美國財政部對穩定幣有一些想法，而這些以美元計價的代幣的發行人可能不喜歡他們所聽到的

美國財政部對穩定幣有一些想法，而這些以美元計價的代幣的發行人可能不喜歡他們所聽到的。

The U.S. Treasury Department has some thoughts regarding stablecoins and the issuers of those dollar-denominated tokens probably didn’t love what they heard.

美國財政部對穩定幣有一些想法，而這些以美元計價的代幣的發行人可能不喜歡他們所聽到的。

On October 29, Treasury released its inaugural National Strategy for Financial Inclusion report, which makes only passing reference to digital assets, and even then it was only to previous reports that largely focused on the risks of adding tokens to one’s portfolio. More recent Treasury reports have underscored these risks, including the role that stablecoins like Tether’s USDT play in facilitating crime and terrorism.

10 月 29 日，財政部發布了首份《國家金融普惠戰略》報告，該報告僅提及了數位資產，即便如此，也只有先前的報告主要關注在投資組合中添加代幣的風險。最近的財政部報告強調了這些風險，包括 Tether 的 USDT 等穩定幣在促進犯罪和恐怖主義方面的作用。

A far more consequential report summarizing a meeting of Treasury’s Borrowing Advisory Committee (TBAC) was issued on October 30. TBAC is comprised of senior execs from banks, broker-dealers, asset managers, hedge funds and insurance companies, who meet quarterly with Treasury officials to comment on various financial developments. (TBAC doesn’t currently include anyone from Cantor Fitzgerald (NASDAQ:ZCFITX), the relevance of which is discussed below.)

10 月30 日發布了一份更為重要的報告，總結了財政部借款諮詢委員會(TBAC) 的會議。 ，他們每季與財政部官員舉行會議對各種金融發展發表評論。 （TBAC 目前不包括來自 Cantor Fitzgerald（納斯達克股票代碼：ZCFITX）的任何人，其相關性將在下面討論。）

The TBAC meeting’s minutes cited an attending member who “observed that because most stablecoin collateral reportedly consists of either Treasury bills or Treasury-backed repurchase agreement transactions, the growth in stablecoins has likely resulted in a modest increase in demand for short-dated Treasury securities.”

TBAC 會議紀要引述一位出席成員的話說，「據報道，由於大多數穩定幣抵押品由國庫券或國庫券支持的回購協議交易組成，因此穩定幣的增長可能導致對短期國債的需求略有增加。 」

In its previous quarterly ‘attestations’ of its reserve assets, Tether claimed to have around $100 billion worth of T-bills (including repurchase agreements) backing the now $121 billion in issued USDT. These T-bills are said to be custodied by Cantor Fitzgerald, a claim that Cantor CEO Howard Lutnick has publicly endorsed.

在上一季對其儲備資產的「證明」中，Tether 聲稱擁有價值約 1,000 億美元的國債（包括回購協議）來支持目前已發行的 1,210 億美元的 USDT。據說這些國庫券由坎托·菲茨杰拉德 (Cantor Fitzgerald) 保管，坎托首席執行官霍華德·盧特尼克 (Howard Lutnick) 公開支持這一說法。

Among the crypto crowd, there are growing concerns that these T-bills could be seized by the federal government should reports of criminal charges being prepared against Tether prove accurate. That would be a boon for the issuer of the USDC stablecoin, Tether’s U.S.-based rival, Circle, which has urged the government to go after Tether’s T-bills.

在加密貨幣人群中，人們越來越擔心，如果針對 Tether 準備進行刑事指控的報告被證明是準確的，這些國庫券可能會被聯邦政府扣押。這對 USDC 穩定幣的發行人、Tether 在美國的競爭對手 Circle 來說是一個福音，該公司已敦促政府追查 Tether 的國債。

The full TBAC presentation goes into even more detail on stablecoins, noting the growth of the stablecoin market from a total market cap of $5 billion in 2019 to around $166 billion today. The document warns that a Tether collapse “could lead to a fire sale of short-dated Treasuries.”

完整的 TBAC 簡報更詳細地介紹了穩定幣，指出穩定幣市場的總市值從 2019 年的 50 億美元增長到如今的約 1,660 億美元。該文件警告稱，Tether 崩潰「可能導致短期國債拋售」。

The presentation also cites a claim from a 2022 report that “over 80% of all crypto transactions now use a stablecoin as one leg of the transaction.” While Treasury expects the stablecoin market to continue growing, it notes ominously that a “’private currency’ that does not meet NQA [no questions asked] requirements leads to financial instability and as such is highly undesirable.”

該演示文稿還引用了 2022 年報告中的一項說法，即“現在超過 80% 的加密貨幣交易都使用穩定幣作為交易的一個環節。”雖然財政部預計穩定幣市場將繼續增長，但它不祥地指出，“不符合 NQA [無條件要求] 要求的‘私人貨幣’會導致金融不穩定，因此是非常不受歡迎的。”

A wildcat in the stable

馬厩裡的野貓

That NQA reference refers to a lack of due diligence and was taken from a 2021 University of Chicago Law Review paper titled Taming Wildcat Stablecoins. The paper unfavorably compares stablecoins to the ‘wildcat banking’ era of the mid-nineteenth century that saw state-chartered banks issue their own currencies that ultimately failed and left countless individuals holding worthless paper.

NQA 的引用指的是缺乏盡職調查，摘自 2021 年芝加哥大學法律評論題為「馴服野貓穩定幣」的論文。該論文將穩定幣與 19 世紀中葉的「野貓銀行」時代進行了不利的比較，當時國家特許銀行發行自己的貨幣，但最終失敗了，導致無數個人持有毫無價值的紙幣。

The paper recalls that the so-called ‘private money’ era “was regularly subject to panics, collapses in value, and ultimately required the government to step in and issue a single unified form of money,” aka the dollar.

該報回顧說，所謂的“私人貨幣”時代“經常遭受恐慌、價值崩潰，最終需要政府介入並發行單一統一形式的貨幣”，即美元。

Similar panics were experienced during the 2008 financial meltdown, which saw the failure of some money market funds (MMF) that were backed by assets other than short-dated T-bills, including the sketchy commercial paper that Tether used to hold among its reserves.

2008 年金融危機期間也經歷過類似的恐慌，當時一些貨幣市場基金 (MMF) 破產了，這些基金由短期國庫券以外的資產支持，其中包括 Tether 過去在其儲備中持有的粗略商業票據。

The TBAC document goes on to suggest that “medium-term regulatory and policy choices will determine the fate” of this latest iteration of private currency. However, “history indicates that stablecoins cannot function as private money, and will ultimately need to be strictly regulated like government money market funds are today to hold risk-free collateral,” aka short-term T-bills.

TBAC 文件接著表示，「中期監管和政策選擇將決定這最新版本私人貨幣的命運」。然而，“歷史表明，穩定幣不能充當私人貨幣，最終需要像今天的政府貨幣市場基金一樣受到嚴格監管，以持有無風險抵押品”，即短期國庫券。

Treasury officials have previously sought additional powers from Congress to go after “offshore dollar-denominated stablecoin providers,” despite the awareness that asking a do-nothing Congress to actually do something was always going to be an uphill slog.

財政部官員此前曾向國會尋求額外權力，以追查“以離岸美元計價的穩定幣提供商”，儘管他們意識到要求無所作為的國會實際採取行動始終是一項艱鉅的任務。

Referencing plans to tokenize various real-world assets (RWA)—including T-bills—on distributed ledger/blockchain technology, the TBAC document warns that these ledgers “will also need to be developed under the auspices of Central Banks and the foundation of trust they provide.”

TBAC 文件提到了在分散式帳本/區塊鏈技術上對各種現實世界資產（RWA）（包括國庫券）進行代幣化的計劃，警告說這些帳本「還需要在中央銀行的支持和信任的基礎上開發”他們提供。”

The warnings get even more explicit by saying that “in a similar manner to how privately-issued ‘wildcat’ currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions.”

警告變得更加明確，「與 1800 年代末私人發行的『野貓』貨幣被政府支持的中央貨幣取代類似，中央銀行數位貨幣 (CBDC) 可能需要取代穩定幣作為支持代幣化交易的數位貨幣的主要形式。

The U.S. government has sent mixed

美國政府派出了好壞參半的