美國參議院法案旨在加強銀行參與穩定幣市場

最近向美國參議院提出的一項法案《支付穩定幣法案》旨在鼓勵美國銀行透過發行與美元掛鉤的穩定幣來參與穩定幣市場。如果獲得批准，該法案可以將穩定幣的發行上限限制在 100 億美元，從而為銀行提供相對於非銀行穩定幣發行機構的競爭優勢。值得注意的是，這可能會影響市值 1,100 億美元的最大穩定幣發行商 Tether，但根據擬議法案，Tether 不屬於允許的支付穩定幣。

U.S. Senate Bill Aims to Spur Bank Involvement in Stablecoin Market

美國參議院法案旨在刺激銀行參與穩定幣市場

Global ratings agency S&P Global Ratings has analyzed the potential implications of a newly introduced bill in the United States Senate that focuses on stablecoins. The proposed Payment Stablecoin Act, introduced on April 17 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), has garnered attention for its potential to reshape the stablecoin landscape.

全球評級機構標準普爾全球評級分析了美國參議院新提出的一項針對穩定幣的法案的潛在影響。參議員 Cynthia Lummis（懷俄明州共和黨）和 Kirsten Gillibrand（紐約州民主黨）於 4 月 17 日提出的《支付穩定幣法案》因其重塑穩定幣格局的潛力而受到關注。

S&P Global Ratings, in an April 23 research note, opined that the bill's provisions could provide incentives for U.S. banks to enter the stablecoin market. The bill proposes a $10 billion issuance limit for non-bank stablecoin issuers, potentially limiting the dominance of large non-U.S. entities like Tether, which currently hold a significant share of the market.

標準普爾全球評級在 4 月 23 日的研究報告中認為，該法案的條款可能會激勵美國銀行進入穩定幣市場。該法案提議對非銀行穩定幣發行人設定 100 億美元的發行限額，這可能會限制 Tether 等大型非美國實體的主導地位，而 Tether 目前在市場上佔有很大份額。

Stablecoins as a Financial Market Pillar

穩定幣作為金融市場支柱

The ratings agency emphasized the growing significance of stablecoins in the financial markets, citing their potential to enhance efficiency and security in asset tokenization and digital bond issuance. S&P Global Ratings cited the recent launch of BlackRock's BUIDL fund as an example of the growing recognition of stablecoins' potential in these areas.

該評級機構強調了穩定幣在金融市場中日益重要的重要性，並指出其在提高資產代幣化和數位債券發行方面的效率和安全性方面的潛力。標準普爾全球評級引用貝萊德最近推出的 BUIDL 基金為例，顯示人們越來越認識到穩定幣在這些領域的潛力。

Implications for Non-Bank Stablecoin Issuers

對非銀行穩定幣發行人的影響

The Payment Stablecoin Act outlines specific requirements for stablecoin issuers, including maintaining one-to-one cash or cash-equivalent reserves and prohibiting unbacked algorithmic stablecoins. These provisions would potentially have a significant impact on non-bank stablecoin issuers like Tether, which currently operate outside of the proposed regulatory framework.

《支付穩定幣法案》概述了對穩定幣發行人的具體要求，包括維持一對一的現金或現金等價儲備以及禁止無支援的演算法穩定幣。這些規定可能會對 Tether 等非銀行穩定幣發行人產生重大影響，這些發行人目前在擬議的監管框架之外運作。

Impact on Tether's Dominance

對 Tether 統治地位的影響

S&P Global Ratings noted that Tether, with its $110 billion market capitalization, is currently the largest U.S. dollar-pegged stablecoin issuer on the market. However, the proposed issuance limit of $10 billion for non-bank stablecoin firms could pose challenges for Tether's continued dominance. The analysts suggest that U.S. entities may be restricted from holding or transacting in Tether due to the proposed bill, leading to a potential decline in demand for the stablecoin and a boost for U.S.-issued stablecoins.

標準普爾全球評級指出，Tether 市值 1100 億美元，是目前市場上最大的美元掛鉤穩定幣發行商。然而，擬議的非銀行穩定幣公司 100 億美元的發行上限可能會對 Tether 的持續主導地位構成挑戰。分析師表示，由於擬議的法案，美國實體持有或交易 Tether 可能會受到限制，導致對該穩定幣的需求可能下降，並提振美國發行的穩定幣。

Controversy and Concerns

爭議與擔憂

While the proposed bill has drawn support from some stakeholders, it has also faced criticism from certain industry players. Crypto advocacy organization Coin Center has expressed concerns about the bill's proposal to ban algorithmic stablecoins, arguing that it could have negative implications for innovation and consumer protection. The organization has also questioned the bill's constitutionality under the First Amendment.

雖然擬議的法案得到了一些利益相關者的支持，但也遭到了某些行業參與者的批評。加密貨幣倡導組織硬幣中心對該法案禁止演算法穩定幣的提議表示擔憂，認為這可能會對創新和消費者保護產生負面影響。該組織還質疑該法案根據第一修正案的合憲性。

Senator Gillibrand's Perspective

吉利布蘭德參議員的觀點

Upon introducing the bill, Senator Gillibrand emphasized the need for a regulatory framework for stablecoins to maintain the dominance of the U.S. dollar, promote responsible innovation, protect consumers, and combat illicit finance.

在介紹法案時，吉利布蘭德參議員強調需要建立穩定幣的監管框架，以維持美元的主導地位，促進負責任的創新，保護消費者並打擊非法金融。

Conclusion

結論

The Payment Stablecoin Act, if approved, could have a significant impact on the U.S. stablecoin market by limiting non-bank stablecoin issuers' issuance capacity and potentially reducing Tether's dominance. The bill's provisions aim to enhance the safety and stability of the stablecoin ecosystem while also addressing concerns related to money laundering and illicit finance. However, the debate surrounding the bill highlights the need for careful consideration of its implications for innovation and consumer rights.

《支付穩定幣法案》如果獲得批准，可能會限制非銀行穩定幣發行人的發行能力，並可能削弱 Tether 的主導地位，從而對美國穩定幣市場產生重大影響。該法案的條款旨在增強穩定幣生態系統的安全性和穩定性，同時解決與洗錢和非法金融相關的問題。然而，圍繞該法案的辯論凸顯了需要仔細考慮其對創新和消費者權利的影響。