoin blockchain. Over the years, Tether has expanded the issuance of USDT to other major blockchains, including Ethereum (ERC-20), Tron (TRC-20), Binance Smart Chain (BEP-20), Solana (SPL), etc. As of early 2025, Tether natively supports USDT on approximately 12 blockchains.

2014年，Tether發行的Stablecoin USDT首先在比特幣區塊鏈上的Omni層協議上啟動。多年來，Tether將USDT的發行擴展到其他主要區塊鏈，包括以太坊（ERC-20），TRON（TRC-20），Binance Smart Chain（BEP-20），Solana（SLANA（SPL）等），截至2025年初，截至2025年初，Techher inthere inthely intely intely intely intely intery Supdts usdts usdt of 12個區塊鏈。

However, according to data from DeFiLlama, USDT exists on more than 80 blockchains. Among them, more than 50 blockchains have a value of more than $1 million in USDT, and 17 of the top 30 blockchains in terms of USDT trading volume rely on bridged versions of tokens rather than native support.

但是，根據Defillama的數據，USDT存在於80多個區塊鏈上。其中，超過50個區塊鏈的價值超過100萬美元，在USDT交易量方面，前30個區塊鏈中有17個依賴於代幣的橋接版本而不是本地支持。

When USDT is not natively supported on a blockchain, it means that Tether will not issue or redeem USDT directly on that chain. Instead, a third-party bridge locks the native USDT on the supported chain and issues a corresponding “wrapped” or “bridged” version on the new blockchain. For users, this introduces issues of incompatible bridge versions and an additional layer of risk. The security and reliability of bridged USDT depends entirely on the third-party bridge operator, not Tether itself. If the bridge is hacked or has problems, users may lose bridged USDT, and Tether is not responsible for these losses. Only USDT on natively supported blockchains is directly endorsed and redeemable by Tether, so holding bridged USDT means relying on the solvency and security of the bridge.

當USDT不在區塊鏈上提供本地支持時，這意味著繫繩不會直接在該鏈上發出或贖回USDT。取而代之的是，第三方橋樑在受支持的鏈條上鎖定了本機USDT，並在新區塊鏈上發布了相應的“包裝”或“橋接”版本。對於用戶，這引入了不兼容的橋樑版本和額外風險的問題。橋接USDT的安全性和可靠性完全取決於第三方橋樑操作員，而不是束縛。如果橋樑被黑客入侵或有問題，則用戶可能會失去橋接的USDT，而Tether對這些損失概不負責。只有在本地支撐的區塊鏈上的USDT才能通過Tether直接認可和贖回，因此握住橋接的USDT意味著要依靠橋樑的償付能力和安全性。

In addition, Tether has stopped minting USDT on multiple blockchains due to low usage or security issues. These include Omni Layer on Bitcoin, Kusama’s AssetHub, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS’s EOSIO.TOKEN, and Algorand. Although redemption may still be possible for a limited time, new USDT tokens are no longer issued on these networks.

此外，由於使用較低或安全性問題，Tether已停止在多個區塊鏈上鑄造USDT。其中包括Bitcoin，Kusama的Assethub，Bitcoin Cash的簡單分類帳（SLP），EOS的eosio.token和Algorand上的Omni層。儘管在有限的時間內仍然可以兌換贖回，但不再在這些網絡上發出新的USDT代幣。

Although USDT appears to be available on a wide range of blockchains, only a few are natively supported by Tether. On all other chains, users interact with bridged versions of USDT, which carry additional risks that do not apply to the native token.

儘管USDT似乎在各種區塊鏈上可用，但只有少量由繫繩提供。在所有其他鏈條上，用戶與U​​SDT的橋接版本進行交互，後者俱有不適用於本機令牌的其他風險。

1.2 Bridging USDT is increasing

1.2橋接USDT正在增加

The current circulating supply of USDT on Ethereum is approximately $64.94 billion, of which approximately $8 billion of USDT has been bridged to other blockchains. For example, on Binance Smart Chain (BSC), approximately $5.2 billion of USDT has been minted through the BSC bridge. In addition, several major Layer 2 networks — such as Arbitrum, Polygon, Optimism, and Mantle — operate their own native bridges for USDT transfers. Other Layer 1 blockchains, including Fantom, Kaia, and Sui, rely on third-party bridges to facilitate the movement of USDT between chains.

當前在以太坊上的USDT循環供應約為649.4億美元，其中約80億美元已與其他區塊鏈橋接。例如，在Binance Smart Chain（BSC）上，大約52億美元的USDT已通過BSC橋鑄造。此外，幾個主要層2網絡（例如仲裁，多邊形，樂觀和地幔）為USDT轉移運營自己的本機橋樑。其他第1層區塊鏈，包括Fantom，Kaia和Sui，依靠第三方橋樑來促進USDT在鏈之間的移動。

From Tether's perspective, the growth of bridged USDT presents significant management challenges. Tether can only directly monitor and control USDT issued on its native backing network. Once USDT is bridged to other chains through third-party bridges, Tether loses direct oversight of these tokens. This

從繩索的角度來看，橋接USDT的增長提出了重大的管理挑戰。 Tether只能直接監視和控制其本機背支持網絡上發出的USDT。一旦USDT通過第三方橋樑橋接到其他連鎖店，Tether將失去對這些令牌的直接監督。這