有助于推动当前 2024 年加密货币周期的 6 大稳定币

今年所有稳定币的市值增长了 30%，从 1300 亿美元增至近 1.7 亿美元，创两年多来新高

The market cap of all stablecoins has grown 30% this year from $130 billion to nearly $170 million, a more than two-year high that reflects the public’s growing enthusiasm for cryptocurrencies.

今年所有稳定币的市值增长了 30%，从 1300 亿美元增长到近 1.7 亿美元，创两年多来新高，反映出公众对加密货币日益增长的热情。

This enthusiasm is also evident in the increasing willingness of crypto users to hold money onchain instead of in a traditional bank account.

这种热情也体现在加密货币用户越来越愿意在链上而不是传统的银行账户中持有资金。

“Globally, there is a growing adoption of digital assets as part of the broader trend toward digitization in finance,” said Paolo Ardoino, the CEO of the largest stablecoin provider Tether, in an email to Unchained.

最大稳定币提供商 Tether 的首席执行官 Paolo Ardoino 在给 Unchained 的电子邮件中表示：“在全球范围内，数字资产的采用越来越多，这是金融数字化大趋势的一部分。”

“This adoption is driven by a combination of the increasing need for efficient cross-border transactions, the desire for financial inclusion, and the demand for alternatives to traditional banking systems, especially in regions with unstable fiat currencies.”

“这种采用是由对高效跨境交易日益增长的需求、对金融包容性的渴望以及对传统银行系统替代方案的需求共同推动的，特别是在法定货币不稳定的地区。”

Stablecoins are tokens that can be used onchain and are designed to stay pegged to fiat currency in an effort to minimize volatility. The lack of volatility means they are often used for routine transactions.

稳定币是可以在链上使用的代币，旨在与法定货币挂钩，以尽量减少波动性。缺乏波动性意味着它们经常用于日常交易。

While each stablecoin aims to maintain its peg to a specific fiat currency such as the U.S. dollar, not all stablecoins are designed to uphold their peg in the same way. Some are backed by cash and cash equivalents, while the mechanisms of others are dependent on crypto assets and short future positions.

虽然每种稳定币都旨在维持与美元等特定法定货币的挂钩，但并非所有稳定币都旨在以相同的方式维持其挂钩。有些由现金和现金等价物支持，而其他机制则依赖于加密资产和空头期货头寸。

Since stablecoins are designed not to move much in price, their market cap is a good proxy for demonstrating how large the crypto ecosystem truly is. The market cap shows “how many people are actually happy to have money, [or rather] the equivalent of money, onchain as opposed to in their bank account,” said Aurelie Barthere, principal research analyst at blockchain analytics firm Nansen.

由于稳定币的设计目的是价格波动不大，因此它们的市值可以很好地体现加密货币生态系统的真正规模。区块链分析公司 Nansen 的首席研究分析师 Aurelie Barthere 表示，市值显示“有多少人实际上乐于拥有链上的钱，（或者更确切地说）相当于钱的东西，而不是在他们的银行账户中”。

Here are the top six stablecoins by market cap that are helping drive the current 2024 crypto cycle:

以下是按市值计算的六大稳定币，它们有助于推动当前的 2024 年加密货币周期：

1. USDT

1、泰达币

Market cap: $118 Billion

市值：1180 亿美元

Year Started: 2014

开始年份: 2014

Tether issues five different stablecoins of which its USDT offering, which tracks the US dollar, is the largest, taking a nearly 70% share of the entire stablecoin market, Nansen data shows.

Nansen 数据显示，Tether 发行了五种不同的稳定币，其中追踪美元的 USDT 发行量最大，占据了整个稳定币市场近 70% 的份额。

Tether’s USDT went at the beginning of s2023 from a 48% share of total stablecoin market cap to 70%, “a huge gain” Nansen’s Barthere said.

Nansen 的 Barthere 表示，Tether 的 USDT 在 2023 年初从稳定币总市值的 48% 上升到 70%，“这是一个巨大的增长”。

Tether maintains USDT’s peg to the US dollar by holding fiat currency. According to its June transparency report, Tether’s reserves are largely composed of U.S. Treasury Bills, money market funds, and overnight reverse repurchase agreements.

Tether 通过持有法定货币来维持 USDT 与美元的挂钩。根据其 6 月份的透明度报告，Tether 的储备主要由美国国库券、货币市场基金和隔夜逆回购协议组成。

Even though Tether has quarterly attestation reports detailing the reserve backings it holds, the firm has yet to have an official audit, a fact that has drawn significant criticism. Last December, S&P’s inaugural stablecoin stability assessment gave Tether a score of 4 on its ability to maintain its peg to a fiat currency, the second-worst possible score.

尽管 Tether 拥有详细说明其持有的储备支持的季度认证报告，但该公司尚未进行正式审计，这一事实招致了严重批评。去年 12 月，标准普尔首次稳定币稳定性评估给 Tether 维持与法定货币挂钩的能力打出了 4 分，这是第二差的得分。

The Tron network holds just under 50% of the total USDT supply, followed by Ethereum at 39%, data from DefiLlama shows. Despite Ethereum trailing Tron, the average USDT transaction size on Ethereum is much larger than on Tron — $38,510 on Ethereum, compared to $6,550 on Tron, according to onchain intelligence platform Artemis.

DefiLlama 的数据显示，Tron 网络占 USDT 总供应量的近 50%，其次是以太坊，占 39%。尽管以太坊落后于波场，但根据链上情报平台 Artemis 的数据，以太坊上的平均 USDT 交易规模比波场大得多——以太坊为 38,511 美元，而波场为 6,555 美元。

2. USDC

2.USDC

Market cap: $33.8 Billion

市值：338亿美元

Year started: 2018

开始年份：2018

Circle’s flagship product reached an all-time high in market cap of $55.6 billion in July 2022, but proceeded to shed more than half of that by December 2023.

Circle 的旗舰产品市值在 2022 年 7 月达到 556 亿美元的历史新高，但到 2023 年 12 月，市值缩水一半以上。

USDC’s decline in market cap came largely from the impact of USDC depegging in March 2023 when two federally insured members of the Federal Reserve System — Silicon Valley Bank and Silvergate Bank — shut down. Circle had previously held a significant portion of USDC reserves in cash in those banks.

USDC 市值的下降主要是由于 2023 年 3 月 USDC 脱钩的影响，当时美联储系统的两家受联邦保险的成员——硅谷银行和 Silvergate 银行——关闭。 Circle 此前在这些银行持有 USDC 现金储备的很大一部分。

Circle’s position as an important player in the stablecoin ecosystem is also related to the firm’s relationship with Coinbase, the largest crypto exchange in the US. The technology underlying USDC was jointly developed by Coinbase and Circle. The exchange also acquired an equity stake in Circle.

Circle 作为稳定币生态系统重要参与者的地位也与该公司与美国最大的加密货币交易所 Coinbase 的关系有关。 USDC 底层技术由 Coinbase 和 Circle 联合开发。该交易所还收购了 Circle 的股权。

Coinbase is the largest holder of USDC on Base, the layer 2 network incubated by the exchange. Nansen’s data shows 20 out of the top 21 USDC holders of Base, belong to Coinbase, with each holding $101 million worth of USDC. In the first half of 2024 ending on June 30, Coinbase generated roughly $437.8 million in revenue from stablecoins, more than 14% of the firm’s total revenue of about $3 billion, according to Coinbase’s latest quarterly report.

Coinbase 是该交易所孵化的二层网络 Base 上 USDC 的最大持有者。 Nansen 的数据显示，Base 前 21 位 USDC 持有者中，有 20 位属于 Coinbase，每人持有价值 1.01 亿美元的 USDC。根据 Coinbase 最新的季度报告，截至 6 月 30 日的 2024 年上半年，Coinbase 从稳定币中获得了约 4.378 亿美元的收入，占该公司约 30 亿美元总收入的 14% 以上。

Two-thirds of the USDC supply lives

三分之二的 USDC 供应量仍存在