Tether 的 USDT 遭遇兩年來最大幅度的每週市值跌幅，引發波動性擔憂

全球領先的與美元掛鉤的穩定幣 Tether 的 USDT 經歷了兩年來最大幅度的周跌幅

World's leading dollar-pegged stablecoin, Tether's (USDT) has noted the sharpest weekly decline in market value in two years, sparking concerns of market volatility.

全球領先的與美元掛鉤的穩定幣 Tether (USDT) 的市值出現兩年來最大幅度的每週跌幅，引發了對市場波動的擔憂。

This week, USDT's market cap slid by over 1% to $137.24 billion, marking the most significant decline since the second week of November 2022, when FTX exchange crashed, as per data from TradingView. It hit a record $140.72 billion in mid-December.

根據 TradingView 的數據，本週 USDT 市值下跌逾 1%，至 1,372.4 億美元，創下自 2022 年 11 月第二週 FTX 交易所崩盤以來的最大跌幅。 12月中旬達到創紀錄的1407.2億美元。

The decline comes after several European Union (EU)-based exchanges and Coinbase (COIN) decided to remove USDT due to compliance issues with the EU's Markets in Crypto-Assets (MiCA) regulations that fully came into effect on Dec. 30. However, the rules on stablecoins — cryptocurrencies whose value is pegged to a real-world asset like the dollar — kicked in six months ago.

在此之前，由於歐盟加密資產市場 (MiCA) 法規（於 12 月 30 日全面生效）存在合規問題，多家歐盟 (EU) 交易所和 Coinbase (COIN) 決定移除 USDT。等現實世界資產掛鉤的加密貨幣）的規則於六個月前生效。

The regulation mandates issuers to have a MiCA license for offering or trading asset-referenced tokens (ARTs) or e-money tokens (EMTs) within the bloc. An ART is a crypto asset that aims to maintain a stable value by referencing another asset like gold, crypto tokens or a combination of both, including one or more official currencies. ERTs reference a single national currency, just as USDT does.

該法規要求發行人擁有 MiCA 許可證，才能在歐盟內提供或交易資產參考代幣 (ART) 或電子貨幣代幣 (EMT)。 ART 是一種加密資產，旨在透過引用另一種資產（如黃金、加密代幣或兩者的組合，包括一種或多種官方貨幣）來維持穩定的價值。 ERT 參考單一國家貨幣，就像 USDT 一樣。

While EU-based traders can still hold USDT in non-custodial wallets, they are unable to trade it on MiCA-compliant centralized exchanges.

雖然歐盟交易者仍然可以在非託管錢包中持有 USDT，但他們無法在符合 MiCA 的中心化交易所進行交易。

Being a gateway to the crypto market, investors use USDT extensively to fund spot cryptocurrency purchases and derivatives trading. Hence, the delistings and drop in market value have sparked speculation on social media of a broader crypto market slide.

作為進入加密貨幣市場的門戶，投資者廣泛使用 USDT 來為現貨加密貨幣購買和衍生性商品交易提供資金。因此，退市和市值下跌引發了社群媒體上對加密貨幣市場更廣泛下滑的猜測。

But these concerns might be exaggerated, and the negative impact could be limited to the euro area at best, said Karen Tang, head of APAC partnerships at Orderly Network, a permissionless Web3 liquidity layer, in a post on X.

但這些擔憂可能被誇大了，負面影響最多也僅限於歐元區，Orderly Network（一個無需許可的 Web3 流動性層）亞太地區合作夥伴關係主管 Karen Tang 在 X 上發表的一篇文章中表示。

"Access to @Tether_to be restricted in the EU due to MiCa regulation isn’t going to harm USDT dominance," wrote Tang. "EU isn’t the largest crypto market. Most crypto trading volume occurs in Asia and U.S. All this will do is stunt the EU's digital assets innovation, which is already slow due to convoluted overregulation. If I could short the EU, I would…"

Tang 寫道：“由於 MiCa 監管，@Tether_ 在歐盟的訪問受到限制，但這不會損害 USDT 的主導地位。” 「歐盟不是最大的加密貨幣市場。大多數加密貨幣交易量發生在亞洲和美國。所有這些都會阻礙歐盟的數位資產創新，由於錯綜複雜的過度監管，數位資產創新已經很緩慢。如果我可以做空歐盟，我會...... ”

Crypto analyst Bitblaze stated that Asia contributes the largest share to tether volume, downplaying the impact of MiCA-led delistings in Europe.

加密貨幣分析師 Bitblaze 表示，亞洲在 Tether 交易量中所佔份額最大，淡化了 MiCA 主導的歐洲退市的影響。

"USDT is the largest stablecoin, with a market cap of $138.5B and a daily trading volume of $44B. At the moment, 80% of USDT's trading volume is in Asia, so the EU delisting won’t have any severe impact," noted Bitblaze on X.

「USDT是最大的穩定幣，市值為$138.5B，每日交易量為$44B。目前USDT交易量的80%在亞洲，因此歐盟退市不會產生任何嚴重影響，」 Bitblaze 在 X 上指出。

Tether has invested in StablR and Quantoz Payments, two MiCA-compliant businesses, to ensure regulatory alignment.

Tether 投資了 StablR 和 Quantoz Payments 這兩家符合 MiCA 要求的企業，以確保監管一致。