USDT vs USDC: 您应该使用哪种稳定币？
Both are pegged to $1, but they are built on different philosophies. Compare Tether and Circle on reserves, transparency, regulation and DeFi support, and find out which stablecoin fits your needs.
USDT vs USDC 概览
USDT (Tether) and USDC (USD Coin) are by far the two largest stablecoins by circulating supply (DefiLlama, September 2026). Both are pegged 1:1 to the U.S. dollar: each token is designed to be worth $1. Behind that identical price target sit two very different companies, reserve strategies and philosophies.
USDT, issued by Tether Limited, pioneered the stablecoin concept in 2014 and has grown into the dominant trading pair on centralized exchanges worldwide. USDC, launched in 2018 by Circle in partnership with Coinbase, took a different approach: full regulatory compliance, transparent reserve attestations, and a focus on institutional trust.
在它们之间做出选择不仅仅是一个偏好问题。它会影响你的监管风险、你验证储备的能力、你可以使用哪些 DeFi （去中心化金融）协议，以及你的资金风险。本指南详细拆解了每一个有意义的差异，以便你能在信息充分的情况下做出决定。
均挂钩至 $1
USDT 和 USDC 通过发行方持有的现金及现金等价物储备，保持与美元的 1:1 挂钩。.
发行方不同
Tether Limited（英属维尔京群岛）发行 USDT。Circle Internet Financial（美国）发行 USDC。不同的司法管辖区，不同的标准。.
不同的理念
USDT 优先考虑流动性和全球覆盖。USDC 优先考虑监管合规性和储备透明度。.
什么是 USDT（Tether）？
USDT，通常称为 Tether，是世界'的首个且最大的稳定币。2014 年由 Tether Limited（在英属维尔京群岛注册的公司，与 Bitfinex 交易所紧密关联）推出，USDT 的创建旨在弥合法币与加密生态系统之间的鸿沟。它允许交易者在链上持有等同于美元的资产，而无需传统银行账户。.
As of September 2026, USDT has a circulating supply of about $184 billion, per DefiLlama, which makes it the largest stablecoin by a wide margin. It is also the most traded stablecoin and the default quote currency on most exchanges. Market data moves daily: check the live figures on DefiLlama or CoinGecko.
USDT 部署的区块链数量超过任何其他稳定币，包括以太坊（作为 ERC-20 代币）、波场（TRC-20，大部分 USDT 在此流通）、Solana、Avalanche、Polygon、Arbitrum、Optimism、BNB Chain、TON 以及其他多个区块链。这种多链存在使 USDT 成为全球大多数中心化交易所的默认交易对。
然而，Tether 在其储备金方面一直面临持续审查。2021 年 10 月，CFTC 因 Tether 对其储备金支持方式的不实陈述，责令其支付 4100 万美元罚款。同年早些时候，纽约总检察长就相同问题与 Tether 和 Bitfinex 达成了 1850 万美元的和解。此后，Tether 改进了其信息披露。其季度鉴证报告现在显示，大部分储备金持有在美国国债和其他现金等价物中；当前明细可在 Tether 透明度页面上查看。.
USDT优势
- 任何稳定币中市值最高、流动性最深
- 在几乎所有中心化交易所中占主导的交易对
- Available on many blockchains, including Tron, where transfer fees are very low
- 最长的运营记录：自2014年以来运营
- Very high daily trading volume, which keeps spreads tight
USDT关注点
- 发行方位于英属维尔京群岛；不受美国银行监管
- 过去因储备金误报受到监管罚款（CFTC、NYAG）
- 由BDO进行季度鉴证（非全面审计）
- 与Bitfinex的紧密关联引发治理问题
- 储备细节不如 USDC'的月度报告细致
USDC（Circle）是什么？
USDC（USD Coin）是由Circle Internet Group发行的全额储备稳定币，该公司是一家美国金融科技公司，自2025年6月起在纽约证券交易所上市。USDC于2018年9月通过Centre Consortium推出，该联盟是Circle与Coinbase的合资企业。自2023年起，USDC由Circle独家发行和管理。.
As of September 2026, USDC has a circulating supply of about $74 billion, per DefiLlama, making it the second-largest stablecoin. Its trading volume is well below USDT's. Still, USDC has become the preferred stablecoin for DeFi protocols, institutional investors and regulated financial applications.
What sets USDC apart is its focus on transparency and regulation. Circle publishes monthly reserve reports with an attestation by Deloitte, one of the Big Four accounting firms. These reports show USDC reserves held in cash at regulated banks (including BNY Mellon) and in short-term U.S. Treasury securities through the Circle Reserve Fund, managed by BlackRock. There is no commercial paper, no corporate bonds and no exotic assets.
USDC is available on Ethereum, Solana, Base, Arbitrum, Optimism, Polygon, Avalanche, Stellar and other chains. Circle also runs the Cross-Chain Transfer Protocol (CCTP), which burns USDC on one chain and mints it on another. This moves native USDC between supported chains without a third-party bridge.
USDC 优势
- 德勤（四大审计机构）每月的储备证明
- Reserves held in cash and short-term U.S. Treasuries
- 发行人是受监管的美国上市公司
- DeFi 中的首选稳定币（Aave、Compound、Morpho、Sky）
- 通过 CCTP 实现原生跨链桥接（无第三方风险）
- Issued under the EU MiCA framework for European markets
USDC 的关注点
- 市值和交易量均低于 USDT
- March 2023 depeg to about $0.87 during the SVB failure (recovered in days)
- 在美国以外的中心化交易所影响力较弱
- 支持的链数量少于 USDT（尤其在 Tron 上缺失）
- Circle 可冻结地址（合规功能）
USDT 与 USDC 的关键差异
虽然两种稳定币都跟踪美元，但当你深入了解时，它们的差异变得显著。以下是最重要的五个维度。.
储备 & 透明度
这是最重要的区别。Circle每月发布由德勤审计的USDC储备报告，详细说明储备的构成：具名银行的现金以及由贝莱德管理的美国国债。这些报告在Circle透明度页面上公开。.
Tether publishes quarterly attestation reports (not full audits) through BDO. Tether has improved its disclosures since 2022 and now holds most reserves in U.S. Treasury bills. But the reports are less frequent, less granular and not produced by a Big Four firm. Tether has said it is working toward a full audit; its transparency page shows the latest reports.
监管 & 合规
USDC is issued by Circle, a company registered as a Money Services Business with FinCEN, licensed in multiple U.S. states, and authorised to issue USDC in the EU under MiCA (Regulation (EU) 2023/1114). Circle listed on the New York Stock Exchange in June 2025, which subjects it to SEC reporting and public financial disclosures.
USDT由Tether Limited发行，该公司在英属维尔京群岛注册成立。虽然Tether在全球范围内运营并已获得一些地区性牌照，但它不受与Circle相同的监管监督。这赋予了Tether更大的运营灵活性，但为用户提供的法律保护较少。.
链支持 & 流动性
USDT is available on more blockchains and dominates on Tron, where a large share of peer-to-peer transfers happen because fees are very low. It is the default quote currency on Binance, OKX, Bybit and most non-U.S. exchanges.
USDC 覆盖的链较少，但在 Ethereum、Solana、Base（Coinbase 的 Layer 2）、Arbitrum 和 Optimism 上拥有强大的存在。Circle 的 CCTP 允许你在支持的链之间转移原生 USDC，而无需第三方跨链桥。.
DeFi 集成
USDC is the preferred stablecoin across most major DeFi protocols. Aave, Compound, Morpho, Spark and Sky (formerly MakerDAO) all give USDC a central role in their lending markets. Many protocols use USDC as a core collateral type because its backing is easy to verify. DefiLlama tracks how much of each stablecoin sits in DeFi protocols (its total value locked, or TVL); check the live figure there.
USDT 在 DeFi 中也得到支持，但相对于其总市值，其在链上的作用较小。USDT 的大部分交易量集中在中心化交易所。在 DeFi 中，USDT 在 Curve 池中以及作为 DEX 上的交易对尤为强势，但作为借贷协议中的抵押品则较少使用。.
Depeg 历史
USDC had its most serious depeg in March 2023 when Silicon Valley Bank failed. Circle had disclosed about $3.3 billion of reserves at SVB, and USDC fell to about $0.87 on secondary markets. The peg was restored within days after the U.S. Treasury, the Federal Reserve and the FDIC announced that all SVB depositors would be made whole. Circle has since spread its cash across more banking partners.
USDT has seen minor depeg events (dips to roughly $0.95-$0.97) during periods of extreme market fear, but no single large episode comparable to USDC's SVB weekend. During that weekend, USDT briefly traded above $1 as traders moved out of USDC.
详细比较表
A side-by-side breakdown of the metrics that matter when choosing between USDT and USDC. Supply figures are from DefiLlama as of September 2026; check the live values before acting.
| 指标 | 泰达币（Tether） | USDC（Circle） |
|---|---|---|
| 市值 | About $184 billion (DefiLlama, Sept 2026) | 约740亿美元（DefiLlama，2026年9月） |
| 发行方 | Tether Limited（BVI） | Circle（美国，公开上市） |
| 发行年份 | 2014 | 2018 |
| 储备支持 | 美国国债、现金、担保贷款、其他投资 | 仅现金 + 短期美国国债 |
| 审计 / 验证 | Quarterly attestation (BDO) | 月度验证（Deloitte） |
| 支持的链 | Many (Ethereum, Tron, Solana, BNB Chain, TON...) | Many (Ethereum, Solana, Base, Arbitrum...), no Tron |
| Role in DeFi | Mostly exchanges and DEX pools | 核心借贷和抵押资产 |
| 24小时交易量 | 所有稳定币中最高 | Lower (see CoinGecko) |
| 最差去锚事件 | About $0.95 (brief) | About $0.87 (SVB, March 2023, recovered in days) |
| 监管 | Limited (BVI-incorporated) | FinCEN、州许可证、MiCA |
| 适用对象 | 中心化交易所交易、汇款、流动性 | DeFi、储蓄、机构使用 |
在USDC上赚取7.50%年化收益率
Coinstancy Dollar Savings lets you earn 7.50% APY on your USDC (the rate currently in force, which may be revised). Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime.
在Coinstancy开始赚取收益在 DeFi 中应使用哪种稳定币？
如果您活跃于 去中心化金融，在 USDT 与 USDC 之间的选择会对您可使用的策略、可获得的收益以及仓位的风险特征产生实际影响。
USDC is the DeFi standard. Most large lending protocols, including Aave, Compound, Morpho and Spark (part of the Sky ecosystem), run USDC as a primary stablecoin market. That means deeper liquidity, competitive rates and more composability with other DeFi building blocks. When protocols need a stablecoin with verifiable reserves for collateral and liquidation logic, they usually pick USDC.
USDT dominates centralized exchange (CEX) trading and Curve pools. If your strategy involves trading on centralized exchanges or providing liquidity to Curve's stablecoin pools (such as 3pool), USDT remains essential. Its trading volume means tighter spreads and faster fills. Many arbitrage strategies between CEXs and decentralized exchanges (DEXs) rely on USDT's liquidity.
我们的建议：在需要最大透明度和协议支持的借贷和收益策略中使用 USDC。当您需要用于交易或套利的原始流动性时，请使用 USDT。许多经验丰富的 DeFi 用户同时持有两者，并根据需要在 Curve 上进行兑换。.
使用 USDC 用于
- 在 Aave、Compound、Morpho 上借贷
- 在 DeFi 借贷协议中的抵押品
- 收益耕作和储蓄策略
- 长期稳定币持有
- 机构或受监管的使用案例
使用 USDT 用于
- 中心化交易所现货和期货交易
- 跨境汇款（尤其通过 Tron）
- Curve 与 DEX 的流动性提供
- CEX 与 DEX 之间的套利
- USDT 为主导交易对的市场
哪种稳定币最适合储蓄？
当你将稳定币用于储蓄，而不是用于活跃交易时，计算结果会大幅倾向于 USDC。原因很简单：储蓄需要信任，而信任需要透明。.
With USDC, you can check every month that your stablecoin is backed by cash and U.S. Treasuries at named, regulated institutions. You know the attestation firm (Deloitte), a main custodian (BNY Mellon) and the reserve fund manager (BlackRock). That level of verifiability makes it easier to judge whether each token is backed, whether you need it tomorrow or in two years.
USDT的储备可能足够充足，但如果没有全面审计，你依赖的是季度证明，而非完整的独立审计。对于活跃交易而言，你持有USDT仅几分钟或几小时，对许多用户来说这是可以接受的权衡。对于持有数月或数年的储蓄，许多人更倾向于选择可验证性更强的资产。.
Coinstancy Dollar Savings pays 7.50% APY on USDC (the rate currently in force, which may be revised). Interest accrues every second and is automatically reinvested, with no lock-up, and you can withdraw anytime. We chose USDC for Dollar Savings because of its transparency. Your yield comes from on-chain strategies, and the underlying asset is one of the most transparent stablecoins in the market.
7.50% APY
使用 Coinstancy Dollar Savings 的 USDC
每秒
利息累计，自动复投
无锁定
随时提取
其他值得考虑的稳定币
USDT 和 USDC 主导市场，但还有其他几种稳定币在生态系统中承担专门的角色。以下是最值得关注的替代方案的简要概述。.
GHO（Aave）
A decentralized, over-collateralized stablecoin minted through Aave. GHO is backed by crypto collateral rather than fiat reserves. Its borrow rate is set by Aave governance. GHO is much smaller than USDT or USDC; DefiLlama shows its current supply.
阅读 GHO 指南USD1 (World Liberty Financial)
USD1 是一个由美国国债和银行存款支持的新人项目，旨在通过透明度与 USDC 竞争，并利用机构合作伙伴关系。仍处于早期阶段，DeFi 集成有限，但随着稳定币格局的发展，值得关注。.
阅读 USD1 指南DAI / USDS（Sky，前身为 Maker）
The original decentralized stablecoin, now issued alongside USDS by the Sky Protocol (formerly MakerDAO). It is over-collateralized by a mix of crypto assets and real-world assets. DAI and USDS remain a cornerstone of DeFi, especially for users who want a stablecoin not controlled by a single company. See DefiLlama for their current supply.
EURC（Circle）
Circle's euro-denominated stablecoin, pegged 1:1 to the euro. EURC is issued under MiCA and is gaining traction in European DeFi markets. It follows the same reserve and attestation standards as USDC, which makes it one of the most transparent euro stablecoins available.
已经做出选择？让 USDC 发挥作用。.
通过 Coinstancy Dollar Savings 在 USDC 上赚取 7.50% 年化收益率。利息每秒累计并自动复投。无锁定期，可随时提取。您的稳定币不应闲置。.
开始赚取 7.50% 年化收益率常见问题
USDT 与 USDC 哪个更安全？
USDT 和 USDC 会同时失去锚定价吗？
哪种稳定币费用更低？
我可以轻松地将 USDT 转换为 USDC 吗？
为什么 Coinstancy Dollar Savings 使用 USDC？
哪种稳定币最适合初学者？
继续学习
探索更多关于稳定币、DeFi 策略和加密基础的指南。.
加密领域的 APY 是什么？
了解年化收益率、复利如何运作以及如何比较 DeFi 收益。.
阅读指南GHO 稳定币指南
关于 Aave' 的去中心化稳定币的全部信息：其工作原理、铸造方式以及治理。.
阅读指南USD1 稳定币指南
了解 World Liberty Financial 稳定币、其背书以及它与 USDC 的比较。.
阅读指南通过 Coinstancy 在 USDC 上赚取 7.50% 的年化收益率
USDC is one of the most transparent stablecoins on the market. Coinstancy Dollar Savings lets you earn 7.50% APY on your USDC. Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime. Your savings deserve both yield and transparency.
在Coinstancy开始赚取收益来源与延伸阅读
本页面中的数字和声明均基于以下文档。具有时效性的数字（利率、收益率、费用、市场数据）会变动：在据此行动之前，请在来源处核实实时数值。.
- Tether, transparency and reserve attestationstether.to
Quarterly attestations and the current breakdown of USDT reserves.
- DefiLlama, stablecoins dashboard (live aggregator)defillama.com
Circulating supply of USDT, USDC and other stablecoins; figures on this page were read in September 2026.
- CFTC press release 8450-21, Tether and Bitfinex orderscftc.gov
The $41 million penalty against Tether announced in October 2021.
- New York Attorney General, Bitfinex and Tether settlementag.ny.gov
The $18.5 million settlement of February 2021.
- FDIC, joint statement on Silicon Valley Bank (March 12, 2023)fdic.gov
The decision to make all SVB depositors whole, which ended the USDC depeg.
- EUR-Lex, Regulation (EU) 2023/1114 (MiCA)eur-lex.europa.eu
The EU framework under which USDC and EURC are issued in Europe.
最后审核：2026年9月。外部链接在新标签页中打开；Coinstancy 对其内容不承担责任。.