美元固定的稳定稳定阶层可以到2028年达到约2万亿美元的总市值

Stablecoins的累积稳定性上限目前约为2,300亿美元，但“ [E] Volving Market Dynamics有可能加速StabableCoins的轨迹，到2028年达到〜2TN的市值

The United States Department of the Treasury has revealed that US Dollar-pegged stablecoins are on track to reach an aggregate market capitalization of approximately $2 trillion by 2028.

美国财政部已透露，到2028年，美元固定的稳定稳定人数可以达到总计约2万亿美元的总市值。

Stablecoins’ cumulative market cap currently stands at roughly $230 billion, but “[e]volving market dynamics [have] the potential to accelerate stablecoins’ trajectory to reach ~$2tn in market cap by 2028,” according to the Treasury’s Q1 2025 report, published on April 30.

Stablecoins的累积稳定性上限目前约为2,300亿美元，但“ [E] Volving Market Dynamics具有加速Stablecoins的轨迹的潜力，到2028年达到市值约为2TN，”据《国债》 2025年的第1季度2025年报告，在4月30日发布。

A stablecoin is a cryptocurrency whose value is pegged to a traditional asset like the US dollar. According to the report, such tokens are already “ubiquitously utilized as ‘cash on-chain,’ effectively serving as a new payment mechanism.”

Stablecoin是一种加密货币，其价值与美元这样的传统资产挂钩。根据该报告，这种代币已经被“普遍存在用作'现金链'，实际上是一种新的付款机制。”

Additionally, the emergence of “tokenized [money market funds] has recently created an alternative option to stablecoins, primarily given their yield-bearing feature,” the report reads.

此外，“货币市场基金”的出现最近创造了一种替代选择，主要赋予了其屈服功能，”该报告写道。

Related: Stablecoins boosting demand for US T-bills: Treasury Dept

相关：Stablecoins提高对美国T-Bills的需求：财政部

Embracing tokenization

拥抱令牌化

The report is the latest example of how the US government is embracing blockchain technology, especially after US President Donald Trump commenced his second term of office on Jan. 20.

该报告是美国政府如何采用区块链技术的最新例子，尤其是在美国总统唐纳德·特朗普（Donald Trump）于1月20日开始任期第二任期之后。

The Treasury previously endorsed cryptocurrency in December, highlighting how the technology promises to create “new financial market infrastructure,” potentially increasing global demand for US Treasury bills. US Dollar-pegged stablecoins such as Tether (USDT) and USDC (USDC) typically invest fiat backing into yield-bearing instruments such as US Treasurys.

国库此前曾在12月认可加密货币，强调了该技术有望建立“新金融市场基础设施”，这可能会增加全球对美国国债账单的需求。美元固定的稳定股（如Tether（USDT）和USDC（USDC））通常会投资于诸如美国国债等承重工具。

“[B]ecause most stablecoin collateral reportedly consists of either Treasury bills or Treasury-backed repurchase agreement transactions, the growth in stablecoins has likely resulted in a modest increase in demand for short-dated Treasury securities,” the Treasury said in December.

该国库在12月说：“据报道，大多数稳定抵押品是由财政账单或财政支持的回购协议交易组成的，因此，稳定币的增长可能导致对短期库存证券需求的适度增加。”

In its April report, the Treasury said that pending stablecoin legislation would “require stablecoin issuers to hold [short-dated] T-bills,” thus solidifying the link between stablecoin adoption and US Treasury bill demand.

财政部在4月份的报告中表示，即将到来的Stablecoin立法将“要求Stablecoin发行人持有[短期] T-Bills”，从而巩固了Stablecoin采用与美国国库券需求之间的联系。

The report also noted that the rapid proliferation of stablecoins could put pressure on retail banks to pay higher interest rates to depositors.

该报告还指出，稳定币的快速扩散可能会给零售银行施加压力，要求向存款人支付更高的利率。

As of April 25, Tether’s USDT is the dominant stablecoin, commanding approximately 66% of market share, according to a report by researcher Nansen.

根据研究人员Nansen的报告，截至4月25日，Tether的USDT是主要的Stablecoin，约占市场份额的66％。

The token has a market capitalization of roughly $150 billion, according to CoinGecko. Circle’s USDC ranks second, with a market capitalization of approximately $60 billion as of April 30.

据Coingecko称，令牌的市值约为1500亿美元。 Circle的USDC排名第二，截至4月30日，市值约为600亿美元。

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