MiCA 进入市场：Circle 引领合规性，Tether 寻求“代理商”扩大其欧洲稳定币业务

欧盟加密资产市场法规（MiCA）已于 6 月 30 日生效，并将于今年 12 月 30 日全面实施。

As the European Union's Markets in Crypto-Assets Regulation (MiCA) comes into full effect, it brings both challenges and opportunities for stablecoin issuers like Tether. With a focus on regulatory compliance, Tether has invested in the Dutch company Quantoz, which is set to launch two MiCA-compliant stablecoins. This move by Tether highlights the strategies being employed in the competitive euro stablecoin market.

随着欧盟加密资产市场监管（MiCA）的全面生效，为 Tether 等稳定币发行机构带来了挑战和机遇。出于对监管合规性的关注，Tether 投资了荷兰公司 Quantoz，该公司将推出两种符合 MiCA 的稳定币。 Tether 的这一举动凸显了竞争激烈的欧元稳定币市场所采用的策略。

On November 18, Tether, Kraken, and Fabric Ventures jointly announced an investment in Quantoz, a blockchain company based in the Netherlands. This investment will support Quantoz in launching two stablecoins, USDQ and EURQ, which are pegged to the US dollar and euro, respectively, and will be listed on Bitfinex and Kraken on November 21. These stablecoins will be fully compliant with the EU's MiCA regulatory framework.

11 月 18 日，Tether、Kraken 和 Fabric Ventures 联合宣布投资荷兰区块链公司 Quantoz。这项投资将支持 Quantoz 推出两种稳定币 USDQ 和 EURQ，分别与美元和欧元挂钩，并将于 11 月 21 日在 Bitfinex 和 Kraken 上市。这些稳定币将完全符合欧盟 MiCA 监管框架。

This investment by Tether, known for issuing the world's largest stablecoin USDT, is a strategic move in the context of MiCA's implementation. As Tether has yet to obtain a license to issue stablecoins under the MiCA framework, this investment could pave the way for Tether to expand its presence in the euro stablecoin market. By supporting projects that comply with MiCA regulations, Tether may be able to indirectly participate in this market.

以发行全球最大稳定币USDT而闻名的Tether此次投资，是在MiCA落地背景下的一项战略举措。由于 Tether 尚未获得在 MiCA 框架下发行稳定币的许可，这项投资可能为 Tether 扩大其在欧元稳定币市场的影响力铺平道路。通过支持符合 MiCA 法规的项目，Tether 或许能够间接参与这个市场。

According to Coingecko data, as of November 20, the top five participants in the euro stablecoin market by market capitalization are: Circle's EURC, SG-Forge's EURCV, Tether's EUR₮, Stasis's EURS, and Celo Euro's cEUR. Together, EURC and EURCV account for 40% of the euro stablecoin market, out of a total market cap of $326 million. This market concentration poses challenges for new entrants but also provides an entry point for Quantoz, which has a compliance advantage.

Coingecko数据显示，截至11月20日，欧元稳定币市场按市值排名前五的参与者分别是：Circle的EURC、SG-Forge的EURCV、Tether的EUR₮、Stasis的EURS和Celo Euro的cEUR。 EURC 和 EURCV 合计占欧元稳定币市场的 40%，总市值为 3.26 亿美元。这种市场集中度给新进入者带来了挑战，但也为具有合规优势的 Quantoz 提供了切入点。

MiCA places stringent requirements on stablecoin issuers, with key provisions including:

MiCA 对稳定币发行机构提出了严格的要求，主要条款包括：

Licensing requirements: Issuers must obtain an Electronic Money Institution (EMI) license in at least one EU member state or register as a credit institution.

许可要求：发行人必须在至少一个欧盟成员国获得电子货币机构 (EMI) 许可证或注册为信贷机构。

Reserve asset requirements: At least 60% of reserve assets must be held in European banks.

储备资产要求：至少60%的储备资产必须存放在欧洲银行。

Trading volume limits: If a stablecoin's daily trading volume exceeds 1 million transactions or daily trading value exceeds €200 million, the issuer will be prohibited from issuing more stablecoins.

交易量限制：如果稳定币日交易量超过100万笔或日交易额超过2亿欧元，发行人将被禁止发行更多稳定币。

Major issuers like Circle and SG-Forge have met these requirements by registering for EMI licenses in France. For example, SG-Forge's EURCV operates on Ethereum and recently announced plans to launch on Ripple's XRP Ledger (XRPL) to expand its market coverage.

Circle 和 SG-Forge 等主要发行人通过在法国注册 EMI 许可证来满足这些要求。例如，SG-Forge 的 EURCV 在以太坊上运行，最近宣布计划在 Ripple 的 XRP Ledger (XRPL) 上推出，以扩大其市场覆盖范围。

With Tether's investment in Quantoz, Tether may have the opportunity to further stabilize its share in the euro stablecoin market through "agents." The search for new companies holding EMI licenses has also become a newly emerging trend.

随着Tether对Quantoz的投资，Tether或有机会通过“代理商”进一步稳定其在欧元稳定币市场的份额。寻找持有EMI牌照的新公司也成为一种新趋势。

On November 19, Paxos, a blockchain and tokenization infrastructure platform, announced that it has agreed to acquire Membrane Finance, a licensed electronic money institution (EMI) based in Finland. This acquisition is still subject to regulatory approval. Upon completion, Paxos will become a fully licensed EMI in Finland and the EU.

11 月 19 日，区块链和代币化基础设施平台 Paxos 宣布已同意收购总部位于芬兰的持牌电子货币机构 (EMI) Membrane Finance。此次收购仍有待监管部门批准。完成后，Paxos 将成为芬兰和欧盟完全许可的 EMI。

Tether's CEO Expresses Concerns Over MiCA, More Companies Seek Competitive "Agents"

Tether CEO表达对MiCA的担忧 更多公司寻求有竞争力的“代理商”

For Tether, the new requirements brought by MiCA pose urgent challenges. According to previous reports, Coinbase Global Inc. plans to delist all unauthorized stablecoins from its European crypto exchange by the end of the year, which could impact tokens like Tether's USDT.

对于 Tether 来说，MiCA 带来的新需求提出了紧迫的挑战。据此前报道，Coinbase Global Inc. 计划在今年年底前从其欧洲加密货币交易所下架所有未经授权的稳定币，这可能会影响 Tether 的 USDT 等代币。

Currently, major cryptocurrency exchanges, including Uphold, Bitstamp, Binance, Kraken, and OKX, are taking measures to comply with the EU's new cryptocurrency regulations. OKX has already delisted all trading pairs of USDT in Europe. Other major exchanges, such as Binance and Kraken, have not yet delisted USDT but are considering restricting its functionality.

目前，包括Uphold、Bitstamp、Binance、Kraken和OKX在内的主要加密货币交易所正在采取措施，以遵守欧盟新的加密货币法规。 OKX已下架欧洲所有USDT交易对。其他主要交易所，例如币安和 Kraken，尚未下架 USDT，但正在考虑限制其功能。

Tether's CEO Paulo Ardoino previously stated that the upcoming regulatory framework in Europe will bring banking-related issues for stablecoin issuers, which could threaten the broader stability of the crypto market. According to MiCA, stablecoin issuers must hold at least 60% of their reserve assets in European banks. Ardoino noted that since banks can lend out up to 90% of their reserves, this could introduce "systemic risk" for stablecoin issuers.

Tether 首席执行官 Paulo Ardoino 此前表示，欧洲即将出台的监管框架将为稳定币发行人带来银行相关问题，这可能会威胁到加密市场的更广泛稳定性。 MiCA 表示，稳定币发行人必须将至少 60% 的储备资产存放在欧洲银行。 Ardoino 指出，由于银行可以贷出高达 90% 的准备金，这可能会给稳定币发行人带来“系统性风险”。

Some major stablecoin issuers have faced banking-related issues in the past. For instance, in March 2023, Circle's USD Coin (USDC) experienced a de-pegging event. At that time, Circle was unable to withdraw $3.3 billion in reserves from Silicon Valley Bank, which had previously managed $40 billion in reserves for the stablecoin issuer before ceasing operations.

一些主要的稳定币发行人过去曾面临过银行业相关问题。例如，2023 年 3 月，Circle 的美元币（USDC）经历了脱钩事件。当时，Circle 无法从硅谷银行提取 33 亿美元的准备金，该银行在停止运营之前曾为这家稳定币发行人管理着 400 亿美元的准备金。

In Ardoino's view, the banking

在阿多伊诺看来，银行业