隨著 MiCA 法規生效，Tether 失去與美元掛鉤，引發對儲備的擔憂

新的 MiCA 法規要求穩定幣發行人獲得特定許可證才能發行與法定貨幣掛鉤的數位貨幣。

Stablecoin giant Tether has (slightly) lost its dollar peg on the last day of 2022, as new EU crypto regulations come into effect and reports unfold regarding potential USDT delistings from European exchanges.

隨著新的歐盟加密貨幣法規的生效以及有關 USDT 可能從歐洲交易所下架的報道的出現，穩定幣巨頭 Tether 在 2022 年的最後一天（略微）失去了與美元掛鉤的地位。

The new MiCA regulations stipulate that stablecoin issuers must obtain specific licenses to continue issuing fiat-pegged digital currencies. However, Tether is yet to acquire the necessary ‘e-money license,’ which is required for any firm to issue electronic money in the EU.

新的 MiCA 法規規定，穩定幣發行人必須獲得特定許可證才能繼續發行與法定貨幣掛鉤的數位貨幣。然而，Tether 尚未獲得必要的“電子貨幣許可證”，而這是任何公司在歐盟發行電子貨幣所必需的。

To obtain this license, firms must be approved by the relevant national competent authority, which will assess the applicant’s compliance with the relevant EU laws. These laws include stipulations against money laundering and terrorist financing, as well as requirements for the firm to maintain sufficient liquid reserves and provide transparent whitepapers.

要獲得此許可證，公司必須獲得相關國家主管機關的批准，該當局將評估申請人是否遵守相關歐盟法律。這些法律包括反洗錢和恐怖主義融資的規定，以及要求公司保持足夠的流動性儲備和提供透明的白皮書。

Furthermore, MiCA regulations dictate that stablecoins must maintain at least 83% of their reserves in deposits with an independent credit institution. This reserve requirement is intended to ensure the stability and liquidity of the stablecoin.

此外，MiCA 法規規定，穩定幣必須將至少 83% 的儲備金存入獨立信貸機構。這項準備金要求旨在確保穩定幣的穩定性和流動性。

However, most of Tether’s reserves are reportedly comprised of U.S. government bonds, Bitcoin, Repo agreements, money market funds, and cash and bank deposits. This composition has raised concerns among some regulators and market participants, who argue that the reserves are not sufficiently liquid or transparent.

然而，據報道，Tether 的大部分儲備由美國政府債券、比特幣、回購協議、貨幣市場基金以及現金和銀行存款組成。這種構成引起了一些監管機構和市場參與者的擔憂，他們認為儲備的流動性或透明度不夠。

In October, the Wall Street Journal reported that Tether was being investigated by the Department of Justice over its reserves. The investigation is said to be focusing on whether Tether misled investors about the use of customer funds to cover losses in the crypto markets earlier this year.

10 月，《華爾街日報》報道稱，司法部正在對 Tether 的儲備金進行調查。據稱，此次調查的重點是 Tether 是否在今年稍早使用客戶資金彌補加密市場損失方面誤導了投資者。

As the set date for MiCA regulations arrived and brought news of potential USDT delistings, the stablecoin had an unusually poor trading day on December 30. Despite being designed to maintain a 1:1 ratio with the U.S. Dollar, USDT lost its peg slightly, enduring the lowest bearish streak for the year.

隨著MiCA 法規規定日期的到來並帶來了USDT 可能下架的消息，該穩定幣在12 月30 日的交易日異常糟糕。仍略微失去了與美元的掛鉤，年內最低的看跌趨勢。

Data from CoinMarketCap shows USDT is currently valued at $0.9979 but reached as low as $0.9974 throughout the day. Moreover, its market capitalization took a hit of over $2 billion in the past 10 days, decreasing from around $140 billion to today’s market cap of roughly $138 billion. This marks the largest decrease in a bullish year ever for the stablecoin.

CoinMarketCap 的數據顯示，USDT 目前估值為 0.9979 美元，但全天最低跌至 0.9974 美元。此外，其市值在過去10天遭受了超過20億美元的打擊，從約1,400億美元降至如今的約1,380億美元。這標誌著穩定幣有史以來牛市中最大的跌幅。