美国银行业巨头花旗集团（Citigroup

在上周发布的市场报告中，花旗集团将支持Stablecoin市场，目的是在未来五年内至少见证7倍的供应增长。

American banking giant Citigroup has shared a highly bullish forecast of the stablecoin market in its latest market perspective report. Alongside this intriguing insight, Citigroup has also highlighted potential hurdles and roadblocks for these fiat-peg virtual assets.

美国银行业巨头花旗集团（Citigroup）在其最新的市场观点报告中对Stablecoin市场表示了高度看涨的预测。除了这一有趣的见解外，花旗集团还强调了这些菲亚特 - PEG虚拟资产的潜在障碍和障碍。

US Regulatory Framework To Spur Stablecoin Growth

美国的监管框架刺激稳定生长

In a market report released last week, Citigroup is backing the stablecoin market to witness at least a 7x supply growth over the next five years.

在上周发布的市场报告中，花旗集团将支持Stablecoin市场，目的是在未来五年内至少见证7倍的供应增长。

The multinational investment bank has tied this bullish position to the obvious intentions of the current US administration to draft policies that support the growth of the digital asset industry.

跨国投资银行将这一看涨立场与现任美国政府的明显意图联系起来，以草拟支持数字资产行业增长的政策。

Notably, in January 2025, US President Donald Trump ordered the creation of a crypto working group to create a federal regulatory framework in line with the demand of the nascent industry.

值得注意的是，在2025年1月，美国总统唐纳德·特朗普（Donald Trump）下令成立一个加密货币工作组，以根据新生行业的需求创建一个联邦监管框架。

According to Citigroup, the establishment of this regulatory framework, as well as increased adoption of digital assets by existing financial institutions, is expected to drive the demand for stablecoins.

花旗集团认为，该监管框架的建立以及现有金融机构对数字资产采用的增加有望推动对稳定的需求。

Data from DefiLlama shows that the value of the stablecoin market grew by 30x in the last years as the total crypto market surged by over 1400% in the same time.

Defillama的数据表明，随着加密货币市场的同时飙升了1400％以上，Stablecoin市场的价值增长了30倍。

While Citigroup notes it’s difficult to make future predictions, the current scenario and past performances suggest stablecoin supply could rise by $1.6 trillion by 2030 in a base case 2030.

花旗集团指出，很难做出未来的预测，但当前的情况和过去的表演表明，在2030年基本案例中，到2030年，Stablecoin供应可能会增加1.6万亿美元。

In a bullish scenario, the investment bank predicts the stablecoin market could gain by $3.7 trillion, while a bearish case would only support market growth by $0.5 trillion.

在看涨的情况下，投资银行预测，稳定市场的市场可能会增长3.7万亿美元，而看跌案只能支持市场增长0.5万亿美元。

Interestingly, Citigroup also explains that a US stablecoin regulatory framework would boost the demand for dollar risk-free assets within and outside the US. This is because stablecoin issuers are required to hold US Treasuries or other low-risk assets as collateral for each circulating stablecoin.

有趣的是，花旗集团还解释说，美国稳定的监管框架将促进美国内外对美元无风险资产的需求。这是因为稳定发行人必须将我们的国债或其他低风险资产作为每个循环稳定的股份。

In the base case scenario, the American bank expects the surge in stablecoin demand to result in a $1 trillion purchase of US Treasuries.

在基本案例情况下，美国银行预计，稳定需求的激增将导致1万亿美元购买美国国债。

What Are The Challenges For Stablecoins?

稳定币面临哪些挑战？

While being largely optimistic on the stablecoins’ potential for growth, Citigroup has also shared certain potential challenges these virtual assets may face in adoption.

花旗集团在很大程度上对Stablecoins的增长潜力感到乐观，但在采用时可能会面临这些虚拟资产可能面临的某些潜在挑战。

A stablecoin represents a virtual cryptocurrency with a fixed value that is pegged to an existing fiat currency. Presently, US dollar-pegged stablecoins are strongly dominant in the market. Therefore, it is likely that other nations may view stablecoins as a tool to sustain the US financial hegemony.

Stablecoin代表具有固定值的虚拟加密货币，该货币与现有菲亚特货币挂钩。目前，美元固定的稳定稳定在市场上是强烈的占主导地位。因此，其他国家可能会将Stablecoins视为维持美国​​金融霸权的工具。

In this case, Citigroup expects nations in Europe and China to invest in central bank digital currencies (CBDCs) or stablecoins pegged to their native fiat currencies. Therefore, the stablecoin market may likely be 90% dollar-denominated by 2030.

在这种情况下，花旗集团预计欧洲和中国的国家将投资于中央银行数字货币（CBDC）或与其本地法定货币挂钩的稳定货币。因此，到2030年，Stablecoin市场可能会达到90％的成绩。

Furthermore, Citigroup notes that stablecoins bear a run risk in the case of a potential de-peg. The investment bank explains that a major de-pegging event could drastically reduce crypto liquidity, affecting trading platforms and the general financial market.

此外，花旗集团指出，在潜在的de-peg的情况下，稳定的风险有奔跑的风险。投资银行解释说，一场重大的挑战活动可以大大降低加密流动性，从而影响交易平台和一般金融市场。

At press time, the stablecoin market is valued at $237.25 billion, with Tether (USDT) remaining the market leader with a 62.65% dominance.

发稿时，Stablecoin市场的价值为2372.5亿美元，Tether（USDT）仍然是市场领导者，其优势为62.65％。