Stablecoins的总供应超过了2210亿美元，占美元M2货币供应的1％以上。

Stablecoins曾经是一个利基领域，现在占美元M2的1％以上（包括现金和存款在内的广泛的钱）

The total stablecoin supply has surpassed $221 billion, making up more than 1% of the U.S. dollar M2 money supply.

Stablecoin供应总额已超过2210亿美元，占美元M2货币供应量的1％以上。

Stablecoins, once a niche sector, now account for over 1% of the U.S. dollar M2 — a broad measure of money including cash and deposits — money supply, with the market reaching $221 billion after adding nearly $100 billion since 2024, according to data compiled by analysts at OurNetwork.

Stablecoins曾经是一个利基领域，现在占美元M2的1％以上（包括现金和存款在内的广泛货币），自2024年以来增加了近1000亿美元的货币供应量，市场达到2210亿美元。由我们的网络分析师。

The largest stablecoin, Tether’s (USDT), saw its market share decrease from 73% to 64%, while Circle’s (USDC) increased from 20% to 25%. Together, the two largest stablecoins account for 89% of the total stablecoin market share.

最大的Stablecoin Tether's（USDT）的市场份额从73％下降到64％，而Circle（USDC）从20％增加到25％。总之，两位最大的稳定股占总稳定市场份额的89％。

The smallest stablecoins also saw some gains, with synthetic dollar USDe adding $5.9 billion and Usual’s USD0 growing by $1.1 billion. FDUSD, which initially gained traction through promotions, has eventually “lost market share as these incentives ended and competition intensified,” the analysts wrote.

最小的Stablecoins也看到了一些收益，合成美元USDE增加了59亿美元，通常的USD0增长了11亿美元。分析师写道，FDUSD最初通过促销获得了吸引力，最终“随着这些激励措施结束并加剧了竞争的损失”。

Per OutNetwork, USDC’s recent growth has been mainly pumped by adoption beyond Ethereum’s mainnet. The analysts note that the stablecoin issuer saw “explosive growth” of more than $7.7 billion worth of USDC on Solana, “likely fueled by a surge in meme coin trading activity.”

根据Outnetwork，USDC最近的增长主要是由于以太坊的主网以外的采用而促进了收养。分析师指出，稳定发行人在Solana上看到了价值超过77亿美元的USDC的“爆炸性增长”，“可能是由于Meme Coin交易活动的激增而推动的。”

On top of that, USDC also saw gains on Ethereum’s layer-2 solutions like Coinbase’s Base and Arbitrum.

最重要的是，USDC还看到了以太坊的第2层解决方案（例如Coinbase的基础和仲裁）上的收益。

Meanwhile, Circle CEO Jeremy Allaire appears set on strengthening the company’s U.S. presence, arguing that issuers of dollar-pegged tokens should be required to register in the U.S., especially in light of the recent administrative order from President Biden.

同时，Circle首席执行官杰里米·阿莱尔（Jeremy Allaire）似乎着手加强公司的美国在场，认为应要求美元的代币发行人在美国注册，尤其是鉴于拜登总统最近的行政命令。

Allaire maintains that there “shouldn’t be a free pass” for stablecoin issuers in the U.S., which could make it more difficult for rival Tether to expand in the country after moving its headquarters to El Salvador.

Allaire坚持认为，在美国的Stablecoin发行人“不应该有免费的通行证”，这可能会使竞争对手的Tether在将总部搬到萨尔瓦多之后更难以扩展该国。