Tether (USDT) 市場失勢：MiCA 監管導致穩定幣下跌 1%

加密市場上最大的穩定幣 Tether（USDT）在 MiCA 的影響下，過去一周的市值損失了 1%。

Stablecoin Tether (USDT) has seen a 1% loss in capitalization over the past week due to the effects of MiCA.

由於 MiCA 的影響，穩定幣 Tether (USDT) 過去一週的資本損失了 1%。

This translates to a drop of $1.46 billion, coming after two other negative weeks, for a total loss of $2.9 billion from the peak of December 21st.

這意味著在經歷了另外兩週的負值之後，損失達 14.6 億美元，與 12 月 21 日的高峰相比，總損失達 29 億美元。

Investors are spooked by the new European "Market in Crypto Assets" (MiCA) regulation, and are shifting their liquidity elsewhere.

投資者對歐洲新的「加密資產市場」（MiCA）監管感到震驚，並正在將其流動性轉移到其他地方。

Some exchanges in the European Union are choosing to delist USDT due to compliance issues.

歐盟部分交易所因合規問題選擇下架USDT。

For example, Coinbase recently delisted the asset for its European users, leading to FUD about USDT being "banned" in Europe.

例如，Coinbase 最近為歐洲用戶下架了該資產，導致人們對 USDT 在歐洲被「禁止」感到恐懼。

Over the past 3 weeks, USDT has lost a total of 2.3% of its market-cap, while still remaining pegged to $1.

過去 3 週，USDT 市值總計下跌 2.3%，但仍與 1 美元掛鉤。

MiCA came into effect on December 30th, 2024, and requires crypto asset issuers to have a specific license to offer or publicly trade ART or EMT tokens.

MiCA 於 2024 年 12 月 30 日生效，要求加密資產發行者擁有特定許可證才能提供或公開交易 ART 或 EMT 代幣。

An ART is a currency that aims to maintain a stable value relative to another asset, such as gold or fiat currencies, while an ERT replicates the value of a single national currency, like USDT.

ART 是一種旨在相對於其他資產（例如黃金或法定貨幣）保持穩定價值的貨幣，而 ERT 則複製單一國家貨幣（例如 USDT）的價值。

MiCA specifies that only authorized banks and financial intermediaries can trade ERT tokens to European customers.

MiCA 規定，只有授權的銀行和金融中介機構才能向歐洲客戶交易 ERT 代幣。

Specifically, these tokens, like USDT, must be supervised by the European Banking Authority (ABE) and must deposit collateral assets with a credit institution in the EU.

具體來說，這些代幣與 USDT 一樣，必須受到歐洲銀行管理局（ABE）的監管，並且必須將抵押資產存入歐盟的信貸機構。

With MiCA, the stablecoin USDT is effectively made illegal within the Eurozone, although the majority of its trading volume occurs elsewhere.

透過 MiCA，穩定幣 USDT 在歐元區實際上被視為非法，儘管其大部分交易量發生在其他地方。

According to crypto analyst Bitblaze, Asia holds the largest market share, minimizing the impact of the delistings mandated by the new regulation.

加密貨幣分析師 Bitblaze 表示，亞洲擁有最大的市場份額，最大限度地減少了新規定強制退市的影響。

The negative blow to Tether in the markets could be part of a temporary FUD that is destined to dissolve.

市場對 Tether 的負面打擊可能是暫時的 FUD 的一部分，而這種 FUD 注定會消失。

USDT records biggest drop since FTX collapse: what does it mean for bull and bear markets?

USDT創FTX崩盤以來最大跌幅：對牛市和熊市意味著什麼？

As mentioned, the drop in USDT marks the biggest loss since November 2022, during the collapse of the FTX exchange.

如前所述，USDT 的下跌標誌著自 2022 年 11 月 FTX 交易所崩潰以來的最大損失。

At the time, the cryptocurrency lost 4.32% of its capitalization in just one week, which corresponded to an outflow of $3 billion.

當時，這種加密貨幣在短短一周內就損失了 4.32% 的資本，相當於流出了 30 億美元。

Another similar occasion where USDT experienced a severe drawdown was in May 2022, during the Terra-Luna bubble.

USDT 經歷的另一個類似的嚴重回撤是在 2022 年 5 月，Terra-Luna 泡沫期間。

In both cases, the drop in the stablecoin coincided with an event that turned out to be the catalyst for a major move.

在這兩種情況下，穩定幣的下跌都與最終成為重大走勢催化劑的事件同時發生。

In May 2022, as USDT lost ground, the arrival of the bear market on Bitcoin and the entire crypto sector became evident.

2022年5月，隨著USDT的下跌，比特幣乃至整個加密產業的熊市已經到來。

In November of the same year, the last bearish phase of Bitcoin's cycle began, anticipating the subsequent bull market.

同年11月，比特幣週期的最後一個看跌階段開始，預示著隨後的多頭市場。

This time, however, USDT's troubles may not have a significant impact like on those past occasions. 

不過，這次 USDT 的麻煩可能不會像過去那樣造成重大影響。

The market scenario is notably different compared to 3 years ago, and Tether's capitalization is now much larger.

與 3 年前相比，市場情況明顯不同，Tether 的市值現在也大得多。

This drop in USDT is unlikely to be the prelude to a new bear market, given the many positive factors in the market.

鑑於市場上存在許多利好因素，USDT此次下跌不太可能成為新一輪熊市的前奏。

At the same time, we cannot yet claim to be facing a new bull market, since we are still in the midst of a bull cycle that began several months ago.

同時，我們還不能聲稱面臨新的牛市，因為我們仍處於幾個月前開始的牛市週期之中。

What happened to USDT appears as an atypical drop in capitalization in the current scenario, triggered by the FUD of the MiCA regulation and by the uncertainty of investors towards a phantom ban in Europe.

在當前情況下，USDT 發生的情況似乎是非典型的資本下降，這是由 MiCA 監管的 FUD 以及投資者對歐洲幻影禁令的不確定性引發的。

In any case, nothing worrying, nor particularly exciting, for the short-term future of the bull and bear crypto speculative markets.

無論如何，對於牛市和熊市加密貨幣投機市場的短期未來來說，沒有什麼值得擔心的，也不是特別令人興奮的。

Shifting landscape in the stablecoin sector: MiCA favors USDC

穩定幣產業格局的轉變：MiCA 青睞 USDC

If USDT seems to be penalized by the MiCA regulation, another stablecoin is gaining positive traction: USDC.

如果說 USDT 似乎受到 MiCA 監管的懲罰，那麼另一種穩定幣正在獲得積極的關注：USDC。

The latter emerges as a "MiCa compliant" coin since it meets all the constraints of the new regulation, such as depositing at least 60% of the reserves with suitable European banking institutions.

後者成為「MiCa 合規」代幣，因為它滿足新法規的所有限制，例如將至少 60% 的準備金存入合適的歐洲銀行機構。

Over the past 3 weeks, USDC has recorded a trend opposite to its competitor stablecoin, adding $1.7 billion in capitalization.

在過去 3 週內，USDC 的趨勢與其競爭對手穩定幣相反，增加了 17 億美元的資本。

To be precise, Circle's currency has been growing since the beginning of 2024, when there was already talk about the potential effects of MiCA, even though during the same period USDT also rose significantly.

準確來說，Circle 的幣種自 2024 年初以來就一直在成長，當時就已經有人談論 MiCA 的潛在影響，儘管同期 USDT 也大幅上漲。

Now it is possible that the euphoria for USDC may cool down, bringing capital back to the more widely traded USDT.

現在，對 USDC 的狂熱可能會降溫，從而將資金帶回交易更廣泛的 USDT。

It's worth noting that USDT is the largest stablecoin in the entire crypto sector, with a value of holdings amounting to $137.3 billion.

值得注意的是，USDT是整個加密貨幣領域最大的穩定幣，持有價值達1,373億美元。

USDC, in comparison, has a market cap of "only" $43.7 billion, less than a third of the first place holder.

相比之下，USDC 的市值「僅為」437 億美元，不到第一名的三分之一。

On the Ethereum blockchain, Paolo Ardoino's (CEO of Tether

在以太坊區塊鏈上，Paolo Ardoino（Tether 首席執行官