<p>Tether 现在的功能更像是一个平行的美元网络，而不是加密工具，其规模和影响在公共数据集中显而易见。</p>
<p>全球美元分配正在发生结构性变化。Tether [USDT] 在 2025 年扩张了 500 亿美元，显示出传统银行渠道以外的需求加速。</p>
<p>资本稳步从缓慢的、需要许可的系统迁移到持续运行的加密原生通道。</p>
<p>Tether 通过区块链基础设施直接输出美元，实现快速结算和大规模的全球覆盖。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/47d4323f-8b5c-4aec-ac50-5c8bc8c4cb41.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://ambcrypto.com/wp-content/uploads/2026/01/47d4323f-8b5c-4aec-ac50-5c8bc8c4cb41.png"/></p>
<p>来源：Paolo Ardoino/X</p>
<p>这一基础设施降低了摩擦，压缩了转账成本，并在交易所、支付和汇款流中无缝集成。相比之下，传统银行仍受到管辖限制、营业时间和遗留系统的制约。</p>
<p>随着这些限制的持续，流动性越来越多地通过 USDT 进行转移，使 Tether 成为现代金融生态系统中最有效的私人美元出口商。</p>
<h2><strong>为什么资本持续选择 USDT 而非传统渠道</strong></h2>
<p>全球美元需求继续向传统银行渠道以外迁移。这一点在 USDT 的 2025 年第四季度资产负债表报告中得到了细致的体现。</p>
<p>资产达到 1928 亿美元，而负债为 1865 亿美元，留下超过 63 亿美元的超额储备，增强了信心。该缓冲反映了超过 1410 亿美元的美国国债敞口所带来的收入，得益于高企的利率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/image-18.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://ambcrypto.com/wp-content/uploads/2026/01/image-18.png"/></p>
<p>来源：Tether.io</p>
<p>现金和短期存款占 76.3%，其中美国国债占 83.1%。</p>
<p>对贵金属的较小配置为 9.05%，比特币为 4.37%，增加了多样性。此外，有限的担保贷款保持了灵活性和快速赎回能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/3f2ac7dc-052f-4ccb-8c92-c7c7121eb211.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://ambcrypto.com/wp-content/uploads/2026/01/3f2ac7dc-052f-4ccb-8c92-c7c7121eb211.png"/></p>
<p>来源：Tether.io</p>
<p>与此同时，USDT 的 500 亿美元供应增长扩大了收益基础，而没有增加结构性压力。</p>
<p>Tether 的区块链原生基础设施减少了操作摩擦，使其能够高效扩展，同时保持利润率。随着收益的复利，稳定性提高，流动性在生态系统中加深。</p>
<p>这一结构增强了 USDT 的表现，使其在缺乏类似规模、效率和储备组成的竞争稳定币中处于领先地位。</p>
<h2><strong>USDT 的网络效应正在重塑全球美元获取</strong></h2>
<p>USDT 现在作为全球最被广泛采用的金融网络运作。其市值支撑着超过 3000 亿美元的稳定币行业，而 USDT 独占约 60% 的市场份额。</p>
<p>这一规模反映了在交易所、支付和汇款中无与伦比的美元覆盖。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/569b5371-6f3a-4357-b222-bf99fee471c8.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://ambcrypto.com/wp-content/uploads/2026/01/569b5371-6f3a-4357-b222-bf99fee471c8.png"/></p>
<p>来源：DefiLlama</p>
<p>随着采用的扩大，USDT 的功能越来越像是全球货币基础设施，而不是加密资产。其区块链通道能够瞬间跨境转移美元，填补银行留下的空白。</p>
<p>这种效用维持了势头。深厚的流动性、广泛的集成和储备支持的信心帮助 USDT 保持高位。</p>
<p>只要美元需求在遗留系统之外持续存在，USDT 的网络效应将进一步巩固其市场主导地位。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li>USDT 已演变为一个平行的美元网络，通过加密原生基础设施在全球范围内输出流动性，而非传统银行渠道。</li>
<li>资产负债表的强度、收益效率和无与伦比的网络效应支撑着 USDT 的主导地位，使其在全球美元需求向外转移时保持领先于竞争稳定币。</li>
</ul>

<p>Tether (USDT) 在 2025 年增长了 500 亿美元，表明全球美元分配正从传统银行转向其他渠道。它现在作为一个平行的美元网络运作，通过区块链基础设施促进快速结算和全球覆盖。Tether 的资产负债表显示其资产为 1928 亿美元，超额储备为 63 亿美元，主要由美国国债支持。USDT 在稳定币领域占据 60% 的市场份额，重塑了全球美元的获取方式，并巩固了其作为最有效的私人美元出口商的地位。这一演变突显了对加密原生系统相较于传统银行渠道的日益偏好</p>

<p>Tether now functions less like a crypto instrument and more like a parallel dollar network, with its scale and impact visible across public datasets.</p>
<div class="lb-trans"><p>Tether 现在的功能更像是一个平行的美元网络，而不是加密工具，其规模和影响在公共数据集中显而易见。</p>
</div><p>A structural shift is unfolding in global dollar distribution. Tether [USDT] expanded by $50 billion in 2025, signaling accelerating demand outside traditional banking channels.</p>
<div class="lb-trans"><p>全球美元分配正在发生结构性变化。Tether [USDT] 在 2025 年扩张了 500 亿美元，显示出传统银行渠道以外的需求加速。</p>
</div><p>Capital steadily migrates from slow, permissioned systems toward crypto-native rails that operate continuously.</p>
<div class="lb-trans"><p>资本稳步从缓慢的、需要许可的系统迁移到持续运行的加密原生通道。</p>
</div><p>Tether exports dollars directly through blockchain infrastructure, enabling rapid settlement and global reach at scale.</p>
<div class="lb-trans"><p>Tether 通过区块链基础设施直接输出美元，实现快速结算和大规模的全球覆盖。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/47d4323f-8b5c-4aec-ac50-5c8bc8c4cb41.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/47d4323f-8b5c-4aec-ac50-5c8bc8c4cb41.png"/></p>
<p>Source: Paolo Ardoino/X</p>
<div class="lb-trans"><p>来源：Paolo Ardoino/X</p>
</div><p>This infrastructure lowers friction, compresses transfer costs, and integrates seamlessly across exchanges, payments, and remittance flows. In contrast, jurisdictional limits, operating hours, and legacy systems continue to constrain traditional banks.</p>
<div class="lb-trans"><p>这一基础设施降低了摩擦，压缩了转账成本，并在交易所、支付和汇款流中无缝集成。相比之下，传统银行仍受到管辖限制、营业时间和遗留系统的制约。</p>
</div><p>As these limits persist, liquidity increasingly routes through USDT, positioning Tether as the most efficient private dollar exporter in the modern financial ecosystem.</p>
<div class="lb-trans"><p>随着这些限制的持续，流动性越来越多地通过 USDT 进行转移，使 Tether 成为现代金融生态系统中最有效的私人美元出口商。</p>
</div><h2><strong>Why capital keeps choosing USDT over traditional rails</strong></h2>
<div class="lb-trans"><h2><strong>为什么资本持续选择 USDT 而非传统渠道</strong></h2>
</div><p>Global dollar demand continues to migrate beyond traditional banking rails. This was nuanced by USDT’s 2025 Q4 balance sheet reports.</p>
<div class="lb-trans"><p>全球美元需求继续向传统银行渠道以外迁移。这一点在 USDT 的 2025 年第四季度资产负债表报告中得到了细致的体现。</p>
</div><p>Assets reached $192.8 billion against $186.5 billion in liabilities, leaving over $6.3 billion in excess reserves that reinforce confidence. That buffer reflects income from more than $141 billion in U.S. Treasury exposure, supported by elevated interest rates.</p>
<div class="lb-trans"><p>资产达到 1928 亿美元，而负债为 1865 亿美元，留下超过 63 亿美元的超额储备，增强了信心。该缓冲反映了超过 1410 亿美元的美国国债敞口所带来的收入，得益于高企的利率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/image-18.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/image-18.png"/></p>
<p>Source: Tether.io</p>
<div class="lb-trans"><p>来源：Tether.io</p>
</div><p>Cash and short-term deposits account for 76.3%, led by 83.1% in U.S. Treasury bills.</p>
<div class="lb-trans"><p>现金和短期存款占 76.3%，其中美国国债占 83.1%。</p>
</div><p>Smaller allocations to precious metals at 9.05% and Bitcoin at 4.37% add diversification. Moreover, limited secured loans preserve flexibility and rapid redemption capacity.</p>
<div class="lb-trans"><p>对贵金属的较小配置为 9.05%，比特币为 4.37%，增加了多样性。此外，有限的担保贷款保持了灵活性和快速赎回能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/3f2ac7dc-052f-4ccb-8c92-c7c7121eb211.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/3f2ac7dc-052f-4ccb-8c92-c7c7121eb211.png"/></p>
<p>Source: Tether.io</p>
<div class="lb-trans"><p>来源：Tether.io</p>
</div><p>At the same time, USDT’s $50 billion supply growth expanded the yield base without adding structural strain.</p>
<div class="lb-trans"><p>与此同时，USDT 的 500 亿美元供应增长扩大了收益基础，而没有增加结构性压力。</p>
</div><p>Tether’s blockchain-native infrastructure reduced operational friction, allowing it to scale efficiently while preserving margins. As yield compounded, stability improved, and liquidity deepened across the ecosystem.</p>
<div class="lb-trans"><p>Tether 的区块链原生基础设施减少了操作摩擦，使其能够高效扩展，同时保持利润率。随着收益的复利，稳定性提高，流动性在生态系统中加深。</p>
</div><p>This structure enhanced USDT’s performance and positions it ahead of rival stablecoins lacking similar scale, efficiency, and reserve composition.</p>
<div class="lb-trans"><p>这一结构增强了 USDT 的表现，使其在缺乏类似规模、效率和储备组成的竞争稳定币中处于领先地位。</p>
</div><h2><strong>USDT’s network effect is reshaping global dollar access</strong></h2>
<div class="lb-trans"><h2><strong>USDT 的网络效应正在重塑全球美元获取</strong></h2>
</div><p>USDT now operates as the world’s most adopted financial network. Its market cap anchors the stablecoin sector worth over $300 billion, while USDT alone commands roughly 60% dominance.</p>
<div class="lb-trans"><p>USDT 现在作为全球最被广泛采用的金融网络运作。其市值支撑着超过 3000 亿美元的稳定币行业，而 USDT 独占约 60% 的市场份额。</p>
</div><p>That scale reflects unmatched dollar reach across exchanges, payments, and remittances.</p>
<div class="lb-trans"><p>这一规模反映了在交易所、支付和汇款中无与伦比的美元覆盖。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/569b5371-6f3a-4357-b222-bf99fee471c8.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/569b5371-6f3a-4357-b222-bf99fee471c8.png"/></p>
<p>Source: DefiLlama</p>
<div class="lb-trans"><p>来源：DefiLlama</p>
</div><p>As adoption spreads, USDT functions less like a crypto asset and more like a global monetary infrastructure. Its blockchain rails move dollars instantly across borders, filling gaps banks leave behind.</p>
<div class="lb-trans"><p>随着采用的扩大，USDT 的功能越来越像是全球货币基础设施，而不是加密资产。其区块链通道能够瞬间跨境转移美元，填补银行留下的空白。</p>
</div><p>This utility sustains momentum. Deep liquidity, broad integrations, and reserve-backed confidence help keep USDT elevated.</p>
<div class="lb-trans"><p>这种效用维持了势头。深厚的流动性、广泛的集成和储备支持的信心帮助 USDT 保持高位。</p>
</div><p>As long as dollar demand persists outside legacy systems, USDT’s network effect will reinforce its market dominance and lead.</p>
<div class="lb-trans"><p>只要美元需求在遗留系统之外持续存在，USDT 的网络效应将进一步巩固其市场主导地位。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li>USDT has evolved into a parallel dollar network, exporting liquidity globally at scale through crypto-native infrastructure rather than traditional banking rails.</li>
<li>Balance-sheet strength, yield efficiency, and unmatched network effects anchor USDT’s dominance, keeping it ahead of rival stablecoins as global dollar demand shifts outward.</li>
</ul>
<div class="lb-trans"><ul>
<li>USDT 已演变为一个平行的美元网络，通过加密原生基础设施在全球范围内输出流动性，而非传统银行渠道。</li>
<li>资产负债表的强度、收益效率和无与伦比的网络效应支撑着 USDT 的主导地位，使其在全球美元需求向外转移时保持领先于竞争稳定币。</li>
</ul>
</div>

Why USDT’s $50B growth shows capital moving beyond banks

- Tether 的市值在 2025 年增长 500 亿美元，显示出对非传统银行渠道的需求上升。  
- 资产达 1928 亿美元，负债 1865 亿美元，超额储备 63 亿美元增强信心。  
- USDT 作为私营美元出口者，正逐步重塑全球美元流通网络。

USDT 的 500 亿美元增长为何显示资本正在流出银行体系