MiCA 進入市場：Circle 引領合規性，Tether 尋求「代理商」擴大其歐洲穩定幣業務

歐盟加密資產市場法規（MiCA）已於 6 月 30 日生效，並將於今年 12 月 30 日全面實施。

As the European Union's Markets in Crypto-Assets Regulation (MiCA) comes into full effect, it brings both challenges and opportunities for stablecoin issuers like Tether. With a focus on regulatory compliance, Tether has invested in the Dutch company Quantoz, which is set to launch two MiCA-compliant stablecoins. This move by Tether highlights the strategies being employed in the competitive euro stablecoin market.

隨著歐盟加密資產市場監管（MiCA）的全面生效，為 Tether 等穩定幣發行機構帶來了挑戰和機會。出於對監管合規性的關注，Tether 投資了荷蘭公司 Quantoz，該公司將推出兩種符合 MiCA 的穩定幣。 Tether 的這一舉動凸顯了競爭激烈的歐元穩定幣市場所採用的策略。

On November 18, Tether, Kraken, and Fabric Ventures jointly announced an investment in Quantoz, a blockchain company based in the Netherlands. This investment will support Quantoz in launching two stablecoins, USDQ and EURQ, which are pegged to the US dollar and euro, respectively, and will be listed on Bitfinex and Kraken on November 21. These stablecoins will be fully compliant with the EU's MiCA regulatory framework.

11 月 18 日，Tether、Kraken 和 Fabric Ventures 共同宣布投資荷蘭區塊鏈公司 Quantoz。這項投資將支持 Quantoz 推出兩種穩定幣 USDQ 和 EURQ，分別與美元和歐元掛鉤，並將於 11 月 21 日在 Bitfinex 和 Kraken 上市。

This investment by Tether, known for issuing the world's largest stablecoin USDT, is a strategic move in the context of MiCA's implementation. As Tether has yet to obtain a license to issue stablecoins under the MiCA framework, this investment could pave the way for Tether to expand its presence in the euro stablecoin market. By supporting projects that comply with MiCA regulations, Tether may be able to indirectly participate in this market.

以發行全球最大穩定幣USDT而聞名的Tether此次投資，是在MiCA落地背景下的策略舉措。由於 Tether 尚未獲得在 MiCA 框架下發行穩定幣的許可，這項投資可能為 Tether 擴大其在歐元穩定幣市場的影響力鋪平道路。透過支持符合 MiCA 法規的項目，Tether 或許能夠間接參與這個市場。

According to Coingecko data, as of November 20, the top five participants in the euro stablecoin market by market capitalization are: Circle's EURC, SG-Forge's EURCV, Tether's EUR₮, Stasis's EURS, and Celo Euro's cEUR. Together, EURC and EURCV account for 40% of the euro stablecoin market, out of a total market cap of $326 million. This market concentration poses challenges for new entrants but also provides an entry point for Quantoz, which has a compliance advantage.

Coingecko數據顯示，截至11月20日，歐元穩定幣市場按市值排名前五的參與者分別是：Circle的EURC、SG-Forge的EURCV、Tether的EUR₮、Stasis的EURS和Celo Euro的cEUR。 EURC 和 EURCV 合計佔歐元穩定幣市場的 40%，總市值為 3.26 億美元。這種市場集中度給新進業者帶來了挑戰，但也為具有合規優勢的 Quantoz 提供了切入點。

MiCA places stringent requirements on stablecoin issuers, with key provisions including:

MiCA 對穩定幣發行機構提出了嚴格的要求，主要條款包括：

Licensing requirements: Issuers must obtain an Electronic Money Institution (EMI) license in at least one EU member state or register as a credit institution.

許可證要求：發行人必須在至少一個歐盟成員國取得電子貨幣機構 (EMI) 許可證或註冊為信貸機構。

Reserve asset requirements: At least 60% of reserve assets must be held in European banks.

儲備資產要求：至少60%的儲備資產必須存放在歐洲銀行。

Trading volume limits: If a stablecoin's daily trading volume exceeds 1 million transactions or daily trading value exceeds €200 million, the issuer will be prohibited from issuing more stablecoins.

交易量限制：如果穩定幣日交易量超過100萬筆或日交易額超過2億歐元，發行人將禁止發行更多穩定幣。

Major issuers like Circle and SG-Forge have met these requirements by registering for EMI licenses in France. For example, SG-Forge's EURCV operates on Ethereum and recently announced plans to launch on Ripple's XRP Ledger (XRPL) to expand its market coverage.

Circle 和 SG-Forge 等主要發行人透過在法國註冊 EMI 許可證來滿足這些要求。例如，SG-Forge 的 EURCV 在以太坊上運行，最近宣布計劃在 Ripple 的 XRP Ledger (XRPL) 上推出，以擴大其市場覆蓋範圍。

With Tether's investment in Quantoz, Tether may have the opportunity to further stabilize its share in the euro stablecoin market through "agents." The search for new companies holding EMI licenses has also become a newly emerging trend.

隨著Tether對Quantoz的投資，Tether或有機會透過「代理商」進一步穩定其在歐元穩定幣市場的份額。尋找持有EMI牌照的新公司也成為新趨勢。

On November 19, Paxos, a blockchain and tokenization infrastructure platform, announced that it has agreed to acquire Membrane Finance, a licensed electronic money institution (EMI) based in Finland. This acquisition is still subject to regulatory approval. Upon completion, Paxos will become a fully licensed EMI in Finland and the EU.

11 月 19 日，區塊鏈和代幣化基礎設施平台 Paxos 宣布已同意收購總部位於芬蘭的持牌電子貨幣機構 (EMI) Membrane Finance。此次收購仍有待監管部門批准。完成後，Paxos 將成為芬蘭和歐盟完全許可的 EMI。

Tether's CEO Expresses Concerns Over MiCA, More Companies Seek Competitive "Agents"

Tether CEO表達對MiCA的擔憂 更多公司尋求有競爭力的“代理商”

For Tether, the new requirements brought by MiCA pose urgent challenges. According to previous reports, Coinbase Global Inc. plans to delist all unauthorized stablecoins from its European crypto exchange by the end of the year, which could impact tokens like Tether's USDT.

對 Tether 來說，MiCA 帶來的新需求提出了迫切的挑戰。根據先前報導，Coinbase Global Inc. 計劃在今年年底前從其歐洲加密貨幣交易所下架所有未經授權的穩定幣，這可能會影響 Tether 的 USDT 等代幣。

Currently, major cryptocurrency exchanges, including Uphold, Bitstamp, Binance, Kraken, and OKX, are taking measures to comply with the EU's new cryptocurrency regulations. OKX has already delisted all trading pairs of USDT in Europe. Other major exchanges, such as Binance and Kraken, have not yet delisted USDT but are considering restricting its functionality.

目前，包括Uphold、Bitstamp、Binance、Kraken和OKX在內的主要加密貨幣交易所正在採取措施，以遵守歐盟新的加密貨幣法規。 OKX已下架歐洲所有USDT交易對。其他主要交易所，例如幣安和 Kraken，尚未下架 USDT，但正在考慮限制其功能。

Tether's CEO Paulo Ardoino previously stated that the upcoming regulatory framework in Europe will bring banking-related issues for stablecoin issuers, which could threaten the broader stability of the crypto market. According to MiCA, stablecoin issuers must hold at least 60% of their reserve assets in European banks. Ardoino noted that since banks can lend out up to 90% of their reserves, this could introduce "systemic risk" for stablecoin issuers.

Tether 執行長 Paulo Ardoino 先前表示，歐洲即將出台的監管框架將為穩定幣發行人帶來銀行相關問題，這可能會威脅到加密市場的更廣泛穩定性。 MiCA 表示，穩定幣發行人必須將至少 60% 的儲備資產存放在歐洲銀行。 Ardoino 指出，由於銀行可以貸出高達 90% 的準備金，這可能會給穩定幣發行人帶來「系統性風險」。

Some major stablecoin issuers have faced banking-related issues in the past. For instance, in March 2023, Circle's USD Coin (USDC) experienced a de-pegging event. At that time, Circle was unable to withdraw $3.3 billion in reserves from Silicon Valley Bank, which had previously managed $40 billion in reserves for the stablecoin issuer before ceasing operations.

一些主要的穩定幣發行人過去曾面臨銀行業相關問題。例如，2023 年 3 月，Circle 的美元幣（USDC）經歷了脫鉤事件。當時，Circle 無法從矽谷銀行提取 33 億美元的準備金，該銀行在停止營運之前曾為這家穩定幣發行人管理 400 億美元的準備金。

In Ardoino's view, the banking

在阿多伊諾看來，銀行業