報導顯示，像USDT和USDC這樣的Stablecoins中的繁榮使人們對這些代幣帶來了加密貨幣行業和整個金融體系的迫在眉睫的風險感到擔憂

報導顯示，像USDT和USDC這樣的Stablecoins中的繁榮使人們對這些代幣帶來了加密貨幣行業和整體金融體系的迫在眉睫的風險感到擔憂。

Reports revealed that the boom in stablecoins like USDT and USDC has renewed fears about the looming risks these tokens bring to the crypto industry and the overall financial system.

報導顯示，像USDT和USDC這樣的Stablecoins中的繁榮使人們對這些代幣帶來了加密貨幣行業和整體金融體系的迫在眉睫的風險感到擔憂。

As reported by Bloomberg, the administration of former President Donald Trump and Congress were both pushing to cement the growing importance of stablecoins. Two bills designed to give stablecoins a bigger role in the global payments infrastructure are running through the House and Senate.

據彭博社報導，前總統唐納德·特朗普（Donald Trump）和國會的政府都在努力鞏固穩定幣的重要性。旨在使Stablecoins在全球付款基礎設施中扮演更大作用的兩項法案正在眾議院和參議院運行。

The administration’s interest, which includes vocal support from Trump, helped encourage the steady flow of new money into the stablecoins sector—even as other sectors of the crypto industry struggled—bringing the total value to over $230B.

政府的興趣包括特朗普的聲音支持，這有助於鼓勵新資金穩步流入穩定的行業，即使是加密貨幣行業的其他部門掙扎，總價值將總價值超過230b。

However, Senator Elizabeth Warren (D-Mass.) said that the bill lacked the basic safeguards necessary to ensure that stablecoins did not blow up the entire financial system. The senator explained that the bill allowed stablecoin issuers to invest in risky assets, including assets that were bailed out in 2008.

但是，伊麗莎白·沃倫（Elizabeth Warren）參議員（D-Mass。）表示，該法案缺乏確保穩定幣不會炸毀整個金融體系所需的基本保障措施。參議員解釋說，該法案允許Stablecoin發行人投資於風險資產，包括2008年被保釋的資產。

The commentary comes as researchers at the Federal Reserve Bank of New York and the Financial Stability Oversight Council called attention to these run risks in multiple papers published last year. Additionally, various central bankers have spoken about the risks in recent speeches.

評論是因為紐約聯邦儲備銀行的研究人員和金融穩定監督委員會稱，去年發表的多篇論文中關注這些運行風險。此外，各種中央銀行家都談到了最近演講中的風險。

“If a run on a large stablecoin were to occur, liquidation of the assets backing the stablecoin could be disruptive, especially if those assets were linked to other funding markets.”

“如果要進行大型穩定的穩定性，那麼支持穩定的資產的清算可能會破壞，尤其是當這些資產與其他資金市場相關聯時。”

Lisa D. Cook, a governor on the Federal Reserve’s board

麗莎·庫克（Lisa D. Cook），美聯儲董事會的州長

Matthew Bisanz, a financial regulatory partner at Mayer Brown, doubted whether a U.S. dollar-backed stablecoin that is denominated in U.S. dollars could be vulnerable to a run because the coin can always pay the redeemer in U.S. dollars.

Mayer Brown的金融監管合作夥伴Matthew Bisanz懷疑以美元計價的美元支持的Stablecoin是否容易遭受奔跑的攻擊，因為硬幣始終可以以美元支付救贖主。

However, Bisanz acknowledged that if those dollars were deposited at a bank and the bank needed to liquidate assets to fund withdrawals by the stablecoin holders, then there could be a run. But that would be the same type of run that could happen to any fractional reserve depository.

但是，Bisanz承認，如果這些美元存入了一家銀行，而銀行需要清算資產以資助Stablecoin持有人的撤回，那麼可能會有運行。但這將是任何分數儲備金可能發生的運行類型。

“The commonality in these scenarios is that a bank would be forced to sell assets in an attempt to meet demand for dollar deposits, which could create a vicious cycle of asset price declines and bank failures.”

“在這種情況下，共同點是，將被迫出售資產以滿足對美元存款的需求，這可能會造成資產價格下降和銀行失敗的惡性循環。”

A new report by the Institute for Law and Economic Policy also highlighted the risks posed by the bipartisan bill to quickly create a legal framework for stablecoins. The report's authors, Mehrdad Hajaj and Gary Flom, asserted that the legislation would permit stablecoin issuers to hold a portion of their reserves in short-term U.S. Treasury bills, money market funds, or high-quality, liquid municipal securities.

法律與經濟政策研究所的一份新報告還強調了兩黨法案迅速為Stablecoins創建法律框架的風險。該報告的作者Mehrdad Hajaj和Gary Flom斷言，該立法將允許Stablecoin發行人在美國短期美國財政賬單，貨幣市場基金或高質量的液體市政證券中持有其一部分儲備。

The administration highlighted that the bill would impose strong safeguards on stablecoins to ensure financial stability. The bill's supporters, including House Financial Services Chair Maxine Waters (D-Calif.) and Senate Banking Chair Pat Toomey (R-Pa.), emphasized the importance of regulating the burgeoning industry to prevent the buildup of risks.

政府強調，該法案將對Stablecoins實施強大的保障措施，以確保財務穩定。該法案的支持者，包括眾議院金融服務主席Maxine Waters（D-Calif。）和參議院銀行主席Pat Toomey（R-Pa。），強調了規範新興行業以防止風險積累的重要性。

During a March 11 hearing, lawmakers delved into how stablecoins could revolutionize payments without imposing an excessive regulatory burden. The inquiry arose as the Senate Banking Committee prepared to vote on a bill regulating stablecoins, focusing on the potential benefits and risks.

在3月11日的聽證會上，議員們深入研究了穩定者如何在不施加過多的監管負擔的情況下徹底改變付款。當參議院銀行委員會準備就規範穩定的法案進行投票，重點關注潛在利益和風險時，就開始了調查。

The Trump administration and Congress were making a push for stablecoins as part of broader efforts to modernize the U.S. financial system. The administration and its appointees had been rolling out proposals and discussing the issue throughout the year.

特朗普政府和國會正在推動穩定幣，這是使美國金融體系現代化的更廣泛努力的一部分。政府及其被任命者一直在進行提案，並全年討論該問題。

The administration officials and appointees also highlighted the importance of maintaining the U.S. dollar's dominant status in the global financial system, especially in light of the growing use of cryptocurrencies like bitcoin.

政府官員和被任命者還強調了保持美元在全球金融體系中的主要地位的重要性，尤其是鑑於使用比特幣等加密貨幣的使用日益增長。

"The bill provides for a U.S.-dollar-backed stablecoin to be regulated and licensed by the federal government, opening the door for a new era of innovation in digital assets and payments."

“該法案規定，由聯邦政府對美國支持的穩定幣進行監管和許可，為數字資產和付款創新的新時代打開了大門。”

The administration appointees said that legitimizing stablecoins helps firm up the U.S. dollar’s dominance as a global reserve currency. The bill would require stablecoin issuers to be licensed and back their tokens one-to-one with approved assets like cash, short-term U.S. Treasury bills, repurchase agreements and money-market funds.

政府任命者說，合法化的穩定幣可以幫助穩固美元作為全球儲備貨幣的統治地位。該法案將要求Stablecoin發行人獲得許可，並以現金，短期美國財政賬單，回購協議和貨幣營銷資金等批准的資產一對一的信用。

However, a professor emeritus at George Washington University Law School, Arthur E. Wilmarth Jr., published a policy report last month calling attention to some of the vulnerabilities that the proposed legislation did not address.

但是，小喬治華盛頓大學法學院的名譽教授亞瑟·E·威爾馬斯（Arthur E. Wilmarth Jr.

According to Wilmarth, even safe, short-term U.S. Treasury bills, which would be allowed into reserves in the proposed legislation, are vulnerable to bank runs and had been frozen up during previous crises. He also noted that Circle’s USDC only managed to recover its peg in 2023 after federal regulators stepped in to cover all of Silicon Valley Bank’s uninsured depositors.

據威爾馬斯（Wilmarth）稱，即使是安全，短期的美國國庫法案，該法案將被允許在擬議的立法中儲備中，也容易受到銀行奔跑的影響，並且在以前的危機中已被凍結。他還指出，在聯邦監管機構介入以覆蓋矽谷銀行所有未保險的存款人之後，Circle的USDC才在2023年才能在2023年恢復其PEG。

"The administration is rolling back critical consumer protections and inviting a new financial crisis with this reckless bill," said Senator Elizabeth Warren (D-Mass.). "It's

參議員伊麗莎白·沃倫（Elizabeth Warren）說：“政府正在撤銷關鍵的消費者保護，並通過這項魯ck的法案邀請新的金融危機。” “它是