稳定币供应突破3050亿美元，XBIT数据：美元币资金费率持续承压

Group 1: Stablecoin Market Overview - The total supply of stablecoins has reached a historic high of $305.2 billion, indicating sustained demand in the market [1] - Tether and Circle have collectively issued over $11.75 billion in USDT and USDC in the past month, with an additional $1 billion in USDT added this week [1] - The fluctuations in USD coin funding rates reflect significant changes in market liquidity dynamics [1] Group 2: Federal Reserve Policy Uncertainty - There is a notable division within the Federal Reserve regarding the potential interest rate cut in December, which has not been seen during Powell's tenure [2] - Despite a 69.6% probability of a 25 basis point rate cut according to market expectations, the divergence among officials complicates the previously feasible rate cut plan [2] - This policy uncertainty has led to increased volatility in USD coin funding rates as investors adjust their positions [2] Group 3: Liquidity Pressures and Market Reactions - The U.S. Treasury's account balance has reached $900 billion, indicating significant capital withdrawal from the market [3] - Daily repurchase activity exceeds $3 trillion, suggesting ongoing liquidity pressures that may prompt the Federal Reserve to inject more liquidity [3] - Following the easing of the government shutdown crisis, USD coin funding rates have slightly decreased but remain elevated, reflecting cautious market sentiment [3] Group 4: Circle's Operations and Market Demand - Circle has been actively minting and burning USDC, with operations on November 12 involving the minting of 52 million and 89 million USDC, followed by corresponding burns [4] - These frequent minting and burning activities indicate rapid changes in market demand, impacting USD coin funding rates [4] - A significant transfer of 856.89 million USDC on November 12 highlights the active nature of the stablecoin market [4] Group 5: Growth of PYUSD and Market Dynamics - PayPal's stablecoin PYUSD has surpassed a market cap of $3 billion, accounting for 1% of the stablecoin market [5] - The rapid growth of PYUSD from $1 billion to $3 billion within approximately 14 weeks introduces new variables into the pricing mechanisms of USD coin funding rates [5] Group 6: Future Outlook for Stablecoin Market - The stablecoin market is at a critical juncture of expansion and structural adjustment, with the total supply reaching a historic high [7] - Factors such as Federal Reserve policy uncertainty, liquidity tightening, and new competitors are expected to influence USD coin funding rates [7] - Real-time data from decentralized trading platforms like XBIT will be crucial for investors to navigate market fluctuations [7]