交易所等待監管明確，Tether (USDT) 下架傳聞在歐洲流傳

雖然 Coinbase 因預期 MiCA 已經下架了 USDT，但幣安和 Crypto.com 等其他知名交易所仍在等待監管機構的澄清，繼續交易這種穩定幣。

Coinbase Proactively Delisted USDT

Coinbase主動下架USDT

A clear sign of trouble for USDT in Europe emerged earlier this month when Coinbase, a major U.S.-based exchange, delisted Tether for its EU customers. The company cited compliance concerns in light of MiCA’s upcoming requirements. Coinbase’s decision sparked heated discussions throughout the crypto community, with some applauding the precautionary approach and others arguing that Tether’s fate should depend on explicit guidance from European regulators.

本月早些時候，當美國主要交易所 Coinbase 為其歐盟客戶下架 Tether 時，USDT 在歐洲出現了一個明顯的麻煩跡象。鑑於 MiCA 即將提出的要求，該公司提出了合規問題。 Coinbase 的決定引發了整個加密社群的熱烈討論，有些人對這種預防性做法表示讚賞，有些人則認為 Tether 的命運應該取決於歐洲監管機構的明確指導。

Despite Coinbase’s move, no official EU body has formally deemed USDT non-compliant. MiCA imposes stringent standards on stablecoin issuers, including e-money licenses, independent reserves in recognized banks, and detailed disclosure obligations. However, the European Securities and Markets Authority (ESMA) has yet to confirm whether Tether meets or fails these benchmarks.

儘管 Coinbase 採取了這項舉措，但歐盟官方機構尚未正式認定 USDT 不合規。 MiCA 對穩定幣發行人施加了嚴格的標準，包括電子貨幣許可證、認可銀行的獨立儲備以及詳細的揭露義務。然而，歐洲證券和市場管理局（ESMA）尚未確認 Tether 是否達到或未達到這些基準。

Exchanges Adopting a ‘Wait-and-See’ Approach

交易所採取「觀望」態度

While Coinbase took swift action, other prominent exchanges have adopted a more cautious approach. Binance and Crypto.com still list USDT for EU clients, and many exchanges appear to be awaiting explicit directives from European regulators before deciding whether to follow Coinbase’s lead. Some analysts suggest that these platforms may opt for a phased delisting—if it becomes necessary—to minimize market disruptions.

儘管 Coinbase 迅速採取了行動，但其他知名交易所採取了更謹慎的態度。 Binance 和 Crypto.com 仍然為歐盟客戶列出 USDT，許多交易所似乎正在等待歐洲監管機構的明確指示，然後再決定是否要效法 Coinbase 的做法。一些分析師表示，如果有必要，這些平台可能會選擇分階段退市，以盡量減少對市場的干擾。

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, notes that “no regulators have explicitly stated that USDT isn’t compliant, but this does not mean that it is.” He also indicates that differing responses from exchanges—some delisting quickly, others waiting for definitive statements—may create confusion in the short term. Bloomberg has reported that many European exchanges will likely delist Tether by December 30. However, no official timetable has been confirmed by ESMA or any other EU supervisory authority.

MiCA 加密貨幣聯盟技術委員會成員 Juan Ignacio Ibañez 指出，“沒有監管機構明確表示 USDT 不合規，但這並不意味著它不合規。”他也表示，交易所的不同反應——有些交易所迅速退市，有些則等待明確的聲明——可能會在短期內造成混亂。彭博社報道稱，許多歐洲交易所可能會在 12 月 30 日之前將 Tether 下架。

Impact on Liquidity and Market Stability

對流動性和市場穩定的影響

Tether (USDT) is the largest stablecoin by market capitalization, and it has long been a linchpin of liquidity on digital asset exchanges. Its removal from key European trading venues could significantly affect cross-border transactions, arbitrage opportunities, and overall market depth. Many crypto traders rely on USDT pairs for convenient and rapid movement between cryptocurrencies and fiat-like assets, especially during periods of high volatility.

Tether（USDT）是市值最大的穩定幣，長期以來一直是數位資產交易所流動性的關鍵。將其從歐洲主要交易場所移除可能會嚴重影響跨境交易、套利機會和整體市場深度。許多加密貨幣交易者依賴 USDT 貨幣對在加密貨幣和法定資產之間方便、快速地流動，尤其是在高波動時期。

If USDT disappears from EU exchanges, European traders may turn to alternatives like Circle’s USDC, which already holds an e-money license in the EU, or euro-backed stablecoins, market observers say. However, this transition could introduce new frictions, such as additional trading fees, fewer trading pairs, or less liquidity. Pascal St-Jean, CEO of crypto asset manager 3iQ Corp., has highlighted Tether’s centrality by noting that “a vast proportion of crypto assets trade in pairs against Tether’s USDT.”

市場觀察家表示，如果 USDT 從歐盟交易所消失，歐洲交易者可能會轉向其他替代品，例如 Circle 的 USDC（已在歐盟持有電子貨幣許可證）或歐元支持的穩定幣。然而，這種轉變可能會帶來新的摩擦，例如額外的交易費用、交易對減少或流動性減少。加密資產管理公司 3iQ Corp. 的執行長 Pascal St-Jean 強調了 Tether 的中心地位，指出「很大一部分加密資產與 Tether 的 USDT 成對交易」。

Regulatory Hurdles and Transitional Phases

監管障礙和過渡階段

Under MiCA, stablecoin issuers must secure licenses and maintain transparent reserves. The regulation’s implementation phase officially ends on December 30, 2024, but the legislation also includes an 18-month “grandfathering” period that can extend compliance deadlines to mid-2026 for some entities. During this transitional window, providers already operating under national laws in EU member states may continue services while working toward full authorization.

根據 MiCA，穩定幣發行人必須獲得許可證並保持透明的儲備。該法規的實施階段於 2024 年 12 月 30 日正式結束，但該法案還包括 18 個月的「祖父」期，可以將某些實體的合規期限延長至 2026 年中期。在此過渡窗口期間，已經根據歐盟成員國國家法律運營的提供者可以繼續提供服務，同時努力獲得全面授權。

ESMA has published a list of how different EU jurisdictions plan to apply these transitional measures, with some allowing up to 18 months of “grandfathering” and others permitting shorter timeframes of six to 12 months. This patchwork of transitional periods could lead to inconsistent approaches across member states, further complicating the stablecoin landscape.

ESMA 公佈了不同歐盟司法管轄區計劃如何實施這些過渡措施的清單，其中一些司法管轄區允許長達 18 個月的“祖父政策”，另一些則允許更短的 6 至 12 個月的時間範圍。這種過渡時期的拼湊可能會導致成員國之間採取不一致的做法，從而使穩定幣格局更加複雜。

Social Media Speculation and Corporate Response

社群媒體猜測與企業反應

Amid the regulatory uncertainty, rumors have been circulating on crypto forums and social media about Tether’s immediate delisting from EU platforms. A tweet by one influencer, “@RippleXrpie,” claimed that “$USDT will be delisted from EU exchanges” on December 30, predicting another stablecoin would fill the gap. While such commentary has fueled fear, uncertainty, and doubt (FUD), no formal pan-EU delisting mandate has been announced.

在監管不確定性的情況下，加密貨幣論壇和社群媒體上流傳著有關 Tether 立即從歐盟平台下架的傳言。一位影響者“@RippleXrpie”在推特上聲稱“$USDT 將於 12 月 30 日從歐盟交易所下架”，並預測另一種穩定幣將填補這一空白。儘管此類評論加劇了恐懼、不確定性和懷疑 (FUD)，但尚未宣布正式的泛歐盟除名授權。

Paolo Ardoino, CEO of Tether, has repeatedly dismissed the speculation as a “poorly coordinated effort” by competitors and critics. The company maintains its belief that Tether’s reserves are secure and that it is making strides toward regulatory compliance worldwide. Nevertheless, Tether has not yet obtained the official license that MiCA requires for stablecoin issuers, unlike its rival Circle, which has been MiCA-compliant since mid-2024.

Tether 執行長 Paolo Ardoino 多次駁斥了這一猜測，稱其為競爭對手和批評者「協調不力」。該公司堅信 Tether 的儲備是安全的，並且正在朝著全球監管合規方向邁進。儘管如此，Tether 尚未獲得 MiCA 對穩定幣發行人要求的官方許可，這與競爭對手 Circle 不同，後者自 2024 年中期以來一直符合 MiCA 標準。

Past Scrutiny and the ‘Too Big to Fail’ Debate

過去的審查和“太大而不能倒”的爭論

Tether has long been a subject of intense scrutiny regarding its reserve transparency, with some questioning the adequacy of its attestations. In recent years, the company has faced legal challenges and fines from various authorities, yet it has continued to expand globally. With a market value once reported at over $138 billion, some market analysts argue that Tether has attained a “too big to fail” status within the

Tether 長期以來一直因其儲備透明度而受到嚴格審查，有些人質疑其證明的充分性。近年來，該公司面臨來自各個當局的法律挑戰和罰款，但它仍在全球範圍內不斷擴張。據報道，Tether 的市值一度超過 1,380 億美元，一些市場分析師認為，Tether 已經達到了「太大而不能倒」的地位。