Stablecoin

{:en}The blockchain network Solana has recently attracted market attention due to extreme fluctuations in stablecoin trading volume. According to data provided by global payment infrastructure platform Mercuryo to Cointelegraph, Tether (USDT) trading volume on the Solana network surged by 137% in the last week of February, following a 61% plunge in the previous week. Such dramatic swings not only reveal the complex sentiment of investors toward Solana stablecoins but also raise concerns that the native token SOL may face greater price volatility risks. Petr Kozyakov, co-founder and CEO of Mercuryo, noted that the abnormal trading activity of Solana stablecoins could serve as an "early warning sign of price instability," while emphasizing that the network's high performance and ecosystem vitality remain the core pillars of its long-term value. Roller Coaster Ride for Solana Stablecoin Trading As one of the core assets of the Solana ecosystem, the liquidity changes of USDT on the network directly reflect market sentiment fluctuations. Data shows that Solana stablecoin trading volume dropped by 61% in the third week of February but rebounded sharply by 137% the following week, setting a new record for weekly trading volume. Kozyakov analyzed that this "roller coaster" volatility may be related to…...

{:en}According to a joint report titled "The State of Stablecoins 2025: Supply, Adoption & Market Trends" by blockchain analytics platforms Artemis and Dune, the number of active stablecoin wallets worldwide surged from 19.6 million in February 2024 to 30 million in February 2025, marking a year-on-year growth rate of 53%. This data not only highlights the pivotal role of stablecoins as a bridge between traditional finance and the crypto market but also underscores the growing demand for safe-haven assets amid Bitcoin price volatility. Meanwhile, the total supply of stablecoins increased by 63% during the same period, with annual transfer volumes exceeding $35 trillion, signaling a new era of liquidity in the crypto market. Stablecoin User Expansion: The "Safe Haven Effect" Amid Bitcoin Price Fluctuations The report notes that the surge in active stablecoin addresses is closely tied to the volatility of the cryptocurrency market. Between 2024 and 2025, Bitcoin prices experienced multiple sharp corrections and rebounds, particularly in December 2024 when Bitcoin hit a new all-time high, leading to increased market sell-offs and a heightened reliance on stablecoins. Artemis analysts believe that the safe-haven attributes of stablecoins make them the go-to tool for parking funds during periods of extreme Bitcoin…...

{:en}After a long wait for regulatory clarity in the cryptocurrency industry, US stablecoin legislation has reached a critical turning point. On March 18, Bo Hines, Executive Director of the President’s Council of Advisers on Digital Assets under the Trump administration, revealed at the Digital Asset Summit in New York that the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), aimed at regulating the stablecoin market, has gained bipartisan support in the Senate Banking Committee and could be sent to the president’s desk for signing within the "next two months." This progress not only marks a substantive step forward in US crypto regulation but also highlights Washington’s strategic intent to consolidate the US dollar’s global dominance through stablecoins. Bipartisan Consensus Accelerates Legislation Hines emphasized repeatedly in his speech that stablecoin legislation has become a "rare bipartisan issue" in the current Congress. The Senate Banking Committee passed the GENIUS Act last week with "strong bipartisan support." The bill mandates that all stablecoin issuers comply with strict collateral reserve rules and anti-money laundering laws while granting federal and state regulators joint enforcement authority. Hines noted that despite significant disagreements on most policy issues, discussions around stablecoins have shown a "shared commitment…...

{:en}Today, as the traditional financial system is unable to adapt to the digital age, the inefficiency and high cost of cross-border payments are becoming a stumbling block to the development of global business. Take the SWIFT system as an example. This interbank communication network, which was born in 1973, is still the core infrastructure for international remittances, but its original design was only to transmit transaction information rather than process funds. The overlapping intermediaries, fragmented regional payment networks, and cross-border fees averaging 1.5% to 6.3% have long put small and medium-sized enterprises and individual users under the dual pressure of high costs and days of delays. This "patched up" old system not only hinders global economic flows, but also puts regions with scarce financial resources into a vicious cycle - developing economies are further marginalized due to sharp fluctuations in their own currencies and insufficient coverage of banking services. The rise of stablecoins provides a disruptive solution to this dilemma. As a digital currency anchored to the value of legal currency, stablecoins achieve the immediacy and transparency of capital flow through blockchain technology. For people in Argentina and Turkey who are suffering from inflation, stablecoins pegged to the US dollar…...

{:en}Market analysts believe that the recent correction in the crypto market does not mean that the bull market cycle has ended, but is only a benign correction in the middle of the bull market. The key indicator supporting this view is that the total supply of stablecoins is steadily increasing. Stablecoins are the main entry point for fiat funds to enter the crypto ecosystem, and the increase in their supply usually means that investor interest is increasing and the speed of capital inflow is accelerating. Data shows that the current total supply of stablecoins has exceeded US$219 billion, a record high. This milestone data indicates that the crypto market may still be in the middle of a bull market. Historically, the highest point in the supply of stablecoins often coincides with the top of the cycle. IntoTheBlock pointed out that when the supply of stablecoins reached a peak of US$187 billion in April 2022, it was the beginning of the last round of bull-bear conversion. In contrast, the supply of stablecoins is still growing today, suggesting that the crypto market still has the potential to rise further. On the other hand, the inflow of stablecoins into exchanges is growing rapidly,…...

{:zh}随着加密货币市场经历剧烈波动，泰达币（USDT）的链上交易活跃度近期攀升至六个月以来的峰值。区块链数据平台Santiment于3月12日发布的数据显示，3月11日当天，USDT单日转账钱包数量突破14.3万个，创下自2023年9月以来的最高纪录。分析师指出，泰达币活跃度激增往往预示着交易员正通过稳定币储备资金，为潜在的市场反弹蓄力。 这一现象恰逢比特币价格跌至7.67万美元的四个月低点，宏观经济不确定性叠加地缘政治紧张局势，导致加密货币市场回吐了美国大选后的部分涨幅。Kronos Research首席投资官Vincent Liu在接受采访时表示，交易员习惯在市场低迷期增持泰达币以捕捉抄底机会，而USDT的链上活动飙升正是市场“蓄势待发”的典型信号。他进一步强调，泰达币作为锚定美元的稳定币，其流动性增强可直接转化为后续的买盘压力，从而加速加密资产价格回升。 刘补充称，当前USDT活跃度的激增可能由多重因素驱动：全球经济波动加剧、加密行业监管动态变化，以及泰达币自身作为“避险港湾”的属性。他特别提到，美国2月通胀率降至2.8%，低于市场预期，这一数据或缓解加密市场抛压，而即将召开的联邦公开市场委员会（FOMC）会议若释放鸽派信号，可能进一步提振风险资产情绪。 值得关注的是，尽管加密货币恐惧与贪婪指数从2月底的“极度恐惧”低位反弹，但截至3月13日仍处于45的“恐惧”区间。这一背景下，泰达币的链上异动更显关键。Santiment分析团队指出，当USDT等稳定币在价格下跌期间频繁流转，往往意味着投资者正将资金从波动性资产转向稳定币，以便在市场触底时迅速出击。 与此同时，泰达币的全球应用场景持续扩展。其首席执行官Paolo Ardoino近日在Cantor Fitzgerald全球科技峰会上透露，目前约37%的USDT持有者将其作为“无银行账户人群的数字储蓄工具”。他强调，泰达币不仅为新兴市场用户提供美元资产存储方案，更在美元面临去全球化质疑的当下，扮演着“捍卫美元地位”的战略角色。此外，Ardoino披露，泰达币发行方已配合执法部门冻结超25亿美元涉嫌非法活动的USDT，以强化合规框架。 综合市场观点，USDT链上活跃度的六个月新高既反映了交易员的短期战术布局，也凸显了泰达币在加密生态中不可替代的枢纽地位。若宏观经济环境与监管政策趋于明朗，这笔“蓄水池”中的资金或将推动加密货币市场开启新一轮反弹周期。{:}{:en}As the cryptocurrency market experiences significant volatility, the on-chain activity of Tether (USDT) has recently surged to a six-month high. Data released by blockchain analytics platform Santiment on March 12 revealed that on March 11, the number of USDT transfer wallets exceeded 143,000 in a single day, marking the highest level since September 2023. Analysts suggest that the spike in Tether's activity often signals that traders are accumulating stablecoins to prepare for potential market rebounds. This development coincides with Bitcoin's price dropping to a four-month low of $76,700, as macroeconomic uncertainties and escalating geopolitical tensions have eroded some of the gains made in the cryptocurrency market following the U.S. election. Vincent Liu, Chief Investment Officer at Kronos Research, noted in an interview that traders typically accumulate USDT during market downturns to seize buying opportunities. He emphasized that the surge in USDT's on-chain activity is a classic indicator of market readiness, with increased liquidity potentially translating into buying pressure that could accelerate the recovery of crypto asset prices. Liu added that the recent spike in USDT activity could be driven by multiple factors: heightened global economic volatility, evolving regulatory dynamics in the…...

{:zh}在拉丁美洲持续高通胀与货币贬值的压力下，稳定币正成为当地居民对抗经济动荡的金融盾牌。加密货币交易所Bitso最新发布的《拉丁美洲加密货币格局报告》显示，2024年稳定币在该地区的采用率显著攀升，其中Circle发行的USDC与Tether发行的USDt以合计39%的购买份额主导市场。报告强调，这两大美元锚定资产已被用户视为“数字价值存储工具”，其购买量较2023年增长9%，反映出稳定币在拉美金融体系中的战略地位持续强化。 USDC的领先地位尤其突出，其在Bitso平台上的购买占比达到24%，成为拉美用户的首选稳定币。与此同时，USDt以15%的份额紧随其后，两者共同构成当地加密货币市场的核心交易对。这一趋势与比特币购买量的结构性下滑形成鲜明对比——尽管比特币在2024年12月突破10万美元历史高点，但其在Bitso的份额从2023年的38%骤降至22%。分析指出，用户更倾向于通过持有稳定币规避法币波动风险，而非追逐比特币的短期价格波动，这标志着拉美市场正从投机交易转向长期资产保值策略。 深入区域市场，阿根廷的稳定币采用率堪称全球标杆。由于该国2024年通胀率突破100%，USDt以50%的加密货币购买份额成为阿根廷用户的经济避风港，USDC则以22%占比支撑第二需求层级。相比之下，阿根廷的比特币购买占比仅为8%，为拉美主要经济体中最低水平。这种地域分化在巴西与墨西哥则呈现不同面貌——尽管稳定币使用量增长，比特币仍以22%和25%的购买占比保持两地最受欢迎加密资产地位，凸显拉美各国因经济差异形成的多元化加密偏好。 行业观察人士认为，USDC与USDt的协同增长揭示了稳定币在拉美的双重角色：既是抵御通胀的储蓄工具，也是跨境支付与日常交易的流动性媒介。随着Bitso等平台持续优化稳定币服务生态，这类资产或将进一步渗透至拉美传统金融难以覆盖的领域，为超2.5亿面临货币贬值风险的民众提供更稳固的财富锚点。{:}{:en}Amid persistent high inflation and currency devaluation in Latin America, stablecoins are becoming a financial shield for local residents against economic turbulence. The latest "Latin America Crypto Landscape Report" released by cryptocurrency exchange Bitso reveals a significant surge in stablecoin adoption in the region in 2024, with Circle’s USDC and Tether’s USDt dominating the market with a combined purchase share of 39%. The report emphasizes that these two dollar-pegged assets have been recognized by users as "digital stores of value," with their purchase volume increasing by 9% compared to 2023, reflecting the growing strategic importance of stablecoins in Latin America’s financial system. USDC’s leading position is particularly notable, accounting for 24% of purchases on Bitso’s platform and becoming the preferred stablecoin for Latin American users. Meanwhile, USDt follows closely with a 15% share, together forming the core trading pairs in the local cryptocurrency market. This trend contrasts sharply with the structural decline in Bitcoin purchases—despite Bitcoin hitting a historic high of $100,000 in December 2024, its share on Bitso plummeted from 38% in 2023 to 22%. Analysts point out that users are increasingly turning to stablecoins to hedge against fiat currency volatility rather than chasing Bitcoin’s short-term…...

{:zh}在瞬息万变的加密货币市场中，泰达币（USDT）以其独特的稳定性成为投资者与交易者的核心工具。作为全球首款稳定币，泰达币（USDT）不仅以1:1锚定美元的机制闻名，更凭借其跨链兼容性和高流动性，成为连接传统金融与数字资产的重要桥梁。然而，其发展历程中伴随的争议与挑战，也让泰达币（USDT）始终处于行业讨论的风口浪尖。 泰达币（USDT）的起源与定义 泰达币（USDT）诞生于2014年，最初由比特币投资者Brock Pierce、企业家Reeve Collins和开发者Craig Sellers联合推出，早期项目名为“Realcoin”。其核心理念是通过区块链技术创造一种与法定货币价值挂钩的数字资产，以解决加密货币市场的剧烈波动问题。2015年，项目更名为“Tether”（泰达币），并正式发行USDT代币。 泰达币（USDT）的运作模式基于“稳定币”概念，即每一枚流通的USDT均由等值的储备资产（最初为美元）支持。这种设计使其价格长期维持在1美元附近，与比特币、以太坊等波动性资产形成鲜明对比。截至2020年12月，泰达币（USDT）市值已突破200亿美元，稳居全球加密货币市值第四位，日交易量甚至多次超越比特币，成为市场流动性的核心载体。 泰达币（USDT）的跨链架构与运作机制 泰达币（USDT）的技术实现经历了多次迭代。早期通过比特币的Omni层协议发行，后逐渐扩展至以太坊（ERC-20标准）、波场（TRC-20）、EOS、Algorand等主流公链。这种多链兼容性使其能够适应不同区块链生态的需求。例如，以太坊上的泰达币（USDT）凭借智能合约功能支持去中心化金融（DeFi）应用，而波场网络的低手续费特性则更适合高频转账场景。 泰达币（USDT）的稳定性依赖于发行方Tether Limited的储备金制度。根据白皮书，每发行1枚USDT，Tether需持有1美元或等值的现金等价物作为抵押。然而，这一机制在后期发生调整：Tether公开表示储备资产不仅包括现金，还可能涵盖商业票据、贷款等多元化资产。尽管透明度报告每日更新，市场对其储备充足性的质疑始终存在。例如，2018年纽约总检察长办公室指控Tether挪用储备金填补关联交易所Bitfinex的资金缺口，导致泰达币（USDT）价格短暂脱钩至0.85美元。 泰达币（USDT）的市场价值与核心用例 在加密货币生态中，泰达币（USDT）的核心价值在于提供“避险港湾”。当比特币或以太坊价格剧烈波动时，投资者可快速将资产兑换为泰达币（USDT），避免因市场崩盘导致的损失。此外，泰达币（USDT）在以下场景中发挥关键作用： 跨交易所套利：由于不同平台间存在价差，用户可通过泰达币（USDT）快速转移资金，捕捉套利机会。 法币替代品：在仅支持加密货币交易的平台上，泰达币（USDT）充当法定货币的替代品，降低用户暴露于波动性资产的风险。 跨境支付与外汇对冲：新兴市场用户可通过泰达币（USDT）规避本币贬值风险，或进行低成本跨境转账。 泰达币（USDT）的普及也得益于其技术便利性。例如，用户可通过Trust Wallet、Ledger等主流钱包存储USDT，但需注意不同区块链网络的兼容性。若误将Omni协议的泰达币（USDT）发送至ERC-20地址，可能导致资产永久丢失。 泰达币（USDT）的争议与行业挑战 尽管泰达币（USDT）占据稳定币市场主导地位，其面临的争议从未停歇。首要问题集中在储备金透明度上。尽管Tether定期发布审计报告，但第三方机构对其资产构成的独立验证仍不充分。2021年，Tether因隐瞒商业票据占比过高而遭美国商品期货交易委员会（CFTC）罚款4100万美元，进一步加剧市场疑虑。 此外，泰达币（USDT）的合规性亦受关注。部分国家监管机构认为，稳定币可能威胁传统金融体系稳定性，甚至成为洗钱工具。例如，欧盟《加密资产市场监管法案》（MiCA）要求稳定币发行方需获得银行牌照，这对泰达币（USDT）的全球化运营构成挑战。 泰达币（USDT）的生态扩展与竞争对手 为巩固市场地位，Tether Limited陆续推出与欧元挂钩的EURT、与人民币挂钩的CNHT，以及锚定黄金的XAUT，形成多元化稳定币矩阵。然而，这些衍生品的市场份额远不及泰达币（USDT）。与此同时，竞争对手如USDC（由Circle发行）和BUSD（币安与Paxos合作）凭借更高的透明度蚕食USDT的市场份额。 未来，泰达币（USDT）的生存将取决于两大因素：一是能否通过合规化改造赢得监管信任；二是能否在DeFi、跨境支付等新兴场景中保持技术领先。若Tether Limited无法解决储备金争议，用户可能转向更具公信力的替代品。 结语 泰达币（USDT）作为加密货币市场的基石，其成功源于对稳定性需求的精准捕捉，而争议则揭示了去中心化理想与现实监管的冲突。无论其未来走向如何，泰达币（USDT）已深刻改变了数字资产的交易模式，并为区块链与传统金融的融合提供了关键范式。对于投资者而言，理解泰达币（USDT）的双重性——既是避险工具，亦是风险来源——将是驾驭加密货币浪潮的必修课。{:}{:en}In the ever-changing cryptocurrency market, Tether (USDT) has become a core tool for investors and traders with its unique stability. As the world's first stablecoin, Tether (USDT) is not only famous for its 1:1 USD anchoring mechanism, but also has become an important bridge connecting traditional finance and digital assets with its cross-chain compatibility and high liquidity. However, the controversy and challenges accompanying its development have also kept Tether (USDT) at the forefront of industry discussions. Origin and definition of Tether (USDT) Tether (USDT) was born in 2014 and was originally jointly launched by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins and developer Craig Sellers. The early project was called "Realcoin". Its core concept is to create a digital asset linked to the value of legal currency through blockchain technology to solve the problem of violent fluctuations in the cryptocurrency market. In 2015, the project was renamed "Tether" and the USDT token was officially issued. The operating model of Tether (USDT) is based on the concept of "stablecoin", that is, each circulating USDT…...

{:zh}什么是稳定币？ 稳定币是一种与“稳定”资产（如美元、黄金或一篮子货币）挂钩的加密货币，旨在通过锚定机制减少价格波动。例如，1枚USDT理论上始终等于1美元。与传统的法定货币不同，稳定币基于区块链技术运行，其交易和结算无需依赖传统银行系统，而是通过以太坊、Solana等公共区块链网络实现。这种特性使其成为连接加密世界与现实金融的桥梁，并在跨境支付、去中心化金融（DeFi）等领域展现出独特优势。 稳定币的诞生源于加密货币市场的实际需求。早期比特币、以太坊等资产的高波动性阻碍了其作为交易媒介的功能，投资者急需一种既能保留加密资产技术特性、又能规避价格波动的工具。2014年，全球首个稳定币USDT的推出，标志着这一领域的正式起步。此后，稳定币市场规模从不足5亿美元迅速扩张至千亿美元级别，成为加密生态中不可或缺的基石。 稳定币的核心机制与分类 要理解什么是稳定币，需从其维持价格稳定的机制入手。目前主流稳定币可分为三大类：法币储备抵押型、加密资产抵押型与算法型。 法币储备抵押型稳定币以USDT和USDC为代表，由中心化机构发行，并以银行账户中的法定货币作为抵押。例如，每发行1枚USDT，Tether公司需在银行存入1美元。这种模式依赖用户对发行方的信任，但其优势在于操作简单且流动性强。然而，此类稳定币的透明度长期受质疑。以USDT为例，尽管Tether宣称其储备充足，但审计报告的不完整使其常被诟病为“不透明的印钞机”。相较之下，USDC因其发行方Circle严格遵循美国监管要求，定期公开审计报告，被视为更透明的替代品。 加密资产抵押型稳定币则通过链上超额抵押加密资产实现价值锚定。例如，MakerDAO的DAI要求用户存入价值高于借款的ETH或其他加密资产作为抵押品，通过智能合约自动调节借贷利率以维持1美元挂钩。这种模式虽去中心化程度高，但资本效率低下，且抵押资产的价格波动可能引发系统性风险。2020年3月，ETH价格暴跌曾导致DAI短暂脱钩，迫使MakerDAO引入USDC等中心化稳定币作为补充抵押品，引发“去中心化纯粹性”的争议。 算法型稳定币试图摆脱抵押物的束缚，完全依赖供需算法调控价格。其代表项目包括Ampleforth（AMPL）和已崩溃的TerraUSD（UST）。以UST为例，其通过销毁关联代币LUNA来铸造UST，并通过套利机制调节市场供需。然而，2022年5月UST的崩盘暴露了算法模型的致命缺陷：当市场恐慌引发抛售时，LUNA价格暴跌导致UST失去价值支撑，两者陷入“死亡螺旋”，最终市值归零。这一事件警示，算法稳定币的“去信任化”理想与现实市场机制间存在巨大鸿沟。 稳定币的实用场景与收益机会 什么是稳定币的核心价值？除了作为交易媒介，其在支付、储蓄和投资领域的应用正持续扩展。 在跨境支付中，稳定币凭借区块链的即时结算特性，显著降低了传统银行体系的摩擦成本。例如，企业可通过USDT在几分钟内完成国际汇款，而传统SWIFT网络通常需要数日。此外，在通胀率高或美元获取受限的地区，民众将稳定币视为替代本国货币的价值储存工具。 对投资者而言，稳定币提供了多样化的收益渠道。用户可通过以下方式赚取利息： 去中心化借贷与流动性挖矿：将稳定币存入Compound、Aave等协议，通过出借资产或提供交易流动性获取收益，年化利率常达5%-20%。 中心化理财平台：币安、Coinbase等交易所提供活期或定期理财产品，但需承担平台信用风险。 算法稳定币的弹性收益：如AMPL通过“Rebasing”机制每日调整用户持仓量，理论上使长期持有者获得通胀对冲收益。 然而，高收益伴随高风险。2022年UST崩盘导致投资者血本无归，而中心化平台Celsius的破产亦警示托管风险。因此，评估稳定币收益需综合考量协议安全性、抵押品透明度及市场流动性。 稳定币的风险与监管挑战 尽管稳定币被设计为“避风港”，但其内在风险不容忽视。 市场风险方面，即使是法币抵押型稳定币也可能因短期供需失衡脱钩。2021年5月加密市场暴跌期间，USDT一度跌至0.95美元，引发挤兑担忧。信用风险则集中在中心化发行方的储备管理上，若机构挪用储备资金或遭遇监管冻结（如Circle配合美国执法部门冻结用户USDC），稳定币信用将瞬间崩塌。 对算法稳定币而言，机制脆弱性是最大隐患。UST的崩溃证明，依赖市场套利维持的锚定机制在极端行情中不堪一击。此外，预言机数据源的可靠性至关重要。例如，DeFiDollar依赖Chainlink提供实时价格数据以平衡多币种储备，若预言机被攻击或操纵，整个系统可能失效。 监管层面对稳定币的审视日趋严格。美国财政部呼吁将稳定币发行方纳入银行监管框架，要求定期披露储备审计报告。欧盟《加密资产市场监管法案》（MiCA）则要求稳定币发行方持有等值流动资产，并禁止支付类稳定币由商业机构控制。这些政策旨在防止Terra式危机重演，但也可能抑制创新。 未来展望：透明化与多元化 什么是稳定币的未来？答案或许在于透明化技术与多元锚定资产的结合。 Chainlink等预言机通过“储备金证明”机制，为TrueUSD（TUSD）、PAXG等稳定币提供链下资产的实时验证，增强用户信任。另一方面，央行数字货币（CBDC）的崛起可能重塑竞争格局。中国数字人民币、欧洲数字欧元等项目若与区块链兼容，或将挑战现有稳定币的市场地位。 此外，创新模型仍在探索中。部分项目尝试结合部分抵押与算法调控，或在抵押品中纳入现实世界资产（如房地产、债券），以提高资本效率。尽管前路坎坷，稳定币作为“价值互联网”基础设施的定位已不可动摇。 结语 什么是稳定币？它是加密世界对抗波动的工具，是传统金融与区块链融合的试验田，也是监管与创新博弈的前沿。从USDT的争议到UST的崩盘，这一领域不断验证着“信任”与“去信任”的辩证法则。未来，唯有通过技术透明、监管合规与机制优化，稳定币才能真正实现其“稳定”承诺，成为数字经济时代的通用价值标尺。{:}{:en}What are stablecoins? A stablecoin is a cryptocurrency pegged to a "stable" asset (such as the U.S. dollar, gold, or a basket of currencies) that aims to reduce price volatility through an anchoring mechanism. For example, 1 USDT is always theoretically equal to 1 U.S. dollar. Unlike traditional fiat currencies, stablecoins are based on blockchain technology, and their transactions and settlements do not rely on the traditional banking system, but are implemented through public blockchain networks such as Ethereum and Solana. This feature makes it a bridge between the crypto world and real finance, and it has unique advantages in cross-border payments, decentralized finance (DeFi), and other fields. The birth of stablecoins stems from the actual needs of the cryptocurrency market. The high volatility of early assets such as Bitcoin and Ethereum hindered their function as a medium of exchange. Investors urgently need a tool that can retain the technical characteristics of crypto assets and avoid price fluctuations. In 2014, the launch of the world's first stablecoin USDT marked the official start of this…...

{:zh}在3月7日举行的白宫加密货币峰会上，美国财政部长斯科特·贝森特（Scott Bessent）明确表示，联邦政府将通过稳定币（stablecoin）强化美元作为全球储备货币的地位。这一表态与特朗普总统的施政方向高度契合，两人共同呼吁建立"全面且清晰的稳定币监管框架"，并承诺扭转此前严苛的加密资产监管政策。 贝森特在演讲中强调："我们将深度构建稳定币监管体系，正如特朗普总统所指示的，美元霸权必须通过创新手段延续。稳定币将成为这一战略的核心工具。"他同时宣布撤回国税局（IRS）过往针对加密货币的惩罚性征税指引，释放出对数字资产行业的政策松绑信号。特朗普则在峰会现场敦促国会在8月休会前提交《稳定币法案》，要求立法者为美元挂钩型稳定币建立从发行储备到流通审计的全周期规则。 这一政策转向的背景，是联邦政府试图通过稳定币扩大美元在全球支付系统的影响力。目前主流稳定币普遍采用超额抵押模式，以短期美债和现金存款作为储备资产。美联储理事克里斯托弗·沃勒（Christopher Waller）曾在2024年指出，稳定币对美债的刚性需求能有效对冲加密货币对美元市场份额的侵蚀。至2025年，他进一步强调稳定币可突破他国资本管制，通过升级支付基础设施巩固美元地位。 为落实这一战略，众议员弗兰奇·希尔（French Hill）与布莱恩·斯泰尔（Bryan Steil）已联合提交《2025稳定币法案》（Stable Act of 2025），拟对发行方实施准备金审计、托管银行资质等强制性要求。分析人士指出，该法案若通过，将推动合规稳定币成为离岸美元的数字延伸，尤其在资本管制严格的经济体增强渗透力。 值得注意的是，特朗普在峰会上批评拜登政府过早抛售执法部门扣押的比特币，称其造成数十亿美元损失。这番言论引发行业对后续加密资产处置政策的猜测。参会机构代表普遍认为，此次峰会标志着美国从防范性监管转向主动布局加密金融体系，而稳定币作为连接传统金融与区块链生态的枢纽，正在成为大国货币博弈的新战场。{:}{:en}At the White House Cryptocurrency Summit held on March 7, U.S. Treasury Secretary Scott Bessent made it clear that the federal government will strengthen the dollar's position as a global reserve currency through stablecoins. This statement is highly consistent with President Trump's policy direction. The two jointly called for the establishment of a "comprehensive and clear stablecoin regulatory framework" and promised to reverse the previous strict crypto asset regulatory policies. In his speech, Bessent emphasized: "We will deeply build a stablecoin regulatory system. As President Trump has instructed, the dollar hegemony must continue through innovative means. Stablecoins will become the core tool of this strategy." He also announced the withdrawal of the Internal Revenue Service (IRS)'s past punitive taxation guidelines for cryptocurrencies, sending a signal of policy relaxation for the digital asset industry. At the summit, Trump urged Congress to submit the "Stablecoin Act" before the August recess, requiring legislators to establish full-cycle rules for dollar-pegged stablecoins from issuance reserves to circulation audits. The background of this policy shift is that the federal government is trying to expand the influence of the US dollar in the global payment system…...