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随着美联储 (Fed) 开始改变利率方针,Tether 和其他四家稳定币发行人面临着 6.25 亿美元年利息收入消失的风险。
As the Federal Reserve (Fed) begins to change course on interest rates, Tether (USDT) and four other stablecoin issuers could see up to $625 million in annual interest income vanish, according to a recent CCData report. This upheaval highlights stablecoins’ heavy reliance on U.S. Treasury bonds, a crucial pillar of their economic model.
根据 CCData 最近的一份报告,随着美联储 (Fed) 开始改变利率方向,Tether (USDT) 和其他四家稳定币发行机构可能会看到高达 6.25 亿美元的年利息收入消失。这一剧变凸显了稳定币对美国国债的严重依赖,而美国国债是其经济模式的重要支柱。
The Fed's decision to lower interest rates has far-reaching implications for the stablecoin industry. When interest rates drop, so do the yields on Treasury bonds. For issuers like Tether, whose reserves are nearly 80% comprised of Treasury bonds, this translates to an immediate reduction in revenue generated from these investments.
美联储降息的决定对稳定币行业产生深远影响。当利率下降时,国债收益率也会下降。对于像 Tether 这样的发行人来说,其储备近 80% 是国债,这意味着这些投资产生的收入立即减少。
According to CCData's analysis, this drop could cost the stablecoin industry around $625 million annually. The numbers are striking, showcasing the extent to which stablecoins have come to rely on U.S. monetary policy.
根据 CCData 的分析,这种下降可能会让稳定币行业每年损失约 6.25 亿美元。这些数字令人震惊,显示了稳定币对美国货币政策的依赖程度。
Among the stablecoins, Tether stands out with $93.2 billion in assets under management (AUM). Having generated record profits of $5.2 billion in the first half of 2024, largely attributed to returns from its U.S. government bonds, these revenues now face a serious threat.
在稳定币中,Tether 以 932 亿美元的管理资产(AUM)脱颖而出。 2024 年上半年创造了创纪录的 52 亿美元利润(主要归功于美国政府债券的回报),但这些收入现在面临严重威胁。
With its remaining assets primarily consisting of certificates of deposit, money market instruments, and other commercial paper, Tether's economic model hinges heavily on the performance of these traditional assets.
由于其剩余资产主要包括存款证、货币市场工具和其他商业票据,Tether 的经济模型在很大程度上取决于这些传统资产的表现。
As the Fed's rate cuts and their impact on Treasury bond yields become evident, the question arises: can stablecoins continue to thrive by relying solely on Treasury bonds? Some signs suggest that stablecoin issuers like Tether have already begun diversification strategies to mitigate this vulnerability.
随着美联储降息及其对国债收益率的影响变得明显,问题出现了:仅依靠国债稳定币能否继续蓬勃发展?一些迹象表明,像 Tether 这样的稳定币发行人已经开始采取多元化策略来缓解这一漏洞。
Recently, Tether made an investment of over $112 million in an agribusiness company in Argentina. While surprising for a crypto company, this move illustrates a willingness to diversify their income.
最近,Tether 对阿根廷一家农业企业投资了超过 1.12 亿美元。虽然对于一家加密货币公司来说令人惊讶,但此举表明了其收入多元化的意愿。
This investment in agribusiness is part of a broader trend among stablecoin issuers to explore sectors outside finance to secure new sources of revenue. As traditional assets become less lucrative, these companies are seeking to expand their horizons.
这种对农业综合企业的投资是稳定币发行者探索金融以外领域以确保新收入来源的更广泛趋势的一部分。随着传统资产的利润越来越低,这些公司正在寻求扩大视野。
However, the question remains whether this diversification will be enough to offset the loss of Treasury bond yields, which have been a major source of profits for these companies.
然而,问题仍然是这种多元化是否足以抵消国债收益率的损失,而国债收益率一直是这些公司的主要利润来源。
Meanwhile, other cryptos, such as Circle's USDC, are in a similar position. With $28.7 billion in Treasury bonds, USDC finds itself in a comparable situation to Tether.
与此同时,其他加密货币,例如 Circle 的 USDC,也处于类似的境地。 USDC 拥有 287 亿美元的国债,其处境与 Tether 相当。
However, Circle is betting on more dynamic fund management to mitigate the impact of the rate drop. Through its Circle Reserve Fund, the company is able to generate additional revenue, which could help offset some of the losses from lower interest rates.
然而,Circle 押注于更加动态的基金管理,以减轻利率下降的影响。通过其 Circle Reserve Fund,该公司能够产生额外的收入,这可能有助于抵消利率下降带来的部分损失。
The Fed's decision deserves particular attention. This change could mark a turning point in the stablecoin economy.
美联储的决定值得特别关注。这一变化可能标志着稳定币经济的转折点。
Interest income from Treasury bonds has long been a major source of profits for these companies, allowing them to function while ensuring the stability of their tokens. If these revenues decrease, it could force issuers to rethink their economic model.
长期以来,国债利息收入一直是这些公司的主要利润来源,使它们能够在保证其代币稳定性的同时运转。如果这些收入减少,可能会迫使发行人重新考虑其经济模式。
One option for stablecoin issuers would be to increase their service fees or explore new investment avenues.
稳定币发行人的选择之一是提高服务费或探索新的投资途径。
However, this poses challenges: how to maintain user trust while adapting their model to a lower interest rate environment? If Tether, Circle, and other stablecoins fail to find viable alternatives, they risk losing competitiveness to other decentralized finance players, less reliant on traditional assets.
然而,这带来了挑战:如何在保持用户信任的同时使模型适应较低的利率环境?如果 Tether、Circle 和其他稳定币未能找到可行的替代品,它们可能会失去对其他去中心化金融参与者的竞争力,减少对传统资产的依赖。
Pressure is mounting, and eyes are now turned towards the future strategies of stablecoin issuers. Will they withstand this storm, or will they have to yield ground to more agile alternatives? The stablecoin sector faces a significant challenge with this Fed decision.
压力越来越大,人们的目光现在转向稳定币发行人的未来战略。他们能否经受住这场风暴,还是必须屈服于更敏捷的替代方案?美联储的这一决定使稳定币行业面临重大挑战。
While $625 million in losses may seem bearable in the short term for giants like Tether, the question of their long-term resilience remains open. The economic model that led to their success now seems threatened.
虽然对于 Tether 这样的巨头来说,短期内 6.25 亿美元的损失似乎可以承受,但它们的长期弹性问题仍然悬而未决。导致他们成功的经济模式现在似乎受到了威胁。
Meanwhile, Bitcoin and altcoins are collapsing dramatically.
与此同时,比特币和山寨币正在急剧崩溃。
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