Tether 與美國銀行業的聯繫引發了對穩定性的擔憂

Tether 融入美國金融體系為穩定幣帶來了重大風險。其銀行合作夥伴無法直接接觸聯準會，這使得它們容易受到代理銀行的壓力。此外，Tether 作為一家完全儲備銀行的地位及其持有的大量國庫券可能會引起聯準會和美國財政部的審查。這些因素凸顯了 Tether 的脆弱性，並可能導致其被排除在金融體系之外。

Tether's Tenuous Ties to the U.S. Financial System Pose Risks: Expert Analysis

Tether 與美國金融體系的脆弱關係帶來風險：專家分析

Amidst ongoing concerns regarding the stability of Tether, the world's largest stablecoin, an industry expert has shed light on the company's vulnerabilities stemming from its integration within the broader U.S. financial system. Arthur Hayes, founder of cryptocurrency exchange BitMEX, has outlined the potential risks Tether faces due to its relationships with the Federal Reserve, the U.S. Treasury, and its banking partners.

在人們對全球最大穩定幣 Tether 穩定性的持續擔憂中，一位行業專家揭示了該公司因融入更廣泛的美國金融體係而存在的漏洞。加密貨幣交易所 BitMEX 創辦人 Arthur Hayes 概述了 Tether 由於與聯準會、美國財政部及其銀行合作夥伴的關係而面臨的潛在風險。

Banking Partners: A Precarious Dependence

銀行夥伴：不穩定的依賴

According to Hayes, Tether's banking partners, which include Britannia Bank & Trust, Cantor Fitzgerald, Capital Union, Ansbacher, and Deltec Bank and Trust, lack master accounts with the Federal Reserve. This reliance on correspondent banks creates a point of vulnerability, as these banks may not share the same level of comfort with serving crypto businesses like Tether.

Hayes 表示，Tether 的銀行合作夥伴，包括 Britannia Bank & Trust、Cantor Fitzgerald、Capital Union、Ansbacher 和 Deltec Bank and Trust，都缺乏在聯準會的主帳戶。這種對代理銀行的依賴造成了一個漏洞，因為這些銀行可能無法為 Tether 等加密貨幣業務提供相同程度的服務。

Consequently, Hayes warns that correspondent banks could pressure Tether's banking partners to drop the company, effectively excluding it from the financial system. The absence of a direct relationship with the Federal Reserve further exacerbates this risk.

因此，Hayes 警告說，代理銀行可能會向 Tether 的銀行合作夥伴施壓，要求其放棄該公司，實際上將其排除在金融體系之外。與聯準會缺乏直接關係進一步加劇了這種風險。

Federal Reserve: An Unwelcome Intermediary

聯準會：不受歡迎的中介機構

Hayes also highlights the Federal Reserve's disapproval of fully reserved banks, such as Tether, which do not lend out their deposits. The central bank's payment of interest on banking reserves encourages fractional banks to lend more conservatively, thereby mitigating the risk of financial crises.

海耶斯也強調聯準會不贊成 Tether 等完全儲備銀行，因為這些銀行不會借出存款。央行對銀行準備金支付利息，鼓勵部分銀行更保守放貸，進而降低金融危機的風險。

However, Tether's significant holdings in money-market funds and Treasury bills, which earn interest rates close to the federal funding rate, effectively arbitrages the Fed. Hayes suggests that the Federal Reserve is unlikely to provide assistance to Tether should its banking partners sever ties.

然而，Tether 大量持有貨幣市場基金和國庫券，其賺取的利率接近聯邦融資利率，有效地對聯準會進行套利。海耶斯表示，如果 Tether 的銀行合作夥伴斷絕關係，聯準會不太可能向其提供援助。

U.S. Treasury: A Delicate Balance

美國財政部：微妙的平衡

Hayes further notes the U.S. Treasury's unease with Tether's substantial holdings of Treasury bills, which rank it among the top 22 largest holders of U.S. debt. He warns that a sudden sell-off of these holdings could disrupt global bond markets.

海耶斯進一步指出，美國財政部對 Tether 持有大量國債感到不安，這使得 Tether 躋身美國國債前 22 名最大持有者之列。他警告說，突然拋售這些資產可能會擾亂全球債券市場。

While the Treasury is likely to intervene to ensure an orderly unwinding of Tether's positions in the event of banking disruptions, Hayes doubts that Treasury Secretary Janet Yellen would actively assist Tether in securing a new long-term banking partner.

雖然財政部可能會進行幹預，以確保在銀行業務中斷的情況下有序平倉 Tether 的頭寸，但海耶斯懷疑財政部長珍妮特·耶倫是否會積極協助 Tether 尋找新的長期銀行合作夥伴。

Conclusion

結論

The expert analysis elucidates the significant risks Tether faces due to its precarious relationships within the U.S. financial system. The company's dependence on banking partners without direct access to the Federal Reserve and its contentious relationship with the central bank create potential vulnerabilities that could threaten its stability. Additionally, the U.S. Treasury's concerns over Tether's Treasury bill holdings add to the uncertainty surrounding the stablecoin's long-term prospects.

專家分析闡明了 Tether 由於其在美國金融體系中不穩定的關係而面臨的重大風險。該公司對銀行合作夥伴的依賴，無法直接接觸聯準會，以及與聯準會的有爭議的關係，造成了潛在的脆弱性，可能威脅其穩定性。此外，美國財政部對 Tether 持有的國債的擔憂增加了該穩定幣長期前景的不確定性。

It remains to be seen how Tether will navigate these challenges, which have implications not only for the company but also for the broader cryptocurrency market. As the industry continues to evolve, ongoing scrutiny and oversight of stablecoins and their integration into the financial system will be crucial to mitigate potential risks.

Tether 將如何應對這些挑戰還有待觀察，這不僅對公司有影響，而且對更廣泛的加密貨幣市場也有影響。隨著產業的不斷發展，對穩定幣及其與金融體系的整合進行持續的審查和監督對於減輕潛在風險至關重要。