Tether (USDT) 市值因歐盟新規則而下降，但亞洲和美國的主導地位提供了堅實的緩衝

Tether 與美元掛鉤的穩定幣 USDT 在經歷了最嚴重的低迷之後，正在應對複雜的監管環境

Tether’s stablecoin, pegged to the U.S. dollar and known as USDT, is facing a regulatory quagmire after experiencing its steepest downturn since the crypto winter of 2022, which was sparked by the collapse of FTX. The implementation of the EU’s Markets in Crypto-Assets (MiCA) regulation on December 30 has further fueled speculation about USDT’s fate.

Tether 與美元掛鉤的穩定幣 USDT 在經歷了自 2022 年加密貨幣寒冬以來最嚴重的低迷之後，正面臨監管泥潭。 12 月 30 日歐盟加密資產市場（MiCA）監管的實施進一步加劇了人們對 USDT 命運的猜測。

But what exactly is happening, and what does it mean for the future of USDT? Let’s break it down.

但究竟發生了什麼，這對 USDT 的未來意味著什麼？讓我們來分解一下。

According to on-chain data, USDT’s market cap fell by about 1.2% this week, dropping from a December peak of $140 billion to $137 billion. This downturn has raised concerns about potential volatility and the long-term stability of Tether within the European market.

鏈上數據顯示，USDT 市值本週下跌約 1.2%，從 12 月高峰 1,400 億美元跌至 1,370 億美元。這種低迷引發了人們對歐洲市場 Tether 潛在波動性和長期穩定性的擔憂。

The speculation intensified after major exchanges, including Coinbase, delisted USDT in the EU to comply with MiCA requirements.

在 Coinbase 等主要交易所為遵守 MiCA 要求而在歐盟下架 USDT 後，猜測愈演愈烈。

But here’s the thing: despite the market cap dip, Tether remains a massive player in the crypto space, with its reach extending far beyond the European Union.

但事情是這樣的：儘管市值下降，Tether 仍然是加密貨幣領域的重要參與者，其影響力遠遠超出了歐盟。

Industry experts have largely downplayed concerns about USDT’s future, highlighting the token’s resilience in being traded heavily outside the EU. For instance, Karen Tang, APAC partnerships lead at Orderly Network, and social media analyst Axel Bitblaze pointed out that 80% of USDT’s trading volume originates in Asia.

行業專家在很大程度上淡化了對 USDT 未來的擔憂，並強調了該代幣在歐盟以外大量交易的彈性。例如，Orderly Network 亞太區合作夥伴主管 Karen Tang 和社群媒體分析師 Axel Bitblaze 指出，USDT 80% 的交易量來自亞洲。

Bitblaze noted that Tether’s market dominance in regions like Asia and the U.S. provides a buffer against any potential fallout from EU regulations. Moreover, Tang said that MiCA’s strict requirements might end up stifling innovation within the EU, giving Tether an edge in less-regulated markets.

Bitblaze 指出，Tether 在亞洲和美國等地區的市場主導地位為應對歐盟法規的任何潛在影響提供了緩衝。此外，Tang 表示，MiCA 的嚴格要求可能最終會抑制歐盟內部的創新，使 Tether 在監管較少的市場中獲得優勢。

MiCA’s stablecoin regulations came into partial effect in July, with the full framework being enforced as of December 30, 2024. The rules require stablecoin issuers to obtain specific licenses for operating e-money and asset-referenced tokens.

MiCA 的穩定幣法規於 7 月部分生效，完整框架於 2024 年 12 月 30 日起執行。

While Circle’s USDC became the first major stablecoin to secure a MiCA license, Tether has also been preparing for compliance by investing in EU-based blockchain firms, such as StablR and Quantoz. CEO Paolo Ardoino has stated that Tether is committed to remaining operational within the EU.

雖然 Circle 的 USDC 成為第一個獲得 MiCA 許可證的主要穩定幣，但 Tether 也一直在透過投資 StablR 和 Quantoz 等歐盟區塊鏈公司來為合規做準備。執行長 Paolo Ardoino 表示，Tether 致力於在歐盟範圍內維持營運。

With USDT being unable to be traded on MiCA-compliant exchanges at the moment, traders can still store their assets in non-custodial wallets, which provides a temporary solution for European users.

由於USDT目前無法在符合MiCA標準的交易所進行交易，交易者仍然可以將資產儲存在非託管錢包中，這為歐洲用戶提供了臨時解決方案。

Ardoino has said that Tether is ready to adapt and that abandoning the EU market is not in the company’s plans. This proactive approach highlights Tether’s resilience in navigating regulatory challenges and maintaining its position as a leading stablecoin in the global crypto landscape.

Ardoino 表示，Tether 已準備好適應，放棄歐盟市場不在該公司的計畫之內。這種積極主動的做法凸顯了 Tether 在應對監管挑戰和維持全球加密領域領先穩定幣地位方面的韌性。

For updates on Tether’s compliance strategies and market performance, it’s crucial to stay connected with industry developments and follow trusted sources for accurate insights.

要了解 Tether 合規策略和市場表現的最新信息，與行業發展保持聯繫並遵循可信來源以獲得準確的見解至關重要。