BIS 收紧稳定币规则，针对 USDT 和 USDC 等无需许可的稳定币

新规定给稳定币市场带来了巨大的不确定性。我们刚刚从残酷的市场低迷中恢复过来，但似乎下一场风暴已经来临。

The Bank of International Settlements (BIS) has announced new guidelines that will impact the stablecoin market. The guidelines introduce stricter criteria for certain stablecoins to receive preferential regulatory treatment, with a focus on those issued on permissionless blockchains. This move is set to have a significant impact on the stablecoin landscape.

国际清算银行（BIS）宣布了将影响稳定币市场的新指导方针。该指南为某些稳定币引入了更严格的标准以获得优惠监管待遇，重点是在无需许可的区块链上发行的稳定币。此举将对稳定币格局产生重大影响。

The Impact on Major Stablecoins

对主要稳定币的影响

In the first half of 2024, the crypto market experienced substantial growth. The total market cap reached around $2.27 trillion, indicating a 37.3% increase year-to-date. Notably, most of these gains occurred in the first quarter, with a 60.2% rise, while the second quarter experienced a 14.3% drop.

2024年上半年，加密市场经历了大幅增长。总市值达到约2.27万亿美元，今年迄今增长了37.3%。值得注意的是，这些涨幅大部分发生在第一季度，增长了 60.2%，而第二季度则下降了 14.3%。

Meanwhile, the stablecoin market also recovered, reaching a market cap of $161 billion as of June 30, 2024, hitting a two-year high.

与此同时，稳定币市场也出现复苏，截至2024年6月30日市值达到1610亿美元，创两年新高。

A Crackdown is Coming!

严打即将来临！

On July 17, the Basel Committee on Banking Supervision released its final disclosure report on banks’ crypto-asset exposure. This report mandates banks to disclose their crypto activities and liquidity requirements. It also introduces stricter criteria for certain stablecoins to receive preferential “Group 1b” regulatory treatment, effective January 1, 2026. This could heavily impact permissionless stablecoins such as USDT and USDC.

7 月 17 日，巴塞尔银行监管委员会发布了关于银行加密资产敞口的最终披露报告。该报告要求银行披露其加密货币活动和流动性要求。它还为某些稳定币引入了更严格的标准，以获得优惠的“Group 1b”监管待遇，自 2026 年 1 月 1 日起生效。这可能会严重影响 USDT 和 USDC 等无需许可的稳定币。

The Industry Reacts

业界反应

Reacting to this news, Custodia Bank’s CEO, Caitlin Long, highlighted that permissionless stablecoins are now excluded from use by banks, with a preference for permissioned stablecoins. She speculated that the United States might ignore this directive, despite BIS’s previous leadership in the crypto sector.

针对这一消息，Custodia Bank 首席执行官 Caitlin Long 强调，银行现在不允许使用未经许可的稳定币，而银行更倾向于使用经过许可的稳定币。她推测，尽管 BIS 此前在加密货币领域处于领先地位，但美国可能会忽视这一指令。

In response, the crypto enthusiast known as the Vitruvian Man suggested that banks would not easily relinquish their power and control over financial systems. He speculated that their strategy is to use permissioned blockchains to maintain dominance.

作为回应，被称为“维特鲁威人”的加密货币爱好者表示，银行不会轻易放弃对金融系统的权力和控制。他推测他们的策略是使用许可的区块链来维持主导地位。

Is this surprising? The banks are not going to let go of their advantage. Permissioned blockchain is the only way to keep power. The banks and governments will roll out the tanks before relinquishing control. It’s naive to think otherwise

这令人惊讶吗？银行不会放弃他们的优势。许可的区块链是保持权力的唯一方法。银行和政府将在放弃控制权之前推出这些坦克。不这么想就太天真了

He believes that banks and governments would take extreme measures to retain control, making it unrealistic to expect them to allow decentralized, permissionless blockchain systems to flourish willingly.

他认为，银行和政府将采取极端措施来保留控制权，因此期望他们允许去中心化、无需许可的区块链系统自愿蓬勃发展是不现实的。

Public vs. Private Blockchains

公共区块链与私有区块链

At Coinbase's State of Crypto event, BlackRock's Head of Digital Assets expressed a preference for public blockchains over private ones. However, the BIS’s new guidelines support permissioned stablecoins like JPMCoin, potentially threatening permissionless stablecoins.

在 Coinbase 的加密货币现状活动中，贝莱德数字资产主管表示，相对于私有区块链，他们更喜欢公共区块链。然而，国际清算银行的新指南支持 JPMCoin 等经过许可的稳定币，这可能会威胁到未经许可的稳定币。

The Implications? Huge.

影响？巨大的。

The BIS decision comes as the Hong Kong Monetary Authority releases consultation papers on a licensing regime for stablecoin issuers. Moreover, Fox Business reporter Eleanor Terrett noted that initial proposals included USDC and others for preferential treatment. However, the final guidance excludes all stablecoins issued on permissionless blockchains, posing a serious threat to many stablecoins.

国际清算银行做出这一决定之际，香港金融管理局发布了有关稳定币发行人许可制度的咨询文件。此外，福克斯商业新闻记者 Eleanor Terrett 指出，最初的提案包括 USDC 和其他优惠待遇。然而，最终指南排除了在无需许可的区块链上发行的所有稳定币，这对许多稳定币构成了严重威胁。

This is a key moment for the crypto industry. The decisions made now will shape its trajectory for years to come.

这是加密货币行业的关键时刻。现在做出的决定将决定其未来几年的发展轨迹。