MiCA 法規生效且 USDT 贖回激增，Tether 在歐洲市場的未來仍不確定

隨著歐盟新穩定幣法規的生效以及 USDT 贖回量的飆升，Tether 在歐洲市場的未來仍不明朗。

Tether’s Future in Europe Uncertain as Stablecoin Redemptions Soar

隨著穩定幣贖回激增，Tether 在歐洲的未來充滿不確定性

The future of Tether (USDT) in European markets remains unclear as the European Union’s new stablecoin regulations take effect and USDT redemptions reach new heights.

隨著歐盟新的穩定幣法規的生效以及 USDT 贖回達到新的高度，Tether (USDT) 在歐洲市場的未來仍不明朗。

On January 1, the EU officially launched its Markets in Crypto-Assets (MiCA) regulations. Ahead of this event, nearly $4 billion in USDT was redeemed, leading to a slight decrease in Tether’s market cap, which currently hovers around $137 billion, down from $141 billion before Christmas.

1 月 1 日，歐盟正式啟動加密資產市場 (MiCA) 法規。在此事件之前，近 40 億美元的 USDT 被贖回，導致 Tether 市值略有下降，目前徘徊在 1,370 億美元左右，低於聖誕節前的 1,410 億美元。

These redemptions mark the largest since the onset of the ‘crypto winter’ in mid-2022, which was triggered by the exposure of fraudulent activities at several crypto operators. This culminated in the collapse of Sam Bankman-Fried’s digital asset exchange FTX and its affiliated market-maker Alameda Research, which was the biggest purchaser of USDT at the time.

這些贖回是自 2022 年中期「加密貨幣冬天」爆發以來最大規模的一次，「加密貨幣冬天」是由多家加密貨幣業者的詐欺活動曝光引發的。這最終導致 Sam Bankman-Fried 的數位資產交易所 FTX 及其附屬做市商 Alameda Research 的倒閉，而 Alameda Research 是當時 USDT 的最大購買者。

Since the redemptions began, USDT has been trading slightly below its $1 peg, indicating customer uncertainty regarding Tether’s future in a post-MiCA environment.

自贖回開始以來，USDT 的交易價格一直略低於 1 美元，這表明客戶對 Tether 在後 MiCA 環境中的未來感到不確定。

Under MiCA, ‘significant’ stablecoins like USDT are required to maintain 60% of their reserve assets in cash, which must be stored in EU banks. However, Tether CEO Paolo Ardoino has expressed concerns that this poses an unacceptable risk to Tether due to the potential for bank failure.

根據 MiCA，像 USDT 這樣的「重要」穩定幣必須將其儲備資產的 60% 保持為現金，這些儲備資產必須存放在歐盟銀行。然而，Tether 執行長 Paolo Ardoino 表示擔心，由於銀行可能倒閉，這會對 Tether 帶來不可接受的風險。

Amid the uncertainty over USDT’s legality in the EU, Coinbase (NASDAQ: COIN) delisted the stablecoin in mid-December. Other prominent exchanges have hinted at following Coinbase’s lead, including Binance, which restricted “the availability of Unauthorized Stablecoins for [European Economic Area] users” on June 30. A few months earlier, the OKX exchange imposed similar limitations on its EEA customers.

由於 USDT 在歐盟的合法性存在不確定性，Coinbase（納斯達克股票代碼：COIN）於 12 月中旬將這款穩定幣摘牌。其他知名交易所也暗示將效仿Coinbase，其中包括Binance，該交易所於6 月30 日限制「[歐洲經濟區]用戶獲得未經授權的穩定幣」。客戶施加了類似的限制。

In a further blow to Tether that extends beyond EU borders, Binance has teamed up with Tether rival Circle, the issuer of the USDC stablecoin, to accelerate USDC adoption around the globe.

幣安與 Tether 的競爭對手、USDC 穩定幣的發行人 Circle 合作，加速 USDC 在全球的採用，這對 Tether 造成了超越歐盟邊界的進一步打擊。

Circle received MiCA approval for USDC last July, highlighting Tether’s unwillingness/inability to do likewise. During the same period, USDC’s market cap increased by $2 billion, while USDT’s market cap decreased by $4 billion.

去年 7 月，Circle 獲得了 USDC 的 MiCA 批准，這突顯了 Tether 不願意/無法這樣做。同期，USDC 市值增加 20 億美元，而 USDT 市值減少 40 億美元。

Ardoino and ‘friends of Tether’ have launched a social media campaign to refute claims of USDT’s imminent European demise. Some point out that other exchanges have yet to delist USDT, while others highlight that EU member states have grace periods to enforce MiCA’s edicts, potentially giving USDT a window of up to 18 months to retain its relevance.

Ardoino 和「Tether 之友」發起了一場社群媒體活動，駁斥 USDT 即將在歐洲消亡的說法。有些人指出，其他交易所尚未下架 USDT，而另一些人則強調，歐盟成員國有寬限期來執行 MiCA 的法令，這可能會給 USDT 長達 18 個月的窗口期來維持其相關性。

Despite these claims, Tether itself halted support for its Euro-denominated EURT stablecoin in November, acknowledging at the time that MiCA was the catalyst behind this move.

儘管有這些說法，Tether 本身還是在 11 月停止了對其以歐元計價的 EURT 穩定幣的支持，並承認 MiCA 是這一舉措背後的催化劑。

Tether, Bitfinex doing the financial hokey-pokey?

Tether、Bitfinex 在做金融騙局？

Despite its EU issues, Ardoino tweeted on January 2 that Q4 2024 was “a great quarter for Tether.” However, we’ll have to wait another five weeks or so before the company publishes the latest attestation of its fiat reserves.

儘管存在歐盟問題，Ardoino 仍於 1 月 2 日在推特上表示，2024 年第四季「對 Tether 來說是一個偉大的季度」。然而，我們還得再等五週左右，公司才會發布其法定儲備的最新證明。

The Q3 document—which is not, despite Tether’s insinuations, a proper independent audit—showed $6.1 billion worth of reserves over and above the amount of issued USDT at the time.

儘管 Tether 暗示，第三季文件並不是適當的獨立審計，但該文件顯示，其儲備金價值超過了當時已發行的 USDT 金額 61 億美元。

On December 30, just one day before the quarter ended, Tether’s wallet of BTC received an additional 7,629 tokens, valued at over $705 million. Later that same day, a second transfer added another 775 BTC to this total, bringing the transfers to 8,404 BTC, valued at over $775 billion.

12 月 30 日，就在季度結束前一天，Tether 的 BTC 錢包又收到了 7,629 個代幣，價值超過 7.05 億美元。同一天晚些時候，第二次轉帳又增加了 775 BTC，使轉帳總量達到 8,404 BTC，價值超過 7,750 億美元。

The BTC was sent from the Bitfinex exchange, which shares common ownership with Tether.

BTC 是從 Bitfinex 交易所發送的，該交易所與 Tether 擁有共同所有權。

This is problematic for several reasons, not the least of which is that Tether/Bitfinex have a history of swapping assets ahead of inspections by third parties to preserve an image of solvency. BDO Italia, the firm Tether pays to conduct attestations, is only ever granted a look at Tether’s financial figures for a single day, traditionally the final day of the quarter, which would be the day after the Bitfinex transfers.

這是有問題的，原因有很多，其中最重要的一點是，Tether/Bitfinex 有在第三方檢查之前交換資產的歷史，以保持償付能力的形象。 Tether 付費進行證明的公司 BDO Italia 僅獲準查看 Tether 一天的財務數據，傳統上是季度的最後一天，即 Bitfinex 轉帳後的第二天。

An hour before the new year arrived, Bitfinex transferred 30,000 BTC, valued at around $2.8 billion, to an unknown wallet. Presumably, this is some other entity that requires some temporary rebalancing of its balance sheet. The future of finance, indeed.

新年到來前一小時，Bitfinex 將 30,000 BTC（價值約 28 億美元）轉移到一個不知名的錢包。據推測，這是其他一些需要對其資產負債表進行暫時重新平衡的實體。確實是金融的未來。

Lutnick ready to Rumble

盧特尼克準備好隆隆作響

Tether has long been the subject of reports of impending indictments, most recently in the United States, where federal authorities appear to be losing patience with USDT’s popularity among terrorists, criminals and individuals/entities looking to evade U.S. economic sanctions.

Tether 長期以來一直是即將被起訴的報導的主題，最近在美國，聯邦當局似乎對 USDT 在恐怖分子、犯罪分子和尋求逃避美國經濟制裁的個人/實體中的流行失去了耐心。