Tether 的 USDT 的用途超越了加密貨幣市場和交易：執行長 Paolo Ardoino

阿多伊諾表示，美國以外地區對穩定幣的需求更大，尤其是在通貨膨脹嚴重和金融基礎設施落後的國家。

Stablecoins, a type of cryptocurrency pegged to a real-world asset, are designed to provide a stable store of value within the crypto market, reducing the volatility associated with cryptocurrencies like bitcoin (BTC). Most stablecoins are linked 1:1 to the U.S. dollar, while others are pegged to other currencies or assets, such as gold.

穩定幣是一種與現實世界資產掛鉤的加密貨幣，旨在在加密貨幣市場中提供穩定的價值存儲，減少與比特幣 (BTC) 等加密貨幣相關的波動性。大多數穩定幣與美元 1:1 掛鉤，而其他穩定幣則與其他貨幣或資產（例如黃金）掛鉤。

However, Tether's USDT is not limited to the crypto market. According to Tether CEO Paolo Ardoino, in an interview with Bullish CEO Tom Farley, the stablecoin is also widely used as an alternative to national currencies, especially in countries with high inflation and weak financial infrastructure.

然而，Tether 的 USDT 並不局限於加密貨幣市場。 Tether 執行長 Paolo Ardoino 在接受 Bullish 執行長 Tom Farley 採訪時表示，穩定幣也被廣泛用作本國貨幣的替代品，特別是在通貨膨脹率高且金融基礎設施薄弱的國家。

Ardoino explained that before the widespread adoption of USDT, people in inflation-stricken countries had to turn to the black market to obtain dollars. However, with USDT now available, they can easily acquire a dollar-denominated asset without resorting to illegal activities.

Ardoino解釋說，在USDT廣泛採用之前，飽受通膨困擾的國家的人們不得不轉向黑市獲取美元。然而，現在有了 USDT，他們可以輕鬆獲得以美元計價的資產，而無需訴諸非法活動。

"In the U.S., there are 15 different transport layers for the U.S. dollar. You have banks, credit cards, debit cards. You have Venmo, PayPal, Cash App, and many others ... But who needs a dollar?" said Ardo}

“在美國，美元有 15 個不同的傳輸層。有銀行、信用卡、金融卡。有 Venmo、PayPal、Cash App 等等……但誰需要美元？”阿多說}

This broader utility of USDT may contribute to its status not only as the largest stablecoin, with a market cap of nearly $120 billion, but also as the third-largest cryptocurrency overall, behind only bitcoin (BTC) and ether (ETH). It is also more than three times the size of its closest stablecoin rival, Circle's USDC, which has a market cap of $35.6 billion.

USDT 的這種更廣泛的用途可能不僅有助於其成為市值近1200 億美元的最大穩定幣，而且還使其成為第三大加密貨幣，僅次於比特幣(BTC) 和以太坊(ETH) 。它的規模也是其最接近的穩定幣競爭對手 Circle 的 USDC 的三倍多，後者的市值為 356 億美元。

noOfHolderstablecoinsgeopoliticsintersect: Treasury bills

穩定幣持有者數量與地緣政治相交：國庫券

The debt provides backing for the cryptocurrency, easily switchable into dollars if USDT holders want to cash out. And, in the meantime, the interest payments roll into Tether's coffers.

該債務為加密貨幣提供了支持，如果 USDT 持有者想要兌現，可以輕鬆兌換成美元。同時，利息支付也將進入 Tether 的金庫。

While the Beijing government, the second-largest holder of U.S. government debt, continues to trim China's holdings of U.S. Treasury bills, stablecoin issuers like Tether have had a voracious appetite for them, scooping up just over $100 billion worth as the People's Bank of China dumps them.

儘管美國國債第二大持有者北京政府繼續削減中國持有的美國國債，但像Tether 這樣的穩定幣發行機構卻對美國國債有著巨大的胃口，隨著中國人民銀行的發行，其價值剛剛超過1000 億美元。

If Tether were a country, data shows, it would have holdings equivalent to Germany and would be closing in on South Korea.

數據顯示，如果 Tether 是一個國家，它的持股將相當於德國，並且將接近韓國。

"We added resiliency to the ownership of the U.S. dollar, so now you don't have one single country, one single decision maker that can sell hundreds of billions of T-bills at once," said Ardoino. "USDT and Tether are the best friends for the U.S. dollar."

阿多伊諾表示：“我們增強了美元所有權的彈性，因此現在不再有一個國家、一個決策者可以同時出售數千億美元的國庫券。” “USDT 和 Tether 是美元最好的朋友。”

Cantor has most of Tether's reserves

Cantor 擁有 Tether 的大部分儲備

For most of its history the state of Tether's reserves has been a big question mark, and for good reason.

在其歷史的大部分時間裡，Tether 的儲備狀況一直是一個很大的問號，這是有充分理由的。

During its early days the company was repeatedly de-banked and was a bit of a vagabond, having to open and close accounts around the world from Qatar to China, Taiwan and Canada.

在成立之初，該公司多次被取消銀行業務，有點像流浪者，不得不在從卡達到中國、台灣和加拿大的世界各地開設和關閉帳戶。

When USDT's backing was unclear, CoinDesk fought to have the full details of Tether's banking relationships released by the New York State Attorney General, which had obtained them during an investigation. (The stablecoin is banned in New York as part of a settlement). Initially, the NYAG opposed CoinDesk's Freedom of Information Law (FOIL) request for details about the reserves, but a judge dismissed their case.

當 USDT 的支持不明確時，CoinDesk 努力讓紐約州總檢察長在調查過程中獲得 Tether 銀行關係的完整細節。 （作為和解協議的一部分，穩定幣在紐約被禁止）。最初，NYAG 反對 CoinDesk 的資訊自由法 (FOIL) 要求提供有關儲備金的詳細信息，但法官駁回了他們的案件。

Now, things have changed and the relationship is more simple: Most of the money is managed by financial services firm Cantor Fitzgerald with the bank's CEO, Howard Lutnick, regularly vouching for the stablecoin issuer.

現在，情況發生了變化，關係變得更加簡單：大部分資金由金融服務公司 Cantor Fitzgerald 管理，該銀行執行長 Howard Lutnick 定期為穩定幣發行人提供擔保。

Ardoino said that Lutnick would have a perfect line of sight into the reserves backing USDT, and Tether completes the same style of attestation by a large accounting firm as its competitors.

Ardoino 表示，Lutnick 對支持 USDT 的儲備擁有完美的視野，而 Tether 則完成了與其競爭對手相同風格的大型會計師事務所認證。

"Whoever believes in these conspiracy theories should get out from their mother's basement," he said, referring to speculation the company doesn't have sufficient backing for USDT.

他說：「任何相信這些陰謀論的人都應該從他們母親的地下室滾出去。」他指的是對該公司沒有足夠的 USDT 支持的猜測。

The market doesn't seem to.

市場好像沒有。

A Polymarket contract gives a 4% chance that Tether will declare insolvency in 2024, which is lower than the market's belief that a nuclear weapon will be used this year, which comes in at 9%.

Polymarket 合約顯示 Tether 在 2024 年宣布破產的可能性為 4%，低於市場對今年將使用核武的預期（9%）。