Stablecoins的演变：从十几岁到市场英雄

比特币（BTC）出生于17年前，它仍处于十几岁的年龄。难怪，这个分散的金融业正在不断变化和发展。

Cryptocurrency is still quite a novel invention: Bitcoin (BTC) was born just 17 years ago, and it’s still in its teenage years. No wonder, this decentralized finance industry is constantly changing and developing. In this ever-evolving crypto landscape, stablecoins have emerged as heroes, facilitating the transition from traditional finance to decentralized finance.

加密货币仍然是一项新颖的发明：比特币（BTC）出生于17年前，而且还处于十几岁的时候。难怪，这个分散的金融业正在不断变化和发展。在这种不断发展的加密景观中，稳定的人已经成为英雄，从而促进了从传统金融到分散财务的过渡。

Often overshadowed by the volatility of cryptocurrencies, including the major ones like Bitcoin and Ethereum (ETH), stablecoins offer a semblance of stability in a tumultuous market. Their pegged value to fiat currencies, primarily the world reserve currency, U.S. dollar—such as Tether (USDT) and USD Coin (USDC)—provides a reliable medium of exchange, making them increasingly attractive to both individual users and institutional investors beyond the crypto space.

稳定币通常被加密货币的波动所蒙上阴影，包括比特币和以太坊（ETH）等主要的货币，在动荡的市场中提供了稳定性的外观。他们对法定货币的固定价值，主要是世界预备役货币，美元（例如Tether（USDT）和USD Coin（USDC））提供了一种可靠的交换媒介，使它们对个人用户和机构投资者的吸引力都越来越多。

The surge in stablecoin adoption

稳定币的激增

Recent data underscores the burgeoning adoption of stablecoins. According to a joint report by on-chain analysis platforms Artemis and Dune, active stablecoin wallets have surged by 53% over the past year, escalating from 19.6 million in February 2024 to over 30 million in February 2025. This significant uptick reflects a growing trust in stablecoins as a viable financial instrument, bridging the gap between conventional finance and the crypto realm.

最近的数据强调了稳定的稳定的采用。 According to a joint report by on-chain analysis platforms Artemis and Dune, active stablecoin wallets have surged by 53% over the past year, escalating from 19.6 million in February 2024 to over 30 million in February 2025. This significant uptick reflects a growing trust in stablecoins as a viable financial instrument, bridging the gap between conventional finance and the crypto realm.

This growth isn’t merely a numerical increase; it signifies a paradigm shift in how users perceive and utilize digital currencies. The stability offered by digital assets redeemable 1:1 with fiat currencies makes them ideal for everyday transactions, savings, and as a hedge against the volatility inherent in other cryptocurrencies.

这种增长不仅仅是数值的增长。它表示用户如何看待和利用数字货币的范式转变。数字资产可兑换1：1提供的稳定性，使其非常适合日常交易，储蓄，也是对其他加密货币固有的波动性的篱笆。

Unsurprisingly, the United States issued timely guidelines for regulating stablecoins. The U.S. Securities and Exchange Commission issued a notice, paving the way for a more regulated and stable digital asset landscape. As Selva Ozelli, an international tax attorney and a regular columnist at Crypto.news, explained:

毫不奇怪，美国发布了及时的调节稳定剂准则。美国证券交易委员会发出了通知，为更加规范和稳定的数字资产格局铺平了道路。正如国际税务律师兼加密新闻的常规专栏作家塞尔瓦·奥泽利（Selva Ozelli）所解释的那样：

“The SEC notice gives examples of readily liquid assets that should back a Covered Stablecoin which include USD cash equivalents, demand deposits with banks or other financial institutions, U.S. Treasury securities, or/and money market funds registered under Section 8(a) of the Investment Company Act of 1940, and do not include precious metals or other crypto assets.”

“ SEC通知给出了易于液体资产的示例，这些资产应支持覆盖的稳定股份，其中包括USD现金等价物，与银行或其他金融机构的需求存款，美国国债证券或/和/和根据1940年投资公司法案第8（a）条注册的货币市场资金，并且不包括贵金属或其他Crypto收藏品。”

As per data on stablecoins, Albridge internal analytics indicate that USDT retains its transactional lead in transactions and demonstrates 7% to 20% growth in month-over-month transaction volume between March 2024 and March 2025. USDC, on the other hand, remains second in the number of transactions and less popular than USDT in terms of transactional amounts, averaging at 25%. The total volume of USDT and USDC transactions varies from $85M to $198M between February 2024 and February 2025. Evidently, stablecoins are getting their momentum.

根据稳定菌素的数据，Albridge内部分析表明，USDT在2024年3月至2025年3月之间保留了交易中的交易领先优势，并且在每月交易中的月份增长7％至20％。另一方面，USDC在交易的数量中仍然是交易的数量，而不是USDT，而在交易量中则保持较少的速度。 USDT和USDC交易的总数从2024年2月至2025年2月之间的8500万美元到19.98万美元不等。显然，Stablecoins正在获得势头。

Transaction volumes rivaling traditional payment networks

交易量与传统支付网络竞争

The practical utility of stablecoins is further evidenced by their staggering transaction volumes. Earlier this year, an asset management firm, ARK Invest, issued a report that highlighted the growth of stablecoin adoption, whose transaction value in 2024 reached $15.6 trillion, overtaking traditional payment firms Mastercard and Visa by more than 100%. This monumental volume underscores the growing reliance on stablecoins for a myriad of financial activities, from remittances to institutional settlements.

稳定币的实际实用性通过其惊人的交易量进一步证明。今年早些时候，一家资产管理公司ARK Invest发表了一份报告，该报告强调了采用Stablecoin的增长，该公司的交易价值在2024年达到15.6万亿美元，超过了传统支付公司MasterCard和Visa的交易价值超过100％。从汇款到机构定居点，这一巨大的著作强调了对稳定的财务活动的日益依赖。

Another report, issued by Citigroup, a multinational investment bank and financial services company, forecasts a potential fivefold increase in the stablecoin market over the next five years, possibly reaching nearly $4 trillion. Moreover, if the U.S. implements a regulatory framework, stablecoin issuers could emerge as major holders of U.S. Treasuries by 2030, potentially generating over $1 trillion in additional demand for Treasuries due to the expansion of stablecoins.

由跨国投资银行和金融服务公司花旗集团（Citigroup）发布的另一份报告预测，未来五年内，稳定股市场的可能增长了五倍，可能达到近4万亿美元。此外，如果美国实施一个监管框架，那么达贝币的发行人可能会到2030年成为美国国债的主要持有人，这可能会产生超过1万亿美元的额外需求，这是由于扩大了稳定的国债。

Bridging fragmented blockchains

桥接碎片的区块链

Users and developers today encounter numerous obstacles when working across multiple blockchains. Delivering a seamless web3 user experience is already a complex task, if we want mass adoption in the crypto industry. Moving tokens between layers tends to be cumbersome, slow, and fraught with risk. Developers face the added difficulty of dealing with fragmented ecosystems, each featuring distinct tools and protocols. Meanwhile, users often face repeated challenges due to inconsistent wallet compatibility and varying user interfaces across chains.

当今的用户和开发人员在跨多个区块链工作时遇到了许多障碍。如果我们想在加密行业中大量采用，那么提供无缝的Web3用户体验已经是一项复杂的任务。在层之间移动令牌往往繁琐，缓慢且充满风险。开发人员面临着处理分散的生态系统的额外困难，每个生态系统都具有不同的工具和协议。同时，由于钱包的兼容性不一致以及跨连锁店的用户界面变化，用户经常面临重复的挑战。

As the crypto ecosystem becomes increasingly fragmented with multiple blockchains, the need for seamless interoperability has never been more critical. We, at Allbridge Core, address this challenge by offering a native stablecoin bridging experience, enabling seamless cross-chain swaps between EVM and non-EVM blockchains. With over a million total transfers and a total value locked exceeding $28 million, Allbridge Core exemplifies the infrastructure necessary for a cohesive DeFi environment.

随着加密生态系统越来越多地被多个区块链分散，对无缝互操作性的需求从未如此关键。在Allbridge Core，我们通过提供本地Stablecoin桥接体验来应对这一挑战，从而在EVM和非EVM区块链之间实现无缝的跨链交换。 Allbridge Core的总转移总额超过一百万，总价值超过2800万美元，体现了凝聚力型环境所需的基础设施。

Friendly regulation and institutional embrace

友好的监管和机构拥抱

The maturation of the stablecoin market is not occurring in a vacuum. Regulatory frameworks are evolving to accommodate and oversee this

稳定市场的成熟并未发生在真空中。监管框架正在发展，以适应和监督