黄金USDC硬币在黑暗的背景上。 3d iluustration。

最近，我们已经看到一系列机构宣布，包括社会将军，雷克洛特（Revolut）在内的新稳定币和现在正在美国银行正在考虑进行权衡。

Recently, we have seen a spate of institutions announce the launch of their own stablecoins, including Societe General, Revolut, and now Bank of America is considering weighing in. One has to question why, though? USDT and USDC - the biggest stablecoins in the industry already account for $200 billion of crypto’s AUM.

最近，我们已经看到一系列机构宣布，包括社会将军，雷克洛特（Revolut）和现在的美国银行正在考虑权衡自己的稳定者。 USDT和USDC-该行业中最大的Stablecoins已经计算了2000亿美元的加密AUM。

Accepted widely across most blockchains, centralized and decentralized exchanges, Circle’s USDC and Tether’s USDT are serving the stablecoin market well. Far less volatile than other cryptocurrencies, they are allowing investors to move easily in and over crypto and preserve their wealth in countries with hyperinflation.

Circle的USDC和Tether的USDT在大多数区块链，集中和分散的交流中广泛接受，为Stablecoin市场提供了很好的服务。与其他加密货币相比，允许投资者可以轻松地搬进加密货币并在过度通货膨胀的国家中保留其财富。

And so, why would a bank like Societe General need to launch its own stablecoin? The answer likely lies in the extremely attractive revenue model that stablecoins operate on. Tether, for example, made a cool $13 billion in profit last year - placing it in the gilded company of Goldman Sachs.

因此，为什么像社会将军这样的银行需要推出自己的Stablecoin？答案很可能在于稳定菌的运作极具吸引力的收入模型。例如，Tether去年赚了130亿美元的利润 - 将其放在高盛的镀金公司中。

This is very impressive and certainly something a large bank would resent. Why pay an upstart third party to settle your transactions when you can do it yourself? Yet, while this may be a perfectly sound business decision, dilution of the stablecoin market would quite literally defeat the object of its existence.

这是非常令人印象深刻的，当然是大型银行会感到不满的东西。当您自己完成时，为什么要支付新贵的第三方来解决您的交易？然而，尽管这可能是一个完美的业务决定，但对Stablecoin市场的稀释将完全击败其存在的对象。

Digital assets already suffer from a liquidity issue - with a market cap of around $3trn and the majority of that held in Bitcoin by long-term investors, crypto traders are often hamstrung by this lack of liquidity. Having two well capitalised, liquid stablecoins is a big bonus in this market and one we should be careful to tinker with.

数字资产已经遭受了流动性问题的困扰 - 市值约为3trn，大多数由长期投资者在比特币中持有的大多数，因此由于缺乏流动性，加密货币交易者通常会受到阻碍。在这个市场上拥有两个大写的液体稳定剂是一个很大的好处，我们应该小心地修改。

Both USDT and USDC fought hard to win credibility and trust in the industry for many years. They have weathered some of the hardest financial storms while other coins haven't even scratched the surface compared to the majors. While many stablecoins such as DAI, PYUSD, and Sky Dollar have emerged within the last few years, none have proved themselves at the level these two have.

USDT和USDC都努力赢得多年来对该行业的信誉和信任。他们度过了一些最艰难的金融风暴，而其他硬币甚至与专业相比，甚至没有刮擦地面。尽管在过去的几年中出现了许多dai，pyusd和Sky Dollar等稳定的人，但没有人证明自己在这两种水平上。

As such, many market participants continue to rely on these two tokens, with their dominance growing even in the face of rising competition. For reference (at the time of writing this), DAI's market cap is at around 5.3 billion, while PYUSD has a market cap of roughly $741 million. While impressive, this doesn't even scratch the surface of USDC's $60 billion and USDT's huge $142 billion market cap.

因此，许多市场参与者继续依靠这两个令牌，即使面对竞争的不断增长，他们的主导地位也会增长。供参考（在撰写本文时），DAI的市值约为53亿，而Pyusd的市值约为7.41亿美元。虽然令人印象深刻，但这甚至并没有抓住USDC的600亿美元和USDT的1420亿美元市值。

Despite this, though - and this only goes to serve as a stronger argument as to why banks should stay out of stablecoins – USDT now finds itself in hot water as it is allegedly not complying with the European Union's new rules on stablecoins. As such it is set to be delisted from major centralized exchanges like Binance, Crypto.com, Coinbase, and more for European customers.

尽管如此，尽管如此 - 这只是关于为什么银行应该远离Stablecoins的更强有力的论点 - USDT现在发现自己在热水中，因为据称它不遵守欧盟关于稳定的新规则。因此，它将从Binance，Crypto.com，Coinbase等主要集中式交易所中脱颖而出。

Some might argue that this is a great moment to open the stablecoin market to competition, but if USDT with its decade of experience and billions of dollars of AUM can't get past the EU, what chance does a much smaller coin have? Granted, those coming out of banks will have an advantage, but they will still face regulatory hurdles that remain a moving target - especially in the US.

有人可能会争辩说，这是开放Stablecoin市场进行竞争的好时机，但是如果USDT拥有十年的经验和数十亿美元的AUM无法超越欧盟，那么较小的硬币会有什么机会？当然，从银行出来的人将有优势，但他们仍然会面临仍然是行动目标的监管障碍，尤其是在美国。

Of course, in this war of regulation, USDC has been winning for some time. Circle's laser focus on compliance and backing from institutional behemoths like BlackRock have made it the stablecoin of choice for traditional finance institutions (though crypto natives still view it with caution thanks to its willingness to bow to government sanctions).

当然，在这场监管战争中，USDC赢得了一段时间。 Circle的激光专注于合规性和从贝莱德（Blackrock）等机构庞然大物的支持，使其成为传统金融机构的首选（尽管加密货币本地人仍然愿意谨慎对待政府制裁，但仍要谨慎对待它）。

And, perhaps unsurprisingly, founder Jeremy Allaire holds a similar view on the stablecoin market. In a recent interview in Hong Kong, Allaire stated there really is no need for CBDC's as the stablecoin market already exists. It is thriving, it is liquid and it is working. Rather, regulators should understand stablecoins and make better rules.

而且，也许毫不奇怪，创始人杰里米·阿莱尔（Jeremy Allaire）对Stablecoin市场也有类似的看法。在最近在香港举行的一次采访中，艾莱尔说，确实不需要CBDC，因为Stablecoin市场已经存在。它蓬勃发展，是液体，正在起作用。相反，监管机构应该理解稳定剂并制定更好的规则。

Stablecoins must be easily tradable and liquid. This is where having just two majorly traded coins wins. There is no time of the day or night that any trader cannot buy or sell USDT or USDC on any kind of platform (well, for now, at least). If we start to see the market segment into various stablecoins that perhaps larger institutions insist must be used inside their ecosystems, this will impact liquidity, trading, and costs.

稳定剂必须易于交易和液体。在这里，只有两个主要交易硬币的胜利。白天或晚上没有任何交易者无法在任何类型的平台上买卖USDT或USDC（至少现在，至少）。如果我们开始将市场细分市场分为各种Stablecoins，即可能会在其生态系统内使用更大的机构，这将影响流动性，交易和成本。

Charges are likely to increase as without sufficient liquidity the cost of executing transactions tends to rise - as those who battled ETH gas prices in the summer of 2020 remember all too well. This can lead to an expensive, fragmented, and slow investor experience.

费用可能会增加，因为没有足够的流动性，执行交易的成本往往会上升 - 因为那些在2020年夏天与ETH AS PRISE作斗争的人都非常记得。这可能会导致昂贵，分散和缓慢的投资者体验。

This should not be the future the stablecoin market or the cryptocurrency industry at large is marching into. Rather than fragmentation we need cohesion and deeper liquidity in order for stablecoins to be treated as a legitimate asset within the financial ecosystem.

这不应该是Stablecoin市场或整个加密货币行业的未来。我们需要凝聚力和更深的流动性，而不是分散化，以便将稳定的人视为金融生态系统中的合法资产。

That said, despite its dominance, USDT faces a fight for its life against new European regulation – Markets in Crypto-Assets (

也就是说，尽管它具有统治地位，但USDT仍面临与新的欧洲法规的斗争 - 加密资产的市场（