MiCA 實施導致 Tether (USDT) 市值下跌

隨著歐洲加密資產市場 (MiCA) 等監管框架成為焦點，加密貨幣格局正在改變。全球最大的穩定幣發行商Tether（USDT）處於這一監管浪潮的最前沿，見證了兩年來最大幅度的市值跌幅。

World’s largest stablecoin faces sharpest market cap decline in 2 years as Europe’s Markets in Crypto Assets (MiCA) regulatory framework begins implementation.

隨著歐洲加密資產市場（MiCA）監管框架開始實施，全球最大的穩定幣面臨兩年來最大幅度的市值下跌。

The new cryptocurrency regulations, which went into effect on December 31, saw Tether (USDT) experience a 1% decline in market capitalization, falling from a record high of $140 billion in mid-December to $137 billion. This marks the steepest weekly drop in USDT capitalization since the FTX collapse in November 2022.

12 月 31 日生效的新加密貨幣法規使 Tether (USDT) 市值下降 1%，從 12 月中旬的歷史高點 1,400 億美元跌至 1,370 億美元。這標誌著自 2022 年 11 月 FTX 崩盤以來 USDT 市值出現最大幅度的單週跌幅。

As MiCA commenced operations, it mandated that issuers of stablecoins, classified as e-money tokens (EMTs), obtain licenses to trade or offer their services within the European Union. Major cryptocurrency exchanges based in the EU, such as Coinbase, responded by delisting USDT, raising concerns regarding market volatility and a potential decrease in trading liquidity within the region.

隨著 MiCA 開始運營，它要求穩定幣（屬於電子貨幣代幣（EMT））的發行者獲得在歐盟境內進行交易或提供服務的許可證。 Coinbase 等歐盟主要加密貨幣交易所做出了下架 USDT 的回應，引發了人們對市場波動和該地區交易流動性可能下降的擔憂。

MiCA Classifies Stablecoins: ARTs and EMTs

MiCA 對穩定幣進行分類：ART 和 EMT

Under the MiCA framework, stablecoins are categorized into two main types:

在MiCA框架下，穩定幣主要分為兩大類：

– Asset-Referenced Tokens (ARTs): These stablecoins are pegged to a specific fiat currency, such as the Euro or US Dollar, and are designed to maintain a stable value relative to the underlying asset. Examples of ARTs include Tether (USDT) and USD Coin (USDC).

– 資產參考代幣（ART）：這些穩定幣與特定的法定貨幣（例如歐元或美元）掛鉤，旨在保持相對於基礎資產的穩定價值。 ART 的例子包括 Tether (USDT) 和 USD Coin (USDC)。

– E-Money Tokens (EMTs): Stablecoins classified as EMTs are backed by a pool of fiat currency or other highly liquid assets and are pegged to the Euro. These tokens are subject to stricter regulations compared to ARTs.

– 電子貨幣代幣（EMT）：歸類為 EMT 的穩定幣由法定貨幣或其他高流動性資產池支持，並與歐元掛鉤。與 ART 相比，這些代幣受到更嚴格的監管。

The new regulations, which were first introduced six months ago and will be fully enforced in December 2024, aim to provide oversight for these tokens to ensure market stability and consumer protection.

新法規於六個月前首次推出，將於 2024 年 12 月全面執行，旨在對這些代幣進行監管，以確保市場穩定和消費者保護。

Tether’s Challenges and Strategic Moves in Europe

Tether 在歐洲面臨的挑戰與策略性舉措

The MiCA framework presents challenges for Tether, as its flagship stablecoin, USDT, now faces restrictions on centralized cryptocurrency exchanges that adhere to the new rules. While EU-based traders can still hold USDT in non-custodial wallets, they are unable to trade it on regulated platforms.

MiCA 框架給 Tether 帶來了挑戰，因為其旗艦穩定幣 USDT 現在面臨著遵守新規則的中心化加密貨幣交易所的限制。雖然歐盟的交易者仍然可以在非託管錢包中持有 USDT，但他們無法在受監管的平台上進行交易。

In an effort to maintain a presence in the European market, Tether has made strategic investments in local stablecoin issuers, such as StablR, as it pivots to influence the market indirectly.

為了保持在歐洲市場的地位，Tether 對當地穩定幣發行人（例如 StablR）進行了戰略投資，因為它的重點是間接影響市場。

Europe’s Potential Loss in Global Crypto Expansion

歐洲在全球加密貨幣擴張中的潛在損失

Tether’s reduced presence in Europe could have wider implications. According to market analysts, the EU may find itself at a disadvantage compared to the United States, where crypto-friendly policies implemented during Donald Trump’s administration have fostered the growth of the crypto industry.

Tether 在歐洲業務的減少可能會產生更廣泛的影響。市場分析師表示，與美國相比，歐盟可能處於不利地位，美國在唐納德·川普執政期間實施的加密貨幣友善政策促進了加密貨幣產業的成長。

While MiCA aims to reduce market volatility and enhance consumer trust in cryptocurrencies, critics caution that over-regulation might deter global investors from choosing Europe as a base for their crypto operations. This could widen the gap between the EU and more permissive jurisdictions, such as the US or Asia, where Tether continues to dominate the stablecoin market.

儘管 MiCA 旨在減少市場波動並增強消費者對加密貨幣的信任，但批評者警告稱，過度監管可能會阻止全球投資者選擇歐洲作為加密貨幣業務的基地。這可能會擴大歐盟與美國或亞洲等較寬鬆的司法管轄區之間的差距，在這些司法管轄區，Tether 繼續主導穩定幣市場。

The Coming Months: Stablecoin Battleground

未來幾個月：穩定幣戰場

As MiCA reshapes the regulatory landscape in Europe, the stablecoin market is also undergoing a rebalancing. Tether still leads the pack with a market capitalization of $137 billion, but its decline contrasts with the growth of competitors such as USD Coin (USDC), which has positioned itself as MiCA-compliant.

隨著 MiCA 重塑歐洲監管格局，穩定幣市場也經歷重新平衡。 Tether 仍以 1,370 億美元的市值領先，但其下滑與 USD Coin (USDC) 等競爭對手的成長形成鮮明對比，USDC 已將自己定位為符合 MiCA。

The coming months will test the resilience of stablecoins like USDT and the adaptability of the crypto industry as it navigates regulatory frameworks while catering to the demands of a global, decentralized economy.

未來幾個月將考驗 USDT 等穩定幣的彈性以及加密貨幣產業在監管框架中的適應性，同時滿足全球去中心化經濟的需求。