{"id":4085,"date":"2025-10-19T11:01:35","date_gmt":"2025-10-19T03:01:35","guid":{"rendered":"https:\/\/theexchain.com\/stablecoin-duopoly-erodes-as-market-diversification-accelerates\/"},"modified":"2025-10-19T11:01:35","modified_gmt":"2025-10-19T03:01:35","slug":"%e9%9a%a8%e8%91%97%e5%b8%82%e5%a0%b4%e5%a4%9a%e6%a8%a3%e5%8c%96%e5%8a%a0%e9%80%9f%ef%bc%8c%e7%a9%a9%e5%ae%9a%e5%b9%a3%e7%9a%84%e9%9b%99%e9%a0%ad%e5%a3%9f%e6%96%b7%e9%80%90%e6%bc%b8%e5%89%8a%e5%bc%b1","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e9%9a%a8%e8%91%97%e5%b8%82%e5%a0%b4%e5%a4%9a%e6%a8%a3%e5%8c%96%e5%8a%a0%e9%80%9f%ef%bc%8c%e7%a9%a9%e5%ae%9a%e5%b9%a3%e7%9a%84%e9%9b%99%e9%a0%ad%e5%a3%9f%e6%96%b7%e9%80%90%e6%bc%b8%e5%89%8a%e5%bc%b1\/","title":{"rendered":"\u7a69\u5b9a\u5e63\u7684\u96d9\u982d\u58df\u65b7\u96a8\u8457\u5e02\u5834\u591a\u5143\u5316\u7684\u52a0\u901f\u800c\u6d88\u9000"},"content":{"rendered":"<p>Tether \u548c Circle \u9577\u671f\u4ee5\u4f86\u5728\u7a69\u5b9a\u5e63\u5e02\u5834\u7684\u4e3b\u5c0e\u5730\u4f4d\u6709\u6e1b\u5f31\u7684\u8de1\u8c61\uff0c\u5169\u8005\u5408\u8a08\u7684\u5e02\u5834\u4f54\u6709\u7387\u5f9e 2024 \u5e74 3 \u6708\u7684\u6700\u9ad8\u5cf0 91.6% \u4e0b\u964d\u5230\u76ee\u524d\u7684\u7d04 86%\u3002\u9019\u4e00\u8da8\u52e2\u53cd\u6620\u4e86\u7a69\u5b9a\u5e63\u751f\u614b\u7cfb\u7d71\u5728\u4e09\u500b\u95dc\u9375\u56e0\u7d20\u63a8\u52d5\u4e0b\u7684\u6839\u672c\u6027\u8b8a\u5316\u3002\u5e02\u5834\u5206\u6790\u986f\u793a\uff0c\u5118\u7ba1 Tether \u548c Circle \u76ee\u524d\u4ee5 $2,450 \u5104\u7684\u7e3d\u4f9b\u61c9\u91cf\uff08\u7d04\u4f54\u5e02\u5834 85%\uff09\u7dad\u6301\u8457\u9818\u5c0e\u5730\u4f4d\uff0c\u4f46\u5176\u6b77\u53f2\u4e0a\u7684\u4e3b\u5c0e\u5730\u4f4d\u4e00\u76f4\u5728\u6ce2\u52d5\u3002\u5728 2021 \u5e74 12 \u6708\uff0c\u96d9\u982d\u58df\u65b7\u7684\u6700\u4f4e\u5e02\u5834\u4f54\u6709\u7387\u8a18\u9304\u70ba 77.71%\uff0c\u7576\u6642\u5305\u62ec Binance USD\u3001DAI\u3001FRAX \u548c PAX \u5728\u5167\u7684\u7af6\u722d\u5c0d\u624b\u4f54\u6709\u66f4\u5927\u7684\u5e02\u5834\u4efd\u984d\u3002\u91cd\u5851\u5e02\u5834\u7684\u7b2c\u4e00\u500b\u4e3b\u8981\u8da8\u52e2\u6d89\u53ca\u8d8a\u4f86\u8d8a\u591a\u7684\u4e2d\u4ecb\u6a5f\u69cb\u767c\u884c\u81ea\u5df1\u7684\u7a69\u5b9a\u5e63\u3002\u767d\u6a19\u7a69\u5b9a\u5e63\u4f9b\u61c9\u5546\u7684\u51fa\u73fe\uff0c\u4f8b\u5982 Anchorage\u3001Brale\u3001M0\u3001Agora \u548c Stripe's Bridge\uff0c\u5927\u5e45\u964d\u4f4e\u4e86\u9032\u5165\u5e02\u5834\u7684\u9580\u6abb\u3002\u5373\u4f7f\u662f\u8655\u65bc\u7a2e\u5b50\u968e\u6bb5\u7684\u65b0\u5275\u516c\u53f8\uff0c\u4e5f\u80fd\u5728\u4e0d\u9700\u8981\u5927\u898f\u6a21\u7684\u60c5\u6cc1\u4e0b\u63a8\u51fa\u5c08\u5c6c\u7684\u7a69\u5b9a\u5e63\u3002\u8ca1\u52d9\u8a98\u56e0\u5927\u5927\u63a8\u52d5\u4e86\u9019\u4e00\u8f49\u8b8a\u3002\u7576\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u4ee5\u4e3b\u6d41\u7a69\u5b9a\u5e63\uff08\u5982 USDT\uff09\u6301\u6709\u5ba2\u6236\u5b58\u6b3e\u6642\uff0c\u767c\u884c\u516c\u53f8\u6703\u7372\u5f97\u6d6e\u52d5\u6536\u5165 - \u6bcf\u5e74\u7d04 $35 \u767e\u842c\u7f8e\u5143\uff0c\u5b58\u6b3e\u7e3d\u984d\u70ba $500 \u767e\u842c\u7f8e\u5143\uff0c\u800c\u4e2d\u4ecb\u516c\u53f8\u5247\u4e00\u7121\u6240\u5f97\u3002\u70ba\u4e86\u652b\u53d6\u6b64\u50f9\u503c\uff0c\u51fa\u73fe\u4e86\u4e09\u7a2e\u7b56\u7565\uff1a\u8207\u6210\u719f\u7684\u767c\u884c\u516c\u53f8\u5354\u5546\u6536\u5165\u5206\u4eab\uff0c\u8207\u63d0\u4f9b\u5167\u5efa\u6536\u5165\u5206\u914d\u7684\u65b0\u8208\u7a69\u5b9a\u5e63\u5408\u4f5c\uff0c\u6216\u900f\u904e\u5c08\u5c6c\u7a69\u5b9a\u5e63\u767c\u884c\u5c07\u6240\u6709\u5229\u6f64\u5167\u90e8\u5316\u3002\u9019\u7a2e\u8da8\u52e2\u7684\u8b49\u64da\u5df2\u7d93\u5728\u6574\u500b\u751f\u614b\u7cfb\u7d71\u4e2d\u53ef\u898b\u5230\u3002\u91d1\u878d\u79d1\u6280\u516c\u53f8\u901a\u5e38\u4ee5\u901a\u7528\u7684\u300c\u7f8e\u5143\u300d\u986f\u793a\u4f7f\u7528\u8005\u9918\u984d\uff0c\u540c\u6642\u4ee5\u5c08\u5c6c\u7684\u7a69\u5b9a\u5e63\u7ba1\u7406\u5132\u5099\u8cc7\u7522\u3002\u4ea4\u6613\u6240\u6b63\u5728\u8207\u7a69\u5b9a\u5e63\u767c\u884c\u5546\u7c3d\u8a02\u6536\u5165\u5171\u4eab\u5354\u8b70\uff0c\u800c\u4e00\u4e9b\u4ea4\u6613\u6240\u5df2\u7d93\u5efa\u7acb\u4e86\u50cf\u5168\u7403\u7f8e\u5143\u806f\u76df\u9019\u6a23\u7684\u8ca1\u5718\u3002DeFi \u5354\u8b70\u6b63\u5728\u63a2\u7d22\u5c08\u6709\u7684\u7a69\u5b9a\u5e63\uff0cHyperliquid \u7684\u516c\u958b\u7af6\u50f9\u7a0b\u5e8f\u5c31\u662f\u4e00\u500b\u4f8b\u5b50\uff0c\u4ee5\u6e1b\u5c11\u5c0d USDC \u7684\u4f9d\u8cf4\u3002\u50cf Phantom \u9019\u6a23\u7684\u9322\u5305\u4f9b\u61c9\u5546\u4e5f\u9032\u5165\u4e86\u9019\u4e00\u9818\u57df\uff0c\u63a8\u51fa\u4e86\u5177\u6709\u6536\u76ca\u751f\u6210\u548c\u501f\u8a18\u5361\u529f\u80fd\u7684 Bridge \u767c\u884c\u7684\u7a69\u5b9a\u5e63 Phantom Cash\u3002\u7b2c\u4e8c\u500b\u8f49\u578b\u8da8\u52e2\u662f\u7a69\u5b9a\u5e63\u4e4b\u9593\u7684\u6536\u76ca\u7387\u7af6\u722d\u52a0\u5287\u3002\u9664 Tether \u548c USDC \u5916\uff0c\u5176\u9918\u7684\u7a69\u5b9a\u5e63\u5e02\u5834\u5df2\u9054\u5230\u5275\u7d00\u9304\u7684\u4f9b\u61c9\u6c34\u6e96\uff0c\u4e14\u767c\u884c\u5546\u8d8a\u4f86\u8d8a\u591a\u5143\u5316\u3002\u4e3b\u8981\u7684\u65b0\u8208\u7a69\u5b9a\u5e63\u5305\u62ec Sky (MakerDAO \u7684\u5347\u7d1a\u7248 Dai)\u3001Ethena \u7684 USDe\u3001Paypal \u7684 PYUSD \u548c World Liberty \u7684 USD1\uff0c\u4ee5\u53ca\u8457\u540d\u7684\u7af6\u722d\u8005\u5982 Ondo \u7684 USDY\u3001Paxos \u7684 USDG \u548c Agora \u7684 AUSD\u3002\u9019\u4e9b\u65b0\u52a0\u5165\u8005\u666e\u904d\u5c07\u6536\u76ca\u50b3\u8f38\u8996\u70ba\u7af6\u722d\u512a\u52e2\u3002\u96d6\u7136 GENIUS \u6cd5\u6848\u7981\u6b62\u7a69\u5b9a\u5e63\u76f4\u63a5\u5411\u6301\u6709\u8005\u652f\u4ed8\u6536\u76ca\u7387\uff0c\u4f46\u4e26\u4e0d\u9650\u5236\u7b2c\u4e09\u65b9\u5e73\u53f0\u6216\u4e2d\u4ecb\u5206\u767c\u7531\u767c\u884c\u8005\u652f\u4ed8\u8cc7\u91d1\u7684\u734e\u52f5\u3002\u9019\u4e00\u76e3\u7ba1\u6846\u67b6\u4fc3\u4f7f\u6536\u76ca\u7387\u652f\u4ed8\u65b9\u5f0f\u5f9e\u76f4\u63a5\u652f\u4ed8\u8f49\u70ba\u901a\u904e\u4e2d\u4ecb\u50b3\u8f38\u6536\u76ca\u7387\uff0c\u5f9e\u800c\u5f62\u6210\u4e86\u6536\u76ca\u7387\u7af6\u8cfd\u3002\u7b2c\u4e09\u9805\u91cd\u5927\u767c\u5c55\u6d89\u53ca\u9280\u884c\u696d\u7684\u53c3\u8207\u3002\u96a8\u8457 GENIUS \u6cd5\u6848\u7684\u5be6\u65bd\uff0c\u9280\u884c\u73fe\u5728\u53ef\u4ee5\u767c\u884c\u7a69\u5b9a\u5e63\uff0c\u800c\u7121\u9700\u65b0\u7684\u8a31\u53ef\u8b49\u8981\u6c42\uff0c\u524d\u63d0\u662f\u9280\u884c\u5fc5\u9808\u7dad\u6301 100% \u9ad8\u54c1\u8cea\u7684\u6d41\u52d5\u8cc7\u7522\u62b5\u62bc\uff0c\u5be6\u73fe 1:1 \u8d16\u56de\uff0c\u5c65\u884c\u62ab\u9732\u548c\u5be9\u8a08\u7fa9\u52d9\uff0c\u4e26\u63a5\u53d7\u76e3\u7ba1\u6a5f\u69cb\u7684\u76e3\u7763\u3002\u96d6\u7136\u7a69\u5b9a\u5e63\u4e0d\u7b26\u5408\u806f\u90a6\u5b58\u6b3e\u4fdd\u96aa\u8cc7\u683c\uff0c\u4e14\u62b5\u62bc\u8cc7\u7522\u4e0d\u80fd\u7528\u65bc\u501f\u8cb8\uff0c\u4f46\u9452\u65bc\u8a17\u7ba1\u8cbb\u3001\u4ea4\u6613\u8cbb\u3001\u8d16\u56de\u8cbb\u548c API \u6574\u5408\u670d\u52d9\u7684\u6f5b\u5728\u6536\u5165\u6a5f\u6703\uff0c\u9280\u884c\u53ef\u80fd\u4ecd\u6703\u8a8d\u70ba\u767c\u884c\u7a69\u5b9a\u5e63\u5177\u6709\u5438\u5f15\u529b\u3002\u696d\u754c\u89c0\u5bdf\u5bb6\u6307\u51fa\uff0c\u64da\u5831\u5c0e\uff0c\u5305\u62ec\u6469\u6839\u5927\u901a\u3001\u7f8e\u570b\u9280\u884c\u3001\u82b1\u65d7\u96c6\u5718\u548c\u5bcc\u570b\u9280\u884c\u5728\u5167\u7684\u4e3b\u8981\u91d1\u878d\u6a5f\u69cb\u5df2\u5728\u63a2\u8a0e\u6210\u7acb\u4e00\u500b\u7a69\u5b9a\u5e63\u8ca1\u5718\u3002\u5c0d\u65bc\u9762\u81e8\u6f5b\u5728\u5b58\u6b3e\u5916\u6d41\u5230\u6709\u6536\u76ca\u7684\u7a69\u5b9a\u5e63\u7684\u9280\u884c\u4f86\u8aaa\uff0c\u81ea\u71df\u767c\u884c\u53ef\u80fd\u662f\u4e00\u7a2e\u7b56\u7565\u6027\u7684\u56de\u61c9\u3002\u7db2\u8def\u6548\u61c9\u5fc5\u7136\u6703\u5c0e\u81f4\u7a69\u5b9a\u5e63\u6574\u5408\u7684\u50b3\u7d71\u5047\u8a2d\u6b63\u5728\u88ab\u91cd\u65b0\u8003\u616e\u3002\u8207\u793e\u4ea4\u5a92\u9ad4\u6216\u642d\u8eca\u5206\u4eab\u5e73\u53f0\u4e0d\u540c\uff0c\u7a69\u5b9a\u5e63\u5728\u5340\u584a\u93c8\u57fa\u790e\u67b6\u69cb\u4e0a\u904b\u4f5c\uff0c\u4f7f\u7528\u8005\u53ef\u4ee5\u5728\u4ee3\u5e63\u4e4b\u9593\u8f49\u63db\uff0c\u6469\u64e6\u6975\u5c0f\u3002\u96a8\u8457\u8de8\u93c8\u4ea4\u63db\u8b8a\u5f97\u66f4\u6709\u6548\u7387\uff0c\u4e14\u93c8\u5167\u7a69\u5b9a\u5e63\u4ea4\u63db\u63a5\u8fd1\u96f6\u6210\u672c\uff0c\u500b\u5225\u7a69\u5b9a\u5e63\u7db2\u8def\u6548\u61c9\u7684\u91cd\u8981\u6027\u4fbf\u6703\u964d\u4f4e\u3002\u96d6\u7136\u65e2\u6709\u696d\u8005\u5728\u6578\u767e\u500b\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u5dee\u50f9\u4e0a\u4ecd\u4fdd\u6709\u512a\u52e2\uff0c\u4f46\u57fa\u790e\u5efa\u8a2d\u7684\u6210\u719f\u9664\u4e86\u65e2\u6709\u696d\u8005\u4e4b\u5916\uff0c\u5c0d\u6574\u500b\u7522\u696d\u90fd\u6709\u597d\u8655\u3002\u964d\u4f4e\u767c\u884c\u6210\u672c\u3001\u6536\u76ca\u5167\u90e8\u5316\u8a98\u56e0\u3001\u76e3\u7ba1\u6a19\u6e96\u5316\u548c\u9280\u884c\u696d\u7684\u9032\u5165\u7b49\u56e0\u7d20\u7d50\u5408\u8d77\u4f86\uff0c\u8868\u660e\u7a69\u5b9a\u5e63\u5e02\u5834\u7684\u7af6\u722d\u683c\u5c40\u5728\u7d93\u6b77\u4e86\u5341\u5e74\u7684\u76f8\u5c0d\u7a69\u5b9a\u5f8c\uff0c\u6b63\u5728\u7d93\u6b77\u6839\u672c\u6027\u7684\u8f49\u8b8a\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>The longstanding dominance of Tether and Circle in the stablecoin market is showing signs of weakening, with their combined market share declining from a peak of 91.6% in March 2024 to approximately 86% currently. This trend reflects fundamental shifts in the stablecoin ecosystem driven by three key factors. Market analysis reveals that while Tether and [&hellip;]<\/p>","protected":false},"author":1,"featured_media":4084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[35],"tags":[],"class_list":["post-4085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insight"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/4085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=4085"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/4085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/4084"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=4085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=4085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=4085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}