加密市场遭遇黑天鹅，稳定币成风暴眼。一句“炒USDT胜过炒BTC”在圈内流传，揭示了这场特殊时期的投资风向标。3月的寒流中，BTC两日暴跌牵动人心，最低探至3800美元，市场恐慌情绪蔓延，投资者纷纷寻求避风港，USDT一时成为炙手可热的“数字美元”。
The black swans have hit the encryption market, stabilizing the currency as a storm. The word “USDTs are better than BTCs” circulates in the circle, revealing the investment trends of this special period. In the March cold, the BTC slammed to $3,800, the market panic spreads, investors seek safe havens, and the USDT became a hot-hot “digital dollar”.
面对BTC的自由落体，USDT的场外价格水涨船高，一度溢价高达14.29%，火币OTC上报价超过8元，背后是投资者的疯狂兑换与市场流动性的瞬间紧缩。ViaBTC CEO杨海坡指出，这并非入场抄底所致，而是大量抛售BTC换取USDT避险，导致流通量减少，推高了价格。币姥爷则剖析，大户出货后的USDT囤积，加剧了市场供需失衡，美元的避险魅力让USDT维持溢价状态。
Faced with the BTC’s free fall, the USDT’s off-site prices rose to 14.29%, and the tender OTC offered more than $8. ViaBTC CEO noted that this was not the result of a sudden contraction in investors’ mad exchange and market liquidity. Instead, BTC was sold in exchange for USDT, resulting in reduced circulation and higher prices.
OK Research的分析直指恐慌情绪与流动性短缺是溢价不散的根源，美元的强势地位让与之挂钩的稳定币成了稀缺资源。
OK Research's analysis points directly to panic and liquidity shortages as a source of constant premiums, with the strong position of the United States dollar making the pegged stable currency a scarce resource.
暴跌下的稳定币逆袭：需求激增与市场份额变动在加密资产市值蒸发的阴霾中，稳定币却逆流而上，总额突破69.7亿美元，增幅显著。USDT、USDC等稳定币如鱼得水，市场排名蹿升，尤其是USDC，凭借与MakerDAO的合作，市场份额大增，成为新兴稳定币的领头羊。币安的BUSD更是上演了一场市值飙升的奇迹，凸显了市场对稳定流动性的渴望。
In the shadow of the evaporation of the market value of encrypted assets, the stable currency has been inverted, reaching $6.97 billion, a significant increase. USDT, USDC, and other stable currencies, such as fish, have risen in rankings, especially the USDC, which, thanks to its cooperation with MakerDAO, has significantly increased its market share as the leader of the new stable currency.
各稳定币的筹码分布显示了交易所的重要性，同时也提醒着市场对集中度风险的警惕。稳定币的崛起，不仅是数字避险工具的胜利，也是市场对稳定流动性的集体呼唤。
Stable currency chips distribution shows the importance of exchanges, while also alerting markets to concentration risks. Stable currency rises not only as a victory for digital risk avoidance tools, but also as a collective call by markets for stable liquidity.
流动性危机：稳定币的试金石与反思极端行情下的流动性枯竭，为稳定币市场敲响了警钟。3月12日的“流动性黑洞”暴露了去中心化交易所的脆弱性，DAI的溢价风波就是最好例证。MakerDAO紧急扩容USDC作为抵押品，引发了去中心化理念与现实需求之间的讨论。潘超的“QE”类比，以及社区对抵押品多样化的探讨，预示着稳定币领域或将迎来新的变革，以增强其在危机时刻的韧性。
MakerDAO’s emergency expansion of USDC as collateral triggered discussions between decentralizing ideas and real needs. Pan’s “QE” analogy, as well as community exploration of collateral diversification, heralds new changes in the currency stability field or in the future to enhance its resilience in times of crisis.
小编建议而言，稳定币在加密寒冬中的表现，既展现了其作为避险工具的独特价值，也暴露了在极端条件下面临的挑战。未来，如何平衡去中心化理想与实际流动性需求，将是稳定币发展的重要课题。在这场危机与机遇并存的考验中，稳定币能否成为真正的“加密避风港”，时间将给出答案。
In terms of the Small Editor’s suggestion, the performance of a stable currency in an encrypted winter reveals both its unique value as a safety net and the challenges it faces under extreme conditions. In the future, balancing decentralized ideals with actual liquidity needs will be an important issue in stabilizing the currency’s development.
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