Tether（USDT）达到了新历史上的市值

Tether（USDT）在2025年5月的市值达到了新的市值，超过1510亿美元。根据CoinMarketCap

Teather (USDT) reached a new all-time high in market capitalization, exceeding $151 billion in May 2025, according to CoinMarketCap.

根据CoinMarketCap的数据，Teather（USDT）的市值达到了新历史高昂的市值，超过了1510亿美元。

The company issued $2.5 billion worth of USDT in May. On May 15 alone, Tether added $1 billion to the USDT supply. Since January, the market cap has grown by $13 billion, a nearly 10% increase.

该公司在5月发行了价值25亿美元的USDT。仅在5月15日，Tether为USDT供应量增加了10亿美元。自1月以来，市值增长了130亿美元，增长了近10％。

As analyst Axel Adler Jr pointed out, “Over the past 20 days, $6 billion in cash has been injected into the market through newly issued USDT.”

正如分析师Axel Adler JR指出的那样：“在过去的20天中，通过新发行的USDT向市场注入了60亿美元的现金。”

This growing USDT supply adds significant liquidity to the crypto market.

不断增长的USDT供应为加密市场增加了大量的流动性。

Tether now controls 62.4% of the entire stablecoin market. Over $73 billion of the USDT supply exists on the TRON blockchain, which surpasses Ethereum in distribution volume. TRON now leads as the top platform for USDT issuance.

系绳现在控制着整个Stablecoin市场的62.4％。 TRON区块链上存在超过730亿美元的USDT供应，该区块链的分配量超过以太坊。 Tron现在是USDT发行的顶级平台。

USDT Dominance Drops From 6% To 4.6% In One Month

USDT优势在一个月内从6％下降到4.6％

While the USDT supply continues to rise, the USDT dominance (USDT.D) is dropping. As per TradingView, the USDT.D index fell from 6% in April to 4.6% in May. The metric shows USDT’s share of the total crypto market cap.

尽管USDT供应继续上升，但USDT优势（USDT.D）正在下降。根据TradingView，USDT.D指数从4月的6％下降到5月的4.6％。该度量标准显示了USDT在加密市值总数中的份额。

This decline in USDT dominance suggests that more USDT is being used to purchase other crypto assets. This includes Bitcoin, Ethereum, and various altcoins. Investors appear to be moving capital into risk assets rather than holding it in stablecoins.

USDT优势下降表明，更多的USDT被用于购买其他加密资产。这包括比特币，以太坊和各种山寨币。投资者似乎正在将资本转移到风险资产中，而不是将其持有稳定的资产。

Axel Adler Jr observed that a fall in Bitcoin’s dominance alongside a rise in Ethereum’s market share often reflects this type of liquidity flow. Part of the USDT supply is now rotating into altcoins.

Axel Adler JR观察到，与以太坊市场份额的增长相同，比特币的统治地位通常反映了这种流动性流量。 USDT供应的一部分现在正在旋转到Altcoins。

TRON Hosts $73 Billion Of USDT Supply, Beating Ethereum

Tron拥有730亿美元的USDT供应，击败以太坊

TRON has emerged as the leading blockchain for USDT distribution. More than $73 billion worth of Tether circulates on TRON. This exceeds the USDT issued on Ethereum.

Tron已成为USDT分销的领先区块链。价值超过730亿美元的系绳在Tron上流通。这超过了以太坊发布的USDT。

TRON’s transaction costs remain lower than Ethereum’s, which could explain the shift in preference. Most centralized exchanges also support TRON-based USDT, making it a practical choice for traders and institutions.

Tron的交易成本仍然低于以太坊的交易，这可以解释偏好的转变。大多数集中式交易所也支持基于TRON的USDT，使其成为贸易商和机构的实用选择。

Tether remains the largest stablecoin in the market. Despite regulatory questions in past years, its growing USDT supply continues to support daily crypto trading volumes.

系绳仍然是市场上最大的稳定菌。尽管过去几年的监管问题，但其USDT供应量的增长仍在支持日常加密交易量。

Combined USDT And USDC Dominance Declines

联合国USDT和USDC优势下降

Another analyst, Cryptosahintas, studied both USDT dominance and USDC dominance (USDC.D). He compared these ratios to Bitcoin price charts. He stated, “The dominance of Tether is gradually decreasing. I expect Bitcoin to continue its upward trajectory. Liquidity is slowly shifting toward riskier assets.”

另一位分析师Cryptosahintas研究了USDT优势和USDC优势（USDC.D）。他将这些比率与比特币价格表进行了比较。他说：“系绳的主导地位正在逐渐下降。我希望比特币继续向上轨迹。流动性正在缓慢地转移到风险更高的资产上。”

This comment links the falling stablecoin market dominance with possible shifts in asset allocation. TradingView data confirms that both USDT.D and USDC.D have declined. These figures point to traders converting stablecoins into cryptocurrencies.

该评论将下降的稳定市场占主导地位与资产分配的可能变化联系起来。 TradingView数据证实USDT.D和USDC.D都在下降。这些数字指出，交易者将稳定币转换为加密货币。

This decline in stablecoin market share shows that a larger portion of circulating capital may now be active in altcoins and Ethereum.

Stablecoin市场份额的下降表明，现在较大的循环资本可能活跃于Altcoins和Ethereum中。

Tether Growth Didn’t Prevent Bitcoin Price Drop In Q1

系绳增长并不能阻止第1季度的比特币价格下跌

It’s worth noting that Tether's rising supply doesn't always lead to immediate market reactions. Between January and April 2025, the USDT supply rose from $137 billion to $144 billion. However, Bitcoin's price fell from $110,000 to below $75,000 during that same time.

值得注意的是，系特特（Tether）的供应不断上升并不总是会导致市场反应。在2025年1月至2025年4月之间，USDT供应量从1370亿美元增至1440亿美元。但是，比特币的价格从同一时间从110,000美元下降到低于75,000美元的$ 75,000。

This highlights that while USDT supply may add liquidity to the system, other factors can affect crypto prices. These include market sentiment, macroeconomic data, and large holder activity.

这强调了，尽管USDT供应可能会增加系统的流动性，但其他因素可能会影响加密价格。这些包括市场情绪，宏观经济数据和大型持有人活动。

The USDT supply remains a key indicator of potential market liquidity. The USDT dominance rate, meanwhile, shows how much capital is being held versus deployed into active trades or investments.

USDT供应仍然是潜在市场流动性的关键指标。同时，USDT的优势率显示了要持有多少资本与部署到积极的行业或投资中。