摩根大通预计，欧盟 MiCA 法规实施后，欧元稳定币的采用将会增加

该报告的负责人 Nikolaos Panigirtzoglou 表示，符合 MiCA 的稳定币将优先用于受监管的欧盟市场的交易对。

JPMorgan analysts anticipate increased adoption of euro stablecoins following the implementation of the EU’s MiCA regulations on Dec. 30, 2024. Currently, euro-denominated stablecoins account for only 0.12% of the global stablecoin market. However, the new framework is expected to drive financial institutions and banks in Europe to utilize euro stablecoins for blockchain-based settlements and customer transactions.

摩根大通分析师预计，随着欧盟 MiCA 法规于 2024 年 12 月 30 日实施，欧元稳定币的采用将会增加。目前，以欧元计价的稳定币仅占全球稳定币市场的 0.12%。然而，新框架预计将推动欧洲的金融机构和银行利用欧元稳定币进行基于区块链的结算和客户交易。

The report, led by Nikolaos Panigirtzoglou, highlights that MiCA-compliant stablecoins will be prioritized for trading pairs in regulated EU markets. As a result, exchanges across the EU will adjust their offerings to align with the MiCA regulations.

该报告由 Nikolaos Panigirtzoglou 领导，强调符合 MiCA 的稳定币将优先用于受监管的欧盟市场的交易对。因此，欧盟各地的交易所将调整其产品以符合 MiCA 法规。

Some key examples of euro-pegged stablecoins include Societe Generale’s EURCV and BBVA’s planned stablecoin developed in partnership with Visa. Both projects showcase growing institutional interest in compliant stablecoins.

与欧元挂钩的稳定币的一些重要例子包括法国兴业银行的 EURCV 以及 BBVA 计划与 Visa 合作开发的稳定币。这两个项目都表明机构对合规稳定币的兴趣日益浓厚。

MiCA’s Impact on Global Stablecoin Issuers. The MiCA regulations stipulate that stablecoin issuers must secure licenses within the EU and maintain adequate reserves in European institutions. Non-compliant stablecoins are already facing the heat. For example, Coinbase recently delisted Tether’s USDT, largely due to concerns over its compliance with MiCA rules.

MiCA 对全球稳定币发行人的影响。 MiCA 法规规定，稳定币发行人必须在欧盟境内获得许可，并在欧洲机构保持足够的储备。不合规的稳定币已经面临困境。例如，Coinbase 最近下架了 Tether 的 USDT，很大程度上是出于对其遵守 MiCA 规则的担忧。

Circle’s EURC has gained ground under the new regulations due to its compliance, while Tether’s EURT has notably struggled to meet the standards. Despite these difficulties, Tether remains a massive player in the global stablecoin market, especially in Asian markets where regulatory demands are less stringent.

Circle 的 EURC 由于其合规性而在新法规下获得了进展，而 Tether 的 EURT 则在满足标准方面表现尤为突出。尽管存在这些困难，Tether 仍然是全球稳定币市场的重要参与者，尤其是在监管要求不太严格的亚洲市场。

To maintain its presence in the EU, Tether has been seen making strategic investments in MiCA-compliant platforms. One example is Quantoz Payments, a European payment service provider that has integrated Tether’s EURT stablecoin. Another is StablR, a European stablecoin issuer. These partnerships could help non-compliant issuers adapt to the changing regulatory landscape.

为了维持其在欧盟的地位，Tether 对符合 MiCA 的平台进行了战略投资。 Quantoz Payments 就是一个例子，这是一家欧洲支付服务提供商，集成了 Tether 的 EURT 稳定币。另一个是欧洲稳定币发行商 StablR。这些合作伙伴关系可以帮助不合规发行人适应不断变化的监管环境。

MiCA’s Ban on Algorithmic Stablecoins Notably, the EU’s MiCA regulations have banned algorithmic stablecoins, excluding them from the asset-referenced token (ART) classification. This is because algorithmic stablecoins do not have the required reserves tied to conventional assets, which is a key compliance requirement under MiCA.

MiCA 对算法稳定币的禁令 值得注意的是，欧盟的 MiCA 法规已禁止算法稳定币，并将其排除在资产参考代币 (ART) 分类之外。这是因为算法稳定币没有与传统资产挂钩的所需储备，而这是 MiCA 的关键合规要求。

The framework mandates that stablecoins maintain a 1:1 liquid reserve ratio. Issuers must also seek authorization before offering or listing electronic money tokens (EMTs) or ARTs in the EU. This includes publishing an approved whitepaper and meeting the criteria set by EU authorities.

该框架要求稳定币维持 1:1 的流动性准备金比率。发行人在欧盟提供或列出电子货币代币 (EMT) 或 ART 之前还必须寻求授权。这包括发布经批准的白皮书并满足欧盟当局设定的标准。

The European Banking Authority (EBA) may classify issuers as “significant” based on specific criteria, subjecting them to stricter oversight. These rules are designed to protect the EU’s financial stability and monetary sovereignty.

欧洲银行管理局（EBA）可能会根据特定标准将发行人归类为“重大”发行人，使其受到更严格的监管。这些规则旨在保护欧盟的金融稳定和货币主权。

Growing Institutional Interest in Euro Stablecoins as MiCA Enforces Clear Compliance Guidelines, Driving Adoption. With MiCA enforcing clear compliance guidelines, institutions like Societe Generale and BBVA are leading efforts to integrate euro stablecoins into their operations. These regulations aim to promote trust in the EU’s financial markets while enhancing the adoption of euro-denominated stablecoins.

随着 MiCA 执行明确的合规准则并推动采用，机构对欧洲稳定币的兴趣与日俱增。随着 MiCA 执行明确的合规准则，法国兴业银行和 BBVA 等机构正在带头努力将欧元稳定币纳入其运营。这些法规旨在促进对欧盟金融市场的信任，同时促进以欧元计价的稳定币的采用。

By ensuring compliance, MiCA regulations may gradually expand the market share of euro-pegged stablecoins, especially through institutional use. The framework emphasizes financial stability while fostering a regulated environment for blockchain innovations.

通过确保合规性，MiCA 法规可能会逐渐扩大与欧元挂钩的稳定币的市场份额，特别是通过机构使用。该框架强调金融稳定性，同时为区块链创新营造受监管的环境。