Tether 的 USDT 無疑是穩定幣市場的霸主。或許你會認為，還需要討論該用哪種穩定幣嗎？事實並非如此。其實有許多因素值得考慮，並且有些替代選擇也值得你關注。最明顯的莫過於 Circle 的 USDC，但市場上還有一些有潛力的競爭者，其中最具代表性的就是源自香港的 FDUSD。
正如我們先前提到，Tether 已逼近歷史性的1,200億美元市值大關。
是時候分析主要穩定幣，分出高下，看看2024年究竟哪一款最值得使用。
前言：什麼是穩定幣，為何你需要它？
穩定幣已快速成為加密貨幣生態系統不可或缺的一環。原因在於：它們彌補了數字資產波動與傳統法幣穩定性之間的鴻溝。
它們的重要性在於能為加密市場提供穩定的交易媒介和價值存儲功能，有效降低比特幣、以太幣等加密貨幣本身的價格波動影響。無論市場怎麼起伏，穩定幣始終保持同等價值。
因此，穩定幣十分適合交易者、投資人與機構的各種應用需求。它們是進行交易、避險、接觸去中心化金融服務等相當可靠的工具。
穩定幣的大量應用不僅讓交易體驗更加順暢，同時也促進了去中心化金融（DeFi）的發展。它們已成為加密貨幣交易所流動性的基石，也是市場波動時的資金避風港。
眾多穩定幣之中，Tether（USDT）和USD Coin（USDC）已成為市場領導者，各自以不同的特性與策略經營穩定性、合規性和市場整合度。
新競爭者層出不窮，正如 First Digital USD（FDUSD）就是挑戰原有龍頭地位的代表。
這些穩定幣雖然都有維持價值穩定的共通目標，但實際運營模式、合規政策、透明度以及技術整合方面差異甚大。
依據你的個人目標，理解這些不同點將有助於你最大化使用穩定幣的效益。
穩定幣的主導地位與近期發展
穩定幣正持續成長。
截至2024年9月，穩定幣總市值已超過1,690億美元，較2023年10月的1,220億美元增長了38.5%。
Tether（USDT）依然主導著穩定幣市場，市佔率高達70.4%，市值即將突破1,200億美元。這一地位主要來自於堅實的資金流入與廣泛的交易平台應用。
USDT 也抓住每一個機會持續擴大其優勢。
僅在過去一個月，Tether就在以太坊區塊鏈新增鑄造10億美元，並在Tron新增1億美元。
其他穩定幣同樣有顯著表現。
Circle 的 USDC 持續增長，在多個面向快要追上USDT。
而新秀 First Digital USD（FDUSD）則展現了驚人的成長速度。
過去30天，FDUSD市值增長47%，達到29.4億美元。這樣迅速的擴張說明用戶對能滿足不同需求及相符監管架構的替代穩定幣有強烈需求（後文將會詳述）。
穩定幣的快速成長受到了多項因素影響：
全球通脹疑慮促使個人與機構尋求無需承受加密貨幣巨大波動風險的保值資產。在阿根廷或南非等國，人們因對政府與財政政策信心脆弱，更傾向於信任穩定幣。
因此，法幣匯率走弱，助長了穩定幣作為避險與跨境資金流轉工具的普及度，免於依賴常常問題重重且多變的傳統銀行系統。
另一方面，穩定幣更成為DeFi平台上經驗交易者的多功能工具。用戶能以穩定幣借貸、獲取利息，進一步鞏固穩定幣在數位金融生態中的核心角色。
現在，讓我們來看看兩大龍頭——USDT及USDC——以及成長迅速的嚴肅競爭者FSUSD，彼此間有哪些異同。
Tether（USDT）——發展歷程與財務資訊
Tether（USDT）於2014年推出，首創一種與美元1:1掛鉤的數位代幣，也就是所謂的「穩定幣」。
當初這個構想實屬新奇，很多人疑惑，誰會需要一種美元的數位對應物？
不過時勢終會證明一切。
Tether 的創新解決了加密貨幣交易的波動難題，讓用戶可以在不同加密貨幣之間切換，而無需兌換成法幣，大大節省了時間和手續費。
USDT 市值近年飛速成長，現時大約在1,190億美元左右，這正說明其市場接受度與用戶信任度，即便紛爭不斷，依然穩坐龍頭。Tether 提供全市場流動性，已是加密產業關鍵基礎設施。對不少人來說，USDT才是真正的加密貨幣「血脈」，甚至超越比特幣或以太幣。
<u>USDT市值，近12個月 / CoinMarketCap</u>
更值得關注的是，USDT近來交易金額甚至超越了Visa。這份成功，歸功於USDT早期決定跨多條區塊鏈發行。隨著時間推移，Tron鏈的交易速率高於以太坊，而且手續費更低廉。
但再美的玫瑰也有刺，USDT亦如此。
Tether長期以來因資產儲備及透明度遭受質疑與監管機構審查。
批評者及監管者都懷疑Tether是否持有足夠資產作為市場上所有USDT的完全儲備。
過去Tether曾宣稱所有USDT都以美元全額儲備作背書，但後續披露，實際儲備包含現金、現金等價物及其他資產（包括商業票據和貸款）。
2024年，Tether上半年淨利達52億美元，主要來自美國國債及其他資產投資。儘管獲利佳，外界對其儲備透明度質疑仍未消除。
各國監管機關持續要求Tether公開詳細財務審計，造成雙方緊張。缺乏獨立、全面透明審計報告依然是具爭議的問題，這可能影響Tether長遠的經營與用戶信心。
如果你考慮將資產交由Tether託管，這一點絕對值得多加斟酌。
USD Coin（USDC）——發展歷程與財務資訊
USD Coin（USDC）於2018年由Circle及Coinbase兩大加密產業領袖聯手推出。
上線之初，USDC就明確強調高度合規與透明，自信成為其他穩定幣的可靠替代品。這裡的「其他穩定幣」當然指的就是當時已經是翹楚的Tether（USDT）。
Circle在許多細節上採取了和Tether截然不同的方式。
USDC堅持嚴格儲備政策，確保每顆USDC都有1:1美元作為儲備，並存放在受監管金融機構的獨立帳戶中。為加強信任，USDC每月均由知名會計師事務所Grant Thornton LLP出具儲備證明。
截至2024年，USDC市值約358.8億美元，穩居第二大穩定幣。USDC在機構投資人及DeFi生態中高受歡迎，透明性與合規性深受肯定。
<u>USDC市值，近12個月 / CoinMarketCap</u>
對許多用戶來說，USDC就是更為透明可靠的替代品，相較於USDT總是有無數爭議纏身，並與監管機構衝突不斷。
USDC能夠廣泛融入全球金融體系，得益於與大型金融機構及科技公司的策略合作。
它亦積極配合歐洲MiCA加密資產市場監管新規，突顯USDC在法規因應上的領先。這與USDT的發展取徑形成強烈對比。
這種前瞻態度，不僅拓展使用者群，也為USDC在監管數位資產未來規劃中建立有利地位。
USDC和其最大「死對頭」一樣，在技術層面也走在前端，除了以太坊，還支援Algorand、Solana和Stellar等多條區塊鏈。
First Digital USD（FDUSD）——發展歷程與財務資訊
First Digital USD（FDUSD）是新一代穩定幣的重要成員。 stablecoin market. It was launched by First Digital Trust, a Hong Kong-based financial institution specializing in custody and asset servicing solutions. FDUSD aims to provide a secure and compliant stablecoin option, particularly catering to the Asian market.
穩定幣市場。FDUSD 由位於香港的金融機構 First Digital Trust 推出，該公司專門提供託管和資產服務解決方案。FDUSD 旨在提供一個安全且合規的穩定幣選項，特別針對亞洲市場需求。
Despite its relatively recent entry, FDUSD has already achieved significant growth.
儘管 FDUSD 進入市場的時間相對較短，但已經取得了顯著成長。
Over the last 30 days, its market capitalization surged by 47%, reaching $2.94 billion.
在過去 30 天內，其市值激增 47%，達到 29.4 億美元。
This rapid ascent can be attributed to several factors.
這種快速成長可歸因於多項因素。
FDUSD emphasizes full compliance with regional regulations, appealing to users and institutions in jurisdictions where regulatory oversight is stringent. It’s much closer to USDC than to USDT in this regard.
FDUSD 強調全面遵守地區監管法規，對於法規嚴格的司法管轄區的用戶和機構極具吸引力。在這方面，FDUSD 與 USDC 更為接近，而不是 USDT。
Full Asset Backing is also a thing here. FDUSD is committed to maintaining full reserve backing, providing users with confidence that each token is redeemable for its equivalent value in U.S. dollars. That helps build trust, to say the least.
全資產儲備也是它的特點之一。FDUSD 承諾維持 100% 的儲備支持，讓用戶放心每一枚代幣都可兌換為等值美元。這至少有助於建立信任。
Also worth mentioning that FDUSD's integration into major offshore exchanges has enhanced its liquidity and accessibility, making it a viable alternative to established stablecoins like USDT.
同時值得一提的是，FDUSD 已經整合到多個主要的離岸交易所，增加了其流動性與可接觸性，讓其成為如 USDT 等成熟穩定幣的可行替代選擇。
<u>FDUSD Market Cap, Last 12 Month / CoinMarketCap</u>
Focus on Cross-Border Transactions is the killer feature of FDUSD. The new Asian-born stablecoin is designed to facilitate efficient cross-border payments, addressing a critical need in global finance, especially in regions where traditional banking services may be limited or costly.
跨境交易的聚焦，是 FDUSD 的“殺手級”功能。這款新興自亞洲的穩定幣專為促進高效跨境支付而設計，滿足全球金融領域的一項關鍵需求，尤其是在傳統銀行服務受限或成本高昂的地區。
While FDUSD's market share remains small compared to USDT and USDC, its growth trajectory and strategic positioning suggest that it could become a significant player in the stablecoin arena. Particularly within specific regional markets, but there a sign of the gaining popularity worldwide.
雖然 FDUSD 的市佔率相比 USDT 與 USDC 仍然較小，但其成長曲線與策略定位顯示，未來有機會成為穩定幣領域的重要參與者。尤其在特定區域市場已展現潛力，但國際上的認可也逐漸提升。
USDT、USDC 與 FDUSD 比較分析：韌性、可持續性、聲譽
The stablecoins USDT, USDC, and FDUSD, while sharing the fundamental goal of maintaining a stable value pegged to the U.S. dollar, differ markedly in their approaches to operational transparency, regulatory compliance, technological integration, and market strategies.
A deep analysis of these differences is essential to understand their respective positions in the market and potential future developments. This is how you define where to put your money.
USDT、USDC 與 FDUSD 這三款穩定幣雖然都致力於維持與美元等值的穩定價格，但在營運透明度、監管合規性、技術整合及市場策略上有明顯差異。
深入分析這些差異，有助於理解它們在市場中的定位與未來可能的發展方向，也能幫助你決定資金的分配。
營運透明度與儲備管理
As we mentioned above, USDT has historically been less transparent about its reserve holdings.
如前所述，USDT 在過去對於儲備資產的透明度一直較低。
While Tether has provided periodic attestations and reports, these have not always satisfied regulatory authorities or critics who demand full audits by reputable third parties. The composition of USDT's reserves has been a focal point of concern, with a significant portion previously held in commercial paper and other assets rather than cash equivalents. This lack of full transparency raises questions about Tether's ability to meet redemption demands during periods of high market stress. The more people withdraw their assets the more pressure Tether will experience.
雖然 Tether 不定期發布一些審核聲明與報告，但這些通常難以讓監管機關或要求第三方完整審計的評論者放心。USDT 儲備資產組成長期受關注，過去曾有大量儲備為商業票據及非現金等價物。這種不完全透明讓外界對 Tether 能否在市場壓力下承擔大規模兌換產生質疑，兌換人數越多，壓力就越大。
In contrast, USDC has built its reputation on operational transparency.
相對而言，USDC 則以營運透明度建立起其聲譽。
Circle, the issuer of USDC, provides regular, detailed attestations of its reserves, conducted by Grant Thornton LLP. These reports include information about the types of assets held and confirm that reserves are held in segregated accounts. USDC's commitment to transparency extends to compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which enhances its credibility among regulators and institutional users.
USDC 的發行商 Circle 定期由 Grant Thornton LLP 進行詳細的儲備審查報告，公開所有資產型態並明確指出資產獨立託管。USDC 不僅強調透明，也充分遵循 KYC 和反洗錢規範，這令其在監管機關和機構用戶間的公信力大為提升。
FDUSD also emphasizes full asset backing and regulatory compliance.
FDUSD 同樣強調全額儲備與合規。
But as a newer stablecoin, FDUSD has yet to establish a long-term track record of transparency. Its association with First Digital Trust, a regulated entity, adds a layer of credibility. However, FDUSD will need to continue building trust through consistent, transparent reporting and independent audits to solidify its reputation. If it manages to go further with no scandals and questionable moments, it will further drift in the wake of USDC. This will mark contrast with USDT and make the competition even sharper.
但作為較新的穩定幣，FDUSD 在長期透明度上的紀錄尚待建立。掛鉤 First Digital Trust 這家合規機構有助提升信用，但未來仍需靠定期、公開的審計繼續累積市場信任。一旦 FDUSD 持續無爭議發展，其聲譽可能會逐漸與 USDC 看齊，進一步與 USDT 拉開差距，市場競爭將更激烈。
監管合規與全球整合
Would you rather entrust your savings or operational assets to an entity that is 100% legal or to an entity that is regularly on the brink of a war with the authorities. Well, unless you are a Pavel Durov’s fan, the answer it kind of obvious.
若要將你的資產安全或業務資金託付給一家機構，你會選擇 100% 合法運作，還是經常與監管機關鬧衝突的公司？除非你是 Pavel Durov 的粉絲，答案應該很明顯。
Regulatory compliance is a critical differentiator among stablecoins, influencing their adoption and integration into the global financial system.
監管合規性是穩定幣間重要的分水嶺，深刻影響其於全球金融體系的採用與整合。
Once again, USDT has faced regulatory challenges, including investigations and fines related to its reserve disclosures and operations. These issues have led to restrictions in certain jurisdictions and have prompted some institutions to limit or avoid using USDT due to compliance concerns.
USDT 屢屢遭遇監管調查及罰款，主要涉及儲備披露及運營問題。在部分國家或地區，這些問題已導致使用上的限制，一些機構亦因為法規風險選擇減少或不用 USDT。
For instance, with the implementation of MICA, many European services and platforms are about to get rid of USDT. That includes even Binance in many countries of the EU.
舉例來說，隨著 MICA 法規實施，歐洲的許多平台和服務即將下架 USDT，連歐盟多國的幣安（Binance）也不例外。
That might mean nothing to you if you come from other parts of the world, but in Europe USDT seems to be on the verge of loosing its leading positions.
這對於世界其他地區或許影響不大，但在歐洲，USDT 顯然正失去其領先地位。
USDC has proactively engaged with regulators and designed its operations to meet regulatory requirements in key markets. Its compliance with the MiCA regulation in Europe and adherence to U.S. financial regulations position USDC as a stablecoin that can be confidently used by institutions and entities that operate within strict regulatory environments.
USDC 則積極向監管單位接軌，主動設計業務流程以確保在主要市場的合規，無論在歐洲 MiCA 或美國的法規要求下，USDC 都能符合嚴格的使用環境，成為機構用戶的首選。
You might not like the fact that you have to explain to your business partners why are you choosing USDC instead of USDT, but in terms of legal hurdles, USDC looks a more clear choice.
或許你不喜歡每次都要向業務夥伴解釋自己不用 USDT 而選擇 USDC，但就法規獨立與安全來看，USDC 仍然是更明確的正規選擇。
FDUSD operates within the regulatory framework of Hong Kong and other Asian jurisdictions. Its focus on compliance in these regions makes it an attractive option for users and businesses operating in Asia. As global regulatory landscapes evolve, FDUSD's ability to navigate and comply with international regulations will be crucial for its expansion. Experts have no doubts that FDUSD is going to comply to all kinds of legal demand as the widespread adoption rises. That makes it a one more tough competitor to USDT.
FDUSD 則是在香港及其他亞洲司法管轄區合規架構下運營，聚焦於該區合規市場，因此吸引當地用戶與企業。隨全球監管加強，FDUSD 能否順利跨國調整合規策略將決定其版圖擴張。專家普遍認為 FDUSD 會隨著市場普及而持續符合法規要求，未來將是 USDT 的強勁對手之一。
技術整合與生態參與
It’s difficult to directly compare transaction speeds and fees of USDT, USDC, and FDUSD due to the fact they operate on different blockchains. But still there is some info you should be familiar with.
由於 USDT、USDC 和 FDUSD 各自架設於不同區塊鏈，交易速度及手續費很難完全對等比較。不過還是有些資訊值得注意。
USDT (Tether) is available on multiple blockchains, including Ethereum (ERC-20), Tron (TRC-20), and others like Solana and Binance Smart Chain.
USDT（Tether）可於多種區塊鏈上使用，包括 Ethereum（ERC-20）、Tron（TRC-20）以及 Solana、幣安智能鏈等。
On the Ethereum network, USDT transactions can experience slower speeds and higher fees due to network congestion and elevated gas prices (sometimes reaching a few dollars per 100 dollars sent). In contrast, USDT on the Tron network offers faster transaction speeds and significantly lower fees, making it a popular choice for users who prioritize cost-efficiency and quick transfers.
在 Ethereum 上，USDT 交易可能因網路壅塞與高昂 gas 費變得較慢（有時每 100 美元就要幾美金手續費）。而在 Tron 區塊鏈上，USDT 速度快、手續費低，因此很受訴求效率或低成本轉帳的用戶青睞。
USDC (USD Coin) also operates on several blockchains such as Ethereum, Algorand, Solana, and Stellar. Similar to USDT, USDC transactions on Ethereum can be costly and slower because of network congestion.
USDC（USD Coin）同樣運作於多條鏈，包括 Ethereum、Algorand、Solana、Stellar 等。在以太坊上，像 USDT 一樣常因壅塞而較慢且手續費高。
However, on networks like Solana and Algorand, USDC transactions are much faster and incur minimal fees, often just fractions of a cent, thanks to these networks’ high throughput and scalability.
但在 Solana、Algorand 等高效鏈上，USDC 交易速度極快，手續費幾乎微不足道（常常小於一美分），主要因這些區塊鏈的高吞吐量與可擴展性。
Anyway, in most cases USDT’s wider network allows cheaper fees than USDC (Tron vs Solana blockchain, for that matter). But for small transactions the difference is negligible. So to most common users they will seem adequately same.
整體而言，USDT 憑藉更多元的網絡選擇（如 Tron），手續費通常較 USDC 低（如 Tron 對比 Solana）。但對小額用戶而言，雙方差異其實很微小，大多用途都能彼此取代。
FDUSD (First Digital USD) is a newer stablecoin, and specific data on its transaction speeds and fees is still somewhat limited.
FDUSD（First Digital USD）作為新進穩定幣，交易速度與手續費等具體資料暫時仍有限。
FDUSD operates on Ethereum, a rather slow blockchain at the moment, and BNB Chain that emphasizes quick transaction times and relatively low fees to enhance its appeal for global payments.
FDUSD 現已發行在 Ethereum（目前相對緩慢）及 BNB Chain（主打交易快捷低費用），提升其全球支付的吸引力。
Anyway, it would be safe to say, that in general transaction speed and fees are to be improved here, compared to USDT on Tron and USDC on Solana.
基本上，在目前階段 FDUSD 的速度與手續費尚不及 USDT（Tron）與 USDC（Solana），有進步空間。
市場策略與用戶基礎
The market strategies of these stablecoins influence their adoption and the demographics of their user bases.
這些穩定幣的市場策略也直接影響其採用情形和用戶輪廓。
USDT targets a broad user base, from retail traders to large institutions, offering high liquidity and availability across numerous exchanges. Its low transaction fees on certain networks, like Tron, make it attractive for high-volume traders and those seeking cost-effective transactions.
USDT 瞄準廣大用戶群，從一般投資人到機構投資者皆有涉獵，其高流動性與幾乎全平台可得性，連同部分網路（如 Tron）超低手續費，非常適合高頻交易或重視低成本的操作需求。
USDC focuses on institutional adoption and integration into regulated financial services. Its partnerships with established financial institutions and fintech companies reflect a strategy aimed at building trust and facilitating large-scale financial operations.
USDC 則以機構採用及與金融科技公司合作為主軸，積極融入合規金融服務體系，策略重點在於建立信任、促進大筆資金流轉。
FDUSD is strategically positioning itself within the Asian markets, catering to users who require efficient cross-border payment solutions and compliance with regional regulations. Its growth in these markets indicates a successful alignment with the needs of its target user base.
FDUSD 則明確鎖定亞洲市場，服務於需要高效跨境支付且重視合規性的用戶與企業。在這一區域的成長，意味著其策略與目標客群需求高度契合。
風險評估與可持續性
Each stablecoin faces risks that could impact its sustainability and market position.
每款穩定幣都面臨左右其永續經營與市場地位的風險。
USDT's primary risks stem from regulatory scrutiny and the potential for legal actions that could limit its operations. Additionally, any significant loss of confidence due to reserve transparency issues could lead to a rapid decrease in its market capitalization and liquidity.
USDT 最主要風險在於長期受到監管關注，隨時可能遭遇法律限制。此外，若因儲備透明爭議導致信心危機，其市值與流動性勢必大幅下降。
USDC's risks are associated with regulatory changes that could impose new requirements or restrictions on stablecoins. While its compliance stance is a strength, it also subjects USDC to the uncertainties of evolving regulations.
USDC 則面臨監管政策變動風險，未來法規收緊可能帶來新的限制。雖然合規性是其優勢，卻也讓 USDC 必須時刻因應國際法規動態。
FDUSD faces the challenges of building market share in a
FDUSD 則挑戰在於如何於市場中搶佔市佔率，並…… *(請補上後續段落以完成翻譯)*competitive environment and establishing long-term trust. Regulatory changes in its operating regions or broader geopolitical shifts could also impact its growth.
競爭環境以及建立長期信任。其營運區域的監管變化，或更廣泛的地緣政治變動，也可能影響其成長。
Conclusion
結論
In conclusion, while USDT, USDC, and FDUSD all serve the fundamental purpose of providing stability within the cryptocurrency market, their differences in transparency, compliance, technological integration, and market strategies cater to different segments of the market.
總結來說，雖然USDT、USDC與FDUSD都肩負著為加密貨幣市場提供穩定性的核心角色，但它們在透明度、合規性、技術整合與市場策略等方面的差異，使其分別滿足市場上的不同族群需求。
USDT's dominance is rooted in its liquidity and widespread adoption, making it indispensable for many traders and exchanges. However, ongoing concerns about transparency and regulatory compliance present potential risks. If you wish to have your assets in coin that is widely popular and is accepted literally everywhere on planet earth, USDT is the choice for you.
USDT之所以能夠稱霸市場，源於其高度流動性與廣泛被採納，對許多交易者與交易所而言已成不可或缺。然而，圍繞著透明度和監管合規性的持續關注，仍帶來潛在風險。如果你希望將資產存放在全球幾乎所有地方都廣受歡迎並被接受的加密貨幣，USDT會是你的首選。
USDC's commitment to transparency and regulatory adherence appeals to institutions and users who prioritize security and compliance. Its technological integrations and support for innovation position it well for growth in regulated markets and advanced financial applications. If you are a law abiding citizen (especially, living in Europe) USDC is the way to go. Safe and solid.
USDC則以高度透明與嚴格遵循監管法規為號召，吸引了重視安全與合規的機構及用戶。其技術整合以及支持創新的特性，讓USDC在受監管市場及高階金融應用領域展現出成長潛力。如果你是循規蹈矩的公民（尤其居住在歐洲），USDC將會是你的理想選擇。安全又穩健。
FDUSD, as an emerging stablecoin, is capitalizing on regional opportunities, focusing on compliance and efficiency in cross-border transactions. Its success will depend on its ability to build trust and expand its integrations within the global financial system. But, as of now, it is already a pretty interesting choice for users in Asia where FDUSD has already become a local USDC of a kind.
FDUSD作為新興穩定幣，正在把握區域機會，著重於合規與跨境交易效率。其成功與否，取決於能否建立信任、並擴大全球金融體系中的整合。不過，目前FDUSD對於亞洲用戶而言，已逐漸成為一種地區性「USDC」，是相當值得關注的新選擇。