在加密货币市场经历了一场前所未有的“黑色星期”后，稳定币USDT意外成为风暴眼中的宁静。投资者的口头禅瞬间变成了：“炒USDT，安全又赚钱。”这场突如其来的波动，让USDT的光芒甚至盖过了比特币。
After an unprecedented “black week” of the crypto-currency market, the stabilizing currency USDT unexpectedly became calm in the eyes of the storm. The investor’s rhetoric suddenly turned into: “Fire USDT, safe and profitable.” This sudden volatility allowed the USDT’s light to cover even bitcoin.
随着比特币3月的连续跳水，市场恐慌情绪达到顶峰，USDT成了资金的避难所。短短一周内，Tether增发USDT高达1.73亿枚，尽管供应增加，但USDT依然保持溢价，火币OTC报价一度飙升，溢价率触目惊心。对此，行业内外众说纷纭，一种声音指出，这并非新资金涌入，而是大量抛售后的供需失衡所致。另一派则认为，大户为应对潜在的金融风暴，转卖加密资产持有USDT，导致市场紧俏。
With Bitcoin’s consecutive dive in March, market panic peaked, and USDT became a safe haven for money. In just one week, Tether increased the number of USDTs by 173 million, and despite increased supplies, USDTs remained at a price premium, and the tender OTC offer rose sharply and the premium rate was alarming. In this regard, there was talk inside and outside the industry, with one voice pointing out that it was not an influx of new funds, but rather a supply and demand imbalance after large sales.
OK Research的分析进一步解释，市场对美元的渴求加剧了USDT的溢价现象，即便美联储的量化宽松也无法即时缓解加密领域的流动性短缺。
The analysis by OK Research further explains that market thirst for the United States dollar exacerbates the USDT premium and that even the Fed's quantitative easing cannot immediately alleviate liquidity shortages in the area of encryption.
暴跌下的稳定币繁荣就像乱世出英雄，加密市场的暴跌反而刺激了稳定币市场的蓬勃增长。稳定币总额一周内激增，多个稳定币如USDC、BUSD等市值排名显著提升，展现了它们在动荡时期的独特价值。特别是USDC，凭借与MakerDAO的合作，市场份额迅速扩张，成为了市场的新宠儿。
Like the world’s heroes, the collapse of the encryption market has spurred a boom in the stable currency market. The total amount of the stable currency has surged in a week, and several stable currencies, such as USDC, BUSD, have significantly increased their market value, demonstrating their unique value in times of turmoil.
新兴稳定币的增幅更是令人侧目，几乎翻倍的增长率证明了市场对安全港的迫切需求。USDT虽独占鳌头，但USDC、PAX、BUSD等后起之秀也不容小觑，它们在交易所的分布情况反映了市场动态和投资者偏好。
The increase in emerging stable currencies is even more impressive, with almost doubling growth rates attesting to the market’s urgent need for safe harbours. While the USDT is unique, the USDC, PAX, BUSD, and so on, their distribution in exchanges reflects market dynamics and investor preferences.
流动性考验与稳定币的未来然而，暴跌也暴露了稳定币市场的软肋——流动性不足。3月12日的“流动性大考”中，去中心化交易所的稳定币几近干涸，DAI的溢价事件敲响了警钟。MakerDAO紧急采取措施，引入USDC作为抵押品，引发了关于去中心化与实用性之间平衡的深入讨论。
However, the collapse also exposed the weakness of stabilizing the currency market – insufficient liquidity. In the “Mobility Test” of March 12, the decentralized exchange’s steady currency was nearly dried up, and the DAI’s premium event sounded a wake-up call.
面对未来，稳定币既是加密世界的“硬通货”，也面临着如何在危机中保持流动性的挑战。降低抵押率、增强系统弹性成为社区热议的话题。毕竟，当比特币和其他加密货币在风雨中摇摆时，稳定币能否稳如磐石，将是决定其长期地位的关键。
In the future, stabilizing the currency is both a “hard currency” of the encrypt world and a challenge to keeping it mobile in the midst of a crisis. Reducing the mortgage rate and increasing the system’s elasticity have become the subject of much discussion in the community.
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