Tether 在短短五天內就發行了 50 億美元，震撼市場

在政治糾葛、不透明指控和持續調查的背景下，穩定幣對加密生態系統的影響力持續增長。

Stablecoin issuer Tether has minted over $5 billion in just five days.

穩定幣發行商 Tether 在短短五天內就鑄造了超過 50 億美元。

This development, which occurred between November 6 and 10, saw a massive injection of liquidity into the cryptocurrency market, sparking questions about reserves, transparency, and political implications.

這一事態發生在 11 月 6 日至 10 日之間，向加密貨幣市場注入了大量流動性，引發了有關儲備、透明度和政治影響的質疑。

The issuance was accompanied by a rapid increase in the value of Bitcoin, which reached new all-time highs, pushing the crypto ecosystem to record levels.

這次發行伴隨著比特幣價值的快速上漲，達到歷史新高，將加密生態系統推向歷史新高。

However, the impact of this huge mint extends beyond the market movements, highlighting deeper issues related to the governance of Tether and its growing geopolitical influence.

然而，這個巨大鑄幣廠的影響超出了市場走勢，凸顯了與 Tether 治理及其日益增長的地緣政治影響力相關的更深層問題。

One of the most controversial aspects of Tether’s activity is its connection to Howard Lutnick, the CEO of Cantor Fitzgerald, which holds a 5% stake in the stablecoin.

Tether 活動最具爭議性的方面之一是其與 Cantor Fitzgerald 執行長 Howard Lutnick 的聯繫，後者持有該穩定幣 5% 的股份。

Lutnick, who was a prominent figure in Donald Trump‘s political transition team, has publicly defended Tether, but without providing any concrete evidence on the solidity of its reserves.

盧特尼克是唐納德川普政治過渡團隊的重要人物，他公開為 Tether 辯護，但沒有提供任何具體證據證明其儲備的穩固性。

This connection has attracted the attention not only of cryptocurrency enthusiasts but also of regulators and political observers.

這種聯繫不僅引起了加密貨幣愛好者的關注，也引起了監管機構和政治觀察家的關注。

The appointment of Lutnick as a potential Secretary of Commerce in the Trump administration raises further questions about possible conflicts of interest and the potential political influence on Tether’s operations.

任命 Lutnick 為川普政府潛在的商務部長引發了有關可能存在的利益衝突以及對 Tether 運營的潛在政治影響的進一步問題。

Despite the criticism, Cantor Fitzgerald has become a strategic banking partner for Tether at a time when many global banks have distanced themselves from the stablecoin.

儘管受到批評，坎托·菲茨杰拉德 (Cantor Fitzgerald) 已成為 Tether 的戰略銀行合作夥伴，而此時許多全球銀行已與穩定幣保持距離。

This role strengthens Lutnick’s position as a central figure in the management of reserves and in the financial stability of Tether.

這一角色加強了 Lutnick 作為 Tether 儲備管理和金融穩定核心人物的地位。

Impact on the market and transparency under accusation

受到指控對市場的影響和透明度

The minting of $5 billion has brought Tether’s market capitalization to over $132 billion, cementing its position as the dominant stablecoin.

50 億美元的鑄造使得 Tether 的市值超過 1,320 億美元，鞏固了其作為穩定幣的主導地位。

This increase coincided with a rally of the main cryptocurrencies, including Bitcoin, which surpassed the $80,000 threshold and is now approaching the historic milestone of $100,000.

這一增長恰逢包括比特幣在內的主要加密貨幣的上漲，比特幣突破了 80,000 美元的門檻，目前正在接近 100,000 美元的歷史里程碑。

However, the lack of transparency of Tether continues to raise concerns.

然而，Tether 缺乏透明度繼續引發擔憂。

Despite the attestation reports released by BDO Italia, many industry experts, such as Justin Bons of Cyber Capital, have questioned the credibility of Tether’s reserves, describing it as potentially more risky compared to other institutions that have already collapsed in the past.

儘管 BDO Italia 發布了鑑證報告，但 Cyber​​ Capital 的 Justin Bons 等許多行業專家仍對 Tether 儲備的可信度提出質疑，稱其與過去已經倒閉的其他機構相比，潛在風險更大。

The Commodity Futures Trading Commission (CFTC) and the New York Attorney General’s office have already fined Tether in the past for false statements about reserves and suspicious financial operations.

商品期貨交易委員會 (CFTC) 和紐約總檢察長辦公室過去曾因 Tether 就儲備金和可疑金融業務做出虛假陳述而對其處以罰款。

Despite these sanctions, the stablecoin has continued to dominate the market, with a share exceeding 75% of the stablecoin sector.

儘管有這些制裁，穩定幣仍繼續主導市場，在穩定幣領域的份額超過 75%。

Moreover, Tether recently announced a strategic investment of $100 million in the South American agricultural company Adecoagro, acquiring a 9.8% stake.

此外，Tether 近期也宣布對南美農業公司 Adecoagro 進行 1 億美元策略投資，收購其 9.8% 的股權。

This step has raised further questions about the governance of Tether and the opacity of its investment strategies. Sean Lee, co-founder of IDA Finance, emphasized how the absence of detailed transparency threatens the trust of the ecosystem.

這項舉措引發了人們對 Tether 治理及其投資策略不透明性的進一步質疑。 IDA Finance 聯合創始人 Sean Lee 強調，缺乏詳細的透明度會如何威脅生態系統的信任。

To these criticisms are added the statements of many observers who demand greater guarantees on Tether’s financial operations, considering them fundamental for compliance with regulations and for market stability.

除了這些批評之外，還有許多觀察家的聲明，他們要求對 Tether 的財務運營提供更大的保證，認為這對於遵守法規和市場穩定至關重要。