Stablecoins市值超过2,300亿美元，同比增长54％

花旗GPS发布的最新报告显示，截至2025年4月，稳定的总发行量已超过2300亿美元

The latest report by Citi GPS shows that by April 2025, the total circulation of stablecoins has exceeded US$230 billion, displaying a 54% year-on-year increment from April 2024.

花旗GPS的最新报告表明，到2025年4月，稳定的总发行量已经超过2300亿美元，比2024年4月的同比增长了54％。

The market is now dominated by two giants, Tether (USDT) and USD Coin (USDC), which together take up over 90% of the market share in terms of trading volume and transaction value.

现在，市场由两个巨头Tether（USDT）和USD Coin（USDC）主导，它们在交易量和交易价值方面共同占了市场份额的90％以上。

In recent years, the transaction volume of stablecoins has rapidly grown. Adjusting the data, we can see that the monthly transaction volume of stablecoins in the first quarter of 2025 has reached 650 billion to 700 billion US dollars, almost double the level seen in the same period from the second half of 2021 to the first half of 2024. The main applications are still focused on supporting the cryptocurrency trading ecosystem.

近年来，稳定蛋白的交易量迅速增长。通过调整数据，我们可以看到，2025年第一季度第一季度的稳定币的每月交易量已达到650亿至7000亿美元，几乎是从2021年下半年到2024年上半年同期所见的两倍。

Apart from its role in the cryptocurrency field, stablecoins are also gradually becoming a key tool in the cross-border payment system. The Citi GPS report indicates that the transaction volume of stablecoins is expected to surpass the existing transaction volume of VISA and Mastercard in the future. Though still in its early stages of development, the trend is clear.

除了其在加密货币领域的作用外，Stablecoins还逐渐成为跨境支付系统中的关键工具。花旗GPS报告表明，稳定菌的交易量预计将来会超过现有的签证和万事达卡的交易量。尽管仍处于发展的早期阶段，但趋势很明显。

As Matt Blumenfeld, PwC's US and global digital asset leader, mentioned, more banks and traditional financial institutions will join the market. USD stablecoins are expected to continue dominating, and the number of participants will depend on the diversity of products catering to different scenarios. In the future, the competitive landscape of the stablecoin track may exceed that of the existing card organization system.

正如普华永道美国和全球数字资产负责人Matt Blumenfeld所提到的那样，更多的银行和传统金融机构将加入市场。预计USD Stablecoins将继续主导，参与者的数量将取决于迎合不同情况的产品的多样性。将来，Stablecoin轨道的竞争格局可能会超过现有卡组织系统的竞争环境。

Financial technology giants accelerate their layout

金融技术巨头加速其布局

Changes in the U.S. digital asset regulatory environment are profoundly affecting corporate payments, capital flows, and asset management methods. The new SEC Chairman Paul S. Atkins is expected to bring clearer regulatory expectations to the crypto industry, which is actively welcomed by the industry.

美国数字资产监管环境的变化对公司付款，资本流量和资产管理方法的影响深远。新的SEC主席Paul S. Atkins有望为加密货币行业带来更清晰的监管期望，该行业受到该行业的欢迎。

a16z stated that stablecoins have reached a level of popularity that can completely change the global payment system, just as WhatsApp has revolutionized international communications. Currently, financial giants are gathering to enter the market and compete for the stablecoin payment market.

A16Z表示，正如WhatsApp彻底改变了国际通信一样，Stablecoins已经达到了可以完全改变全球支付系统的知名度。目前，金融巨头正在聚集进入市场并争夺Stablecoin支付市场。

Circle Payment Network

圈子支付网络

USDC issuer Circle has officially launched Circle Payments Network (CPN), aiming to solve the long-standing problems of cross-border payments such as multiple intermediaries, complex compliance, and fragmented legal jurisdictions, especially providing efficient and modern payment solutions for emerging markets.

USDC发行人Circle已正式启动了Circle Payments Network（CPN），旨在解决跨境支付的长期问题，例如多个中介机构，复杂的合规性和分散的法律管辖区，尤其是为新兴市场提供有效的现代支付解决方案。

CPN creates an Internet-based payment experience, realizes global real-time settlement of funds, and ensures compliance, including licenses, AML/CFT, network security, risk management, etc. The first batch of partners include banks, financial technology companies, payment and remittance service providers and USDC strategic partners. In the future, we hope to compete head-on with traditional payment networks such as Mastercard and Visa.

CPN创造了基于Internet的付款经验，实现全球实时资金结算，并确保合规，包括许可证，AML/CFT，网络安全，风险管理等。第一批合作伙伴包括银行，金融技术公司，付款和汇款服务提供商和USDC战略合作伙伴。将来，我们希望能与传统的支付网络（如万事达卡和Visa）进行竞争。

In addition, CPN supports third-party developers to build diversified financial service scenarios based on smart contracts and modular APIs. It has currently cooperated with large global banks such as Banco Santander, Deutsche Bank, Societe Generale, and Standard Chartered Bank.

此外，CPN支持第三方开发人员根据智能合约和模块化API来建立多元化的金融服务方案。它目前已经与大型全球银行合作，例如桑坦德银行，德意志银行，社会兴业银行和标准特许银行。

Circle CEO Jeremy Allaire said that CPN will simplify remittances to be as convenient as sending an email, which not only consolidates Circle's position in the global financial services field, but also verifies the transformative value of stablecoins in efficient, compliant and real-time payments.

Circle首席执行官Jeremy Allaire表示，CPN将简化汇款与发送电子邮件一样方便，这不仅巩固了Circle在全球金融服务领域的地位，而且还验证了Stablecoins在高效，合规和实时付款中的变革价值。

Stripe Stablecoin Application

Stripe Stablecoin应用程序

Stripe has launched a new product portfolio based on AI and stablecoins to help businesses grow their payments. Its Payments Foundation Model relies on tens of billions of transaction data to improve anti-fraud and payment authorization rates, and is particularly good at identifying card testing attacks.

Stripe基于AI和Stablecoins推出了一个新产品组合，以帮助企业增加付款。它的支付基金会模型依靠数百亿美元的交易数据来提高反欺诈和付款授权率，并且特别擅长识别卡测试攻击。

At the same time, Stripe launched Stablecoin Financial Accounts, which supports enterprises in 101 countries to use stablecoins for payment (currently supports USDC and USDB , and will be expanded to more currencies in the future). In addition, through the Bridge platform, it cooperates with Visa to issue bank cards bound to stablecoin wallets, allowing users to directly consume stablecoins at merchants that accept Visa. Bridge CEO Zach Abrams said that this innovation is an important step in integrating stablecoins into daily payments.

同时，Stripe推出了Stablecoin财务帐户，该帐户支持101个国家 /地区使用Stablecoins付款的企业（目前支持USDC和USDB，并将在将来扩展到更多的货币）。此外，通过桥平台，它与签证合作以签发包裹的银行卡，该卡限于稳定钱包，使用户可以直接在接受签证的商人那里消费stablecoins。桥梁首席执行官扎克·艾布拉姆斯（Zach Abrams）表示，这项创新是将稳定币纳入日常付款的重要一步。

Stripe CEO Patrick Collison emphasized that AI and stablecoins are rapidly releasing business dividends. In 2024, AI functions will help Stripe's total payment volume increase by 38%.

Stripe首席执行官Patrick Collison强调，AI和Stablecoins正在迅速发布业务股息。在2024年，AI功能将有助于Stripe的总支付量增加38％。

Global Dollar Network (USDG)

全球美元网络（USDG）

Visa is planning to join the Global Dollar Network (USDG) alliance led by Paxos, a US compliant stablecoin issuer, and become the first traditional financial institution to participate in the alliance. The alliance brings together leading companies such as Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei, focusing on improving the interoperability, liquidity, and revenue sharing mechanism of stablecoins.

Visa计划加入由美国符合的Stablecoin发行人Paxos领导的全球美元网络（USDG）联盟，并成为第一个参加联盟的传统金融机构。该联盟汇集了Robinhood，Kraken，Galaxy Digital，Anchorage Digital，Blulish和Nuvei等领先的公司，重点是改善StableCoins的互操作性，流动性和收入共享机制。

USDG launched a stablecoin anchored to the US dollar in November last year, aiming to increase the global application rate of stablecoins and bring

USDG于去年11月推出了一个固定在美元的稳定币，旨在提高全球施用型稳定率并带来