為什麼Tether（USDT）是美元霸權和在新興市場中分銷的最成功工具

2月25日，Tether（USDT）首席執行官Paolo Ardoino斷言：“ USDT是美元霸權和在新興市場的分銷最成功的工具，”

On February 25, Tether (USDT) CEO Paolo Ardoino stated that “USDT is the most successful tool for US dollar hegemony and distribution across emerging markets,” adding that the company holds more than $115 billion in US Treasuries—ranking it as the 18th largest holder globally. However, the most revealing part of his statement was not about the numbers but rather his ambition: “I’ll leave it to you to define a competitor trying to use lawfare to kill an opponent instead of focusing on better products.”

2月25日，Tether（USDT）首席執行官Paolo Ardoino表示：“ USDT是美元霸權和在新興市場的分銷最成功的工具，”該公司在美國財政部中持有超過1,150億美元的美國國債，將其列為全球第18大持有人。但是，他聲明中最揭示的部分不是關於數字的，而是他的野心：“我將其留給您定義一個試圖使用法律殺害對手而不是專注於更好的產品的競爭對手。”

In Europe, regulators have recently streamlined the rules for stablecoins, facilitating their adoption across the continent. Markets in Crypto-Assets Regulation is creating robust demand for stablecoins as a currency in settlements. Now, Europe is faced with a final opportunity to build an economy around a stablecoin pegged to the euro.

在歐洲，監管機構最近簡化了穩定的規則，促進了他們在整個非洲大陸的採用。 Crypto-Assets法規中的市場正在創造對穩定幣作為定居點的貨幣的強勁需求。現在，歐洲面臨著最終的機會，可以圍繞歐元固定的穩定幣圍繞經濟發展。

Why are stablecoins important for the economy?

為什麼穩定劑對經濟很重要？

Stablecoins offer a straightforward mechanism for transactions and calculations. Nevertheless, their significance for Europe goes beyond convenience—they provide states with the opportunity to raise public spending through the issuance of debt. Since stablecoins must be fully backed, their issuers purchase government securities, which they then tokenize.

Stablecoins為交易和計算提供了直接的機制。然而，它們對歐洲的重要性超出了便利性 - 他們為各州提供了通過發行債務來提高公共支出的機會。由於必須完全支持穩定的股幣，因此發行人購買了政府證券，然後將其標記。

The launch of a stablecoin ecosystem creates sustained demand for government bonds. In the context of Europe’s growing need for increased defense spending, this is no small feat: stablecoins could enable a higher debt load while fostering the development of private companies that, in turn, further demand for public bonds.

Stablecoin生態系統的啟動創造了對政府債券的持續需求。在歐洲對國防支出增加的需求不斷增長的背景下，這並不是很小的壯舉：Stablecoins可以在促進私人公司的發展，而這反過來又可以進一步對公共債券的需求。

Ultimately, the adoption of stablecoins will directly correspond to Europe’s willingness to expand its government bond market to balance its budget and strengthen the euro’s role in global payments.

最終，採用穩定的人將直接與歐洲擴大其政府債券市場以平衡其預算並加強歐元在全球支付中的作用的意願。

Why is the clock ticking?

為什麼時鐘滴答作響？

The life cycle of innovation follows a predictable pattern, meaning that the window to introduce a euro-backed stablecoin is closing.

創新的生命週期遵循了可預測的模式，這意味著引入歐元支持的穩定的窗口正在關閉。

In the early phase, the market selects the best-performing solutions. As the industry matures, dominant players erect barriers to entry by increasing the cost of launching competitive alternatives. If you miss the first phase, breaking into the market becomes economically unfeasible—similar to how launching a new automotive company today requires astronomical investment.

在早期，市場選擇了表現最佳的解決方案。隨著行業的成熟，主要參與者通過增加推出競爭替代方案的成本來建立進入障礙。如果您錯過了第一階段，那麼進入市場就會在經濟上不可行，這相似，今天成立一家新的汽車公司需要天文投資。

The same applies to blockchain. Crypto’s garage-phase economy is ending, paving the way for major corporations to consolidate their power. Soon, a few dominant players will control the space—one of them likely being Tether, which could grow to rival Apple in size.

區塊鏈也是如此。加密貨幣的車庫經濟正在結束，為大公司鞏固其權力鋪平了道路。很快，一些主要的玩家將控制這個空間，其中一個可能是繫繩，這可能會成長為競爭對手的蘋果。

Opportunities to build massive businesses in crypto are closing rapidly. Companies are emerging with liquidity levels that won’t be attainable by newcomers for the next few years. We’re already seeing the last moments of an open market—the train is leaving the station, and with it, the last major opportunities.

在加密貨幣中建立大型業務的機會正在迅速關閉。公司正在發展流動性水平，未來幾年新移民將無法達到。我們已經看到了一個開放市場的最後時刻 - 火車正在離開車站，而這是最後的主要機會。

The time pressure is also heightened by geopolitical competition. If an RMB-backed stablecoin manages to gain traction first, a euro-pegged stablecoin may struggle to claim its potential market share in international settlements.

地緣政治競爭也加劇了時間壓力。如果一位由RMB支持的Stablecoin首先獲得了吸引力，那麼歐元賽的Stablecoin可能很難在國際定居點中聲稱其潛在的市場份額。

Why has EURT not succeeded?

為什麼Eurt沒有成功？

Euro Tether (EURT) has failed to gain traction primarily due to liquidity constraints—there was little institutional interest in sustaining it. However, if European banks get involved, the Eurozone’s share of cryptocurrency transactions could rise, in the process positioning the euro as a major player in international settlements.

歐元束縛（EURT）未能獲得主要是由於流動性限製而獲得的吸引力 - 維持它幾乎沒有機構利益。但是，如果歐洲銀行參與其中，歐元區在加密貨幣交易中的份額可能會增加，這在將歐元定位為國際定居點的主要參與者中。

Tether’s stablecoin market share now exceeds the dollar’s fiat share by 1.5 times. This presents an opportunity: a euro-backed stablecoin could capture a portion of the 30% gap in international payments that is currently up for grabs.

Tether的Stablecoin市場份額現在超過了美元的法定份額1.5倍。這是一個機會：由歐元支持的Stablecoin可以捕獲目前要爭取的國際付款中30％差距的一部分。

If executed correctly, the Eurozone could, in turn, inject roughly €20 billion into its own economy by driving demand for European government bonds. Currently, Tether’s daily turnover stands at $100 billion—a euro-pegged stablecoin could potentially capture one-fifth of that volume.

如果正確執行，歐元區可以通過推動對歐洲政府債券的需求來向其自身經濟注入約200億歐元。目前，Tether的每日營業額為1000億美元 - 歐洲蛋糕的Stablecoin可能有可能佔據這一卷的五分之一。

The role of regulation

監管的作用

MiCA does not directly regulate European companies but rather sets the framework for those who are capable of creating a euro-denominated stablecoin market. In this context, European businesses have clear incentives to adopt a euro-pegged stablecoin—minimizing exchange rate risk, facilitating cross-border transactions, and reducing borrowing costs by driving demand for European government bonds.

雲母不是直接監管歐洲公司，而是為那些能夠創建歐元計價的穩定市場的人建立了框架。在這種情況下，歐洲企業有明確的激勵措施來採用歐元固定的Stablecoin，這可以最大程度地降低匯率風險，促進跨境交易，並通過推動對歐洲政府債券的需求來降低借貸成本。

The odds of success increase if leading EU banks and crypto firms form a consortium to issue a new, euro-backed stablecoin. Brighty is prepared to participate in such an initiative, but success depends on large players with deep liquidity committing to the project.

如果領導歐盟銀行和加密貨幣公司構成一個新的，由歐元支持的新穩定公司，成功的機率會增加。 Brighty準備參加這樣的倡議，但成功取決於對該項目進行深度流動性的大型參與者。

Crucially, a new stablecoin must be issued under fresh leadership rather than relying on existing issuers. And, ultimately, those who are looking to capitalize on this sector must create an entirely new digital currency—one that they directly control. Only by taking such steps might the Euro stablecoin win this race against the clock.

至關重要的是，必須在新的領導下發行新的穩定幣，而不是依靠現有的發行人。而且，最終，那些尋求利用該行業的人必須創建一種全新的數字貨幣，即他們直接控制。只有採取這樣的步驟，歐洲Stablecoin才能贏得這場比賽。

About Nick Denisenko

關於尼克·丹尼森科

Nick Denisenko is the CTO and co-founder Brighty, a Swiss digital finance platform that combines the trust of traditional finance with the power of the crypto economy. Nick

尼克·丹尼森科（Nick Denisenko）是CTO和聯合創始人Brighty，這是一個瑞士數字金融平台，將傳統金融的信任與加密經濟的力量相結合。缺口