歐盟數位資產法規生效，Tether (USDT) 市值下跌 1.2%

隨著歐盟數位資產法規於 12 月 30 日全面生效，Tether 的美元穩定幣 (USDT) 本週市值下跌約 1.2%。

Tether’s U.S. dollar stablecoin witnessed its biggest downturn this week as European Union digital asset regulations took full effect on Dec. 30, causing a slight decrease in USDT’s market cap.

隨著歐盟數位資產監管規定於 12 月 30 日全面生效，Tether 美元穩定幣本週出現最大跌幅，導致 USDT 市值小幅下跌。

On-chain data showed that USDT lost around 1.2% of its market cap, which fell to $137 billion from December’s peak of $140 billion. The token’s market cap surged throughout 2024 despite experiencing a downturn in December.

鏈上數據顯示，USDT 市值下跌約 1.2%，從 12 月高峰 1,400 億美元跌至 1,370 億美元。儘管 12 月經歷了低迷，但該代幣的市值在 2024 年全年仍大幅上漲。

Concerns arose that USDT’s operator might exit the European Union now that new laws have been enacted. However, social media sentiment was countered by industry leaders and observers who pointed to data affirming USDT’s resilience outside the EU.

由於新法律的頒布，人們擔心 USDT 的營運商可能會退出歐盟。然而，社群媒體的情緒遭到了行業領袖和觀察家的反駁，他們指出數據證實了 USDT 在歐盟以外地區的彈性。

Nothing burger

沒什麼漢堡

Experts and analysts dismissed rumors that the EU’s Markets in Crypto-Assets Regulation would disrupt USDT’s business. Karen Tang, Orderly Network’s head of APAC partnerships, and social media analyst Axel Bitblaze, pointed to data showing that Asian and U.S. markets maintain USDT’s dominance.

專家和分析師駁斥了有關歐盟加密資產市場監管將擾亂 USDT 業務的傳言。 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，數據顯示亞洲和美國市場保持了 USDT 的主導地位。

About 80% of USDT’s trading volume occurs in Asia, according to Bitblaze. Tang argued that MiCA regulations are more likely to hinder the EU itself, slowing digital asset growth due to “convoluted overregulation.”

據 Bitblaze 稱，USDT 約 80% 的交易量發生在亞洲。唐認為，MiCA 法規更有可能阻礙歐盟本身，由於「複雜的過度監管」而減緩數位資產的成長。

4/But Axel, what about USDT trading volume and the depeg?USDT is the largest stablecoin, with a market cap of $138.5B and a daily trading volume of $44BAs of today, 80% of USDT's trading volume comes from Asia, so the EU delisting won't have any severe impact. pic.twitter.com/NjxB2iVLhe

4/但是Axel，USDT交易量和脫鉤怎麼樣？ 。 pic.twitter.com/NjxB2iVLhe

Tether plots MiCA compliance

Tether 繪製 MiCA 合規性圖

Speculation about USDT’s future in the EU intensified in late 2024 after Coinbase and several EU-based exchanges delisted USDT, citing MiCA compliance concerns. While stablecoin rules took effect in July, the full MiCA framework came into force at the end of the year.

2024 年底，Coinbase 和多家歐盟交易所以 MiCA 合規問題為由將 USDT 摘牌後，有關 USDT 在歐盟未來的猜測加劇。雖然穩定幣規則於 7 月生效，但完整的 MiCA 框架在年底生效。

MiCA requires stablecoin operators to hold certain licenses for e-money tokens and trading asset-referenced tokens, like USDT. So far, Circle (USDC) is the first and only major stablecoin issuer to obtain a MiCA license.

MiCA 要求穩定幣業者持有電子貨幣代幣和交易資產參考代幣（如 USDT）的某些許可證。迄今為止，Circle（USDC）是第一個也是唯一一個獲得 MiCA 牌照的主要穩定幣發行人。

Tether invested in EU-based companies such as StablR and Quantoz to prepare for regulatory inclusion. CEO Paolo Ardoino has reiterated that the company has no intention of abandoning the EU. While USDT cannot currently be traded on MiCA-compliant exchanges, traders can still store the stablecoin in non-custodial wallets as an interim solution.

Tether 投資了 StablR 和 Quantoz 等歐盟公司，為納入監管做好準備。執行長保羅·阿多伊諾 (Paolo Ardoino) 重申，該公司無意放棄歐盟。雖然 USDT 目前無法在符合 MiCA 的交易所進行交易，但交易者仍然可以將穩定幣儲存在非託管錢包中作為臨時解決方案。