作者：Dune；编译：金色财经xiaozou
稳定币正在重塑金融格局。
Dune与Artemis联合发布的《2025年稳定币现状》综合报告包含了所有洞察、市场趋势、资产深度分析等内容。
下面我们一起总结一下本报告的重要内容。
截至2025年2月，稳定币供应量已达2140亿美元，实现了惊人的35万亿美元年转账量——是Visa年转账量的两倍。
活跃地址数量增长了53%，达到3000万。机构采用正迅猛加速，前所未有地连接了传统金融（TradFi）与加密领域。
得益于监管明确性（如MiCA、DIFC批准）、战略合作（如Stripe、MoneyGram）以及快速的全球扩张，USDC市值翻倍至560亿美元。
USDT增长至1460亿美元，但在市场份额和机构使用方面有所下滑，转而专注于P2P汇款。
Ethena Labs的USDe从1.46亿美元飙升至620亿美元，成为第三大稳定币，其增长得益于创新的收益策略和Delta中性对冲。
MakerDAO通过品牌重塑（Sky）及推出USDS（2025年2月达26亿美元），引入了符合监管的功能，巩固了其竞争力。
以太坊在供应量上领先（占比55%），而Base和Solana在转账量上迅速崛起，主要是受DeFi和meme币驱动。
TRON DAO在全球非正式P2P转账（尤其是汇款）中仍占据重要地位。
大部分稳定币流动性集中在中心化交易所，但DeFi（如DEX、借贷、收益 farming）推动了大部分转账量，凸显了动态资本使用与创新。
Dragonfly合伙人Rob Hadick：“稳定币是加密领域的命脉，也是金融的超导体。它们解锁了以前无法触及的新市场、新能力和金融机会。Dune和Artemis等平台的链上数据将至关重要，可以帮助投资者实时识别、跟踪和衡量创新与采用。”
Base产品负责人tom.base.eth：“稳定币在跨境资金流动方面相比传统金融工具具有明显优势。我们希望Base上有更多本地货币稳定币，因为它们让人们能够使用最熟悉的货币进行链上交易，使这项技术更贴近日常生活。”
Ethena Labs研究主管Conor Ryder：“下一代稳定币必须在所有市场条件下都具备韧性。通过USDe，我们专注于以收益为支撑的稳定机制，确保用户拥有传统美元敞口的可靠替代品。”
Herd创始人兼数据分析专家ilemi：“稳定币往往流向基础设施完善（交易快速且成本较低）和用例需求旺盛的地方。在Solana上，这一点在meme币中尤为明显，交易者需要流动性和即时结算，使稳定币成为生态系统的核心部分。”
TRON DAO社区发言人SamElfarra：“TRON已成为稳定币交易的首选区块链，每日处理数十亿美元的交易量。趋势很明显：TRON上的USDT正在推动现实经济活动，尤其是在稳定币成为支付和储蓄生命线的新兴市场。”
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Alex