系绳，圆圈和竞争：2025年的稳定摊牌

随着传统财务的包含令牌化，系绳和圈子面临着不断上升的竞争。 Stablecoin景观是否即将被破坏？

The stablecoin world is heating up! With traditional finance players entering the arena and innovative newcomers challenging the status quo, Tether and Circle are facing unprecedented competition. Let's dive into the key trends and insights shaping this dynamic landscape.

Stablecoin世界正在加热！随着传统的金融球员进入竞技场，创新的新移民挑战现状，Tether和Circle面临着前所未有的竞争。让我们深入了解塑造这一动态景观的关键趋势和见解。

The High-Yield Dilemma: Are Stablecoin Holders Missing Out?

高收益的困境：稳定者持有人是否错过了？

Stablecoin issuers like Tether and Circle are raking in profits from high-interest rates on their U.S. Treasury reserves. According to Wormhole co-founder Dan Reecer, these companies are essentially "printing money" while stablecoin holders see none of those returns. Tether, for example, reported a whopping $4.9 billion in net profit in Q2 2025. The question is, how long before users demand a share of the yield or seek alternatives?

Tether和Circle这样的稳定​​发行人从其美国财政部储备中的高利率利润中获利。根据蠕虫联合创始人丹·里斯（Dan Reecer）的说法，这些公司本质上是“印刷资金”，而Stablecoin持有人看不到这些回报。例如，Tether报告了第2季度2025年的净利润高达49亿美元。问题是，用户需要多长时间要求收益率或寻求替代方案？

Projects like M^0 and Agora are already emerging, aiming to route yield directly to users or applications. As Reecer puts it, holding USDC feels like "losing money" because Circle is capturing all the income generated by the underlying Treasuries. While regulatory concerns likely prevent Tether and Circle from directly sharing yield, the pressure is mounting. Money market funds, though still a small fraction of the market, offer another avenue for investors to access these yields.

M^0和Agora之类的项目已经在出现，旨在将收益直接送给用户或应用程序。正如Reecer所说的那样，持有USDC的感觉就像是“亏钱”，因为Circle正在捕获基础纪念品产生的所有收入。尽管监管问题可能会阻止系绳和圈子直接共享产量，但压力正在增加。货币市场基金虽然仍然占市场的一小部分，但为投资者提供了另一条途径，以获得这些收益率。

Tether's Big Bet: A $500 Billion Valuation?

Tether的大赌注：价值5000亿美元的估值？

Tether is reportedly exploring a massive $15 billion to $20 billion equity raise, potentially valuing the company at around $500 billion. Investors are drawn to Tether's revenue generation from interest on its reserves, estimated at $13.4 billion last year. With roughly 500 million users worldwide, USDT remains a crucial on-ramp to the crypto world. However, such a lofty valuation and expansion into new business lines will undoubtedly attract increased regulatory scrutiny.

据报道，Tether正在探索150亿美元至200亿美元的股权筹集资金，可能以约5000亿美元的价格估值。投资者从储备金的利息中吸引了Tether的收入，去年估计为134亿美元。全球大约有5亿用户，USDT仍然是加密货币世界至关重要的。但是，如此崇高的估值和扩展到新的业务范围无疑会引起监管审查的增加。

Circle Under Pressure: The Rise of Tokenized Deposits

压力下的圆圈：令牌沉积物的上升

Circle's stock took a hit in late September 2025, with a 12% weekly drop. This decline reflects growing investor apprehension amid evolving market dynamics, intensifying competition, and regulatory shifts. The announcement of pilot programs by major U.K. banks to launch blockchain-based tokenized deposits is a major catalyst. These banks, with the backing of the Bank of England, are favoring native tokenized solutions over stablecoins like USDC.

Circle的股票在2025年9月下旬受到了轰动，每周下降12％。这种下降反映了在不断发展的市场动态，加剧竞争和监管转变的情况下，投资者的忧虑不断增长。英国主要银行宣布开展基于区块链的令牌存款的试点计划是主要的催化剂。这些银行在英格兰银行的支持下，偏爱本地的令牌解决方案，而不是像USDC这样的稳定​​的解决方案。

Tokenized deposits offer 24/7 operations, faster settlement, and enhanced efficiency compared to legacy systems. Unlike stablecoins, they are traditional bank liabilities, often insured by the FDIC and governed by existing banking regulations. JPMorgan Chase, Citigroup, Mastercard, and Visa are all actively involved in tokenized deposit initiatives, potentially shifting a substantial portion of the digital currency market from fintech-issued stablecoins to bank-issued digital liabilities.

与传统系统相比，令牌矿床提供24/7的运营，更快的定居点和提高的效率。与Stablecoins不同，它们是传统的银行负债，通常由FDIC保险，并由现有的银行法规管辖。摩根大通，花旗集团，万事达卡和签证都积极参与令牌化的存款计划，有可能将大部分数字货币市场从金融科技货币市场转移到银行发行的数字负债。

The Competition Heats Up: New Players and Regulatory Hurdles

比赛加剧：新球员和监管障碍

New stablecoin offerings, like Hyperliquid’s USDH, which provides yield to holders, are posing a direct threat to USDC's market share. Meanwhile, the U.S. GENIUS Act restricts stablecoin issuers from offering interest to depositors, further complicating Circle's growth strategy. Regulatory preference outside the U.S., including the Bank of England, leans towards tokenized bank deposits over stablecoins, citing the added stability and trust inherent in existing banking frameworks.

新的Stablecoin产品，例如Hyperliquid的USDH，它为持有人提供了收益率，对USDC的市场份额构成了直接威胁。同时，《美国天才法案》限制了稳定发行人向储户提供利益，这进一步使Circle的增长战略变得复杂了。包括英格兰银行在内的美国境外的监管偏好倾向于稳定的银行存款，理由是现有银行框架固有的稳定性和信任。

My Take: The Future is Hybrid

我的看法：未来是混合的

While stablecoins like USDT and USDC have carved out a significant niche, the rise of tokenized deposits signals a potential shift in the landscape. I believe the future will be a hybrid model, where stablecoins coexist with regulated tokenized deposits, each serving different use cases. Stablecoins may continue to dominate the crypto-native world, while tokenized deposits gain traction within traditional finance. The key will be interoperability and seamless integration between these different forms of digital money.

尽管USDT和USDC这样的Stablecoins已经雕刻了一个很大的利基市场，但令牌矿床的兴起信号标志着景观的潜在转变。我相信未来将是一个混合模型，在该模型中，Stablecoins与受调节的令牌沉积物共存，每个存款都提供不同的用例。稳定币可能会继续统治加密本地世界，而令牌矿床在传统金融中获得了吸引力。关键将是这些不同形式的数字货币之间的互操作性和无缝集成。

Consider JPMorgan's JPM Coin, a prime example of a tokenized deposit designed for institutional clients. Its compatibility with existing financial infrastructure and issuance on Coinbase's Base blockchain demonstrates the potential for traditional finance and crypto to converge.

考虑一下JPMorgan的JPM硬币，这是为机构客户设计的令牌矿床的主要例子。它与Coinbase基本区块链现有的金融基础设施以及发行的兼容性表明，传统的金融和加密货币有可能融合。

Final Thoughts

最后的想法

The stablecoin market is anything but stable! With competition intensifying and the regulatory landscape evolving, it's an exciting time to watch how Tether, Circle, and other players adapt and innovate. One thing's for sure: the future of money is digital, and the race is on to build the most trusted and widely adopted solutions. So buckle up, folks, it's gonna be a wild ride!

Stablecoin市场绝对是稳定的！随着竞争的加剧和监管景观的发展，这是一个令人兴奋的时刻，可以观察系绳，圈子和其他玩家如何适应和创新。可以肯定的是：货币的未来是数字化的，而种族正在建立最受信任和广泛采用的解决方案。伙计们，搭扣，这将是一次疯狂的旅程！