菲亚特支持的稳定币，象征性的国库和Defi：纽约财务未来的一分钟

由菲亚特支持的稳定币，代币化的国库和Defi正在重塑融资。本文深入了解最新趋势，市场优势和未来前景。

The intersection of fiat-backed stablecoins, tokenized treasuries, and DeFi is buzzing louder than a Times Square street performer. Capital’s flowing, adoption’s surging, and innovation’s popping off as DeFi bridges the gap with traditional finance (TradFi).

比时代广场街的表演者大声嗡嗡作响的菲亚族支持的稳定的稳定币，象征化的国库。当Defi与传统金融（TradFi）弥补差距时，Capital的流动，收养的飙升和创新爆发。

Stablecoins: Still the Kingpins

Stablecoins：仍然是Kingpins

Stablecoins are the bedrock, no doubt. From the start of 2024 to April 2025, fiat-backed stablecoins ballooned by $97 billion—a 76% jump—hitting a record $224.9 billion. USDT and USDC still run the show, holding down 93.5% of the market. USDT led the charge with a $56.3 billion infusion, while USDC added $37.6 billion. Institutions trust 'em, liquidity’s deep—that's the ticket.

毫无疑问，稳定的是基岩。从2024年初到2025年4月，由菲亚特支持的Stablecoins激增了970亿美元（76％的增长），达到了创纪录的2249亿美元。 USDT和USDC仍在举办演出，占据了93.5％的市场。 USDT以563亿美元的注入领先，而USDC则增加了376亿美元。机构信任他们的流动性深处 - 这是票。

New kids on the block like Ethena Labs’ USDt and Usual Money’s USD0 are making noise, grabbing significant market share fast. Still, even with these hot debuts, alternative stablecoins are just chilling with a modest 3.3% slice of the pie.

Ethena Labs的USDT和通常的Money的USD0之类的新孩子在发出噪音，迅速获得了大量的市场份额。尽管如此，即使有这些热门的首次亮相，替代稳定的stablecoins还是以3.3％的馅饼片而冷却。

Interestingly, the big boys from TradFi, like PayPal’s PYUSD and Société Générale’s EURCV, haven't exactly killed it. Regulatory fog? That’s the likely culprit.

有趣的是，来自Tradfi的大男孩，例如Paypal的Pyusd和Sociétégénérale的Eurcv，尚未完全杀死它。监管雾？那可能是罪魁祸首。

Tokenized Treasuries: Economic Fears Fuel the Fire

代币化的国库：经济担心会激发大火

Tokenized U.S. Treasury securities? Hot stuff. They’ve shot up, reaching a $5.6 billion market cap in April 2025—a 544.8% jump since early 2024. Economic uncertainty’s the match that lit this fire. BlackRock’s BUIDL fund is leading the pack, snagging 45% of the market by April 2025. They’re making fixed-income investments transparent and accessible using blockchain. Ethereum’s the main stage, but with just over 11,000 holders globally, it’s still a niche game.

象征美国国库证券？热的东西。他们的投篮命中率上升，在2025年4月达到了56亿美元的市值，自2024年初以来增加了544.8％。经济不确定性是激发这场大火的比赛。贝莱德（Blackrock）的Buidl Fund领导着这一领先，到2025年4月，占地45％。他们正在使固定收益投资透明且使用区块链可访问。以太坊是主要舞台，但全球仅11,000多个持有人，这仍然是一场利基游戏。

Onchain Private Credit: Slow and Steady?

OnChain私人信用：缓慢而稳定？

Private on-chain credit? Not as flashy. Active loan volume’s at $546.8 million, about a third of its May 2022 peak. Maple Finance is holding it down, though, with $374 million in active loans—67% of the top six platforms. They’re even playing in the RWA space. With regulatory leniency and innovation brewing, this market might just get its second wind.

私人链上信用？不那么浮华。 Active Loan Volume的价格为5.468亿美元，约占其2022年5月的峰值的三分之一。不过，Maple Finance将其拒之门外，有3.74亿美元的有效贷款，占前六名平台的67％。他们甚至在RWA空间里玩。随着监管宽大和创新酿造，这个市场可能只会获得第二种风。

Sei Network's Rise

您是网络的崛起

Sei Network, optimizing dApp development for DeFi and trading, is gaining traction. Selected as a pilot for the Wyoming Stable Token (WYST), Sei demonstrated high competency in uptime, security, user base, and infrastructure performance. This is improving Sei's status, with increased TVL and project financing.

SEI网络优化用于DEFI和交易的DAPP开发正在获得吸引力。 SEI被选为怀俄明州稳定令牌（WYST）的飞行员，在正常运行时间，安全性，用户群和基础架构性能方面具有很高的能力。随着TVL和项目融资的增加，这正在改善SEI的状态。

Final Thoughts: DeFi's Shifting Sands

最终想法：Defi的变化沙子

DeFi’s changing fast. Stablecoins and tokenized treasuries are where it’s at. Mainstream decentralized finance? Still a work in progress.

Defi的变化很快。稳定的国债和代币化的国债。主流分散的金融？仍在进行中。

So, what’s the takeaway? Keep your eyes peeled, because this space moves faster than a New York minute. And remember, always do your own research before diving into the crypto pool!

那么，收获是什么？睁大眼睛，因为这个空间的移动速度比纽约分钟快。请记住，在潜入加密池之前，请务必做自己的研究！