TradingKey - 马杜罗积极采用泰达币进行石油结算，推动 USDT 市值激增；这一趋势是否会使其市值超越比特币？
根据《华尔街日报》1 月 10 日的报道，委内瑞拉总统尼古拉斯·马杜罗为了规避外部制裁，正在使用泰达币（USDT）进行石油交易结算，使 USDT 成为全球领先的稳定币。
截至发稿时，USDT 的市值超过 1800 亿美元，在所有稳定币中排名第一，总市场占有率接近 6%，显著超过 Circle 发行的 USDC、Ethena Labs 的 USDe 等其他稳定币。考虑到 USDT 的强劲势头，它最终能否超越比特币（BTC）？
<img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/stablecoin-usdt-usdc-usde-ffc3664d74714d04a1f3ef9bfa75ef4c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/stablecoin-usdt-usdc-usde-ffc3664d74714d04a1f3ef9bfa75ef4c.png"/>
按市值排名的前 10 大稳定币，来源：CoinMarketCap。
鉴于当前巨大的差距，泰达币在短期内超越比特币的可能性不大。 尽管泰达币在加密市场中排名第三，仅比比特币低两个名次，但比特币的市值超过 1.8 万亿美元，泰达币远未能与之抗衡。
<img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/cryptocurrency-market-capitalization-1afb93948aea44fb93bc8f8275aac6f9.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/cryptocurrency-market-capitalization-1afb93948aea44fb93bc8f8275aac6f9.png"/>
按市值排名的前 10 大加密货币，来源：CoinMarketCap。
从长远来看，理论上泰达币可能会超越比特币，但在现实中仍然不太可能。 在实用性方面，USDT 主要作为交换媒介，而比特币还充当价值储存和投资资产，使得比特币的需求和共识远强于泰达币。
从监管角度来看，泰达币超越比特币的难度更大。 泰达币是一个中心化的代币，其美元储备一直笼罩在神秘之中，受到市场的质疑。相比之下，比特币是一个去中心化的代币，在全球范围内获得了不同程度的认可；例如，美国已批准多个现货比特币 ETF，并提出了战略比特币储备。
虽然泰达币在现实中几乎不可能超越比特币，但如果美国给予其官方地位以实现战略加密目标——使其与美元平起平坐，成为官方国家加密货币，这种情况是有可能发生的。 根据 2025 年 12 月发布的数据，美国 M2 货币供应量达到了 22.3 万亿美元，超过比特币市值的十倍以上。
<img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/usd-m2-e1f98de228c74302b4071a5800226320.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/usd-m2-e1f98de228c74302b4071a5800226320.png"/>
美国 M2 货币供应量，来源：MacroMicro。
USDT 会从商业稳定币转变为官方美国稳定币吗？要实现这一目标，需要国会立法和监管框架，目前尚无此方面的动力。实际上，即使 USDT 的市场份额增长，监管机构更可能青睐中央银行数字货币（CBDC）或由受监管金融机构发行并接受严格审计的合规稳定币，而不是承载众多难以评估风险的泰达币，包括技术、监管和市场风险。
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委内瑞拉总统尼古拉斯·马杜罗（Nicolás Maduro）使用泰达币（USDT）进行石油交易，正在提升其市值，目前超过 1800 亿美元，使其成为领先的稳定币。然而，USDT 的市值远低于比特币的 1.8 万亿美元，短期内不太可能超过比特币。虽然 USDT 作为一种交换媒介，但比特币被视为价值储存。监管挑战和对泰达币储备的怀疑进一步复杂化了其与比特币竞争的潜力，尽管如果在美国获得官方地位，理论上存在可能性

TradingKey - Maduro's aggressive adoption of Tether for oil settlements drives USDT market cap surge; could this trend propel its market cap beyond Bitcoin?
<div class="lb-trans">TradingKey - 马杜罗积极采用泰达币进行石油结算，推动 USDT 市值激增；这一趋势是否会使其市值超越比特币？
</div>According to The Wall Street Journal on January 10, reports indicate that Venezuelan President Nicolás Maduro, in an effort to circumvent external sanctions, is using Tether ( USDT ) to settle oil transactions, propelling USDT to become the world's leading stablecoin.
<div class="lb-trans">根据《华尔街日报》1 月 10 日的报道，委内瑞拉总统尼古拉斯·马杜罗为了规避外部制裁，正在使用泰达币（USDT）进行石油交易结算，使 USDT 成为全球领先的稳定币。
</div>As of press time, USDT's market capitalization exceeds $180 billion, ranking first among all stablecoins with a total market dominance of nearly 6% , significantly surpassing the stablecoin issued by Circle,USDC, Ethena Labs' USDe, and others. Given USDT's strong momentum, could it eventually surpass Bitcoin ( BTC )?
<div class="lb-trans">截至发稿时，USDT 的市值超过 1800 亿美元，在所有稳定币中排名第一，总市场占有率接近 6%，显著超过 Circle 发行的 USDC、Ethena Labs 的 USDe 等其他稳定币。考虑到 USDT 的强劲势头，它最终能否超越比特币（BTC）？
</div><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/stablecoin-usdt-usdc-usde-ffc3664d74714d04a1f3ef9bfa75ef4c.png" alt="" original-src="https://resource.tradingkey.com/uploads/20260112/stablecoin-usdt-usdc-usde-ffc3664d74714d04a1f3ef9bfa75ef4c.png"/>
Top 10 Stablecoins by Market Capitalization, Source: CoinMarketCap.
<div class="lb-trans">按市值排名的前 10 大稳定币，来源：CoinMarketCap。
</div>Given the current massive disparity, it is unlikely that Tether's market capitalization will surpass Bitcoin's in the short term. Although Tether ranks third in the crypto market — only two spots behind Bitcoin — Bitcoin's market cap exceeds $1.8 trillion, a level Tether is far from rivaling.
<div class="lb-trans">鉴于当前巨大的差距，泰达币在短期内超越比特币的可能性不大。 尽管泰达币在加密市场中排名第三，仅比比特币低两个名次，但比特币的市值超过 1.8 万亿美元，泰达币远未能与之抗衡。
</div><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/cryptocurrency-market-capitalization-1afb93948aea44fb93bc8f8275aac6f9.png" alt="" original-src="https://resource.tradingkey.com/uploads/20260112/cryptocurrency-market-capitalization-1afb93948aea44fb93bc8f8275aac6f9.png"/>
Top 10 Cryptocurrencies by Market Capitalization, Source: CoinMarketCap.
<div class="lb-trans">按市值排名的前 10 大加密货币，来源：CoinMarketCap。
</div>In the long run, Tether could theoretically overtake Bitcoin, but it remains unlikely in reality. In terms of utility, USDT primarily serves as a medium of exchange, whereas Bitcoin also functions as a store of value and an investment asset, making the demand and consensus for Bitcoin far stronger than for Tether.
<div class="lb-trans">从长远来看，理论上泰达币可能会超越比特币，但在现实中仍然不太可能。 在实用性方面，USDT 主要作为交换媒介，而比特币还充当价值储存和投资资产，使得比特币的需求和共识远强于泰达币。
</div>From a regulatory perspective, it is even more difficult for Tether to surpass Bitcoin. Tether is a centralized token whose US dollar reserves have always been shrouded in mystery and subject to market skepticism. In contrast, Bitcoin is a decentralized token that has gained varying degrees of recognition globally; for instance, the U.S. has approved several spot Bitcoin ETFs and proposed a strategic Bitcoin reserve.
<div class="lb-trans">从监管角度来看，泰达币超越比特币的难度更大。 泰达币是一个中心化的代币，其美元储备一直笼罩在神秘之中，受到市场的质疑。相比之下，比特币是一个去中心化的代币，在全球范围内获得了不同程度的认可；例如，美国已批准多个现货比特币 ETF，并提出了战略比特币储备。
</div>While it is nearly impossible for Tether to surpass Bitcoin in reality, it could potentially happen if the U.S. were to grant it official status for strategic crypto goals — giving it equal standing with the US dollar as an official national cryptocurrency. According to data released in December 2025, the U.S. M2 money supply reached $22.3 trillion, which is more than ten times the market capitalization of Bitcoin.
<div class="lb-trans">虽然泰达币在现实中几乎不可能超越比特币，但如果美国给予其官方地位以实现战略加密目标——使其与美元平起平坐，成为官方国家加密货币，这种情况是有可能发生的。 根据 2025 年 12 月发布的数据，美国 M2 货币供应量达到了 22.3 万亿美元，超过比特币市值的十倍以上。
</div><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260112/usd-m2-e1f98de228c74302b4071a5800226320.png" alt="" original-src="https://resource.tradingkey.com/uploads/20260112/usd-m2-e1f98de228c74302b4071a5800226320.png"/>
U.S. M2 Money Supply, Source: MacroMicro.
<div class="lb-trans">美国 M2 货币供应量，来源：MacroMicro。
</div>Will USDT transition from a commercial stablecoin to an official U.S. stablecoin? To achieve this, it would require Congressional legislation and a regulatory framework, for which there is currently no momentum. In practice, even as USDT's market share grows, regulators are more likely to favor central bank digital currencies (CBDCs), or compliant stablecoins issued by regulated financial institutions and subject to rigorous audits, rather than Tether, which carries numerous hard-to-assess risks, including technical, regulatory, and market risks.
<div class="lb-trans">USDT 会从商业稳定币转变为官方美国稳定币吗？要实现这一目标，需要国会立法和监管框架，目前尚无此方面的动力。实际上，即使 USDT 的市场份额增长，监管机构更可能青睐中央银行数字货币（CBDC）或由受监管金融机构发行并接受严格审计的合规稳定币，而不是承载众多难以评估风险的泰达币，包括技术、监管和市场风险。
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委内瑞拉的石油出口大量使用 USDT，这是否会对比特币的主导地位构成威胁？