美国SEC定义了覆盖的stablecoins，不包括算法令牌

4月4日发布的SEC Stablecoin指南证实，有些令牌不是证券。美国证券交易委员会将其定义为覆盖的稳定币。

The US Securities and Exchange Commission (SEC) has confirmed that some tokens are not securities in its new stablecoin guidance, issued on April 4.

美国证券交易委员会（SEC）已经确认，在4月4日发布的新的Stablecoin指南中，某些令牌不是证券。

These are defined as covered stablecoins. Such tokens must be fully backed by US dollars or liquid, low-risk assets, and allow holders to redeem them 1:1 for dollars. These US dollar-backed stablecoins are also exempt from transaction reporting rules under securities law.

这些定义为覆盖的稳定菌。这样的令牌必须以美元或液体，低风险资产的全部支持，并允许持有人以1：1的价格兑换美元。这些以美元支持的稳定股份也免于证券法规定的交易报告规则。

However, not all stablecoins qualify. Tokens backed by algorithms, software models, or any type of yield-bearing system are excluded.

但是，并非所有的Stablecoins都有资格。由算法，软件模型或任何类型的承重系统支持的代币被排除在外。

The new stablecoin regulations prevent issuers from mixing user reserves with company funds. Reserves must remain separate and cannot be used for market trading or lending. The SEC also blocked issuers from paying interest, profit, or yield to holders.

新的Stablecoin法规使发行人无法将用户储量与公司资金混合。储量必须保持分开，不能用于市场交易或贷款。 SEC还阻止发行人向持有人支付利息，利润或收益。

Only covered stablecoins that meet all the SEC’s criteria are recognized under this exemption. These tokens must be backed either by physical fiat currency or short-term US Treasury Bills. They must avoid any financial activity involving user funds.

仅在此豁免下认可符合所有SEC标准的覆盖稳定币。这些代币必须得到实物菲亚特货币或美国国库账单的支持。他们必须避免任何涉及用户资金的财务活动。

The SEC stablecoin guidance did not include algorithmic stablecoins or synthetic dollars, which continue to face uncertainty in the US regulatory system. The agency focused only on asset-backed models.

SEC Stablecoin指南不包括算法稳定剂或合成美元，这些算法在美国的监管系统中继续面临不确定性。该机构仅专注于资产支持的模型。

Issuers cannot promise any return to holders and are prohibited from using reserve assets to earn revenue. These rules apply to both existing issuers and any new firms that plan to issue US dollar-backed stablecoins in the future.

发行人不能承诺向持有人回报，并禁止使用储备金赚取收入。这些规则适用于现有的发行人和任何计划在将来发布美元稳定的新公司。

The SEC confirmed that no onchain interest or yield-bearing fiat tokens are permitted under the current guidelines. Covered stablecoins are limited to functioning as digital equivalents of fiat currency.

SEC确认，根据当前准则，不允许使用链链利息或承重菲亚特令牌。覆盖的稳定剂仅限于作为法定货币的数字等效物的功能。

The SEC stablecoin guidance aligns with efforts in Congress, where two proposals—GENIUS Act and Stable Act of 2025—support a similar structure for stablecoins. Both bills aim to secure the role of US dollar-backed stablecoins in the global financial system.

SEC Stablecoin的指导与国会的努力相吻合，其中两个提案（Genius Act and Stable Act of 2025 of 2025）支持了稳定的结构。这两项法案旨在确保美元支持的Stablecoins在全球金融体系中的作用。

The GENIUS Act, introduced by Senator Bill Hagerty, and the Stable Act of 2025, by Representative French Hill, require full backing and no profit-sharing, aligning with the new SEC definitions for covered stablecoins.

由参议员比尔·哈格蒂（Bill Hagerty）引入的《天才法》（Genius Act）和2025年法国山（French Hill）代表的《稳定法》（Stable Act）需要全面支持，并且不提供利润分享，并与新的SEC定义有关的SEC定义符合盖帽的定义。

Both bills encourage the use of regulated banks to store reserves, which must include US dollar deposits or short-term US government debt, a priority also reflected in the new SEC framework.

这两项法案都鼓励使用受监管的银行存储储备金，其中必须包括美元存款或美国短期政府债务，这也是新的SEC框架中的优先事项。

According to the guidance, issuers must remain fully transparent and avoid any financial operations with reserve funds, such as trading, lending, or investing activities.

根据该指南，发行人必须保持完全透明，并避免使用储备金，例如交易，贷款或投资活动等财务运营。

US Treasury Secretary Scott Bessent spoke about stablecoin regulations at the White House Digital Asset Summit on March 7, stating that regulating stablecoins is a priority for the current administration's agenda.

美国财政部长斯科特·贝斯特（Scott Bessent）于3月7日在白宫数字资产峰会上谈到了稳定法规，并指出监管stablecoins是当前政府议程的优先事项。

Bessent highlighted that stablecoins are part of the administration’s broader strategy for digital assets, and the US government will use stablecoins to support the global position of the US dollar, including using US dollar-backed stablecoins to boost demand for US Treasuries.

Bessent强调，Stablecoins是政府对数字资产的更广泛战略的一部分，美国政府将使用StableCoins来支持美元的全球地位，包括使用美元支持的Stablecoins来促进对美国国债的需求。

The Treasury views these tokens as tools to extend dollar use in digital markets, a position supported by the SEC stablecoin guidance with its strict rules for reserve-backed tokens.

财政部将这些代币视为扩展数字市场中美元使用的工具，该职位由SEC Stablecoin指南支持其严格的保留支持代币规则。

The data shows the scale of adoption—Tether, the largest stablecoin issuer, holds more US Treasuries than countries like Canada, Germany, or South Korea, directly connecting the stablecoin ecosystem with US debt markets.

数据显示，与加拿大，德国或韩国这样的国家，采用的规模（最大的是稳定的发行人）持有的美国国债更多，直接将Stablecoin生态系统与美国债务市场联系起来。