Tether (USDT) 佔據穩定幣市場 75% 的份額，但它會像 FTX 一樣崩潰嗎？

一些市場分析師認為，如果沒有經過第三方機構的適當審計，Tether 也可能像 FTX 一樣崩潰。這種內爆可能與其銀行合作夥伴有關。

Stablecoin issuer Tether (USDT) has always attracted regulatory scrutiny, more so since it now commands 75% of the total stablecoin market. Tether (USDT) is the largest stablecoin, with a market cap of $119 billion, almost three times that of its closest competitor, the USDC coin. Some market analysts have recently raised concerns about the possibility of an FTX-like liquidity crisis for the stablecoin giant.

穩定幣發行商 Tether (USDT) 一直受到監管機構的審查，尤其是它目前佔據了整個穩定幣市場 75% 的份額。 Tether (USDT) 是最大的穩定幣，市值為 1,190 億美元，幾乎是其最接近的競爭對手 USDC 的三倍。一些市場分析師最近對這家穩定幣巨頭可能出現類似 FTX 的流動性危機表示擔憂。

Justin Bons, founder of Cyber Capital, sparked the latest wave of concerns when he shared his view that Tether could be a bigger scam than FTX.

Cyber​​ Capital 創始人賈斯汀·邦斯 (Justin Bons) 分享了 Tether 可能是比 FTX 更大的騙局的觀點，引發了最新一波擔憂。

In his post on the X platform last week, he wrote:

他在上週 X 平台上的貼文中寫道：

“One of the biggest existential threats to crypto as a whole. As we have to trust they hold $118B in collateral without proof! Even after the CFTC fined Tether for lying about their reserves in 2021.”

「對整個加密貨幣來說，這是最大的生存威脅之一。因為我們必須相信他們在沒有證據的情況下持有 $118B 的抵押品！即使在 2021 年，美國商品期貨交易委員會 (CFTC) 因 Tether 謊報儲備金而對其處以罰款。

The U.S. Commodity Futures Trading Commission (CFTC) fined Tether a hefty $41 million civil penalty in 2021 for falsely stating that they fully backed the USDT stablecoins with reserves. The USDT market supply has increased by 20% over the last two years, raising concerns as Tether now controls 75% of the stablecoin market.

美國商品期貨交易委員會 (CFTC) 於 2021 年對 Tether 處以 4,100 萬美元的巨額民事罰款，原因是 Tether 謊稱他們用儲備金完全支持 USDT 穩定幣。過去兩年，USDT 市場供應量增加了 20%，這引發了人們的擔憂，因為 Tether 目前控制著穩定幣市場 75% 的份額。

Some market analysts believe that Tether could also implode, like FTX, if it is not audited properly by third-party organizations. According to Sean Lee, co-founder of IDA Finance, a potential Tether implosion would likely be connected to its banking partners, while FTX collapsed because it was unable to fulfill $6 billion in customer withdrawals over three days.

一些市場分析師認為，如果沒有經過第三方組織的適當審計，Tether 也可能像 FTX 一樣崩潰。 IDA Finance 聯合創始人 Sean Lee 表示，Tether 的潛在崩潰可能與其銀行合作夥伴有關，而 FTX 的崩潰是因為它無法在三天內完成 60 億美元的客戶提款。

During the crypto winter of May 2022, Tether swiftly processed over $16.7 billion in customer withdrawals (USDT) within 10 days. In contrast, during the 2008 financial crisis, Washington Mutual Bank was unable to fulfill $16.5 billion in withdrawals over 10 days.

在 2022 年 5 月的加密貨幣冬季，Tether 在 10 天內迅速處理了超過 167 億美元的客戶提款 (USDT)。相較之下，2008年金融危機期間，華盛頓互惠銀行無法在10天內完成165億美元的提款。

Is Tether Too Big to Fail?

Tether 太大不能倒閉嗎？

Some believe that Tether is too large to fail. Anndy Lian, an author and blockchain specialist, believes that Tether is unlikely to encounter any problems, but he warns that large centralized entities still pose a risk to the cryptocurrency industry. Lian added:

有些人認為 Tether 太大而不能倒閉。作家兼區塊鏈專家 Anndy Lian 認為，Tether 不太可能遇到任何問題，但他警告說，大型中心化實體仍對加密貨幣產業構成風險。廉補充：

“Cryptocurrencies were initially created to operate without centralized control, promoting transparency, security, and user autonomy. However, Tether, as a centralized stablecoin issuer, wields substantial influence over the crypto market due to its widespread use for trading and liquidity.”

「加密貨幣最初的創建是為了在沒有集中控制的情況下運行，從而提高透明度、安全性和用戶自主權。然而，Tether 作為中心化的穩定幣發行者，由於其廣泛用於交易和流動性，對加密貨幣市場具有重大影響力。

Earlier this month, Tether made a significant investment of $100 million in Adecoagro, a Latin American agricultural behemoth, acquiring a 9.8% stake in the company.

本月早些時候，Tether 對拉丁美洲農業巨頭 Adecoagro 進行了 1 億美元的重大投資，收購了該公司 9.8% 的股份。