在加密领域经历了一场前所未有的“黑色星期”后，稳定币成为了避风港的象征。投资者的惊慌与抄底欲望将USDT推上了风口浪尖，一时之间，“炒USDT胜过炒BTC”成为热议话题。
After an unprecedented black week in the field of encryption, the stable currency became the symbol of a safe haven. Investors’ panic and desire to copy pushed USDT to the top of their mouths, and then, in a moment, “USDT is better than BTC” became the subject of discussion.
随着比特币在3月的骤跌，市场恐慌情绪达到顶点，USDT因供需失衡而溢价飞涨，最高达14.29%，火币OTC报价一度超乎寻常。对此，业内声音众说纷纭，多数分析指向大规模抛售转持USDT避险的行为，而非新资金入场。市场大户的出货操作，加上对美元流动性的渴望，共同促成了USDT的持续溢价现象。
As Bitcoin plunged in March, market panic reached its peak, with USDT surging premiums due to imbalances in supply and demand, reaching a peak of 14.29%, and the tender OTC offer, once extraordinary. In response, there was a lot of talk in the industry, and most of the analysis pointed to large-scale sell-outs of USDT bailouts, rather than new capital inflows.
OK Research的分析指出，市场恐慌和流动性短缺是溢价的主要原因，而美元作为避险资产的强势，也间接影响了以人民币计价的USDT溢价。
OK Research's analysis points out that market panic and liquidity shortages are the main causes of premiums, and that the strength of the United States dollar as a hedge asset indirectly affects the USDT premium, which is denominated in the renminbi.
暴跌背后的稳定币繁荣在比特币价值蒸发数百亿美元之际，稳定币市场却逆流而上，市值急剧增长。USDT、USDC等稳定币不仅稳居市值排名前列，更是在这场危机中迎来了市场份额的显著扩张。DAppTotal数据显示，稳定币市场总额迅速膨胀，其中USDC和BUSD的增幅尤为突出，这得益于它们在市场动荡中的流动性支持角色和MakerDAO等平台的认可。
At a time when the value of Bitcoins evaporates by tens of billions of dollars, stable currency markets rise sharply, with stable currencies such as USDT, USDC, and so on. Not only are they at the top of the market value ranking, but the crisis has witnessed a significant expansion in market share.
新兴稳定币如BUSD的市值暴增，显示出市场对安全港资产的强烈需求。USDT的多链发行策略，更是彰显其扩大影响力的野心。
The market value of new and stable currencies, such as BUSD, has increased dramatically, indicating a strong market demand for safe harbour assets. The USDT’s multi-chain distribution strategy is a further indication of its ambition to expand its influence.
流动性考验与去中心化的反思极端行情下，稳定币流动性的问题凸显，去中心化交易所一度陷入困境。MakerDAO紧急引入USDC作为抵押品，引发了社区对于去中心化理念与现实需求之间平衡的深刻讨论。一方面，市场对稳定币的依赖加深；另一方面，这也暴露了单一资产抵押的局限性和应对极端市场波动的脆弱性。
In extreme circumstances, the problem of stabilizing the currency’s liquidity has been highlighted, and decentralized exchanges have been in a state of difficulty. The urgent introduction of USDC as collateral by MakerDAO has triggered a profound discussion in the community about the balance between the concept of decentralization and real demand.
专家和社区成员之间的观点碰撞，反映了在危机时刻，实用性与去中心化原则的权衡。降低DAI的抵押率、探索更多抵押品选项，成为了解决流动性和维护去中心化精神的双刃剑。
A clash of views between experts and community members reflects a trade-off between the principle of pragmatism and de-centreization in times of crisis. Lower DAI mortgage rates, explore more collateral options, and become a double-edged sword to address mobility and preserve de-centrism.
总而言之，这场加密货币市场的剧变，不仅测试了稳定币的抗压能力，也加速了市场对稳定币功能和内在机制的再思考。未来，稳定币如何在保障流动性与维护去中心化之间找到最佳平衡点，将成为行业关注的新焦点。
In sum, this upheaval in the crypto-currency market has not only tested currency stability’s resilience, but has also accelerated the market’s rethinking of its functioning and built-in mechanisms. In the future, how to stabilize the currency will find the best balance between safeguarding liquidity and maintaining decentralisation will be a new focus of industry attention.
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