Binance Delists Tether的USDT（Tether Usd）Stablecoin，自2025年5月15日生效

Binance是世界領先的加密貨幣交易所，宣布了一次地震轉變，該轉變通過加密貨幣貿易社區發出衝擊波

Binance, the world’s leading cryptocurrency exchange, has announced the removal of Tether’s USDT (Tether USD) from its platform effective May 15, 2025. The decision, detailed in a post on Binance Square on March 15, 2025, marks a pivotal moment for traders globally.

Binance是全球領先的加密貨幣交易所，宣布從2025年5月15日從其平台上刪除Tether的USDT（Tether USD）。該決定在2025年3月15日在Binance Square的一篇文章中詳細介紹了全球貿易商的關鍵時刻。

This move, driven by regulatory pressures and internal strategy, will see Binance transition users to alternative stablecoins, such as BUSD (Binance USD) and USDC (Circle USD), by the deadline, with open orders closed and funds converted accordingly.

在監管壓力和內部策略的驅動下，此舉將使二元轉變用戶向替代穩定的穩定者，例如Busd（Binance USD）和USDC（Circle USD），截止日期，開放訂單已關閉，並相應地轉換了資金。

The exchange’s statement reads:

交易所的聲明如下：

“As part of our ongoing efforts to maintain a compliant and optimal trading environment, we will be adjusting our available trading pairs and closing/cancelling relevant orders in accordance with the new regulations.”

“作為我們為維持合規和最佳交易環境的持續努力的一部分，我們將根據新法規調整可用的交易對，並關閉/取消相關訂單。”

The adjustment follows the European Union’s (EU) new crypto regulations, known as Markets in Crypto-Assets (MiCA), which are set to take effect in 2025. These regulations place significant obligations on stablecoin issuers to maintain sufficient reserves and comply fully with anti-money laundering (AML) standards.

調整是遵循歐盟（EU）的新加密法規（被稱為加密資源市場（MICA）的市場），該法規將於2025年生效。這些法規對Stablecoin發行人施加了重要義務，以維持足夠的儲備金並完全符合反資金Landering（AML）標準（AML）。

While Tether’s flagship token has been a dominant force in the crypto market, it has also faced difficulties fully meeting these requirements, particularly regarding reserve transparency.

儘管Tether的旗艦令牌是加密貨幣市場上的主要力量，但它也面臨著完全滿足這些要求的困難，尤其是在儲備透明度方面。

Implications for Traders

對交易者的影響

USDT’s delisting from Binance has far-reaching implications for traders, especially those who depend on its stability and liquidity for optimal trading performance.

USDT從Binance出發的偏見對貿易商具有深遠的影響，尤其是那些依靠其穩定性和流動性來實現最佳交易績效的人。

1. Loss of a Liquidity Anchor

1。流動性錨的損失

USDT has been a cornerstone of crypto trading, offering a stable, dollar-pegged asset for pricing and settling trades. Its removal disrupts liquidity across Binance’s ecosystem, potentially leading to wider spreads and higher volatility for BTC, ETH, and other pairs.

USDT一直是加密貨幣交易的基石，為定價和結算交易提供了一個穩定的美元固定資產。它的去除會破壞二元生態系統的流動性，可能導致BTC，ETH和其他對的更廣泛的差異和更高的波動性。

Traders accustomed to using USDT as a base currency will need to adapt quickly to alternatives like BUSD or USDC, which may have different liquidity profiles. This shift could favor traders focused on smaller altcoins, as these pairs typically have lower liquidity and wider bid-offer spreads.

習慣於使用USDT作為基本貨幣的交易者需要迅速適應BUSD或USDC等替代品，這些替代品可能具有不同的流動性概況。這種轉變可能會有利於專注於較小山寨幣的交易者，因為這些對通常具有較低的流動性和更廣泛的出價差價。

2. Impact on Trading Strategies

2。對交易策略的影響

Many traders rely on USDT for arbitrage opportunities due to price discrepancies between exchanges, especially during periods of market volatility. Its delisting could hinder arbitrage strategies, especially in smaller markets where liquidity is crucial for executing trades quickly and efficiently.

由於交易所之間的價格差異，尤其是在市場波動期間，許多交易者依靠USDT依靠USDT來獲得套利機會。它的推翻可能會阻礙套利策略，尤其是在流動性快速有效地執行交易至關重要的較小市場中。

Moreover, traders using futures contracts for hedging or leveraged trading will be affected by the change in margin currency. For instance, futures traders using USDT-margined contracts will face new margin requirements, potentially increasing costs or altering risk profiles.

此外，使用期貨合約進行對沖或槓桿交易的交易者將受保證金貨幣變更的影響。例如，使用USDT合同的期貨交易者將面臨新的保證金要求，可能增加成本或改變風險狀況。

Finally, Binance’s transition to BUSD and USDC could introduce new fee structures or settlement procedures, which could affect traders’ profitability, especially those engaging in high-frequency trading.

最後，Binance向BUSD和USDC的過渡可能會引入新的費用結構或和解程序，這可能會影響交易者的盈利能力，尤其是那些從事高頻交易的盈利能力。

3. Regulatory Ripple Effects

3。監管連鎖反應

Binance’s move reflects broader regulatory scrutiny on stablecoins, evident in the EU’s MiCA regulations and the U.S. administration’s efforts to introduce a comprehensive crypto regulatory framework.

Binance的舉動反映了對Stablecoins的更廣泛的監管審查，這在歐盟的MICA法規和美國政府引入全面的加密監管框架方面所做的努力。

The MiCA regulations, in particular, require stablecoin issuers to maintain sufficient reserves and comply with AML requirements. These regulations are designed to mitigate financial stability risks posed by stablecoins, especially in the wake of the collapse of FTX and other cryptocurrency firms.

特別是，雲母法規要求Stablecoin發行人保持足夠的儲量並符合AML要求。這些法規旨在減輕Stablecoins帶來的金融穩定風險，尤其是在FTX和其他加密貨幣公司崩潰之後。

4. Opportunities for Alternatives

4。替代機會

While the delisting poses challenges, it also opens doors for other stablecoins. BUSD, issued by Paxos and backed by Binance, and USDC, backed by Circle and regulated in the U.S., are positioned to fill the void left by USDT.

雖然將挑戰提出挑戰，但它也為其他穩定幣打開了門。由Paxos發行的Busd並由Binance支持，由Circle並在美國進行監管的USDC定位，可以填補USDT留下的空隙。

These alternatives offer similar stability to U.S. dollar-linked assets, but with potentially lower regulatory risks. BUSD, in particular, is known for its close integration with Binance’s ecosystem, offering users seamless trading experiences and potentially prioritized liquidity.

這些替代方案提供了與美元掛鉤資產相似的穩定性，但有可能較低的監管風險。尤其是BUSD以與Binance的生態系統的密切整合而聞名，為用戶提供了無縫的交易經驗和潛在的優先流動性。

However, the transition could create short-term confusion and volatility as market participants adjust to the changes in available pairs, trading terms, and overall market dynamics.

但是，隨著市場參與者適應可用對，交易條款和整體市場動態的變化，過渡可能會引起短期混亂和波動性。

Binance’s Strategic Preamble

Binance的戰略序言

The exchange’s decision isn’t arbitrary—it’s a calculated response to a shifting regulatory landscape and market dynamics. Binance is pivoting to maintain compliance with the EU’s MiCA regulations, which come into effect in 2025, and these regulations will have a cascading effect on crypto exchanges worldwide.

交易所的決定不是任意的，這是對不斷變化的監管格局和市場動態的計算回應。 Binance正在旋轉遵守歐盟在2025年生效的歐盟雲母法規，這些法規將對全球的加密交易所產生級聯影響。

The EU’s new rules mandate that crypto exchanges operating within the bloc must provide complete pairs with at least two designated stablecoins chosen by the exchange.

歐盟的新規則規定，在集團內運行的加密交易所必須提供完整的配對，並至少由交易所選擇的兩個指定的stablecoins提供。

However, Binance’s statement on adjusting its trading pairs to comply with MiCA also highlights another crucial factor: the ongoing difficulties that Tether has encountered in fully meeting regulatory requirements, particularly regarding reserve transparency and AML standards.

但是，Binance關於調整交易對以遵守雲母的交易的聲明也突出了另一個關鍵因素：Tether在完全滿足監管要求時遇到的持續困難，尤其是關於儲備透明度和AML標準。

This issue has been a subject of discussion among crypto traders and legal experts, especially in the U.S., where Tether’s activities have faced scrutiny from the Commodities Futures Trading Commission (CFTC).

這個問題一直是加密貨幣交易者和法律專家的討論主題，尤其是在美國，在美國的活動受到商品期貨交易委員會（CFTC）的審查。

Despite the difficulties encountered by Tether’s flagship token in meeting these regulations in their entirety, USDT has remained

儘管Tether的旗艦令牌在滿足這些法規時遇到了困難，但USDT仍然存在