稳定币：多元化和全球激增——新时代

探索稳定币的多元化、其全球激增以及推动其在主流金融中采用的因素。看看监管影响、机构利益和未来趋势。

Stablecoins: Diversification and Global Surge – A New Era

稳定币：多元化和全球激增——新时代

Stablecoins are no longer just for crypto natives. They're breaking into the big leagues! This surge is fueled by diversification, regulatory clarity, and a growing appetite from institutions. Buckle up; it's about to get interesting.

稳定币不再只适合加密货币原住民。他们正在闯入大联盟！这种激增是由多元化、监管清晰度和机构日益增长的兴趣推动的。系好安全带；事情即将变得有趣。

From Concentration to Diversification

从集中化到多元化

The stablecoin market is undergoing a profound shift. Once dominated by a few major players, it's now seeing a surge in diversification. Regulatory clarity in key jurisdictions, rising institutional participation, and expanding real-world applications have opened the door for a broader mix of stablecoins to thrive. The U.S. dollar-denominated stablecoin market has grown to $225 billion, accounting for roughly 7% of the broader $3 trillion crypto ecosystem. Some reports even predict stablecoins could balloon to $2 trillion by the end of 2028.

稳定币市场正在经历深刻的转变。曾经由少数主要参与者主导的行业现在正经历多元化的浪潮。主要司法管辖区的监管清晰度、机构参与度的提高以及现实世界应用的扩大，为更广泛的稳定币组合的蓬勃发展打开了大门。以美元计价的稳定币市场已增长至 2250 亿美元，约占更广泛的 3 万亿美元加密生态系统的 7%。一些报告甚至预测，到 2028 年底，稳定币的价值可能会飙升至 2 万亿美元。

Regulatory Tailwinds

监管顺风

Regulatory frameworks like the U.S. GENIUS Act, MiCA (EU), and VARA (UAE) are game-changers. The GENIUS Act, signed into law on July 18, 2025, formally brings stablecoin issuance into the federal regulatory perimeter. In Europe, the MiCA stablecoin framework has already enabled the introduction of licensed euro-referenced stablecoins like EURC. This regulatory green light is sparking heightened institutional interest.

美国《天才法案》、MiCA（欧盟）和 VARA（阿联酋）等监管框架改变了游戏规则。 GENIUS 法案于 2025 年 7 月 18 日签署成为法律，正式将稳定币发行纳入联邦监管范围。在欧洲，MiCA 稳定币框架已经允许引入获得许可的欧元参考稳定币，例如 EURC。这一监管绿灯正在引发机构的更大兴趣。

The Big Boys Still Dominate (For Now)

大男孩仍然占据主导地位（目前）

Despite these advancements, on-chain data shows that USDT (Tether) and USDC still lead stablecoin transaction activity. From June 2024 to June 2025, USDT processed an average of about $703 billion monthly, peaking at $1.01 trillion in June 2025. USDC’s monthly volume fluctuated, ranging from $3.21 billion to as high as $1.54 trillion. These figures underscore their continued dominance in crypto market infrastructure, especially for institutional activity and cross-border payments.

尽管取得了这些进步，链上数据显示 USDT（Tether）和 USDC 仍然领先稳定币交易活动。 2024年6月至2025年6月，USDT平均每月处理量约为7030亿美元，2025年6月达到峰值1.01万亿美元。USDC每月处理量波动较大，从32.1亿美元到高达1.54万亿美元不等。这些数字强调了他们在加密货币市场基础设施方面的持续主导地位，特别是在机构活动和跨境支付方面。

The Rise of the Underdogs

失败者的崛起

While Tether and USDC remain massive, smaller stablecoins like EURC, PYUSD, and DAI are recording rapid acceleration. EURC, for example, grew by nearly 76% on average each month, rising from roughly $42.5 million in June 2024 to over $7.4 billion in June 2025 and further to $9.2 billion in July 2025. PYUSD also showed strong adoption, scaling from about $785 million to $3.74 billion by June 2025 and reaching $4.8 billion the following month.

虽然 Tether 和 USDC 仍然规模庞大，但 EURC、PYUSD 和 DAI 等较小的稳定币正在快速加速。例如，EURC 每月平均增长近 76%，从 2024 年 6 月的约 4250 万美元增至 2025 年 6 月的超过 74 亿美元，并进一步增至 2025 年 7 月的 92 亿美元。PYUSD 的采用率也很高，到 2025 年 6 月从约 7.85 亿美元增至 37.4 亿美元，并在下个月达到 48 亿美元。

Regional Flavors

地方风味

Market behavior is diverging regionally. USDC’s growth correlates with U.S. institutional payment infrastructure and regulated transaction corridors. EURC’s rising prominence suggests growing European interest in euro-denominated digital assets, likely propelled by MiCA compliance. PYUSD’s upward trajectory may reflect increasing retail and consumer appetite for highly regulated, alternative stablecoins.

市场行为因地区而异。 USDC 的增长与美国机构支付基础设施和受监管的交易走廊相关。 EURC 的日益突出表明欧洲对以欧元计价的数字资产的兴趣日益浓厚，这可能是受到 MiCA 合规性的推动。 PYUSD 的上涨轨迹可能反映出零售和消费者对受到严格监管的替代稳定币的兴趣不断增加。

Institutions Jump In

机构介入

Financial institutions worldwide are moving from cautious observation to active experimentation and integration of stablecoin-based products. Banks, fintech companies, payment providers, and global financial infrastructures are exploring how stablecoins can enhance efficiency, reduce transaction costs, and unlock new forms of financial innovation. Stripe, Mastercard, and Visa have rolled out products allowing users to spend stablecoins through familiar payment rails. Even banking giants like Citi and Bank of America are signaling interest in stablecoin-related services.

全球金融机构正在从谨慎观察转向积极尝试和整合基于稳定币的产品。银行、金融科技公司、支付提供商和全球金融基础设施正在探索稳定币如何提高效率、降低交易成本并开启新的金融创新形式。 Stripe、万事达卡和 Visa 都推出了产品，允许用户通过熟悉的支付方式使用稳定币。甚至花旗和美国银行等银行巨头也表示对稳定币相关服务感兴趣。

The Future is Now

未来就是现在

Stablecoins are evolving into programmable, interoperable money powering payments, settlements, and financial automation. As regional use cases evolve and regulatory clarity improves, global stablecoin markets may continue shifting toward a more diversified landscape, where local demand increasingly shapes global transaction flows.

稳定币正在演变成可编程、可互操作的货币，为支付、结算和金融自动化提供支持。随着区域用例的发展和监管清晰度的提高，全球稳定币市场可能会继续转向更加多元化的格局，当地需求日益影响全球交易流。

My Take

我的看法

I think the future of stablecoins is bright, but it's not without its challenges. Regulatory uncertainty remains a significant hurdle, and the market is still heavily reliant on USDT and USDC. However, the increasing adoption by institutions and the rise of smaller, regionally focused stablecoins are encouraging signs. The fact that institutional investors are now thinking less “crypto as defence” and more about “participation” in the structural evolution of global finance is a game changer.

我认为稳定币的未来是光明的，但也并非没有挑战。监管不确定性仍然是一个重大障碍，市场仍然严重依赖 USDT 和 USDC。然而，机构越来越多地采用以及规模较小、以区域为重点的稳定币的兴起是令人鼓舞的迹象。事实上，机构投资者现在不再考虑“加密货币作为防御”，而是更多地考虑“参与”全球金融的结构演变，这一事实改变了游戏规则。

The Sygnum Future Finance 2025 report underscores this shift, revealing that portfolio diversification (57%) has overtaken short-term return potential (53%) as the key reason to invest in digital assets. Moreover, 50% of allocation is due to improved regulatory conditions – this is likely to grow further. The increasing institutional appetite for stablecoins is also reflected in the finding that over 80% believe Bitcoin is a viable treasury reserve.

Sygnum Future Finance 2025 报告强调了这一转变，显示投资组合多元化 (57%) 已经超过短期回报潜力 (53%)，成为投资数字资产的关键原因。此外，50% 的分配是由于监管条件的改善——这一比例可能会进一步增长。超过 80% 的人认为比特币是可行的国库储备，这也反映了机构对稳定币日益增长的兴趣。

Final Thoughts

最后的想法

So, there you have it. Stablecoins are diversifying, surging globally, and attracting serious attention. It’s like watching a quirky indie band suddenly top the charts – unexpected, but definitely worth paying attention to. Who knows, maybe one day we'll all be paying for our lattes with stablecoins. Until then, keep an eye on this space – it’s bound to be an exciting ride!

所以，你就知道了。稳定币正在走向多元化，在全球范围内风起云涌，并引起了广泛关注。这就像看着一支古怪的独立乐队突然登上排行榜榜首——出乎意料，但绝对值得关注。谁知道呢，也许有一天我们都会用稳定币来支付拿铁咖啡的费用。在那之前，请密切关注这个领域——这一定会是一次令人兴奋的旅程！