Tether Holdings首席执行官Paolo Ardoino宣布该公司将重点放在美国以外的市场上

由加密货币行业支持的《天才法》已经在参议院中移动，而众议院金融服务委员会的单独法案仍在等待全额投票。

Tether Holdings is turning its attention to markets outside the U.S., as Congress makes progress on new rules for stablecoins.

由于国会在新规则的新规则上取得了进步，系绳控股将其注意力转移到美国以外的市场上。

The Genius Act, which has industry support and has moved through the Senate, would create new standards for stablecoins used in the U.S. and require issuers to maintain reserves in liquid assets. A separate bill from the House Financial Services Committee is still awaiting a full vote.

拥有行业支持并通过参议院的Genius Act将为美国使用的Stablecoins创建新的标准，并要求发行人维持液体资产的储备。众议院金融服务委员会的单独法案仍在等待全额投票。

Ardoino said that Tether is monitoring how the Genius Act treats foreign versus domestic issuers.

Ardoino说，Tether正在监视《天才法》如何对待外国与国内发行人。

“We are going to be compliant with whatever is decided. But the main interest will remain on the U.S. markets.”

“我们将遵守所决定的一切。但是，主要利益将保留在美国市场上。”

Tether, which is based in El Salvador, issues USDT, the world’s largest stablecoin, which had a 60% market share at the start of 2025. Its reserves include U.S.-compliant assets like cash and short-term treasuries. But others, like Bitcoin and secured loans, wouldn’t meet the proposed standards.

Tether位于萨尔瓦多（El Salvador）的Tether发行USDT，这是全球最大的Stablecoin，在2025年初的市场份额为60％。其储量包括现金和短期财政部等美国资产。但是其他人，例如比特币和有抵押贷款，将不符合拟议的标准。

Top 4 stablecoins: Q1 2024 vs Q1 2025

前4个Stablecoins：Q1 2024 vs Q1 2025

StablecoinValue Q1 2024Billion USDValue Q1 2025Billion USDCentral bank digital currencies (CADC)s are quickly gaining ground in the evolving landscape of global finance. These digital forms of fiat money, issued and managed by central banks, promise to introduce new levels of efficiency and transparency to monetary policy and financial inclusion.

Stablecoinvalue Q1 2024亿美元Value Q1 2025亿美元的银行数字货币（CADC）在全球融资的不断发展的景观中迅速获得基础。由中央银行发行和管理的这些数字形式的菲亚特货币，承诺将为货币政策和金融包容带来新的效率和透明度。

In the first quarter of 2025, the total value of the top 4 stablecoins has undergone significant shifts, showcasing the dynamic nature of the cryptocurrency market in response to regulatory trends and institutional adoption.

在2025年的第一季度，前4个稳定币的总价值发生了重大变化，以响应监管趋势和机构采用，展示了加密货币市场的动态性质。

Relative to the last quarter of 2024, there has been a complete turnover in the top 4 ranking of stablecoins.

相对于2024年的最后一个季度，在稳定的前4个排名中，已经完全失误了。

As of March 31, 2025, Tether’s USDT remains the dominant stablecoin, with a market share of over 60%. Despite a slight decrease from $77.2 billion in Q4 2024, Tether’s flagship token still commands an impressive balance.

截至2025年3月31日，Tether的USDT仍然是主要的Stablecoin，市场份额超过60％。尽管2024年第四季度的772亿美元略有下降，但Tether的旗舰令牌仍然具有令人印象深刻的平衡。

Following closely is Circle’s USDC, known for its strong emphasis on regulatory compliance. USDC has seen a substantial growth from $34.5 billion in Q1 2024 to $39.7 billion, highlighting the increasing appeal of fully compliant stablecoins for institutional investors.

Circle的USDC紧随其后，以其对监管合规性的强烈重视而闻名。 USDC的增长率从2024年第1季度的345亿美元增加到397亿美元，强调了完全合规的Stablecoins对机构投资者的吸引力越来越大。

Earlier this year, Circle announced it would be winding down its own liquid recovery fund for crypto lenders, which was launched in the wake of the 3AC bankruptcy to help institutions in financial distress.

今年早些时候，Circle宣布将结束自己的Crypto贷方液体恢复基金，该基金是在3AC破产后推出的，以帮助机构处于财务困境中。

Coming in third place is TrueUSD (TUSD), a liquid stablecoin that is fully backed by a basket of fiat currencies. TrueUSD has seen a slight decrease in value from $5.6 billion to $5.3 billion.

排在第三位的是Trueusd（Tusd），这是一种液体稳定的，它完全由一篮子法定货币支持。 Trueusd的价值从56亿美元减少到53亿美元。

Completing the top 4 is Binance USD (BUSD), a stablecoin issued by Binance and pegged to the U.S. dollar. BUSD has undergone a significant decline from $16.4 billion to $9.6 billion.

完成前4名的是Binance USD（BUSD），这是由Binance发行的Stablecoin，并将其固定在美元上。布尔德的经历从164亿美元下降到96亿美元。

The significant shifts in the stablecoin market are a testament to the ongoing evolution of the cryptocurrency landscape. As institutions continue to enter the crypto space and regulators become more active in setting new rules, we can expect to see further changes in the coming year.

稳定市场的重大转变证明了加密货币景观的持续发展。随着机构继续进入加密货币空间，监管机构在制定新规则方面变得更加活跃，我们可以期望看到来年的进一步变化。