雲母的貿易保護主義方法的穩定法規風險不穩定並扼殺創新

歐盟在加密資產（MICA）中的市場標誌著全球數字資產監管的關鍵時刻

The European Union’s Markets in Crypto-Assets (MiCA) regulation marks a pivotal moment in the global regulation of digital assets, particularly concerning stablecoins. This comprehensive framework aims to bring clarity and stability to the burgeoning crypto market within the EU. However, a closer examination of its specific provisions, especially those pertaining to stablecoin reserves, reveals a potentially problematic approach.

歐盟在加密資產（MICA）中的市場標誌著全球數字資產監管的關鍵時刻，尤其是與Stablecoin有關的時刻。這個全面的框架旨在為歐盟內新興的加密貨幣市場帶來清晰和穩定。但是，仔細研究其具體規定，尤其是與穩定儲備有關的規定，揭示了一種潛在的有問題的方法。

As a financial journalist with a keen interest in the intersection of finance and technology and having observed the evolution of digital assets and their regulatory landscapes, I contend that the MiCA stipulation requiring 60% of stablecoin reserves to be held within EU banks could inadvertently introduce instability and hinder the very innovation it seeks to foster. While seemingly aimed at enhancing security, this mandate may instead create new vulnerabilities and fragment the global stablecoin market.

作為一名對金融和技術交集充滿興趣的金融記者，並且觀察到數字資產及其監管景觀的演變，我認為，雲母規定要求60％的穩定儲備在歐盟銀行內持有60％的規定並阻礙了它試圖促進的創新。儘管看似旨在提高安全性，但該任務可能會創造新的漏洞並破壞全球穩定市場。

The Stablecoin LandscapeBefore dissecting the intricacies of MiCA’s impact, it’s essential to grasp the current dynamics of the stablecoin market. As of early 2024, this sector boasts a market capitalization exceeding $130 billion, a testament to the growing demand for digital assets that offer price stability. Tether remains the dominant player, commanding approximately 70% of this market share. This dominance isn’t accidental; it largely reflects market confidence in Tether’s reserve composition and its consistent ability to maintain its peg to the U.S. dollar.

在剖析雲母影響的複雜性之前，穩定的landovecapebe是掌握stablecoin市場的當前動態至關重要的。截至2024年初，該行業的市值超過1300億美元，這證明了對提供價格穩定的數字資產需求的增長。繫繩仍然是主要的球員，約佔該市場份額的70％。這種主導地位並非偶然。它在很大程度上反映了市場對Tether的儲備組成的信心，以及其保持固定在美元上的穩定能力。

The success of Tether can be directly attributed to its reserve strategy, which predominantly involves holding U.S. Treasuries and other highly liquid dollar-denominated assets. Tether’s transparency, albeit sometimes scrutinized, through its regular attestation reports provides insights into this strategy.

繫繩的成功可以直接歸因於其儲備策略，這主要涉及到美國國庫和其他高度以美元計價的資產。系特特（Tether）的透明度，儘管有時會通過其定期證明報告進行審查，從而提供了對該策略的見解。

According to their latest reports, a significant portion, around 85% of their reserves, are held in cash and cash equivalents, with U.S Treasuries forming the lion’s share. This preference for U.S. Treasuries is not arbitrary. These instruments are backed by the full faith and credit of the United States government and offer unparalleled liquidity. The daily trading volumes in the secondary market for U.S. Treasuries routinely average over $910 billion, making them exceptionally easy to buy and sell without significantly impacting their price. This deep liquidity is a crucial factor in maintaining the stability of a stablecoin.

根據他們的最新報告，大量的儲量中約有85％以現金和現金等價持有，美國國庫構成了獅子的份額。對美國國債的這種偏愛不是任意的。這些工具得到了美國政府的全部信仰和信譽的支持，並提供無與倫比的流動性。美國國債的二級市場每日交易量通常超過9100億美元，這使得它們非常容易買賣，而不會顯著影響其價格。這種深厚的流動性是維持穩定的穩定性的關鍵因素。

Other significant stablecoins, such as USD Coin, prioritize holding reserves in highly liquid and low-risk assets, including U.S. Treasuries and cash held in regulated financial institutions. This industry-wide preference for U.S. Treasuries underscores their perceived safety and liquidity within the global financial system. The ability to quickly convert reserves into fiat currency during periods of high redemption pressure is paramount for a stablecoin to maintain its peg.

其他重要的穩定幣，例如美元硬幣，將持有儲備金的優先考慮在高度液體和低風險資產中，包括美國財政部和受監管金融機構中持有的現金。這種整個行業對美國國債的偏好強調了其在全球金融體系中的安全性和流動性。在高救贖壓力期間，快速將儲量轉換為法定貨幣的能力對於保持其釘子的固定是至關重要的。

Protectionism Masquerading as Security?MiCA’s requirement that 60% of stablecoin reserves be held in EU banks appears to be more of a protectionist measure aimed at bolstering the European financial sector than a genuine enhancement of stablecoin security. This assertion becomes particularly compelling when comparing the liquidity of the European bond market to that of U.S. Treasuries. While the EUR government bond market is substantial, it pales compared to the U.S. Treasury market in terms of trading volume and depth. The lower liquidity and often wider bid-ask spreads in European government bonds raise concerns about the ease and cost of liquidating these assets during periods of market stress.

鑑定為安全的保護主義？雲母要求在歐盟銀行舉行60％的穩定儲備金的要求似乎是旨在加強歐洲金融部門的貿易保護主義措施，而不是真正增強斯塔布爾卡幣安全的措施。將歐洲債券市場與美國國債的流動性進行比較時，這種斷言變得尤其令人信服。儘管歐洲政府債券市場是巨大的，但就交易量和深度而言，與美國國庫市場相比，它顯得蒼白。歐洲政府債券的流動性較低，並且通常在歐洲政府債券中傳播更廣泛的出價，這引起了人們對在市場壓力期間清算這些資產的容易和成本的擔憂。

Tradeweb reported in September 2024 that the average daily volume for European government bonds was $49.5 billion. As I do not have the exact average daily trading data from the European Central Bank, I put fair estimated daily trading volumes of around €100 billion for this comparison. This figure is less than one-ninth of the daily trading volume observed in U.S. Treasuries, which is over $910 billion.

TradeWeb在2024年9月報導說，歐洲政府債券的平均每日數量為495億美元。由於我沒有歐洲中央銀行的確切平均每日交易數據，因此我將公平的估計每日交易數量約為1000億歐元。這個數字不到在美國國債中觀察到的日常交易量的九分之一，該國債超過9100億美元。

This significant liquidity disparity is not merely an academic point; it has real-world implications for stablecoin issuers who need to access their reserves quickly to meet redemption requests. During market turbulence, the ability to quickly and efficiently convert reserve assets into fiat currency is critical for maintaining the stablecoin’s peg. Lower liquidity in the European bond market could translate to higher transaction costs and potential delays in accessing funds, potentially undermining the stability MiCA aims to achieve.

這種重大的流動性差異不僅僅是學術點。它對需要快速訪問儲備金以滿足贖回請求的穩定發行人具有現實世界中的影響。在市場動盪期間，快速有效地將儲備金轉換為法定貨幣的能力對於維持穩定的釘子至關重要。歐洲債券市場的流動性降低可能會轉化為較高的交易成本和潛在的資金延誤，這可能破壞了穩定雲母的目標。

Furthermore, the concentration of reserves within EU banks raises questions about the potential for systemic risk within the European financial system. While diversification is generally considered a prudent risk management strategy, forcing stablecoin issuers to concentrate a significant portion of their reserves within a specific regional banking system could amplify the impact of any localized financial instability.

此外，歐盟銀行內部的儲備集中提出了有關歐洲金融體系內系統風險的可能性的疑問。雖然多元化通常被認為是一種審慎的風險管理策略，但迫使Stablecoin發行人將大部分儲備集中在特定的區域銀行系統中可能會擴大任何局部金融不穩定的影響。

The Silicon Valley Bank LessonThe collapse of Silicon Valley Bank (SVB) in March 2023 is a stark and relevant case study highlighting the inherent risks associated with relying solely on the traditional banking system for stablecoin reserves. When SVB experienced a rapid bank run, Circle’s USD Coin, despite being considered a highly reputable stablecoin, temporarily lost its peg, plummeting to around

矽谷銀行的課程是2023年3月矽谷銀行（SVB）的崩潰，是一項鮮明且相關的案例研究，強調了僅依靠傳統銀行系統用於穩定儲備的固有風險。當SVB經歷了快速的銀行運行時，Circle的USD硬幣儘管被認為是著名的Stablecoin，但暫時失去了釘子