稳定币市值创历史新高

稳定币市值创历史新高 根据DefiLlama数据，稳定币整体市值已突破169

The market capitalization of stablecoins has reached a new all-time high.

稳定币市值创历史新高。

However, there are different types of stablecoin, and in this specific case, only those pegged and fully collateralized in fiat currencies are examined, thus excluding those pegged to other assets (such as gold or other cryptocurrencies), and those that are algorithmic.

然而，稳定币有不同类型，在这种特定情况下，只检查那些与法定货币挂钩并完全抵押的稳定币，从而排除那些与其他资产（例如黄金或其他加密货币）挂钩的稳定币，以及那些通过算法获得的稳定币。

According to the data from DefiLlama, the overall market capitalization of stablecoins has exceeded 169 billion dollars.

DefiLlama数据显示，稳定币整体市值已超过1690亿美元。

However, this data takes into consideration all stablecoins pegged to fiat currencies, including algorithmic ones.

然而，该数据考虑了所有与法定货币挂钩的稳定币，包括算法稳定币。

Examining even the algorithmic ones, like UST which failed in 2022, the all-time high would be at the end of April/beginning of May 2022, when just before the implosion of the Terra/Luna crypto ecosystem, due precisely to the loss of the UST peg, 187 billion dollars were reached.

甚至检查算法算法，例如在 2022 年失败的 UST，历史最高点将出现在 2022 年 4 月底/5 月初，当时正好是 Terra/Luna 加密生态系统崩溃之前，正是由于失去了UST 挂钩，达到 1870 亿美元。

At the time, UST was effectively the third largest stablecoin by market capitalization, with more than 18 billion dollars. Excluding these, the figure drops to less than 169 billion dollars.

当时，按市值计算，UST 实际上是第三大稳定币，市值超过 180 亿美元。除去这些，这个数字下降到不到1690亿美元。

Therefore, excluding UST, the overall market capitalization of fiat-pegged stablecoins has reached its all-time high in recent days. Even excluding all other algorithmic stablecoins, the all-time high is the current one.

因此，剔除UST后，与法币挂钩的稳定币整体市值近几日已创历史新高。即使排除所有其他算法稳定币，历史最高点也是当前的。

On DefiLlama it is possible to apply filters to these charts.

在 DefiLlama 上，可以对这些图表应用过滤器。

For example, excluding all algorithmic stablecoins, such as UST, in 2022 the peak was 167 billion dollars, reached in March.

例如，排除所有算法稳定币，例如UST，2022年的峰值为1670亿美元，在3月份达到。

Instead, the current level has risen to almost 168 billion, therefore slightly higher compared to the maximum of 2022.

相反，目前的水平已上升至近 1680 亿，因此略高于 2022 年的最高水平。

Excluding also those criptovalute that are pegged to fiat currencies but collateralized in criptovalute (such as DAI), the peak of 2022 drops to 155 billion dollars, reached in April, while the current level is well above 158.

不包括那些与法定货币挂钩但以 criptovalute 抵押的 criptovalute（例如 DAI），2022 年的峰值将降至 4 月份达到的 1550 亿美元，而当前水平远高于 158。

So the biggest difference compared to the peaks of 2022 is precisely that of the stablecoin anchored to the US dollar and collateralized in dollars.

所以相比2022年的峰值最大的区别恰恰就是锚定美元、以美元抵押的稳定币。

It should be emphasized that the first 11 stablecoins anchored to fiat currencies and collateralized in fiat currencies are dollar stablecoins, and that the first in another fiat currency, Anchored Coins AEUR (AEUR), has a very marginal market capitalization, even less than 70 million dollars.

需要强调的是，前 11 个锚定法币并以法币抵押的稳定币是美元稳定币，而第一个以另一种法币锚定的硬币 AEUR（AEUR）的市值非常边缘，甚至不到 7000 万。美元。

From this data, it clearly emerges how the stablecoin market anchored to fiat currencies is literally dominated by those collateralized directly in fiat, and in particular those collateralized in US dollars.

从这些数据中可以清楚地看出，锚定于法定货币的稳定币市场实际上是由直接以法定货币抵押的稳定币市场主导的，特别是那些以美元抵押的稳定币市场。

The stablecoin anchored to other fiat currencies turn out to be almost irrelevant, like the algorithmic ones. Those anchored to the dollar but collateralized in other assets have a slightly higher weight, but still very limited.

事实证明，与其他法定货币挂钩的稳定币几乎无关紧要，就像算法货币一样。那些锚定美元但以其他资产抵押的资产权重稍高，但仍然非常有限。

To all this must be added that within the cauldron of stablecoins pegged to the US dollar and collateralized in dollars, USDT by Tether.

除此之外，还必须补充一点，在与美元挂钩并以美元（由 Tether 提供的 USDT）作为抵押的稳定币的大锅中。

literally dominates.

从字面上看占主导地位。

Taking into consideration only the stablecoins pegged to the US dollar and collateralized in dollars, its dominance is 74%, but even extending the calculation to all stablecoins pegged to fiat currencies, and not just the dollar, and to those algorithmic or collateralized in other assets, its dominance only drops to 69%.

仅考虑与美元挂钩并以美元抵押的稳定币，其主导地位为 74％，但甚至将计算扩展到所有与法币挂钩的稳定币，而不仅仅是美元，以及那些算法或以其他资产抵押的稳定币，其主导地位仅下降至69%。

Therefore, in the relatively small group of stablecoins pegged to the US dollar and collateralized in dollars, the market capitalization of USDT alone is almost three times that of all other stablecoins combined.

因此，在相对较小的与美元挂钩并以美元抵押的稳定币中，仅 USDT 的市值就几乎是所有其他稳定币总和的三倍。

Overall, however, USDT capitalizes more than double all other stablecoins pegged to existing fiat currencies.

但总体而言，USDT 的资本化程度是所有其他与现有法定货币挂钩的稳定币的两倍多。

USDT has grown especially in recent months, particularly since November 2023.

USDT 最近几个月尤其增长，尤其是自 2023 年 11 月以来。

The bulk of the growth, in fact, occurred between 2020 and the beginning of 2022, but during that period, almost all stablecoins had grown. It is enough to say that UST had reached a market capitalization of 18 billion dollars when USDT was around 80 billion.

事实上，大部分增长发生在 2020 年至 2022 年初之间，但在此期间，几乎所有稳定币都出现了增长。可以说，当USDT的市值在800亿左右时，UST的市值已经达到了180亿美元。

After the implosion of UST, even USDT lost market capitalization, but it limited itself to dropping to 65 billion dollars.

UST暴跌后，即使USDT市值也有所损失，但也仅限于跌至650亿美元。

At the beginning of 2023, it started to recover what it had lost in the previous year, eventually returning above 80 billion in April of last year.

2023年初，它开始收复上一年的损失，最终在去年4月恢复到800亿以上。

In November, however, a new rise began, still ongoing, which brought it above 90 billion in December. Then in March of this year, even above 100 billion. Now it is at 117 billion dollars, still growing.

然而，11 月，新的增长开始，且仍在持续，12 月达到 900 亿美元以上。然后今年3月份，甚至突破了1000亿。现在已达到 1170 亿美元，并且仍在增长。

Taking into consideration the entire stablecoin sector, the hypothesis circulating regarding the possible causes of this year’s growth is that new money is simply entering the crypto sector.

考虑到整个稳定币行业，关于今年增长的可能原因的假设是，新资金正在进入加密货币行业。

This is due in particular to the fact that the highest record, proportionally, was registered by stablecoin collateralized directly in fiat currency.

这尤其是因为按比例而言，最高记录是由直接以法定货币抵押的稳定币记录的。

In fact, for every new dollar

事实上，每增加一美元