USDT通过将美元转换为全球数字资产，将其带入链上。它已成为最大的稳定稳定

USDT通过将美元转换为全球数字资产，将其带入链上。它已成为最大的Stablecoin，市值超过1,400亿美元。

Article Author: xparadigms

文章作者：Xparadigms

Article Translation: Block unicorn

文章翻译：块独角兽

Key Takeaways

关键要点

Despite rumors of insufficient collateral in the past, USDT has maintained its position as the leading stablecoin.

尽管有谣言过去的抵押品不足，但美国农业部仍保持着领先的稳定状态。

As the stablecoin market expands, Tether USDT's market cap has grown from $80 billion to $144 billion.

随着Stablecoin市场的扩大，Tether USDT的市值从800亿美元增长到1440亿美元。

In order to maintain growth, USDT is taking a bold approach to expand cross-chain capabilities, with multi-chain token USDT0 powered by LayerZero OFT and a hub with Legacy Hub and Plasma at its core.

为了维持增长，USDT采取了一种大胆的方法来扩展跨链能力，多链令牌USDT0由layerZero oft提供动力，并具有带有传统枢纽和等离子体的枢纽的核心。

Preface

前言

Tether’s USDT brings the U.S. dollar on-chain, transforming it into a global digital asset. It is the largest stablecoin, with a market cap of over $140 billion. Despite rumors of insufficient collateral in the past, USDT has maintained its position as the leading stablecoin.

Tether的USDT将美元的链链带入了全球数字资产。它是最大的Stablecoin，市值超过1,400亿美元。尽管有谣言过去的抵押品不足，但美国农业部仍保持着领先的稳定状态。

However, as the stablecoin market expands, USDT's market dominance is decreasing. Last year, Tether's market cap was around $80 billion, but it has since increased by 80% to reach $144 billion in 2025. Meanwhile, other stablecoins are expanding, causing USDT's market dominance to drop from 70% to 61%.

但是，随着Stablecoin市场的扩大，USDT的市场优势正在下降。去年，Tether的市值约为800亿美元，但此后增长了80％，达到2025年的1,440亿美元。与此同时，其他Stablecoins正在扩大，导致USDT的市场优势从70％下降到61％。

In order to maintain growth, USDT must take a more aggressive approach. To expand its cross-chain capabilities, USDT is launching a multi-chain token called USDT0 powered by LayerZero OFT. Additionally, they are building a hub with Legacy Hub and Plasma at its core. Through these approaches, they aim to address the problems they face.

为了维持增长，USDT必须采取更具侵略性的方法。为了扩展其跨链功能，USDT正在启动一个由layerZero oft供电的多链令牌。此外，他们还在其核心建造带有传统枢纽和等离子体的枢纽。通过这些方法，它们旨在解决他们面临的问题。

1. Problems with Tether’s USDT expansion plan

1。系绳的USDT扩展计划的问题

1.1 Tether USDT only supports 12 chains

1.1 Tether USDT仅支撑12条链

In 2014, the stablecoin USDT issued by Tether was first launched on the Omni Layer protocol on the Bitcoin blockchain. Over the years, Tether has expanded the issuance of USDT to other major blockchains, including Ethereum (ERC-20), Tron (TRC-20), Binance Smart Chain (BEP-20), Solana (SPL), etc. As of early 2025, Tether natively supports USDT on approximately 12 blockchains.

2014年，Tether发行的Stablecoin USDT首先在比特币区块链上的Omni层协议上启动。多年来，Tether将USDT的发行扩展到其他主要区块链，包括以太坊（ERC-20），TRON（TRC-20），Binance Smart Chain（BEP-20），Solana（SLANA（SPL）等），截至2025年初，截至2025年初，Techher inthere inthely intely intely intely intely intery Supdts usdts usdt of 12个区块链。

However, according to data from DeFiLlama, USDT exists on more than 80 blockchains. Among them, more than 50 blockchains have a value of more than $1 million in USDT, and 17 of the top 30 blockchains in terms of USDT trading volume rely on bridged versions of tokens rather than native support.

但是，根据Defillama的数据，USDT存在于80多个区块链上。其中，超过50个区块链的价值超过100万美元，在USDT交易量方面，前30个区块链中有17个依赖于代币的桥接版本而不是本地支持。

When USDT is not natively supported on a blockchain, it means that Tether will not issue or redeem USDT directly on that chain. Instead, a third-party bridge locks the native USDT on the supported chain and issues a corresponding “wrapped” or “bridged” version on the new blockchain. For users, this introduces issues of incompatible bridge versions and an additional layer of risk. The security and reliability of bridged USDT depends entirely on the third-party bridge operator, not Tether itself. If the bridge is hacked or has problems, users may lose bridged USDT, and Tether is not responsible for these losses. Only USDT on natively supported blockchains is directly endorsed and redeemable by Tether, so holding bridged USDT means relying on the solvency and security of the bridge.

当USDT不在区块链上提供本地支持时，这意味着系绳不会直接在该链上发出或赎回USDT。取而代之的是，第三方桥梁在受支持的链条上锁定了本机USDT，并在新区块链上发布了相应的“包装”或“桥接”版本。对于用户，这引入了不兼容的桥梁版本和额外风险的问题。桥接USDT的安全性和可靠性完全取决于第三方桥梁操作员，而不是束缚。如果桥梁被黑客入侵或有问题，则用户可能会失去桥接的USDT，而Tether对这些损失概不负责。只有在本地支撑的区块链上的USDT才能通过Tether直接认可和赎回，因此握住桥接的USDT意味着要依靠桥梁的偿付能力和安全性。

In addition, Tether has stopped minting USDT on multiple blockchains due to low usage or security issues. These include Omni Layer on Bitcoin, Kusama’s AssetHub, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS’s EOSIO.TOKEN, and Algorand. Although redemption may still be possible for a limited time, new USDT tokens are no longer issued on these networks.

此外，由于使用较低或安全性问题，Tether已停止在多个区块链上铸造USDT。其中包括Bitcoin，Kusama的Assethub，Bitcoin Cash的简单分类帐（SLP），EOS的eosio.token和Algorand上的Omni层。尽管在有限的时间内仍然可以兑换赎回，但不再在这些网络上发出新的USDT代币。

Although USDT appears to be available on a wide range of blockchains, only a few are natively supported by Tether. On all other chains, users interact with bridged versions of USDT, which carry additional risks that do not apply to the native token.

尽管USDT似乎在各种区块链上可用，但只有少量由系绳提供。在所有其他链条上，用户与U​​SDT的桥接版本进行交互，后者具有不适用于本机令牌的其他风险。

1.2 Bridging USDT is increasing

1.2桥接USDT正在增加

The current circulating supply of USDT on Ethereum is approximately $64.94 billion, of which approximately $8 billion of USDT has been bridged to other blockchains. For example, on Binance Smart Chain (BSC), approximately $5.2 billion of USDT has been minted through the BSC bridge. In addition, several major Layer 2 networks — such as Arbitrum, Polygon, Optimism, and Mantle — operate their own native bridges for USDT transfers. Other Layer 1 blockchains, including Fantom, Kaia, and Sui, rely on third-party bridges to facilitate the movement of USDT between chains.

当前在以太坊上的USDT循环供应约为649.4亿美元，其中约80亿美元已与其他区块链桥接。例如，在Binance Smart Chain（BSC）上，大约52亿美元的USDT已通过BSC桥铸造。此外，几个主要层2网络（例如仲裁，多边形，乐观和地幔）为USDT转移运营自己的本机桥梁。其他第1层区块链，包括Fantom，Kaia和Sui，依靠第三方桥梁来促进USDT在链之间的移动。

From Tether's perspective, the growth of bridged USDT presents significant management challenges. Tether can only directly monitor and control USDT issued on its native backing network. Once USDT is bridged to other chains through third-party bridges, Tether loses direct oversight of these tokens. This

从绳索的角度来看，桥接USDT的增长提出了重大的管理挑战。 Tether只能直接监视和控制其本机背支持网络上发出的USDT。一旦USDT通过第三方桥梁桥接到其他连锁店，Tether将失去对这些令牌的直接监督。这