Tether (USDT) 面臨十字路口，總法律顧問因法律過渡和 MiCA 法規生效而離職

最近的領導層變動和歐盟加密資產市場監管 (MiCA) 的頒布加劇了圍繞該公司穩定性的問題。

Recent leadership changes and the enactment of the European Union’s Markets in Crypto Assets Regulation (MiCA) have heightened questions surrounding the company’s stability. Tether’s challenges are compounded by rival cryptocurrencies gaining ground, with Ripple’s XRP recently overtaking USDT in market capitalization. In addition, price predictions for XRP in 2025 are growing in value, as Ripple’s own RLUSD stablecoin launches in competition with Tether,

最近的領導層變動和歐盟加密資產市場監管 (MiCA) 的頒布加劇了圍繞該公司穩定性的問題。 Tether 面臨的挑戰因競爭對手加密貨幣的崛起而變得更加複雜，Ripple 的 XRP 最近在市值上超過了 USDT。此外，隨著 Ripple 推出自己的 RLUSD 穩定幣與 Tether 競爭，XRP 2025 年的價格預測越來越有價值，

General Counsel Departs Amid Legal Transitions

總法律顧問在法律過渡期間離職

Stuart Hoegner, Tether’s longstanding general counsel, stepped down from his role after serving both Tether and its sister firm Bitfinex for nearly a decade. He also changed his X profile to reflect the same. Professionals close to the matter say Hoegner’s leadership was instrumental in navigating complex regulatory challenges, from early stablecoin compliance efforts to high-profile inquiries.

Tether 的長期總法律顧問 Stuart Hoegner 在為 Tether 及其姊妹公司 Bitfinex 服務近十年後辭去了職務。他還更改了他的 X 個人資料以反映同樣的情況。熟悉此事的專業人士表示，赫格納的領導力在應對複雜的監管挑戰方面發揮了重要作用，從早期的穩定幣合規工作到備受矚目的調查。

Tether confirmed that Michael Hilliard, who previously co-led legal operations alongside Hoegner, will succeed him as the new general counsel, taking charge in a period marked by heightened scrutiny of stablecoin issuers.

Tether 確認，先前與 Hoegner 共同領導法律業務的 Michael Hilliard 將接替他擔任新的總法律顧問，在穩定幣發行人受到嚴格審查的時期負責。

Hoegner’s retirement follows other executive shifts at Tether. Last year, the company parted ways with its CEO, while it also saw changes in compliance leadership, including the departure of its Chief Compliance Officer. According to senior figures familiar with the developments, Tether aims to strengthen its legal and compliance teams to address ongoing regulatory demands in Europe and elsewhere.

Hoegner 退休前，Tether 也進行了其他高階主管變動。去年，該公司與執行長分道揚鑣，同時合規領導層也發生了變化，包括首席合規官的離職。據熟悉事態發展的高級人士透露，Tether 旨在加強其法律和合規團隊，以滿足歐洲和其他地區持續的監管要求。

MiCA Sparks European Uncertainty

MiCA 引發歐洲的不確定性

Tether’s internal upheavals coincide with the onset of the EU’s MiCA regulations, which took effect on December 30. MiCA sets tighter rules for stablecoin issuers, including requirements to hold an Electronic Money Institution (EMI) license, maintain sufficient liquid reserves for instant redemption, and keep at least 60% of reserves in low-risk EU-based banks. These standards aim to improve transparency and investor protection but pose questions about how Tether will adjust its operations to comply.

Tether 的內部劇變恰逢歐盟MiCA 法規於12 月30 日生效。即時贖回，以及將至少 60% 的準備金存放在低風險的歐盟銀行中。這些標準旨在提高透明度和投資者保護，但也對 Tether 將如何調整其營運以遵守這些標準提出了疑問。

Several exchanges, including Coinbase Europe, have already delisted USDT for EU customers, citing compliance concerns. While Tether continues to operate on multiple blockchains and issues tokens on various networks, some market participants say the company faces an uphill battle to adapt to MiCA’s rigorous guidelines. Tether’s reluctance to publicly disclose certain specifics of its reserves has fueled ongoing debates about its readiness to meet these standards.

包括 Coinbase Europe 在內的多家交易所已經以合規問題為由，為歐盟客戶下架了 USDT。儘管 Tether 繼續在多個區塊鏈上運作並在各種網路上發行代幣，但一些市場參與者表示，該公司在適應 MiCA 的嚴格指導方針方面面臨著一場艱苦的戰鬥。 Tether 不願公開揭露其儲備的某些細節，這引發了關於是否準備好滿足這些標準的持續爭論。

Market Cap Slide and Competition from XRP

市值下滑和 XRP 的競爭

Before MiCA took effect, USDT enjoyed a peak market capitalization exceeding $141 billion. However, it has dropped by around $1.6 billion in recent weeks, slipping to about $137 billion. This contraction marks the largest decline since late 2022. Observers attribute the drop not only to regulatory uncertainties but also to shifting trader preferences toward emerging stablecoins and the continued rise of competitor tokens.

MiCA生效前，USDT市值高峰超過1,410億美元。然而，最近幾週該數字下降了約 16 億美元，降至約 1,370 億美元。此次收縮標誌著自 2022 年底以來的最大跌幅。

In a pivotal development, Ripple’s XRP ledger token climbed above $138 billion in market capitalization, overtaking USDT for the third spot among cryptocurrencies. XRP’s ascent, buoyed by bullish momentum, underscores the pressure on Tether to reassure investors of USDT’s ability to weather heightened scrutiny. Industry analysts note that market cap reshuffles often reflect broader sentiment shifts, and Tether’s performance in Europe will likely continue to shape investor confidence.

Ripple 的 XRP 帳本代幣的市值攀升至 1,380 億美元以上，超越 USDT，成為加密貨幣中的第三位。在看漲勢頭的推動下，XRP 的上漲凸顯了 Tether 面臨的壓力，需要讓投資者相信 USDT 有能力經受更嚴格的審查。產業分析師指出，市值重組通常反映了更廣泛的情緒變化，而 Tether 在歐洲的表現可能會繼續影響投資者的信心。

Yield-Bearing Stablecoins and Broader Challenges

具有收益的穩定幣和更廣泛的挑戰

Beyond MiCA and XRP, Tether also faces growing competition from yield-bearing stablecoins and licensed alternatives such as Circle’s USD Coin (USDC), and Ripple’s RLUSD stablecoin. Circle, which has made strides in obtaining EU regulatory approval, could attract users seeking compliance assurances and potential yield opportunities. Some platforms have expanded yield-bearing products for stablecoins, making the choice between USDT and its rivals increasingly stark.

除了 MiCA 和 XRP 之外，Tether 還面臨來自收益穩定幣和許可替代品的日益激烈的競爭，例如 Circle 的美元硬幣 (USDC) 和 Ripple 的 RLUSD 穩定幣。 Circle 在獲得歐盟監管批准方面取得了長足進步，可以吸引尋求合規保證和潛在收益機會的用戶。一些平台擴大了穩定幣的收益產品，使得USDT和競爭對手之間的選擇變得越來越嚴峻。

Additionally, questions linger over Tether’s reserve structure. While the company periodically publishes reserve attestations, professionals point out that ongoing skepticism in parts of the crypto community signals a persistent demand for greater transparency. This skepticism has intensified as Tether explores new markets and products, drawing more regulatory attention at home and abroad.

此外，Tether 的儲備結構仍有疑問。儘管該公司定期發布儲備證明，但專業人士指出，加密貨幣社區部分地區持續存在的懷疑表明對更高透明度的持續需求。隨著 Tether 探索新市場和新產品，引起國內外監管機構更多關注，這種懷疑情緒愈演愈烈。

In the wake of its general counsel’s resignation, Tether finds itself at a crossroads as it contends with executive turnover, competition from alternative stablecoins, and the weight of new EU regulations. Hilliard is expected to guide the company through its legal transformation, but the broader landscape remains challenging. How Tether adapts to MiCA requirements, addresses liquidity questions, and sustains investor trust will likely determine its long-term status in the rapidly evolving cryptocurrency arena.

在總法律顧問辭職後，Tether 發現自己處於十字路口，因為它面臨著高管更替、來自替代穩定幣的競爭以及歐盟新法規的壓力。希利亞德預計將指導該公司完成法律轉型，但更廣泛的前景仍充滿挑戰。 Tether 如何適應 MiCA 要求、解決流動性問題並維持投資者信任將可能決定其在快速發展的加密貨幣領域的長期地位。

For now, USDT retains its status as a cornerstone of digital asset trading, but recent developments suggest it will have to work harder to solidify its position.

目前，USDT 仍保持著數位資產交易基石的地位，但最近的事態發展表明，它必須更加努力地鞏固其地位。