自2025年初以来，Global Stablecoin供应增长了约14％

这种看涨趋势表明，流动性流量增加和投资者需求增加。根据Token终端的数据，迄今为止的总年份（YTD）更改

Global stablecoin supply has grown by roughly 14% since the beginning of 2025, suggesting increased liquidity flow and DeFi investor demand, according to Token Terminal. The aggregated Year to Date (YTD) change has shown steady momentum recently, skyrocketing in recent weeks, bringing the market closer to the $200 billion mark.

根据Token Terminal的数据，自2025年初以来，全球Stablecoin供应量增长了约14％，这表明流动性流量增加和投资者需求增加。迄今为止的总年份变化最近显示出稳定的动力，最近几周猛增，使市场接近2000亿美元。

THE GLOBAL STABLECOIN SUPPLY IS UP 14% SINCE THE START OF THE YEARTHIS IS BULLISH 🦬 According to @TokenTerminal , the aggregated YTD change has shown steady momentum recently, skyrockoting in recent weeks. We're nearing the $200 billion mark. pic.twitter.com/mi4DBRD0DU

自今年年初以来，全球Stablecoin供应量增长了14％，根据@TokenTerminal的看法，总YTD变化最近显示出稳定的动力，最近几周在Skyrockoting。我们将接近2000亿美元的大关。 pic.twitter.com/mi4dbrd0du

An increase in supply would indicate a rise in capital inflows into dollar-pegged assets such as Tether (USDT) and USD Coin (USDC). In crypto markets, stablecoins are often considered a proxy for so-called dry powder, readily deployable capital. The more stablecoins are out in circulation, the more buying power there is for exchanges and protocols.

供应的增加将表明资本流入增加到美元固定资产，例如Tether（USDT）和USD Coin（USDC）。在加密市场中，稳定的稳定剂通常被认为是易于部署资本的所谓干粉的代理。流通量越多，对于交流和协议的购买力就越多。

Liquidity Return Boosts DeFi and Trading Activity

流动性回报促进FEFI和交易活动

Increased stablecoin issuance tends to be accompanied by increased trading activity and user participation in DeFi apps. The added liquidity allows smooth transactions and low slippage for high-volume trades and is good for the platforms involved in lending, staking, and providing synthetic assets.

Stablecoin发行的增加往往伴随着增加的交易活动和用户参与Defi Apps。增加的流动性可以使交易平稳和低水平交易用于大容量交易，并且非常适合参与贷款，积分和提供合成资产的平台。

Since mid-January, data from Token Terminal shows a consistent rise in supply volume and YTD growth. The supply, however, paused briefly to plateau in late February to early April but resumed upwards as of mid-April in sync with broader crypto market bullishness.

自1月中旬以来，Token终端的数据显示，供应量和YTD增长的持续增加。然而，供应在2月下旬至4月初短暂停留到高原，但自4月中旬与更广泛的加密市场看涨时恢复了上升。

By far, Tether holds the largest market share in the stablecoin, with circulation at over 61%. However, the trend in growth does not stop with a single issuer, indicating high trust within on-chain stables as a whole despite macroeconomic uncertainty and few fiat yield opportunities.

到目前为止，系带有在Stablecoin中最大的市场份额，发行量超过61％。但是，增长的趋势并没有随着单个发行人而停止，这表明尽管宏观经济不确定性和菲亚特收益率很少，但整个链链马s中的信任都很高。

Stablecoin Bill Faces Setback As Key Democrats Rethink Support

当关键民主党人重新考虑支持时，Stablecoin Bill面临挫折

This comes as support for the high-stakes stablecoin bill has weakened among Democratic senators, strengthening the bill’s chances of passing the Senate by the Memorial Day holiday. The legislation, once celebrated by crypto-friendly Democrats as a bipartisan breakthrough, is now hung up as a second set of Democrats objected.

这是因为对高风险稳定法案的支持在民主党参议员中削弱了，从而加强了该法案在阵亡将士纪念日假期之前通过参议院的机会。这项立法曾经是由加密货币友好的民主党人庆祝的两党突破，现在被视为第二组民主党人反对。

Some Democratic lawmakers who before backed the bill are now complaining of unresolved national security, anti-money laundering enforcement, and regulatory control over foreign-issued stablecoins, according to a report by Politico. They are also looking for clearer reporting measures for issuers that don’t comply with the compliance standard.

Politico的一份报告显示，一些以前支持该法案的民主党立法者现在抱怨尚未解决的国家安全，反洗钱的执法以及对外国发行的稳定的监管控制。他们还在为不符合合规性标准的发行人寻求更明确的报告措施。

Among those reconsidering their support is Arizona Senator Ruben Gallego. The President’s stance is meant as a heightened strategic bid for concessions before the final vote. It takes at least seven Democrats to back the bill for Republicans to get the 60 votes needed to break through a Senate filibuster.

重新考虑支持的人包括亚利桑那州参议员鲁本·加列戈（Ruben Gallego）。总统的立场是在最后投票之前提高优惠的战略竞标。至少需要七个民主党人来支持共和党人获得参议院挑战所需的60票。

Crypto Regulation Still Largely Divided Along Party Lines

加密法规仍然在很大程度上划分

The shift illustrates a lasting partisan divide in Washington over digital asset legislation. Although a small group of Democrats supports crypto regulators moving forward, the party as a whole is holding back. Senate Republicans, who introduced the stablecoin bill, intended to weigh innovation’s benefits with the federal framework, but negotiations are stalling.

这一转变说明了华盛顿对数字资产立法的持久党派鸿沟。尽管一小群民主党支持加密监管机构前进，但整个政党都在阻止。提出了《稳定法案》的参议院共和党人打算用联邦框架权衡创新的利益，但谈判正在停滞不前。

Senate Majority Leader John Thune has said he would like the bill passed before the Memorial Day recess. On Sunday, Arizona Democratic Governor Katie Hobbs vetoed a bill that would have placed a state-held Bitcoin reserve.

参议院多数党领袖约翰·杜恩（John Thune）表示，他希望该法案在阵亡将士纪念日休会前通过。周日，亚利桑那州民主党州长凯蒂·霍布斯（Katie Hobbs）否决了一项将为州立国有比特币准备的法案。