Stablecoin市场目前显示出一些混合信号

这一转变是在三月的强劲流入，在四月的积极流出。这种下降可能意味着加密货币的风险季节正在降温。

The stablecoin market is showing some mixed signals.

Stablecoin市场显示出一些混合信号。

According to blockchain analytics firm Nansen, exchange balances of stablecoins had recently dropped. Balances fell from $67 billion in March to $61.5 billion by the end of April.

根据区块链分析公司Nansen的数据，Stablecoins的交换余额最近下降了。余额从3月的670亿美元下降到4月底的615亿美元。

This shift came as a strong inflow during March gave way to aggressive outflows in April. That drop might mean crypto’s risk-on season is cooling off. Or, it could mean money is simply moving to newer opportunities elsewhere.

这一转变是在三月的强劲流入，在四月的积极流出。这种下降可能意味着加密货币的风险季节正在降温。或者，这可能意味着金钱只是在其他地方转向更新的机会。

March saw stablecoins flow in. April saw them drain out.In March, exchange inflows often matched or exceeded outflows, keeping balances fairly stable between ~$66B–67B.But in April? A clear reversal. Outflows dominated nearly every day, pulling total exchange balances down to… pic.twitter.com/VR3qrOe0iE

三月看到Stablecoins流入。四月看到他们排出。在3月，交换流入通常相匹配或超过流出，使余额保持稳定在约66b – 67b的左右。但是4月在4月？清晰的逆转。流出几乎每天占主导地位，将全部交换余额降低到…pic.twitter.com/vr3qroe0ie

At the same time that balances are dipping on exchanges, stablecoins are seeing surging interest from institutions and governments.

同时，余额正在交流，Stablecoins看到机构和政府的兴趣激增。

The US Treasury Borrowing Advisory Committee, for the first time ever, discussed stablecoins as a legitimate “new payment mechanism” and a major buyer of US T-bills.

美国财政部借贷咨询委员会首次将Stablecoins讨论为合法的“新付款机制”和美国T-Bills的主要买家。

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With stablecoin issuers already holding over $120 billion in T-bills, projections suggest demand could grow by as much as $900 billion if stablecoin adoption picks up. To put that number in perspective, that projected $900 billion is nearly 14% of the entire $6.4 trillion T-bill market today.

随着Stablecoin发行人已经持有超过1,200亿美元的T-Bills，预测表明，如果采用Stablecoin收养，需求可能会增长多达9000亿美元。从这个角度看，预计9000亿美元的整个$ 6.4万亿美元的t-bill市场中的14％。

For the first time ever, the Treasury Borrowing Advisory Committee discusses stablecoins as a "new payment mechanism" and a potentially huge source of demand for US T-Bills.Key observations:1. Stablecoin issuers currently hold >$120bn in T-bills2. Rapid growth in stablecoins… pic.twitter.com/Kl1gQk3Dh9

财政部借贷咨询委员会首次将Stablecoins作为“新的付款机制”讨论，并且可能是对美国T-Bills的潜在需求来源。 Stablecoin发行人目前在T-Bills2中持有> 120亿美元。 stablecoins的快速增长…pic.twitter.com/kl1gqk3dh9

Meanwhile, on the retail front, Visa is quietly getting a stablecoin revolution going. The payments giant has launched a pilot program enabling users in six Latin American nations—including Argentina, Colombia, and Mexico—to spend stablecoins directly through Visa cards, in collaboration with Bridge (a Stripe subsidiary).

同时，在零售方面，Visa悄悄地进行了一场Stablecoin革命。这些付款巨头已经启动了一项试点计划，使六个拉丁美洲国家（包括阿根廷，哥伦比亚和墨西哥）的用户可以与Bridge（Stripe cuptiary）合作，直接通过Visa卡来花费Stablecoins。

If successful, Visa plans to expand into Europe, Asia, and Africa, signaling a global integration of stablecoins into everyday transactions.

如果成功的话，Visa计划扩展到欧洲，亚洲和非洲，这表明了Stablecoins在日常交易中的全球整合。

All of this happens as US lawmakers move closer to finally regulating the stablecoin sector. The Senate is fast-tracking the GENIUS Act, with bipartisan support and coordination with the House, which may soon bring about the first major crypto legislation in American history.

随着美国立法者最终调节稳定行业，所有这些都发生了。参议院正在快速追踪《天才法》，并与众议院的两党支持和协调，这很快可能会带来美国历史上的第一项主要加密立法。

Majority Leader John Thune has pushed for a process that would eventually lead to a vote on the first even stablecoin regulatory bill in the US.

多数党领袖约翰·图恩（John Thune）推动了一个程序，该程序最终会导致对美国第一个甚至是稳定的监管法案进行投票。

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The act aims to provide clear rules for stablecoin issuers and ensure foreign companies face the same regulatory standards—an effort widely supported by the Trump administration’s digital asset advisory team.While stablecoins ascend, the rest of the crypto market is undergoing its own shifts. Speculative memecoins have roared back into the spotlight, according to Santiment, as traders drift from Bitcoin and layer-1 protocols toward high-risk, high-reward plays.

该法案旨在为Stablecoin发行人提供明确的规则，并确保外国公司面临相同的监管标准，这是由特朗普政府的数字资产咨询团队广泛支持的努力。虽然Stablecoins上升，但加密货币市场的其余部分仍在进行自身的转变。根据Santiment的说法，当交易员从比特币和第1层协议转向高风险，高奖金的比赛时，投机性模因已重返焦点。