加密市场很冷，比特币的价格从109,000美元下降了

在2005年春季，加密货币市场很冷，比特币的价格一直从年初的109,000美元下降到75,000美元的低点。

In the spring of 2005, the crypto market was in a chill, and the price of Bitcoin fell all the way from $109,000 at the beginning of the year to a low of $75,000.

在2005年春季，加密货币市场很冷，比特币的价格一直从年初的109,000美元下降到75,000美元的低点。

The sluggish trading volume is accompanied by market fluctuations. Various tracks have been shut down one after another, the sector effect has disappeared, and only sporadic currency movements have captured the market's short-term attention.

较短的交易量伴随着市场波动。各种轨道已经接一个地关闭，行业效应消失了，只有零星的货币运动才引起了市场的短期关注。

However, in such a sluggish market, the stablecoin market presents a completely different picture: according to data from Artemis, as of April 2025, the total market value of stablecoins has reached US$231.6 billion, a significant increase of 51% compared to US$152.6 billion in the same period of 2024.

然而，在如此迟钝的市场中，稳定的市场呈现出完全不同的情况：根据Artemis的数据，截至2025年4月，Stablecoins的总市场价值已达到2316亿美元，相比之下，在2024年同期，稳定增长了51％。

While the overall crypto asset market is weak, stablecoins continue to expand. So the question is: if the constantly issued stablecoins do not flow into cryptocurrency investment, where do they go?

尽管总体加密资产市场较弱，但Stablecoins仍在不断扩大。因此，问题是：如果不断发行的稳定币不流入加密货币投资，他们会去哪里？

Beyond encryption, stablecoins are quickly taking root in the real world

除了加密之外，稳定剂正在迅速扎根于现实世界

As the infrastructure of the blockchain world, stablecoins not only dominate on-chain transactions, but are also the core tools for crypto users to exchange tokens, perform DeFi operations, and transfer money.

作为区块链世界的基础架构，Stablecoins不仅主导了链交易，而且还是加密用户交换令牌，执行Defi操作和转移资金的核心工具。

However, its influence has long surpassed the boundaries of encryption and is taking root and growing in the real world.

但是，它的影响力长期超过了加密的界限，并且正在现实世界中扎根和生长。

In terms of market capitalization, stablecoins directly account for 5% of the total market capitalization of cryptocurrencies. If companies that manage stablecoins and blockchains whose main business is stablecoins (such as Tron) are included, this proportion reaches 8%.

就市值而言，稳定菌素直接占加密货币总市值的5％。如果包括主要业务是Stablecoins（例如TRON）的稳定者和区块链的公司，则此比例将达到8％。

It is worth noting that mainstream stablecoin issuers adopt an operating model similar to MasterCard, reaching end users through intermediaries such as exchanges and payment service providers.

值得注意的是，主流Stablecoin发行人采用类似于万事达卡的操作模型，通过交易所和付款服务提供商等中介机构与最终用户联系。

Take Argentina as an example. Although local crypto exchanges LemonCash, Bitso, and Rippio are not well-known globally, their user base has reached an astonishing 20 million, equivalent to half of Coinbase's user base, while Argentina's population is only one-seventh of that of the United States. Lemon Cash alone generated about $5 billion in trading volume last year, mainly in stablecoin-related transactions.

以阿根廷为例。尽管当地加密货币交换柠檬粉，BITSO和RIPPIO在全球范围内并不众所周知，但他们的用户群达到了惊人的2000万，相当于Coinbase用户群的一半，而阿根廷的人口仅占美国的一半。去年，仅柠檬现金就产生了约50亿美元的交易量，主要是与Stablecoin相关的交易。

What is even more thought-provoking is that according to Artemis data, of the total stablecoin circulation of US$206.78 billion as of March 2025, traditional CEX, DeFi and other encryption scenarios only account for a small share, and as much as 67% (US$138.6 billion) of stablecoins flow into the "unclassified application" field.

更令人发人深省的是，根据Artemis数据，截至2025年3月，稳定的稳定蛋白发行量为2067.8亿美元，传统的CEX，DEFI和其他加密场景仅占较小的份额，而多达67％（1386亿美元）（1386亿美元）（1386亿美元）的STABLECOINS流入了尚未统治的应用程序。

Most stablecoins flow in data blind spots that are not clearly tracked, and their secrets are kept in black boxes outside of encryption.

数据盲点中的大多数稳定剂流都无法清楚地跟踪，并且它们的秘密保存在加密之外的黑匣子中。

In the black and gray trade, stablecoins are circulating "stably"

在黑色和灰色的贸易中，稳定的稳态正在“稳定”循环

On the dark side of social rules, stablecoins are weaving a huge black and gray industry network.

在社会规则的阴暗面上，Stablecoins编织了一个巨大的黑色和灰色行业网络。

Liu Ping (pseudonym), who works in cross-border e-commerce, said that although regular USD payment platforms such as Airwallex, Payoneer, and PingPong all require strict qualification review and real order data, "someone always needs other solutions", especially those merchants who sell counterfeit goods, infringing goods, or arms contraband. These illegal merchants either purchase the platform's "black and gray backdoor" account opening rights at a high price, or directly use USDT to receive and pay.

在跨境电子商务工作的Liu Ping（假名）表示，尽管诸如AirWallex，Payoneer和Pingpong之类的常规美元支付平台都需要严格的资格审查和实际订单数据，但“总是需要其他解决方案”，但“总是需要其他解决方案”，尤其是那些出售商品，侵犯商品，侵犯商品，违约的商人。这些非法商人要么以高价购买该平台的“黑色和灰色后门”帐户开设权，要么直接使用USDT来接收和付款。

As Liu Ping explained, the corresponding industrial chain grows in the dark. After illegal merchants receive payments through the platform's "black and gray backdoors", they quickly exchange them for USDT with the help of underground banks and withdraw. "This is equivalent to those who open backdoors for illegal merchants eating the losses of their own company."

正如Liu Ping所解释的那样，相应的工业链在黑暗中生长。在非法商人通过该平台的“黑色和灰色后门”获得付款后，他们在地下银行的帮助下迅速将其交换为USDT并撤离。 “这相当于那些为非法商人开放后门的人，吃了自己公司的损失。”

In the field of advertising, she also mentioned some more covert operations: "There are black and gray accounts that specialize in placing illegal advertisements on platforms such as Facebook, such as guns and ammunition. Most of the funds for advertisers to recharge are stolen credit cards. Some people specialize in purchasing stolen credit card limits, recharging them into advertising accounts, and then selling them at a discount with USDT. An advertising account worth $2,000 may only cost $1,500 to $1,700 using USDT."

在广告领域，她还提到了一些更秘密的操作：“有一些黑色和灰色的帐户专门将非法广告放在诸如Facebook之类的平台上，例如枪支和弹药。大多数用于补给广告商的资金都被盗了信用卡。有些人专门将其限制在商品上，然后将其销售给他们的广告，然后将其销售给他们，然后将广告销售给广告，然后将其折价。 $ 2,000使用USDT可能只有$ 1,500至$ 1,700。”

"Cross-border merchants actually want to use USDT for settlement because it is flexible, has no price difference, and can avoid asset risks to a certain extent. However, formal platforms have licenses, accept US dollars, and exchange rates must also comply with regulations," Liu Ping said frankly.

Liu Ping坦率地说：“跨境商人实际上想使用USDT进行和解，因为它是灵活的，没有价格差异，并且可以在一定程度上避免资产风险。但是，正式平台获得许可，接受美元，汇率也必须遵守法规。”

"But formal platforms have licenses, they accept U.S. dollars, and exchange must comply with regulations. The essence of the black and gray backdoor is to leave a time window for scammers to an opportunity to use USDT to run away. Small amounts are directly withdrawn, and the platform suffers;

“但是正式的平台获得许可，他们接受美元，并且交换必须遵守法规。黑色和灰色后门的本质是为骗子留下时间窗口，让骗子有机会使用USDT逃跑。少量的少量被撤回，平台受苦；