系绳一直处于顶部，但Stablecoin比赛才刚刚开始

争取Stablecoin主导地位的战斗正在加剧，但系绳仍处于坚定的控制之中。

In the rapidly evolving landscape of cryptocurrency, stablecoins have emerged as a critical component, providing a bridge between fiat currencies and volatile digital assets. Among the various stablecoins vying for dominance, Tether’s USDT has consistently held the top spot, according to a recent report by Web3 analytics firm Nansen.

在快速发展的加密货币景观中，稳定币已成为关键组成部分，在法定货币和挥发性数字资产之间提供了桥梁。 Web3 Analytics公司Nansen最近的一份报告显示，在争夺主导地位的各种稳定的争夺中，Tether的USDT始终保持最佳状态。

As of late April, USDT still commands about 66% of the dollar-pegged stablecoin market, despite faster growth rates from rivals like USDC and Ethena’s USDe, which have 28% and just over 2% shares, respectively.

截至4月下旬，尽管来自USDC和Ethena的USDE等竞争对手的增长率更快，但USDT仍占美元增长的66％，分别具有28％和刚刚超过2％的股票。

Despite this growth, Nansen predicts that Tether’s advantage will last. With significantly more users than top DeFi platforms like Uniswap and a commanding lead in transaction volume, USDT has firmly entrenched itself as the leading stablecoin use case on-chain.

尽管有这种增长，Nansen预测Tether的优势将持续下去。 USDT的用户比Uniswap（例如Uniswap）和交易量的指挥所的用户多得多，因此，USDT坚定地将自己置于领先的StableCoin用例链上。

Researchers argue that the stablecoin market is shaping up as a “winner-takes-most” environment, favoring first movers due to the high switching costs for users. This is evidenced by the fact that even after two years on the market, USDC is only approaching 30% adoption among top stablecoin addresses.

研究人员认为，稳定的市场正在塑造一个“胜利者”的环境，由于用户的转换成本很高，因此有利于首次推动者。这一事实证明了这一事实是，即使在市场上两年之后，在顶级稳定地址中，USDC仍接近30％的采用。

Moreover, Tether’s financial strength during the 2024 crypto winter has contributed to its resilience. The company pulled in nearly $14 billion in profits by investing users’ dollar deposits into liquid, yield-bearing assets like U.S. Treasury bills.

此外，系托特（Tether）在2024年冬季的财务实力促进了其韧性。该公司通过将用户的美元存款投资于液体，债务资产，例如美国国库账单，从而获得了近140亿美元的利润。

Interestingly, Nansen observed that users appear less concerned with missing out on yield and more focused on stable access to liquidity, hence favoring the products they deem least likely to depeg. This is crucial in an environment where trust in crypto firms remains a key concern.

有趣的是，南森（Nansen）观察到，用户似乎不太关心丢失收益率，而更专注于稳定的流动性，因此有利于他们认为最不可能的产品。在对加密公司的信任仍然是关键问题的环境中，这至关重要。

After November’s U.S. election results brought increased institutional interest in regulatory clarity, Circle’s USDC adoption has noticeably accelerated. The U.S.-regulated stablecoin has become an appealing option for more compliance-focused investors.

在11月的美国大选成绩引起了监管清晰度的机构兴趣，Circle的USDC采用明显加速了。美国监管的Stablecoin已成为更多以合规性投资者的吸引人的选择。

However, the landscape is quickly changing as traditional financial giants like PayPal, Fidelity, and Stripe (which recently acquired stablecoin platform Bridge) are preparing their own digital dollar products, threatening to introduce a new wave of competition and potentially reshape the market yet again.

但是，随着贝宝（Paypal），富达（Fidelity）和条纹（最近收购的Stablecoin平台桥梁）等传统金融巨头等传统金融巨头正在准备自己的数字美元产品，威胁要引入新的竞争浪潮，并可能再次重塑市场。

Amid this scramble, newer players like Ethena are trying a different approach. By offering an average 19% yield since launch and boasting deep integrations with both centralized exchanges and DeFi platforms for maximum visibility, USDe has carved out a niche among investors seeking income over stability.

在这种争夺中，像埃塞那这样的新玩家正在尝试另一种方法。自推出以来，平均提供19％的收益率，并与集中式交易所和Defi平台具有深厚的融合，以提高可见度，USDE已经在寻求稳定性收入的投资者中找到了一个利基市场。

Although Tether currently holds a dominant position, the entry of traditional financial firms and the rising popularity of yield-focused stablecoins suggest that the battle for stablecoin dominance is far from over. As these new players enter the arena and begin attracting users en masse, the landscape of the stablecoin market will undoubtedly continue to evolve in 2024.

尽管Tether目前拥有主导地位，但传统金融公司的进入以及以产量为中心的Stablecoins的普及表明，争取Stablecoin优势的战斗还远远没有结束。随着这些新球员进入竞技场并开始吸引用户大批吸引用户，毫无疑问，Stablecoin市场的景观将在2024年继续发展。