繫繩（USDT）是加密的基石。這也可能是其最大的風險。

穩定的股幣與美元等現實世界中的商品掛鉤。它們充當加密貨幣和菲亞特市場之間的橋樑，並在分散的金融中發揮關鍵作用。

Almost every conversation or article about cryptocurrency mentions at least one reason to be concerned. Whether it's volatility, limited investor protections, or high potential for fraud, there's no shortage of worries. But there's one risk that doesn't get nearly enough attention: stablecoin Tether (USDT 0.02%).

幾乎每次有關加密貨幣的對話或文章都提到至少有一個關注的原因。無論是波動性，有限的投資者保護措施還是欺詐的高潛力，都不乏擔憂。但是，有一個風險幾乎沒有得到足夠的關注：Stablecoin束縛（USDT 0.02％）。

Stablecoins are pegged to real-world commodities like the U.S. dollar. They act as a bridge between crypto and fiat markets and play a key role in decentralized finance.

穩定的股幣與美元等現實世界中的商品掛鉤。它們充當加密貨幣和菲亞特市場之間的橋樑，並在分散的金融中發揮關鍵作用。

However, authorities worry they offer bank-like services without following the same regulations. That concern applies to all stablecoins to some degree, and Tether in particular. Tether is the biggest stablecoin by market cap, and authorities have already fined the organization for misleading investors.

但是，當局擔心他們提供類似銀行的服務而不遵守相同的法規。這種關注在某種程度上適用於所有穩定劑，尤其是束縛。系tether是市值最大的穩定者，當局已經將誤導性投資者的組織罰款。

To put it another way, a cornerstone of crypto was probably built on shaky foundations. Moreover, a collapse of Tether would be devastating for the whole industry.

換句話說，加密貨幣的基石可能是建立在搖搖欲墜的基礎上的。此外，束縛的崩潰對整個行業都是毀滅性的。

Does Tether have enough real-world cash?

繫帶有足夠的現實現金嗎？

In theory, each USDT (Tether's token) is backed by real-world assets -- aka money in the bank. That's how centralized stablecoins like Tether and its biggest competitor, Circle's USD Coin (USDC -0.01%), maintain their value.

從理論上講，每個USDT（Tether's代幣）都得到現實世界中的資產 - 又名銀行中的錢。這就是像Tether和其最大的競爭對手Circle的USD Coin（USDC -0.01％）這樣的集中式穩定的人的價值。

Unfortunately, many insiders believe Tether lacks enough cash on hand. If there was a run on USDT, they question whether everybody would get their money back. That's worrisome, given it's a cryptocurrency with a market cap of over $140 billion.

不幸的是，許多內部人士認為，繩索缺乏足夠的現金。如果USDT上有跑步，他們會質疑每個人是否都會拿回錢。這是令人擔憂的，因為這是一個加密貨幣，市值超過1,400億美元。

In fairness, Tether claims each USDT is fully backed. It publishes quarterly reserves reports from major accounting firm BDO Italia on its website. The latest one showed Tether had more than enough funds, the majority of which are held in U.S. Treasury bills.

公平地說，Tether聲稱每個USDT都是完全支持的。它在其網站上發布了主要會計公司BDO公司的季度儲備報告。最新的一本顯示，系梅有足夠的資金，其中大多數是在美國國庫賬單中舉行的。

This hasn't been enough to reassure Tether's critics. So much so that a December Bloomberg opinion piece warned, "Left unchecked, the stablecoin could threaten both national security and financial stability."

這還不足以使Tether的批評家放心。如此之多，以至於12月的彭博輿論文章警告說：“不受限制地，穩定者可能威脅到國家安全和金融穩定。”

That's partly because BDO's USDT report is an attestation, not an audit. An attestation examines the data a company presents rather than taking a deep dive and actively looking for potential risks. Plus, Tether has a history of being less than transparent.

部分原因是BDO的USDT報告是證明，而不是審計。認證研究了公司提供的數據，而不是深入潛水並積極尋找潛在的風險。另外，繫帶有不透明的歷史。

In 2021, the Commodity Futures Trading Commission (CFTC) fined Tether $41 million for its misleading claim that USDT was fully backed. Investigators examined a 26-month period between 2016 and 2018, during which Tether didn't have enough cash for over 70% of the time.

2021年，商品期貨交易委員會（CFTC）因其誤導性的USDT得到了完全支持而罰款4100萬美元。調查人員檢查了2016年至2018年之間的26個月時期，在此期間，Tether在70％的時間內沒有足夠的現金。

Tether is still in regulators' crosshairs

繫繩仍在監管機構的十字準線中

European regulators recently introduced new Markets in Crypto-Assets (MiCA) rules. These rules, which took effect at the start of 2024, require major stablecoins to keep 60% of their reserves in cash deposited in regulated banks.

歐洲監管機構最近引入了加密資產（MICA）規則的新市場。這些規則在2024年初生效，要求主要的穩定幣將其60％的儲量保留在受管制銀行的現金中。

Perhaps unsurprisingly, Tether refuses to play ball. As a result, Kraken, Coinbase (COIN -8.27%), and Crypto.com will delist USDT for their E.U. customers. We don't yet know what steps the U.S. will take, though the new administration is considering a new regulatory framework for crypto.

也許毫不奇怪，繫繩拒絕打球。結果，Kraken，Coinbase（Coin -8.27％）和Crypto.com將為他們的歐盟客戶提供USDT。我們還不知道美國將採取什麼步驟，儘管新政府正在考慮加密的新監管框架。

Reserves aren't the only issue. Last October, The Wall Street Journal reported that Tether faces federal investigations for possible sanctions violations and breaking anti-money laundering rules. Tether CEO Paolo Ardoino strongly refuted these accusations and said the story was based on "rank speculation."

儲備不是唯一的問題。去年10月，《華爾街日報》報導說，林區面臨聯邦調查，以違反制裁併打破反洗錢規則。 Tether首席執行官Paolo Ardoino強烈駁斥了這些指控，並說這個故事是基於“等級猜測”的。

What Tether's troubles mean for investors

繫繩的麻煩對投資者意味著什麼

As a long-term crypto investor, it is easy to become immune to warnings of impending doom, particularly if you're already managing risk by focusing on the coming decade (or longer) and ensuring crypto represents only a small portion of your portfolio.

作為一名長期加密投資者，很容易受到即將到來的厄運的警告，尤其是如果您已經通過專注於未來十年（或更長的時間）來管理風險並確保加密貨幣僅代表投資組合的一小部分。

Nonetheless, Tether is a significant player in the crypto industry. As such, the continued questions make it somewhat of a sword of Damocles that hangs over our portfolios. If nothing else, it's a stark reminder only to invest money you can afford to lose.

儘管如此，Tether還是加密行業的重要參與者。因此，持續的問題使它在我們的投資組合上懸掛著一把劍。如果沒有別的，這只是一個鮮明的提醒，只是投資您可以負擔得起的錢。

The good news is that investors can decrease Tether's dominance. For example, you can buy Circle's USDC instead of USDT. Circle is more transparent about its reserves and works hard to comply with regulations. In case you were wondering, USDC has MiCA approval.

好消息是，投資者可以降低繫繩的統治地位。例如，您可以購買Circle的USDC而不是USDT。 Circle對其儲量更透明，並努力遵守法規。如果您想知道，USDC獲得了雲母批准。