Tether 執行長 Paolo Ardoino 回顧 2022 年：充滿挑戰和韌性的一年

當我在巴黎區塊鏈週上第一次見到 Paolo 時，Paolo 回顧了 2022 年，並認為這一年意義重大，無論是好的還是壞的。

Paolo Ardoino, the CEO of Tether, recently sat down with CryptoSlate’s James Van Straten at BTC Prague to discuss a wide range of topics related to the stablecoin giant. In one of his most transparent interviews to date, Ardoino addressed the FUD surrounding Tether, its holdings in US treasuries, competition in the industry, and more. Here are some key highlights from the conversation:

Tether 執行長 Paolo Ardoino 最近在 BTC布拉格與 CryptoSlate 的 James Van Straten 坐下來討論了與這家穩定幣巨頭相關的廣泛話題。在他迄今為止最透明的採訪之一中，Ardoino 談到了圍繞 Tether、其持有的美國國債、行業競爭等問題的 FUD。以下是談話中的一些要點：

2022: A year of challenges and resiliency

2022 年：充滿挑戰與韌性的一年

Reflecting on 2022, Ardoino highlighted the year’s significance for both good and bad reasons. He noted that while the year saw the exit of many bad actors from the crypto industry, it also provided an opportunity for Tether to showcase its resilience.

回顧 2022 年，Ardoino 強調了這一年的重要性，無論是好的還是壞的。他指出，雖然這一年見證了加密貨幣行業許多不良行為者的退出，但這也為 Tether 提供了展示其韌性的機會。

“When we met it was I think 2022 was an incredible year for good and bad, in my opinion. The good thing is that many actors that were eventually recognized as bad actors have left the crypto industry for good. It also was a good moment for Tether to prove its resiliency. And that, in my opinion, is, was very, very crucial.”

「當我們見面時，我認為 2022 年無論好壞都是令人難以置信的一年。好消息是，許多最終被認為是壞人的演員已經永遠離開了加密行業。這也是 Tether 證明其彈性的好時機。在我看來，這非常非常重要。

Ardoino went on to explain that the events of 2022 served as a trial by fire for Tether, allowing it to prove its stability and reliability under pressure. At the time, he also made a public prediction about the downfall of Terra Luna, a competitor in the stablecoin market, which drew criticism from some who believed his competitive interests drove his comments.

Ardoino接著解釋說，2022年的事件對Tether來說是一次考驗，讓它在壓力下證明了自己的穩定性和可靠性。當時，他也公開預測了穩定幣市場的競爭對手 Terra Luna 的垮台，這引起了一些人的批評，他們認為他的競爭利益驅動了他的言論。

“At the conference at the Blockchain Week in Paris in 2022, [it] was before the Terra Luna fallout. I publicly said, I think Terra Luna is going to go bust. And I was criticized about that because people were telling me, oh, of course you are saying that because it’s your competitor is going to eat your lunch.”

「在 2022 年巴黎區塊鏈週的會議上，[它]發生在 Terra Luna 事件發生之前。我公開說過，我認為 Terra Luna 將會破產。我因此受到了批評，因為人們告訴我，哦，你當然這麼說，因為你的競爭對手會吃掉你的午餐。

However, Ardoino maintained that his concerns stemmed from inherent issues in Terra Luna’s model. According to him, Terra Luna’s stablecoin was backed by another token they created, a structure he likened to a “Fugazi” (something fake or insubstantial). He contrasted this with Tether’s principle of ensuring they could always redeem their stablecoin for its face value, highlighting the importance of liquidity and reliability for stablecoin issuers.

然而，阿多伊諾堅稱，他的擔憂源於 Terra Luna 模型的固有問題。據他介紹，Terra Luna 的穩定幣得到了他們創建的另一種代幣的支持，他將這種結構比作「Fugazi」（虛假或虛幻的東西）。他將這一點與 Tether 確保他們始終能夠按面值贖回穩定幣的原則進行了對比，強調了流動性和可靠性對於穩定幣發行人的重要性。

Bank run and short attack on Tether

銀行擠兌和對 Tether 的空頭攻擊

Ardoino then detailed how this led to a coordinated attack against Tether, where attackers attempted to short the stablecoin and create a bank run to prove that Tether did not have sufficient reserves. He explained that these attackers borrowed large amounts of USDT and sold it at a discount, aiming to cause panic and a rush for redemptions.

Ardoino 隨後詳細介紹了這如何導致針對 Tether 的協同攻擊，攻擊者試圖做空穩定幣並製造銀行擠兌，以證明 Tether 沒有足夠的儲備。他解釋說，這些攻擊者藉入了大量USDT並折價出售，目的是引起恐慌和搶購。

“So we discovered that they had around 7 billion USDT and they started selling it at 1 percent discount and and also they started creating panic. So they had 7 billion plus all the panic that they could gather was around another 15 billion.”

「所以我們發現他們有大約 70 億美元的 USDT，他們開始以 1％ 的折扣出售，並且他們開始製造恐慌。所以他們有 70 億，加上他們能聚集的所有恐慌大約還有 150 億。

He illustrated how market makers bought the discounted USDT, redeemed it for its full value, and continued this cycle, showcasing Tether’s ability to handle massive redemptions. He highlighted that Tether successfully redeemed about 25 billion USDT in less than a month, highlighting its liquidity and resilience.

他闡述了做市商如何購買打折的 USDT，將其贖回其全部價值，並繼續這個循環，展示了 Tether 處理大規模贖回的能力。他強調，Tether 在不到一個月的時間內成功贖回了約 250 億美元的 USDT，凸顯了其流動性和彈性。

The Tether CEO drew parallels between Tether’s successful handling of the attack and traditional banking failures, specifically mentioning Washington Mutual’s collapse in 2008. He used this comparison to emphasize Tether’s robustness compared to traditional banks.

Tether 執行長將 Tether 成功應對攻擊的做法與傳統銀行業的失敗進行了比較，特別提到了 2008 年華盛頓互惠銀行的倒閉。

“And there is no better trial by fire than that, right? So to prove that when banks failed, we saw Washington Mutual in 2008. They failed and they were asked to redeem 10% of the money of the reserves. They failed. They went bankrupt.”

「沒有比這更好的火刑考驗了，對吧？所以為了證明銀行倒閉的時候，我們看到了2008年的華盛頓互惠銀行。他們失敗了。他們破產了。

By highlighting Washington Mutual’s inability to redeem a significant portion of its reserves, Ardoino spotlighted Tether’s capability to manage large-scale redemptions without faltering, proving its financial stability in challenging situations.

透過強調華盛頓互惠銀行無法贖回其大部分儲備金，Ardoino 強調了 Tether 毫不猶豫地管理大規模贖回的能力，證明了其在充滿挑戰的情況下的財務穩定性。

US bank failures and competitor issues in 2023

2023 年美國銀行倒閉與競爭對手問題

Ardoino then transitioned to discussing the subsequent events of 2023, focusing on the failures of major US banks like Silicon Valley Bank, Silvergate, and Signature, where other stablecoin issuers had relationships. He pointed out that these banks failed due to poor risk management, specifically their investments in illiquid long-term municipality bonds. He mentioned that a major competitor of Tether had significant uninsured cash deposits in Silicon Valley Bank, leading to a depeg when the bank failed.

隨後，Ardoino 轉而討論 2023 年的後續事件，重點關注矽谷銀行、Silvergate 和 Signature 等美國主要銀行的倒閉，而其他穩定幣發行機構與這些銀行有關係。他指出，這些銀行的失敗是由於風險管理不善，特別是對流動性差的長期市政債券的投資。他提到，Tether 的一個主要競爭對手在矽谷銀行擁有大量未投保的現金存款，導致該銀行倒閉時脫鉤。

“By the way, they failed because they were investing the majority of their reserves in long term municipality bonds. Like, imagine take, we are in Prague now, imagine take like ten, tens of small towns outside Prague and imagine that billions and billions of dollars are invested in, in 10, 20, 30 years municipality bonds.”

「順便說一句，他們失敗了，因為他們將大部分儲備投資於長期市政債券。就像，想像一下，我們現在在布拉格，想像一下布拉格以外的十個、幾十個小鎮，想像一下在 10 年、20 年、30 年的市政債券中投資了數十億美元。

Ardoino contrasted this with Tether

Ardoino 將其與 Tether 進行了對比