特朗普政府與世界的貿易戰使股票市場震驚，並威脅要陷入衰退

特朗普政府與世界的貿易戰使股票市場震驚，並威脅要陷入衰退

The Trump administration’s trade war with the world has roiled the stock market and threatens to plunge the country into a recession while jacking up the price of basic supplies.

特朗普政府與世界的貿易戰使股票市場震驚，並威脅要陷入衰退，同時提高基本用品的價格。

But instead of taking on the financial issues dominating the headlines, the House and Senate are racing to bring stablecoins — a cryptocurrency sector few Americans have even heard of — out from the shadows.

但是，眾議院和參議院沒有承擔統治頭條新聞的財務問題，而是競賽帶來穩定的股幣（一個加密貨幣部門，很少有美國人甚至從陰影中聽說過）。

The $230 billion stablecoin industry could be the first to benefit from Donald Trump’s promise to make the U.S. the world’s “crypto capital of the planet.”

2,300億美元的Stablecoin行業可能是唐納德·特朗普（Donald Trump）諾言使美國成為世界“地球的加密之都”的承諾的第一個受益的行業。

“Passing legislation gives them a first-mover advantage to profits that are to be gained.”

“通過立法為他們帶來了要獲得的利潤的第一步優勢。”

Industry advocates say the legislation will clear up uncertainty around the regulation of their cryptocurrencies, unleashing a new era of financial innovation. Critics of the bipartisan push warn that the legislation risks another financial crash while enriching Trump, whose family is launching a stablecoin of their own.

行業擁護者表示，該立法將圍繞其加密貨幣的規定清除不確定性，從而釋放了金融創新的新時代。對兩黨的批評者的批評者警告說，這項立法在豐富特朗普的同時可能會發生另一次金融崩潰，而特朗普的家人正在自己發動自己的穩定者。

“Passing legislation gives them a first-mover advantage to profits that are to be gained. We saw that with the Trump meme coin, where a lot of people lost out but it didn’t matter because Trump’s platform was making fees,” said Mark Hays, of the group Americans for Financial Reform. “It just seems like a witches’ brew of problematic things that could lead to another crash.”

“通過立法為他們帶來了要獲得的利潤的第一步優勢。我們看到，與特朗普的模因硬幣一起，很多人丟掉了，但這並不重要，因為特朗普的平台正在收取費用，”美國人的馬克·海斯（Mark Hays）進行了金融改革。 “似乎是女巫的有問題的事情，可能導致另一場崩潰。”

What Is a Stablecoin?

什麼是Stablecoin？

To their proponents, stablecoins offer all the benefits of crypto without the downsides.

對他們的支持者，Stablecoins提供了加密貨幣的所有好處，而沒有弊端。

They are pegged to real-world currencies, such as the U.S. dollar. The idea is that one dollar-denominated stablecoin can always be redeemed for one dollar. Stablecoin issuers use real-world assets, such as U.S. Treasury bonds, to back their offerings.

他們被固定在現實世界中的貨幣，例如美元。這個想法是，一個以美元為基礎的穩定者可以以1美元的價格兌換。 Stablecoin發行人使用現實世界中的資產，例如美國財政債券，以支持其產品。

Stablecoins live on blockchains — cryptographically protected digital ledgers — just like more famous tokens like bitcoin or Ether. Unlike bitcoins, they are supposed to be insulated from wild price swings by their currency pegs.

Stablecoins直播在區塊鏈上 - 密碼受保護的數字分類帳 - 就像比特幣或以太等著名令牌一樣。與比特幣不同，它們應該被其貨幣釘隔離開來。

That hasn’t stopped some stablecoins from collapsing.

這並沒有阻止一些穩定的人崩潰。

What’s the Point?

有什麼意義？

Boosters say that stablecoins can make payments faster, cheaper, and more efficient. They argue that stablecoins will make it easier to send money across international borders and create opportunities for the unbanked by cutting out traditional financial institutions.

助推器說，穩定幣可以使付款更快，更便宜，更高效。他們認為，穩定幣將使在國際邊界上匯款並通過削減傳統金融機構為無銀行賬戶創造機會變得更加容易。

So far, however, they’re mostly used to buy other cryptocurrencies. Crypto traders use them to cash in and cash out of more speculative tokens without paying repeated fees. Former Securities and Exchange Commission Chair Gary Gensler has likened them to “poker chips at the casino.”

但是，到目前為止，它們主要用於購買其他加密貨幣。加密貨幣交易者使用它們來兌現，並從更投機的代幣中兌現，而無需支付重複費用。前證券交易委員會主席Gary Gensler將他們比作“在賭場的撲克籌碼”。

Critics say that even though the biggest stablecoin was launched in 2014, the high-minded talk of improving the payment system has yet to produce results, and the only major users so far have been crypto traders, criminals seeking to evade money laundering laws, and people in the developing world whose own currencies face runaway inflation.

批評家說，即使最大的穩定幣是在2014年推出的，但關於改善支付系統的高尚言語尚未產生結果，到目前為止，唯一的主要用戶是加密貨幣交易者，尋求逃避洗錢法律的罪犯，以及發展中國家的人們自己的貨幣面臨失控的人。

“They have been around for a decade. There is no doubt people have been trying to turn them into a general-purpose payment instrument,” said Arthur Wilmarth, a professor emeritus at the George Washington University law school. “And really it hasn’t worked out.”

喬治華盛頓大學法學院名譽教授Arthur Wilmarth說：“他們已經存在了十年。毫無疑問，人們一直在試圖將他們變成通用的支付工具。” “確實沒有解決。”

Are They Really … Stable?

他們真的……穩定嗎？

That’s what their promoters would have you believe. In reality, stablecoins have “depegged” from the dollar dozens of times.

這就是他們的發起人會相信的。實際上，穩定幣已經從數十次“ depeggg”中“陷入困境”。

As Sam Bankman-Fried’s fraudulent FTX exchange collapsed in late 2022, leading stablecoin issuer Tether saw its titular offering drop from the dollar by more than 2 cents. The second-biggest stablecoin, Circle’s USD Coin, dropped more than 13 cents amid revelations that many of its cash assets were jeopardized by the collapse of Silicon Valley Bank in 2023.

隨著山姆·班克曼（Sam Bankman）欺詐性的FTX交易所在2022年底倒閉時，領先的Stablecoin發行人Tether將其名義上的產品從美元上跌出了2美分。第二大穩定幣，Circle的USD硬幣，在2023年矽谷銀行倒閉中遭受了危害的啟示中，其許多現金資產危害了13美分。

Then there was the notorious TerraUSD coin, an “algorithmic” stablecoin that was not backed by real-world assets. Its collapse took the token’s supposed value of $40 billion down to zero.

然後是臭名昭著的Terrausd Coin，這是一種“算法” Stablecoin，不受現實世界資產的支持。它的崩潰將令牌假定的價值下降到零。

Most Read

大多數閱讀

Despite the promise of more concrete assets backing today’s leading stablecoins, even crypto boosters have questions about Tether. The El Salvador-based stablecoin keeps only 82 percent of its reserves in cash or cash-like instruments, dividing up the rest in more volatile investments such as bitcoin. Moreover, it has never subjected its reserve to a full financial audit.

儘管有希望支持當今領先的Stablecoins的更多具體資產，但即使是加密貨幣助推器也有疑問。總部位於薩爾瓦多的Stablecoin只保留了現金或類似現金的工具的82％的儲量，將其餘的投資（例如比特幣）劃分為剩下的投資。此外，它從未對其儲備進行全面的財務審核。

Tether is closely aligned with Commerce Secretary Howard Lutnick, whose former firm Cantor Fitzgerald holds much of the Tether’s U.S. Treasury bonds.

Tether與商務部長霍華德·盧特尼克（Howard Lutnick）緊密結合，他的前公司Cantor Fitzgerald擁有Tether的美國大部分美國財政債券。

The very promise of stability can lead to runs on stablecoins, experts say.

專家說，穩定性的希望可能會導致穩定的穩定性。

“If people think that even a few pennies of their dollar are at risk, they are going to run,” Wilmarth said. “They are not thinking, ‘I’ve put this money in the S&P 500, and I’ll ride it up and down.’”

威爾馬斯說：“如果人們認為即使有幾分錢也有危險，他們將運行。” “他們沒有在想，'我把這筆錢放在標準普爾500指數中，我會上下騎行。'”

So Congress Is Doing What Exactly?

那麼國會正在做什麼？

Trump has said he wants to sign a stablecoin bill by

特朗普說他想簽署一項穩定法案