以太坊与特隆：USDT至高无上的战斗及其含义

以太坊在机构收养和defi的驱动下，从特隆那里夺回了USDT宝座。但是，这场拔河对稳定币和加密货币的未来意味着什么？

Ethereum vs. Tron: The Battle for USDT Supremacy and What It Means

以太坊与特隆：USDT至高无上的战斗及其含义

The landscape of 'Ethereum, USDT supply, Tron' is in constant motion. Ethereum has once again snatched the crown from Tron as the leading blockchain for Tether (USDT) deployment. Let's dive into what's driving this shift and what it signifies for the broader crypto ecosystem.

“以太坊，USDT供应，Tron”的景观一直在运动。以太坊再次从特隆（Tron）抢夺了王冠，成为系绳（USDT）部署的领先区块链。让我们深入了解驱动这一转变的原因及其对更广泛的加密生态系统的意义。

The Great USDT Flip-Flop

伟大的USDT触发器

Since May 2025, the USDT supply on Ethereum has surged by nearly $17 billion, reaching approximately $77 billion. This impressive growth marks a significant comeback for Ethereum, which briefly ceded its top spot to Tron earlier in the year. Tron's current USDT supply stands at $76.23 billion, according to DeFiLlama, showcasing the neck-and-neck competition between these two blockchain giants.

自2025年5月以来，以太坊的USDT供应量增长了近170亿美元，达到了约770亿美元。这种令人印象深刻的增长标志着以太坊的重大复出，这在今年早些时候将其最高点归于Tron。根据Defillama的说法，Tron目前的USDT供应量为762.3亿美元，展示了这两个区块链巨头之间的脖子和颈部竞争。

Why the Shift? Institutional Adoption and DeFi

为什么要转变？机构采用和挑战

While retail users have historically favored Tron for its lower transaction fees, Ethereum's resurgence is largely attributed to institutional adoption. Major players like PayPal, with its PYUSD stablecoin, have integrated with Ethereum, further solidifying its position as a preferred network for larger transactions and DeFi activities. Ethereum's robust liquidity and expansive DeFi ecosystem make it an attractive choice for institutions seeking a reliable and scalable platform.

尽管零售用户历史上一直赞成Tron的较低交易费用，但以太坊的复苏主要归因于机构采用。 PayPal等主要参与者及其Pyusd Stablecoin已与以太坊融为一体，进一步巩固了其作为大型交易和Defi活动的首选网络的地位。以太坊的稳健流动性和广泛的偏见生态系统使其成为寻求可靠且可扩展平台的机构的诱人选择。

Tron's Continued Relevance: The King of Transactions

特隆的持续相关性：交易之王

Despite Ethereum's regained dominance in USDT supply, Tron continues to lead in daily transaction counts. This highlights Tron's ongoing popularity among smaller traders who prioritize cost efficiency. The network's ability to process a high volume of transactions at a lower cost makes it a go-to option for everyday crypto users.

尽管以太坊在USDT供应中恢复了优势，但Tron仍在日常交易中继续领先。这突出了特隆在优先考虑成本效率的小型交易者中的持续流行。该网络以较低的成本处理大量交易的能力使其成为日常加密用户的首选。

The Bigger Picture: Stablecoins and the Future of Finance

更大的前景：稳定币和金融的未来

Tether's USDT remains the undisputed king of stablecoins, boasting a market capitalization of $174 billion. Circle's USDC follows in second place with $74 billion. The stablecoin market is also seeing new regulatory changes, pushing issuers to become more compliant with U.S. regulations. This is leading to more transparency and trust, attracting even more adoption of stablecoins for payments and financial services.

Tether的USDT仍然是无可争议的Stablecoins国王，拥有1740亿美元的市值。 Circle的USDC以740亿美元的价格排名第二。 Stablecoin市场还看到了新的监管变化，使发行人更加符合美国法规。这导致了更多的透明度和信任，从而吸引了更多的稳定币来付款和金融服务。

My Take: Ethereum's Institutional Edge

我的看法：以太坊的制度优势

While both Ethereum and Tron play vital roles in the crypto ecosystem, Ethereum's ability to attract institutional flows gives it a distinct advantage. The integration of stablecoins like PYUSD, along with the potential for staking features in Ether ETFs, positions Ethereum as a primary settlement layer for blockchain-based finance. As traditional finance increasingly embraces digital payment infrastructure, Ethereum is well-positioned to capitalize on this trend. The outflows from Ether ETFs shouldn't scare you. Instead, consider it a sale!

尽管以太坊和特隆都在加密生态系统中扮演着至关重要的角色，但以太坊吸引机构流动的能力使其具有明显的优势。诸如Pyusd之类的稳定蛋白的整合，以及在Ether ETF中的桩特征的潜力，将以太坊定位为基于区块链的融资的主要沉降层。随着传统的财务越来越涵盖数字支付基础设施，以太坊的资金充分利用了这一趋势。以太ETF的流出不应该吓到您。相反，将其视为销售！

Looking Ahead

展望未来

The battle between Ethereum and Tron for USDT dominance is far from over. Both networks will continue to innovate and adapt to meet the evolving needs of the crypto market. One thing is clear: stablecoins are here to stay, and they will play an increasingly important role in the future of finance. So, buckle up and enjoy the ride! It's going to be a wild one!

以太坊和特隆之间争夺USDT主导地位的战斗还远远没有结束。这两个网络将继续进行创新和适应以满足加密市场不断发展的需求。一件事很清楚：稳定币将留在这里，它们将在金融的未来中发挥越来越重要的作用。因此，搭扣并享受旅程！这将是一个疯狂的人！