稳定币蓬勃发展，排名发生变化

随着比特币 (BTC) 突破 10 万美元大关，加密经济今年的价值急剧膨胀，多个行业都出现了显着扩张。

A key development in 2024 was the massive expansion of stablecoins, which now have a total valuation of over $200 billion, a $73 billion increase from earlier in the year. This growth is largely attributed to the surging adoption of cryptocurrencies, which has led to a greater demand for stablecoins as a fiat alternative.

2024 年的一个关键发展是稳定币的大规模扩张，目前稳定币的总估值超过 2000 亿美元，比今年早些时候增加了 730 亿美元。这种增长很大程度上归因于加密货币的普及，这导致对稳定币作为法定替代品的需求更大。

At the beginning of 2024, the stablecoin market was valued at $131 billion. However, according to data from both Coingecko and Defillama, which are used to account for gold-backed stable assets listed by Coingecko, the figure has now climbed to $204 billion.

2024 年初，稳定币市场估值为 1310 亿美元。然而，根据 Coingecko 和 Defillama 的数据（用于计算 Coingecko 列出的黄金支持的稳定资产），这一数字现已攀升至 2040 亿美元。

Breaking down the rankings, tether (USDT) began the year as the clear market leader with a valuation of $91.78 billion. By the year's end, its value had surged 50%, reaching $137.67 billion.

从排名来看，Tether (USDT) 年初就以 917.8 亿美元的估值成为明显的市场领导者。到年底，其价值飙升50%，达到1376.7亿美元。

Meanwhile, Circle's usd coin (USDC) also saw a significant increase in valuation, starting the year at $24.71 billion and now boasting a valuation of $43.82 billion.

与此同时，Circle 的美元币（USDC）估值也大幅上涨，年初估值为 247.1 亿美元，目前估值为 438.2 亿美元。

Earlier in 2024, DAI was ranked as the third largest stablecoin by market cap, but it has since dropped to fourth place. In January, DAI held a market value of $5.24 billion, compared to today's $4.42 billion. This dip is partly tied to Makerdao's rebranding to Sky and the launch of USDS, which trades 1:1 for DAI. Notably, Sky's USDS enters 2025 as the seventh-largest stablecoin with a $1.26 billion valuation.

2024 年初，DAI 被列为市值第三大稳定币，但此后已跌至第四位。 1 月份，DAI 的市值为 52.4 亿美元，而今天为 44.2 亿美元。这种下跌在一定程度上与 Makerdao 更名为 Sky 以及 USDS 的推出有关，USDS 与 DAI 的交易比例为 1:1。值得注意的是，Sky 的 USDS 进入 2025 年，成为第七大稳定币，估值为 12.6 亿美元。

As we approach 2025, Ethena's USDE takes the third spot among stablecoins, boasting a $5.867 billion market cap. This yield-bearing asset pegged to the U.S. dollar wasn't even among the top stablecoins a year ago.

随着 2025 年的临近，Ethena 的 USDE 在稳定币中排名第三，市值达 58.67 亿美元。这种与美元挂钩的产生收益的资产在一年前甚至还不是顶级稳定币之一。

Back then, trueusd (TUSD) held fourth place but has since fallen to 12th. First Digital's FDUSD, fifth a year ago, holds steady in the same position today, with its market cap rising from $1.80 billion to $2.16 billion. Last year's sixth-to-tenth ranking stablecoins—BUSD, USDD, FRAX, USDP, and PYUSD—have also shifted.

当时，trueusd (TUSD) 排名第四，但此后已跌至第 12 位。 First Digital 的 FDUSD 一年前排名第五，今天保持稳定，市值从 18 亿美元升至 21.6 亿美元。去年排名第六至第十的稳定币——BUSD、USDD、FRAX、USDP 和 PYUSD——也发生了变化。

As 2025 begins, the sixth-to-tenth leaders in stablecoin market caps are now USD0, USDS, USDD, PYUSD, and USDX.

随着 2025 年的开始，稳定币市值排名第六至第十位的货币现在是 USD0、USDS、USDD、PYUSD 和 USDX。

This rapid growth of stablecoins highlights the increasing integration of digital assets into the global financial system. As adoption continues, these currencies have become an essential component for crypto users and investors seeking stability amid market fluctuations, signaling their growing influence within decentralized finance (defi) and beyond.

稳定币的快速增长凸显了数字资产日益融入全球金融体系。随着采用的不断深入，这些货币已成为加密货币用户和投资者在市场波动中寻求稳定的重要组成部分，这表明它们在去中心化金融（defi）及其他领域的影响力日益增强。

Looking ahead to 2025, the reshuffling among stablecoin rankings shows a dynamic market in constant evolution. With newer entrants like Ethena's USDE gaining traction, the traditional stablecoin dominance faces new challenges, making it clear that innovation remains a driving force in the sector's expansion and future direction.

展望2025年，稳定币排名的洗牌，呈现出一个不断演化的动态市场。随着像 Ethena 的 USDE 这样的新进入者越来越受欢迎，传统稳定币的主导地位面临着新的挑战，这表明创新仍然是该行业扩张和未来方向的驱动力。