BIS 收緊穩定幣規則，針對 USDT 和 USDC 等無需許可的穩定幣

新規定為穩定幣市場帶來了巨大的不確定性。我們剛從殘酷的市場低迷中恢復過來，但似乎下一場風暴已經來臨。

The Bank of International Settlements (BIS) has announced new guidelines that will impact the stablecoin market. The guidelines introduce stricter criteria for certain stablecoins to receive preferential regulatory treatment, with a focus on those issued on permissionless blockchains. This move is set to have a significant impact on the stablecoin landscape.

國際清算銀行（BIS）宣布了將影響穩定幣市場的新指導方針。該指南為某些穩定幣引入了更嚴格的標準以獲得優惠監管待遇，重點是在無需許可的區塊鏈上發行的穩定幣。此舉將對穩定幣格局產生重大影響。

The Impact on Major Stablecoins

對主要穩定幣的影響

In the first half of 2024, the crypto market experienced substantial growth. The total market cap reached around $2.27 trillion, indicating a 37.3% increase year-to-date. Notably, most of these gains occurred in the first quarter, with a 60.2% rise, while the second quarter experienced a 14.3% drop.

2024年上半年，加密市場經歷了大幅成長。總市值達到約2.27兆美元，今年迄今成長了37.3%。值得注意的是，這些漲幅大部分發生在第一季度，成長了 60.2%，而第二季度則下降了 14.3%。

Meanwhile, the stablecoin market also recovered, reaching a market cap of $161 billion as of June 30, 2024, hitting a two-year high.

同時，穩定幣市場也出現復甦，截至2024年6月30日市值達到1,610億美元，創兩年新高。

A Crackdown is Coming!

嚴打即將來臨！

On July 17, the Basel Committee on Banking Supervision released its final disclosure report on banks’ crypto-asset exposure. This report mandates banks to disclose their crypto activities and liquidity requirements. It also introduces stricter criteria for certain stablecoins to receive preferential “Group 1b” regulatory treatment, effective January 1, 2026. This could heavily impact permissionless stablecoins such as USDT and USDC.

7 月 17 日，巴塞爾銀行監理委員會發布了關於銀行加密資產曝險的最終揭露報告。該報告要求銀行揭露其加密貨幣活動和流動性要求。它還為某些穩定幣引入了更嚴格的標準，以獲得優惠的「Group 1b」監管待遇，自 2026 年 1 月 1 日起生效。

The Industry Reacts

業界反應

Reacting to this news, Custodia Bank’s CEO, Caitlin Long, highlighted that permissionless stablecoins are now excluded from use by banks, with a preference for permissioned stablecoins. She speculated that the United States might ignore this directive, despite BIS’s previous leadership in the crypto sector.

針對這項消息，Custodia Bank 執行長 Caitlin Long 強調，銀行現在不允許使用未經許可的穩定幣，而銀行更傾向於使用經過許可的穩定幣。她推測，儘管 BIS 先前在加密貨幣領域處於領先地位，但美國可能會忽視這項指令。

In response, the crypto enthusiast known as the Vitruvian Man suggested that banks would not easily relinquish their power and control over financial systems. He speculated that their strategy is to use permissioned blockchains to maintain dominance.

作為回應，被稱為「維特魯威人」的加密貨幣愛好者表示，銀行不會輕易放棄對金融體系的權力和控制。他推測他們的策略是使用許可的區塊鏈來維持主導地位。

Is this surprising? The banks are not going to let go of their advantage. Permissioned blockchain is the only way to keep power. The banks and governments will roll out the tanks before relinquishing control. It’s naive to think otherwise

這令人驚訝嗎？銀行不會放棄他們的優勢。許可的區塊鏈是保持權力的唯一方法。銀行和政府將在放棄控制權之前推出這些坦克。不這麼想就太天真了

He believes that banks and governments would take extreme measures to retain control, making it unrealistic to expect them to allow decentralized, permissionless blockchain systems to flourish willingly.

他認為，銀行和政府將採取極端措施來保留控制權，因此期望他們允許去中心化、無需許可的區塊鏈系統自願蓬勃發展是不切實際的。

Public vs. Private Blockchains

公共區塊鏈與私有區塊鏈

At Coinbase's State of Crypto event, BlackRock's Head of Digital Assets expressed a preference for public blockchains over private ones. However, the BIS’s new guidelines support permissioned stablecoins like JPMCoin, potentially threatening permissionless stablecoins.

在 Coinbase 的加密貨幣現況活動中，貝萊德數位資產主管表示，相對於私人區塊鏈，他們更喜歡公共區塊鏈。然而，國際清算銀行的新指南支持 JPMCoin 等經過許可的穩定幣，這可能會威脅到未經許可的穩定幣。

The Implications? Huge.

影響？巨大的。

The BIS decision comes as the Hong Kong Monetary Authority releases consultation papers on a licensing regime for stablecoin issuers. Moreover, Fox Business reporter Eleanor Terrett noted that initial proposals included USDC and others for preferential treatment. However, the final guidance excludes all stablecoins issued on permissionless blockchains, posing a serious threat to many stablecoins.

在國際清算銀行做出這項決定之際，香港金融管理局發布了有關穩定幣發行人許可製度的諮詢文件。此外，福斯商業新聞記者 Eleanor Terrett 指出，最初的提案包括 USDC 和其他優惠待遇。然而，最終指南排除了在無需許可的區塊鏈上發行的所有穩定幣，這對許多穩定幣構成了嚴重威脅。

This is a key moment for the crypto industry. The decisions made now will shape its trajectory for years to come.

這是加密貨幣產業的關鍵時刻。現在做出的決定將決定其未來幾年的發展軌跡。