美國SEC定義了覆蓋的stablecoins，不包括算法令牌

4月4日發布的SEC Stablecoin指南証實，有些令牌不是證券。美國證券交易委員會將其定義為覆蓋的穩定幣。

The US Securities and Exchange Commission (SEC) has confirmed that some tokens are not securities in its new stablecoin guidance, issued on April 4.

美國證券交易委員會（SEC）已經確認，在4月4日發布的新的Stablecoin指南中，某些令牌不是證券。

These are defined as covered stablecoins. Such tokens must be fully backed by US dollars or liquid, low-risk assets, and allow holders to redeem them 1:1 for dollars. These US dollar-backed stablecoins are also exempt from transaction reporting rules under securities law.

這些定義為覆蓋的穩定菌。這樣的令牌必須以美元或液體，低風險資產的全部支持，並允許持有人以1：1的價格兌換美元。這些以美元支持的穩定股份也免於證券法規定的交易報告規則。

However, not all stablecoins qualify. Tokens backed by algorithms, software models, or any type of yield-bearing system are excluded.

但是，並非所有的Stablecoins都有資格。由算法，軟件模型或任何類型的承重系統支持的代幣被排除在外。

The new stablecoin regulations prevent issuers from mixing user reserves with company funds. Reserves must remain separate and cannot be used for market trading or lending. The SEC also blocked issuers from paying interest, profit, or yield to holders.

新的Stablecoin法規使發行人無法將用戶儲量與公司資金混合。儲量必須保持分開，不能用於市場交易或貸款。 SEC還阻止發行人向持有人支付利息，利潤或收益。

Only covered stablecoins that meet all the SEC’s criteria are recognized under this exemption. These tokens must be backed either by physical fiat currency or short-term US Treasury Bills. They must avoid any financial activity involving user funds.

僅在此豁免下認可符合所有SEC標準的覆蓋穩定幣。這些代幣必須得到實物菲亞特貨幣或美國國庫賬單的支持。他們必須避免任何涉及用戶資金的財務活動。

The SEC stablecoin guidance did not include algorithmic stablecoins or synthetic dollars, which continue to face uncertainty in the US regulatory system. The agency focused only on asset-backed models.

SEC Stablecoin指南不包括算法穩定劑或合成美元，這些算法在美國的監管系統中繼續面臨不確定性。該機構僅專注於資產支持的模型。

Issuers cannot promise any return to holders and are prohibited from using reserve assets to earn revenue. These rules apply to both existing issuers and any new firms that plan to issue US dollar-backed stablecoins in the future.

發行人不能承諾向持有人回報，並禁止使用儲備金賺取收入。這些規則適用於現有的發行人和任何計劃在將來發布美元穩定的新公司。

The SEC confirmed that no onchain interest or yield-bearing fiat tokens are permitted under the current guidelines. Covered stablecoins are limited to functioning as digital equivalents of fiat currency.

SEC確認，根據當前準則，不允許使用鍊鍊利息或承重菲亞特令牌。覆蓋的穩定劑僅限於作為法定貨幣的數字等效物的功能。

The SEC stablecoin guidance aligns with efforts in Congress, where two proposals—GENIUS Act and Stable Act of 2025—support a similar structure for stablecoins. Both bills aim to secure the role of US dollar-backed stablecoins in the global financial system.

SEC Stablecoin的指導與國會的努力相吻合，其中兩個提案（Genius Act and Stable Act of 2025 of 2025）支持了穩定的結構。這兩項法案旨在確保美元支持的Stablecoins在全球金融體系中的作用。

The GENIUS Act, introduced by Senator Bill Hagerty, and the Stable Act of 2025, by Representative French Hill, require full backing and no profit-sharing, aligning with the new SEC definitions for covered stablecoins.

由參議員比爾·哈格蒂（Bill Hagerty）引入的《天才法》（Genius Act）和2025年法國山（French Hill）代表的《穩定法》（Stable Act）需要全面支持，並且不提供利潤分享，並與新的SEC定義有關的SEC定義符合蓋帽的定義。

Both bills encourage the use of regulated banks to store reserves, which must include US dollar deposits or short-term US government debt, a priority also reflected in the new SEC framework.

這兩項法案都鼓勵使用受監管的銀行存儲儲備金，其中必須包括美元存款或美國短期政府債務，這也是新的SEC框架中的優先事項。

According to the guidance, issuers must remain fully transparent and avoid any financial operations with reserve funds, such as trading, lending, or investing activities.

根據該指南，發行人必須保持完全透明，並避免使用儲備金，例如交易，貸款或投資活動等財務運營。

US Treasury Secretary Scott Bessent spoke about stablecoin regulations at the White House Digital Asset Summit on March 7, stating that regulating stablecoins is a priority for the current administration's agenda.

美國財政部長斯科特·貝斯特（Scott Bessent）於3月7日在白宮數字資產峰會上談到了穩定法規，並指出監管stablecoins是當前政府議程的優先事項。

Bessent highlighted that stablecoins are part of the administration’s broader strategy for digital assets, and the US government will use stablecoins to support the global position of the US dollar, including using US dollar-backed stablecoins to boost demand for US Treasuries.

Bessent強調，Stablecoins是政府對數字資產的更廣泛戰略的一部分，美國政府將使用StableCoins來支持美元的全球地位，包括使用美元支持的Stablecoins來促進對美國國債的需求。

The Treasury views these tokens as tools to extend dollar use in digital markets, a position supported by the SEC stablecoin guidance with its strict rules for reserve-backed tokens.

財政部將這些代幣視為擴展數字市場中美元使用的工具，該職位由SEC Stablecoin指南支持其嚴格的保留支持代幣規則。

The data shows the scale of adoption—Tether, the largest stablecoin issuer, holds more US Treasuries than countries like Canada, Germany, or South Korea, directly connecting the stablecoin ecosystem with US debt markets.

數據顯示，與加拿大，德國或韓國這樣的國家，採用的規模（最大的是穩定的發行人）持有的美國國債更多，直接將Stablecoin生態系統與美國債務市場聯繫起來。