穩定幣強化數位時代的美元霸權

關於穩定幣及其對美元主導地位的影響的爭論仍然存在。 Cantor Fitzgerald 執行長 Howard Lutnick 認為 Tether (USDT) 和 Circle 的 USDC 等穩定幣對於維持美元的經濟霸主地位至關重要。這些穩定幣刺激了對美國國債的需求，提供了低借貸利率和透過制裁產生地緣政治影響力等金融特權。 Lutnick 的認可源於其久經考驗的韌性，例如 USDT 在嚴格審查下兌現贖回的能力。然而，人們仍然對 CBDC 及其潛在的地緣政治影響感到擔憂。

Stablecoins: Reinforcing Dollar Hegemony in the Digital Age

穩定幣：加強數位時代的美元霸權

The emergence of stablecoins, cryptocurrencies pegged to the value of the U.S. dollar, has sparked a heated debate over their role in the global financial landscape. At the forefront of this discussion is Howard Lutnick, CEO of Cantor Fitzgerald, who argues that stablecoins, such as Tether's USDT and Circle's USDC, are not only bolstering the dominance of the U.S. dollar but also serving as a cornerstone for the American economy.

穩定幣（與美元價值掛鉤的加密貨幣）的出現引發了關於其在全球金融格局中的作用的激烈爭論。 Cantor Fitzgerald 執行長 Howard Lutnick 站在這場討論的最前沿，他認為 Tether 的 USDT 和 Circle 的 USDC 等穩定幣不僅鞏固了美元的主導地位，而且成為美國經濟的基石。

Stablecoins: A Pillar of Dollar Hegemony

穩定幣：美元霸權的支柱

Lutnick sees stablecoins as a vital component in maintaining the economic dominance of the United States on the global stage. "Dollar hegemony is fundamental to the United States of America," he asserted, emphasizing their role in sustaining the U.S.'s economic strength.

盧特尼克認為穩定幣是維持美國在全球舞台上經濟主導地位的重要組成部分。他斷言：“美元霸權是美利堅合眾國的根本”，並強調美元霸權在維持美國經濟實力方面的作用。

Stablecoins' utility lies in their ability to fuel demand for U.S. Treasury notes without posing a systemic risk to the global economy. This allows the U.S. to enjoy financial privileges, including the ability to incur substantial deficits, secure borrowing at favorable rates, and exert geopolitical influence through sanctions.

穩定幣的效用在於它們能夠刺激對美國公債的需求，而不會對全球經濟造成系統性風險。這使得美國能夠享有金融特權，包括產生巨額赤字、以優惠利率獲得借款以及透過制裁施加地緣政治影響的能力。

Market Presence of Stablecoins

穩定幣的市場存在

Cantor Fitzgerald's custodianship of Tether, the issuer of the world's leading stablecoin USDT, places the firm at the heart of the stablecoin debate. With USDT boasting a market capitalization of over $107 billion and USDC at $32.25 billion, stablecoins have undoubtedly gained prominence in the cryptocurrency market.

坎托·菲茨杰拉德 (Cantor Fitzgerald) 對 Tether（世界領先的穩定幣 USDT 的發行者）的託管權使該公司成為穩定幣爭論的核心。 USDT 的市值超過 1,070 億美元，USDC 的市值為 322.5 億美元，穩定幣無疑在加密貨幣市場中佔據了主導地位。

Their versatility has made them a crucial tool in crypto trading, serving as a medium of exchange and collateral in derivatives trading. Moreover, stablecoins proved their worth as a haven during the turbulent monetary tightening of 2022.

它們的多功能性使它們成為加密貨幣交易的重要工具，充當衍生性商品交易的交換媒介和抵押品。此外，在 2022 年動盪的貨幣緊縮時期，穩定幣證明了其作為避風港的價值。

Confidence and Critique

信心與批評

The collapse of Terra's algorithmic stablecoin UST in May 2022 shook investor confidence in the stability of stablecoins. However, Tether's resilience during this market turmoil has helped restore trust. Lutnick's assurance that Tether has adequate reserves to back USDT further solidified investor confidence.

2022 年 5 月 Terra 演算法穩定幣 UST 的崩盤動搖了投資者對穩定幣穩定性的信心。然而，Tether 在這次市場動盪中的復原能力幫助恢復了信任。 Lutnick 保證 Tether 有足夠的儲備來支持 USDT，進一步堅定了投資者的信心。

Central Bank Digital Currencies: Innovation or Intrusion?

央行數位貨幣：創新還是入侵？

Lutnick expressed skepticism towards central bank digital currencies (CBDCs), particularly their geopolitical implications. He fears that a U.S.-issued digital dollar could be perceived as an "American spy wallet" by international actors such as China.

盧特尼克對央行數位貨幣（CBDC）表示懷疑，特別是其地緣政治影響。他擔心美國發行的數位美元可能會被中國等國際行為體視為「美國間諜錢包」。

Future of Asset Tokenization

資產代幣化的未來

Looking ahead, Lutnick envisions a future where real-world assets, such as bonds, will be tokenized and traded on blockchain platforms. He believes that technological advancements will pave the way for fast and cost-effective trading of tokenized assets, potentially revolutionizing asset management and exchange.

展望未來，盧特尼克設想未來現實世界的資產（例如債券）將被代幣化並在區塊鏈平台上進行交易。他認為，技術進步將為快速、經濟高效的代幣化資產交易鋪平道路，有可能徹底改變資產管理和交易。

Conclusion

結論

The discourse surrounding stablecoins, their impact on the U.S. economy, and their implications for the broader digital currency landscape is multifaceted. The insights of industry leaders like Howard Lutnick offer valuable perspectives on the complex interplay between digital currencies and traditional financial systems.

圍繞穩定幣、其對美國經濟的影響以及其對更廣泛的數位貨幣格局的影響的討論是多方面的。 Howard Lutnick 等產業領導者的見解為數位貨幣與傳統金融體系之間的複雜相互作用提供了寶貴的視角。

As the cryptocurrency realm continues to evolve, stablecoins and asset tokenization are emerging as key players in shaping a transformative period for global finance, characterized by both technological innovation and strategic economic maneuvering.

隨著加密貨幣領域的不斷發展，穩定幣和資產代幣化正在成為塑造全球金融變革時期的關鍵參與者，其特徵是技術創新和策略經濟操縱。