如果美国新规要求严格遵守，Coinbase 暗示将下架 Tether 的 USDT 稳定币

美国最大的加密货币交易所之一 Coinbase 暗示，如果新规则出台，它可能会将 Tether 的 USDT 稳定币从其平台上撤下。

One of the largest cryptocurrency exchanges in the United States, Coinbase, may have to remove Tether’s USDT stablecoin from its platform if new rules in the country demand stricter adherence.

如果美国的新规则要求更严格的遵守，美国最大的加密货币交易所之一 Coinbase 可能不得不从其平台上删除 Tether 的 USDT 稳定币。

Coinbase CEO Brian Armstrong recently touched upon the potential implications of new stablecoin regulations in the US under President Donald Trump. According to Armstrong, upcoming legislation could require stablecoin issuers to hold 100% of their reserves in Treasury bonds and conduct regular audits for transparency, as reported by the Wall Street Journal.

Coinbase 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 最近谈到了唐纳德·特朗普总统领导下的美国新稳定币法规的潜在影响。据《华尔街日报》报道，阿姆斯特朗表示，即将出台的立法可能要求稳定币发行人将其储备的 100% 持有为国债，并定期进行透明度审计。

Armstrong suggested that Coinbase may have to delist the $138 billion stablecoin if such regulatory measures become mandatory. Notably, Coinbase had already delisted USDT from its European platform due to noncompliance with the EU’s MiCA framework.

阿姆斯特朗表示，如果此类监管措施成为强制性措施，Coinbase 可能不得不下架价值 1380 亿美元的稳定币。值得注意的是，由于 USDT 不符合欧盟 MiCA 框架，Coinbase 已将 USDT 从其欧洲平台下架。

Tether remains the leading stablecoin in the market, surpassing competitors such as Circle’s USDC and Ripple’s newly introduced Ripple USD (RLUSD). Despite its dominance, Tether has faced scrutiny over its reserve practices and financial disclosures.

Tether 仍然是市场上领先的稳定币，超过了 Circle 的 USDC 和 Ripple 新推出的 Ripple USD (RLUSD) 等竞争对手。尽管占据主导地位，Tether 仍面临着对其储备实践和财务披露的审查。

Tether's Reserves and Criticism

Tether 的储备和批评

Tether claims to hold 80% of its reserves in U.S. Treasury bills, which are verified through financial attestations by BDO Italia, an independent accounting firm. These quarterly updates were introduced following the 2022 market crash that highlighted insolvencies at major firms such as FTX and Three Arrows Capital.

Tether 声称其 80% 的储备是美国国库券，并通过独立会计师事务所 BDO Italia 的财务证明进行核实。这些季度更新是在 2022 年市场崩盘之后推出的，市场崩盘凸显了 FTX 和三箭资本等主要公司的破产情况。

While these attestations provide some reassurance, critics argue that they fall short of complete audits, raising concerns over Tether’s financial stability. It remains to be seen whether Tether will comply with any upcoming U.S. regulations that may impose stricter reporting requirements.

虽然这些证明提供了一些保证，但批评者认为它们没有经过完整的审计，引发了人们对 Tether 财务稳定性的担忧。 Tether 是否会遵守即将出台的任何可能施加更严格报告要求的美国法规还有待观察。

Emerging markets outside the United States and Europe are a key focus for Tether. Notably, the company will be setting up its world headquarters in El Salvador, which became the first country to adopt Bitcoin as legal tender. This strategic move underscores Tether’s pursuit of markets with favorable cryptocurrency regulations.

美国和欧洲以外的新兴市场是 Tether 的重点关注点。值得注意的是，该公司将在萨尔瓦多设立全球总部，该国成为第一个采用比特币作为法定货币的国家。这一战略举措凸显了 Tether 对加密货币监管有利的市场的追求。

Coinbase's stance highlights the increasing pressure on stablecoin issuers to adapt to the evolving regulatory landscape. As governments roll out stricter regulations, the stablecoin ecosystem is poised for significant shifts.

Coinbase 的立场凸显了稳定币发行人适应不断变化的监管环境所面临的越来越大的压力。随着政府推出更严格的法规，稳定币生态系统即将发生重大转变。