了解雲母：深入了解歐洲的新穩定法規

如果您持有或使用Stablecoins，或者只是對加密貨幣感興趣，那麼了解雲母就會變得必不可少。讓我們分解什麼是穩定的，新的歐盟規定要求的是什麼，以及這可能如何影響用戶，加密公司和更廣泛的市場。

If you hold or use stablecoins, or are just interested in crypto, understanding MiCA is becoming essential. Let’s break down what stablecoins are, what the new EU rules demand, and how this might affect users, crypto companies, and the broader market.

如果您持有或使用Stablecoins，或者只是對加密貨幣感興趣，那麼了解雲母就會變得必不可少。讓我們分解什麼是穩定的，新的歐盟規定要求的是什麼，以及這可能如何影響用戶，加密公司和更廣泛的市場。

What Are Stablecoins, Anyway?

無論如何，stablecoins是什麼？

Before diving into the rules, let’s quickly refresh what stablecoins are. Unlike Bitcoin or Ether, whose prices can swing wildly, stablecoins are designed to hold a steady value. They achieve this by being “pegged,” or linked, to a real-world asset, most commonly a major currency like the US dollar or the Euro.

在遵守規則之前，讓我們快速刷新Stablecoins是什麼。與比特幣或以太的價格可以瘋狂地擺動不同，Stablecoins旨在具有穩定的價值。他們通過“掛鉤”或鏈接到現實世界中的資產來實現這一目標，通常是美元或歐元等主要貨幣。

Think of them like digital tokens that represent traditional money. For every one stablecoin token issued (like a USDT or USDC, both pegged to the US dollar), the company behind it is supposed to hold one actual dollar in reserve, usually in a bank account or very safe investments.

將它們視為代表傳統資金的數字令牌。對於發行的每一個穩定代幣（例如固定在美元固定的USDT或USDC）中，其背後的公司應該持有一個實際的儲備金，通常是在銀行帳戶或非常安全的投資中。

People use stablecoins for several reasons:

人們使用Stablecoins的原因有幾個：

* They can be a convenient way to move value quickly and cheaply, especially across international borders, as opposed to using traditional bank transfers.

*與使用傳統的銀行轉讓相比，它們可能是快速，廉價地轉移價值的方便方式，尤其是在國際邊界。

* They are used as a way to hold onto value in times of economic uncertainty or high inflation.

*它們被用作在經濟不確定性或高通貨膨脹時期保持價值的一種方式。

* They serve as the main medium of exchange within many crypto platforms, used for trading various tokens and assets.

*它們是許多加密平台中交易所的主要媒介，用於交易各種代幣和資產。

However, stability isn’t always guaranteed. The collapse of the TerraUSD stablecoin in 2022 showed that not all stablecoins are created equal, and when they fail, people can lose a lot of money. Even large cap stablecoins can occasionally temporarily lose their 1:1 ratio (known as a peg) as Circle’s USDC encountered in early January 2024. This event, along with concerns about financial stability and consumer protection, pushed regulators worldwide, including in the EU, to act.

但是，穩定性並不總是保證。 Terrausd Stablecoin在2022年的崩潰表明，並非所有的Stablecoins都是平等的，當他們失敗時，人們可能會損失很多錢。即使是大型蓋帽穩定幣，偶爾也可能會暫時失去其1：1的比率（稱為釘），因為Circle的USDC在2024年1月上旬遇到。這項事件以及對金融穩定和消費者保護的擔憂，推動了全球的監管機構，包括歐盟在內，包括歐盟，採取行動。

Enter MiCA: Europe’s Big Plan for Crypto Regulation

輸入雲母：歐洲的加密監管計劃

The European Union’s answer is MiCA. This comprehensive set of rules, adopted in June 2023, aims to create a clear and consistent legal framework for various crypto-assets and services across all EU member states. It’s one of the first major attempts globally to regulate the crypto industry on such a large scale.

歐盟的答案是雲母。 2023年6月通過的一套全面的規則旨在為所有歐盟成員國的各種加密資產和服務創建一個清晰，一致的法律框架。這是全球首次在如此龐大的規範中規範加密貨幣行業的嘗試之一。

MiCA covers everything from Bitcoin trading platforms to new crypto token offerings, but it pays special attention to stablecoins because of their potential link to the traditional financial system and their widespread use. The specific rules for stablecoins began on June 30, 2024, with the full regulation applying from December 30, 2024.

MICA涵蓋了從比特幣交易平台到新的加密代幣產品的所有內容，但是它特別關注了Stablecoins，因為它們與傳統金融系統的潛在聯繫及其廣泛使用。 Stablecoins的具體規則始於2024年6月30日，從2024年12月30日開始適用完整的規定。

The main goals of MiCA regarding stablecoins are:

雲母關於穩定蛋白的主要目標是：

* To ensure that stablecoins are sufficiently covered by traditional financial regulations, especially where they intersect with banking and payments.

*為了確保穩定的人足夠涵蓋傳統的金融法規，尤其是在與銀行和付款相交的地方。

* To set clear requirements for the issuance, capitalisation, and governance of stablecoins.

*為簽發，大寫和治理確定穩定的要求。

* To provide strong consumer protections to those using stablecoin services.

*為使用Stablecoin服務的人提供強大的消費者保護。

* To organize how stablecoin issuers will be authorized and supervised, mainly by national authorities but also at the European level.

*組織如何授權和監督Stablecoin發行人，主要是由國家當局，但也是歐洲一級的。

What Does MiCA Demand from Stablecoin Issuers?

雲母發行人的雲母需求是什麼？

MiCA divides stablecoins into two main categories:

雲母將穩定菌屬分為兩個主要類別：

* E-Money Tokens (EMTs): These are pegged to a single official currency, like the Euro or the US dollar (though MiCA heavily favors Euro-denominated EMTs). Think of USDC (USD Coin) or EURC (Euro Coin). Issuers of EMTs must be licensed either as a credit institution (like a bank) or an electronic money institution (EMI).

* e-nothing代幣（EMTS）：將它們固定在單一的官方貨幣上，例如歐元或美元（儘管雲母很大程度上利用了歐元計時的EMTS）。想想USDC（美元硬幣）或EURC（EURO COIN）。 EMT的發行人必須獲得信貸機構（例如銀行）或電子貨幣機構（EMI）的許可。

* Asset-Referenced Tokens (ARTs): These are pegged to a basket of assets, which could include multiple currencies, commodities like gold, or other crypto-assets.

*資產引用的代幣（藝術）：將它們固定在一籃子資產上，其中可能包括多種貨幣，黃金或其他加密資產。

Both types face strict requirements under MiCA, but here are the key ones:

兩種類型都面臨著雲母的嚴格要求，但這是關鍵的要求：

Solid Reserves

固體儲備

This is perhaps the most crucial rule. Issuers must maintain reserves backing their stablecoins on a 1:1 basis. This means for every stablecoin token in circulation, there must be an equivalent value held in very safe, liquid assets. A significant portion of these reserves must be kept as deposits in banks.

這也許是最關鍵的規則。發行人必須以1：1的基礎維持支持其穩定的儲備。這意味著對於循環中的每個穩定令牌，都必須在非常安全的液體資產中持有等效價值。這些儲備中的很大一部分必須保存為銀行中的存款。

MiCA aims to prevent situations where a stablecoin issuer doesn’ t actually have the money to backup its tokens in the event of a run on the issuer (multiple large redemptions at the same time).

MICA旨在防止穩定發行人實際上沒有資金備份其代幣的情況（同時多次大型兌換）。

Issuers can’t just say they have the reserves; they have to prove it. MiCA requires them to publicly disclose details about their reserves on a monthly basis. They also need to undergo regular independent audits (checks by professional accounting firms) to verify their holdings and procedures.

發行人不能只是說他們有儲備金；他們必須證明這一點。雲母要求他們每月公開披露有關其儲備的詳細信息。他們還需要進行定期的獨立審核（由專業會計師事務所檢查）以驗證其持有和程序。

Authorization and Oversight

授權和監督

Companies wanting to issue stablecoins in the EU must get specific authorization from regulators in an EU member state. This license then allows them to operate across the entire EU (a process called “passporting”). Crypto Asset Service Providers (CASPs) — like exchanges or wallet providers dealing with stablecoins — also need authorization, with applications

想要在歐盟發行穩定的公司必須從歐盟成員國的監管機構獲得具體授權。然後，此許可證允許他們在整個歐盟（稱為“護照”的過程）進行操作。加密資產服務提供商（CASP）（例如交換或錢包提供者處理穩定的人）也需要授權和申請