Tether 下市：對歐盟加密市場的影響

USDT是一種穩定幣，是加密貨幣生態系統的關鍵組成部分，是加密貨幣交易的交易和結算的重要工具。

Europe’s crypto landscape is undergoing a major shift as the EU's Markets in Crypto-Assets (MiCA) regulations prepare to take full effect. These regulations, designed to enhance oversight and curb illicit activities, stipulate that stablecoins traded on centralized exchanges must be issued by firms holding an e-money license.

隨著歐盟加密資產市場 (MiCA) 法規準備全面生效，歐洲的加密格局正在發生重大轉變。這些法規旨在加強監管並遏制非法活動，規定在中心化交易所交易的穩定幣必須由持有電子貨幣許可證的公司發行。

In response to this requirement, several crypto exchanges operating in the EU have taken the step of delisting the world's leading stablecoin, Tether's USDT. This development has sparked concerns about the impact on liquidity and investor appetite in light of the USDT delisting.

為了響應這項要求，在歐盟營運的多家加密貨幣交易所已採取措施，將全球領先的穩定幣 Tether 的 USDT 下架。鑑於 USDT 退市，這一事態發展引發了人們對流動性和投資者興趣影響的擔憂。

Tether's Importance In Crypto Markets

Tether 在加密貨幣市場中的重要性

USDT is a stablecoin, a crucial cog in the crypto ecosystem, serving as a primary instrument for trading and settling cryptocurrency transactions. Restricting access to Tether throughout the continent could have adverse effects, potentially driving traders away from vanity-centric jurisdictions or towards illiquid trading pairs.

USDT 是一種穩定幣，是加密貨幣生態系統中的關鍵齒輪，是加密貨幣交易和結算的主要工具。限制整個非洲大陸對 Tether 的訪問可能會產生不利影響，可能會導致交易者遠離以虛榮為中心的司法管轄區或轉向非流動性的交易對。

Usman Ahmad, CEO of Zodia Markets, highlighted the sweeping impact of the decision, describing it as both “exclusionary and disruptive” for EU-based clients. Elaborating on this point, Usman stated:

Zodia Markets 執行長 Usman Ahmad 強調了這項決定的廣泛影響，稱其對歐盟客戶來說既「排他性又具有破壞性」。烏斯曼詳細闡述了這一點：

“I understand why it’s been done to a a certain extent, but it’s quite exclusionary and quite limiting for EU clients themselves because [USDT] is the most liquid stablecoin by a country mile.”

“我理解為什麼在一定程度上這樣做，但這對歐盟客戶本身來說是相當排他性和限制性的，因為 [USDT] 是流動性最強的穩定幣。”

notably, the removal of Tether from EU exchanges has already prompted shifts in trading patterns. With fewer USDT trading pairs available, some exchanges are reporting an increase in fiat trading pairs as traders adjust their strategies, according to Bloomberg.

值得注意的是，Tether 從歐盟交易所下架已經促使交易模式轉變。根據彭博社報道，由於可用的 USDT 交易對較少，一些交易所報告稱，隨著交易者調整策略，法定交易對有所增加。

Erald Ghoos, CEO of OKX Europe, observed that fiat currencies are being used more extensively for trading in the absence of Tether, a development that reflects the changing dynamics of the market.

OKX Europe 執行長 Erald Ghoos 觀察到，在沒有 Tether 的情況下，法定貨幣正在被更廣泛地用於交易，這一發展反映了市場動態的變化。

Europe's Standing In The Crypto Hub Race

歐洲在加密貨幣中心競賽中的地位

While MiCA aims to establish strong regulatory standards, critics have pointed out that it could hinder the EU's competitiveness as a crypto hub. Pascal St-Jean, CEO of crypto asset manager 3iQ Corp, noted:

儘管 MiCA 旨在建立強有力的監管標準，但批評者指出，它可能會阻礙歐盟作為加密貨幣中心的競爭力。加密資產管理公司 3iQ Corp 執行長 Pascal St-Jean 指出：

“A vast proportion of cryptoassets trade in a pair against Tether’s USDT. So the cost to investors having to trade out of a USDT pair, just to buy the same asset trading against another stablecoin, will cause disruption.”

「很大一部分加密資產與 Tether 的 USDT 成對交易。因此，投資者必須用 USDT 貨幣對進行交易，而只是為了購買另一種穩定幣的相同資產，其成本將造成乾擾。

Bloomberg reported that these restrictions come at a time when other regions, particularly North America, are experiencing a surge in crypto activity. Venture capital investment in European crypto startups is set to decline to a four-year low in 2024, according to PitchBook data, adding to the region's concerns.

彭博社報道稱，這些限制是在其他地區（尤其是北美）加密貨幣活動激增之際出台的。 PitchBook 數據顯示，歐洲加密新創公司的風險資本投資將於 2024 年降至四年來的最低點，這加劇了該地區的擔憂。

In contrast, the United States appears to be adopting a more crypto-friendly approach. The administration of President-elect Donald Trump has appointed several pro-crypto advocates to key roles, suggesting a potential preference for a light-handed regulatory touch.

相較之下，美國似乎正在採取一種對加密貨幣更加友善的方法。當選總統唐納德·川普的政府已任命幾位支持加密貨幣的倡導者擔任關鍵職務，這表明他們可能傾向於寬鬆的監管方式。