Acabou de acontecer! O punho de ferro da regulamentação destruiu 400 milhões de dólares em stablecoins, quem será o próximo?

资金只有抵达终点，才算真正完成了它的使命。
Overseas working money must go through banks, exchange points, payment partners, and local compliance reviews to be used for paying rent, tuition, and buying daily necessities.
在此之前，它只是流动的数字，而非可用的货币。
Before that, it is just a flowing number, not usable currency.

如今，链上生态面临同样的困境。
Today, the on-chain ecosystem faces the same dilemma.
稳定币通过代码实现全球流转，但其真实价值，取决于它能对接什么场景、谁有权使用，以及支撑它的储备金和赎回机制受到何种监管。
Stablecoins achieve global circulation through code, but their real value depends on what scenarios they can connect to, who has the right to use them, and what regulations govern their reserves and redemption mechanisms.
今天聊聊那些非美元的本土法币稳定币，它们为何增长，又为何停滞。
Let’s talk about those non-dollar local fiat stablecoins, why they are growing, and why they are stagnating.

监管的意志，在Tether发行的欧元稳定币$EURT身上得到了最彻底的体现。
The will of regulation is most thoroughly reflected in the euro stablecoin $EURT issued by Tether.
2024年欧盟MiCA法规正式实施，几乎直接宣告了$EURT的终结。
The 2024 EU MiCA regulations will officially come into effect, almost directly declaring the end of $EURT.
作为最早诞生、也曾是规模最大的非美元稳定币之一，其流通量从超过4亿美元骤降至约5000万美元。
As one of the earliest and once the largest non-dollar stablecoins, its circulation dropped from over $400 million to about $50 million.
受此拖累，全球本土法币稳定币的总供应量，也从10亿美元萎缩到3.5亿美元。
As a result, the total supply of global local fiat stablecoins shrank from $1 billion to $350 million.

这个行业里，很多人曾天真地以为，写好代码、注入流动性，市场就会自然生长。
Many people in this industry once naively thought that writing good code and injecting liquidity would naturally grow the market.
但非美元稳定币并非单纯的网络代币，它们的目标是成为更好的数字化欧元、日元或泰铢，依托公链实现7x24小时流转，摆脱银行营业时间的束缚。
But non-dollar stablecoins are not simply network tokens; their goal is to become better digital euros, yen, or baht, relying on public chains to achieve 24/7 circulation, freeing them from the constraints of bank operating hours.

同时，它们又深深扎根于各国的传统金融体系，必须遵守储备金规定、合规牌照、支付网络规则和刚性赎回承诺。
At the same time, they are deeply rooted in the traditional financial systems of various countries and must comply with reserve regulations, compliance licenses, payment network rules, and rigid redemption commitments.
$EURT的落幕是一个警钟：先发优势并非护城河。
The end of $EURT is a wake-up call: first-mover advantage is not a moat.
一国监管规则的变动，足以抹平先行者积累的所有优势。
Changes in a country’s regulatory rules can easily wipe out all the advantages accumulated by the pioneers.

不过，监管对稳定币而言并非全是坏消息。
However, regulation is not all bad news for stablecoins.
如果真是那样，在$EURT停摆后，整个非美元稳定币行业就该停滞了。
If that were the case, the entire non-dollar stablecoin industry should have stagnated after the halt of $EURT.
事实恰恰相反。
The fact is quite the opposite.
如果剔除$EURT，非美元稳定币的总供应量实现了近三倍的增长，从2023年1月的大约3.5亿美元，攀升至2026年2月的11亿美元。
Excluding $EURT, the total supply of non-dollar stablecoins achieved nearly threefold growth, rising from about $350 million in January 2023 to $1.1 billion in February 2026.

随着流通量增长，持有此类稳定币的地址数量从约4.2万个激增至120万个以上。
With the increase in circulation, the number of addresses holding such stablecoins surged from about 42,000 to over 1.2 million.
月度转账规模从6亿美元飙升至100亿美元，涨幅达16倍；
Monthly transfer volume soared from $600 million to $10 billion, a 16-fold increase;
月度发起转账的地址数量翻了22倍，从6000个增加到13.5万个。
The number of addresses initiating monthly transfers increased 22-fold, from 6,000 to 135,000.

用户和转账行为的增速远超代币供应量的增速，这证明行业的增长源于真实市场参与度的提升。
The growth rate of users and transfer activities far exceeds the growth rate of token supply, proving that the industry’s growth stems from increased real market participation.
可见，成熟的合规框架落地后，反而吸引了更多发行机构和普通用户入场。
It is evident that after the implementation of a mature compliance framework, it has attracted more issuing institutions and ordinary users to enter the market.

那么，这些非美元资金流向了哪里？
So, where is this non-dollar funding flowing?
2026年初的数据显示，本土法币稳定币的转账中，有38%被归类为未识别的转账，这主要代表了基础的支付与结算行为，比如个人间的点对点转账，或是从自托管钱包向支付服务商划转资金。
Data from early 2026 shows that 38% of the transfers of local fiat stablecoins are classified as unidentified transfers, mainly representing basic payment and settlement activities, such as person-to-person transfers or transfers from self-custody wallets to payment service providers.

其余流向分布如下：借贷业务占29%，去中心化交易所交易占17%，与中心化交易所相关的流转占14%。
The distribution of the remaining flows is as follows: lending activities account for 29%, trading on decentralized exchanges accounts for 17%, and circulation related to centralized exchanges accounts for 14%.
这揭示了非美元稳定币的两大核心链上用途：一是满足个人与企业间的基础支付结算；
This reveals the two core on-chain uses of non-dollar stablecoins: first, to meet basic payment and settlement between individuals and enterprises;
二是深度融入DeFi生态，服务于借贷和交易等金融需求。
Second, to deeply integrate into the DeFi ecosystem, serving financial needs such as lending and trading.

但这里存在一个关键问题：如果剔除欧元稳定币，市场图景将完全不同。
But there is a key issue here: if we exclude euro stablecoins, the market picture would be completely different.
欧元稳定币占据了非美元稳定币总转账量的90%以上，它早已成为一个独立的、标准化的金融标的。
Euro stablecoins account for over 90% of the total transfer volume of non-dollar stablecoins and have already become an independent, standardized financial asset.

用户将其存入借贷池、在DEX进行交易，视其为可生息、可抵押、全链流通的链上现金。
Users deposit them into lending pools, trade on DEXs, and view them as interest-bearing, collateralizable, on-chain cash that circulates throughout the chain.
这使得本土法币稳定币整体呈现出更为成熟的金融业态。
This has made local fiat stablecoins present a more mature financial structure overall.
像$EURC、$EURS、$EURm、$EUROe等欧元稳定币，已全面接入Aave、Morpho、Fluid等主流DeFi收益平台。
Euro stablecoins like $EURC, $EURS, $EURm, and $EUROe have fully integrated with mainstream DeFi yield platforms such as Aave, Morpho, and Fluid.

剔除欧元系资产后，剩余的非美元数字货币主要用于结算。
After excluding euro assets, the remaining non-dollar digital currencies are mainly used for settlement.
近八成的非美元、非欧元稳定币交易被归为未识别转账，这可能涵盖了钱包间资金转移、企业债务结算、汇款式转账以及通过服务商进行的支付。
Nearly 80% of non-dollar, non-euro stablecoin transactions are classified as unidentified transfers, which may include fund transfers between wallets, business debt settlements, remittance-style transfers, and payments made through service providers.

在非美元稳定币体系中，欧元资产一枝独秀，预示着行业下一阶段的增长主力或将聚焦于DeFi原生应用。
In the non-dollar stablecoin system, euro assets stand out, indicating that the next phase of industry growth may focus on DeFi native applications.
而欧元以外的各国本土稳定币，仍需先夯实跨境基础结算能力，普及法币上链流转，之后才能逐步渗透DeFi赛道。
Local stablecoins from countries other than the euro still need to solidify their cross-border basic settlement capabilities and popularize fiat on-chain circulation before they can gradually penetrate the DeFi space.

这类刚需的增长意义重大，它覆盖薪资代发、企业国库管理、商户回款清算、跨境侨汇、外汇兑换等核心场景。
The growth of this essential demand is significant, covering core scenarios such as payroll distribution, corporate treasury management, merchant payment clearing, cross-border remittances, and foreign exchange.
这些领域的监管严苛度远超纯粹的投机性DeFi业务，经营性资金无法容忍任何规则模糊地带。
The regulatory rigor in these areas far exceeds that of purely speculative DeFi activities, and operational funds cannot tolerate any gray areas in the rules.

如果稳定币想要对接本土支付体系、企业财资流程和高合规场景，就必须具备可溯源的储备金机制、清晰的赎回路径和完善的法律保障。
If stablecoins want to connect to local payment systems, corporate financial processes, and highly compliant scenarios, they must have traceable reserve mechanisms, clear redemption paths, and comprehensive legal guarantees.
这也注定，合规监管是非美元稳定币实现规模化的核心基石。
This also determines that compliance regulation is the cornerstone for non-dollar stablecoins to achieve scalability.

这同样解释了为何金融体系成熟的地区增长更快。
This also explains why regions with mature financial systems grow faster.
有分析指出，巴西雷亚尔（$BRL）和日元（$JPY）稳定币的活跃度，均在本地监管框架完善后迎来爆发；
Analysts have pointed out that the activity of Brazilian real ($BRL) and yen ($JPY) stablecoins surged after the local regulatory frameworks were improved;
而像印尼这样尚未出台专项合规制度的市场，整体发展进度则明显滞后。
In contrast, markets like Indonesia, which have not yet established specific compliance systems, show significantly lagging overall development.

从经济基本面看，非美元稳定币具备不可替代的价值。
From an economic fundamental perspective, non-dollar stablecoins possess irreplaceable value.
传统跨境支付兑换成本高昂，侨汇资金大量损耗在外汇点差和中间手续费中。
Traditional cross-border payment exchange costs are high, and remittance funds are heavily diminished by foreign exchange spreads and intermediary fees.
丰富多元的本土法币稳定币生态，能够减少资金经由美元结算的冗余环节，大幅压缩汇兑成本、消除结算摩擦。
A rich and diverse local fiat stablecoin ecosystem can reduce redundant steps in funds settling through the dollar, significantly compressing exchange costs and eliminating settlement friction.

同时，它方便企业与个人直接持有用于日常收入、消费和储蓄的原生币种资产。
At the same time, it enables businesses and individuals to directly hold native currency assets for daily income, consumption, and savings.
其发展潜力早已超越单纯的DeFi范畴。
Its development potential has long surpassed simple DeFi categories.
欧元稳定币为本土数字法币融入传统金融体系树立了标杆。
Euro stablecoins have set a benchmark for the integration of local digital fiat currencies into traditional financial systems.

放眼全球，降低跨境资金流转对美元的依赖、实现提速降本，才是更大的行业红利。
Looking globally, reducing reliance on the dollar for cross-border fund flows and achieving speed and cost reduction is the greater industry dividend.
未来，那些能够简化本土法币转账与结算流程、并无缝对接现有传统支付基础设施的发行方，将从非美元稳定币的巨大潜力中获益。
In the future, those issuers who can simplify local fiat transfer and settlement processes and seamlessly connect with existing traditional payment infrastructures will benefit from the enormous potential of non-dollar stablecoins.
如果他们能创造有利条件，DeFi的整合也将水到渠成。
If they can create favorable conditions, the integration of DeFi will naturally follow.

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