随着 DeFi 生态系统的爆炸式增长，稳定币的主导地位激增

受去中心化金融（DeFi）应用需求增加的推动，稳定币的使用量将在 2024 年继续增长。以太坊 4 月份稳定币交易量预计将超过 1 万亿美元，稳定币总供应量将达到 1,650 亿美元，为 2022 年 6 月以来的最高水平。Tether (USDT) 仍以 1,150 亿美元的市值占据主导地位，而算法稳定币则在Ethena 的 USDe，推动总供应量达到 100 亿美元，为 2022 年 10 月以来的最高水平。

Stablecoin Dominance Soars amid DeFi Explosion

DeFi 爆炸式增长，稳定币的主导地位飙升

As the decentralized finance (DeFi) ecosystem flourishes, the demand for stablecoins, digital assets pegged to fiat currencies, has surged in 2024. The monthly stablecoin trading volume on the Ethereum blockchain alone is poised to surpass $1 trillion for the first time ever this April, reaching an all-time high of over $989 billion as of April 25, according to data from The Block.

随着去中心化金融（DeFi）生态系统的蓬勃发展，对稳定币（与法定货币挂钩的数字资产）的需求将在 2024 年激增。仅以太坊区块链上的每月稳定币交易量就有望在今年 4 月首次突破 1 万亿美元据 The Block 数据显示，截至 4 月 25 日，这一数字达到了超过 9890 亿美元的历史新高。

Ethereum-based stablecoins command a formidable presence, accounting for 55% of the total stablecoin market. However, Tron and other blockchain networks have also gained significant market share.

基于以太坊的稳定币占据着强大的地位，占整个稳定币市场的 55%。然而，Tron 和其他区块链网络也获得了巨大的市场份额。

The total supply of Ethereum stablecoins has rebounded to its highest level since March 2023, reaching $92 billion. This surge follows a record high of $125.6 billion in March 2022. The overall stablecoin supply has also hit its highest point since June 2022, surpassing $165 billion.

以太坊稳定币总供应量已反弹至2023年3月以来的最高水平，达到920亿美元。此次飙升是在 2022 年 3 月创下 1256 亿美元的历史新高之后。稳定币的整体供应量也达到了 2022 年 6 月以来的最高点，超过了 1650 亿美元。

Tether's USDT remains the undisputed market leader, boasting a record market capitalization of $115 billion and claiming 70% of the total market share. Notably, USDT holds a commanding presence on both Tron and Ethereum, with a record-breaking 58 billion USDT on Tron and 52 billion USDT on Ethereum.

Tether 的 USDT 仍然是无可争议的市场领导者，市值达到创纪录的 1150 亿美元，占据总市场份额的 70%。值得注意的是，USDT 在 Tron 和以太坊上都占有主导地位，Tron 上的 USDT 达到创纪录的 580 亿 USDT，以太坊上的 USDT 达到创纪录的 520 亿 USDT。

Circle's USDC, the second-largest stablecoin by market cap, maintains a supply of over $34 billion, with $26 billion residing on Ethereum. Despite Tron's limited role in the Circle ecosystem, USDC support for Tron was abruptly halted in February.

Circle 的 USDC 是按市值计算的第二大稳定币，其供应量超过 340 亿美元，其中 260 亿美元存在于以太坊上。尽管 Tron 在 Circle 生态系统中的作用有限，但 USDC 对 Tron 的支持在 2 月份突然停止。

Algorithmic Stablecoins Resurgence

算法稳定币复苏

Algorithmic stablecoins, a type of stablecoin that uses algorithms to maintain its peg to a target asset, are also experiencing a revival on Ethereum. The total supply of algorithmic stablecoins has skyrocketed to nearly $10 billion, reaching its highest level since October 2022.

算法稳定币是一种使用算法来维持与目标资产挂钩的稳定币，也在以太坊上经历了复兴。算法稳定币的总供应量已飙升至近100亿美元，达到2022年10月以来的最高水平。

Notably, DAI's market capitalization has remained relatively stable around $5 billion over the past year. However, the aggregate value of other algorithmic stablecoins has doubled during the same period, primarily driven by Ethena's USDe, which has rapidly ascended to a market cap of $2.4 billion.

值得注意的是，DAI 的市值在过去一年中相对稳定地保持在 50 亿美元左右。然而，同期其他算法稳定币的总价值却翻了一番，这主要是由 Ethena 的 USDe 推动的，其市值已迅速升至 24 亿美元。

Regulatory Concerns

监管问题

Despite the burgeoning growth of the stablecoin market, concerns have arisen regarding a bipartisan bill recently introduced by US Senators Cynthia Lummis and Kirsten Gillibrand. This bill proposes to ban algorithmic stablecoins, citing potential risks to investors.

尽管稳定币市场蓬勃发展，但美国参议员辛西娅·鲁米斯 (Cynthia Lummis) 和克尔斯滕·吉利布兰德 (Kirsten Gillibrand) 最近提出的两党法案引起了人们的担忧。该法案提议禁止算法稳定币，理由是对投资者存在潜在风险。

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