云母的贸易保护主义方法的稳定法规风险不稳定并扼杀创新

欧盟在加密资产（MICA）中的市场标志着全球数字资产监管的关键时刻

The European Union’s Markets in Crypto-Assets (MiCA) regulation marks a pivotal moment in the global regulation of digital assets, particularly concerning stablecoins. This comprehensive framework aims to bring clarity and stability to the burgeoning crypto market within the EU. However, a closer examination of its specific provisions, especially those pertaining to stablecoin reserves, reveals a potentially problematic approach.

欧盟在加密资产（MICA）中的市场标志着全球数字资产监管的关键时刻，尤其是与Stablecoin有关的时刻。这个全面的框架旨在为欧盟内新兴的加密货币市场带来清晰和稳定。但是，仔细研究其具体规定，尤其是与稳定储备有关的规定，揭示了一种潜在的有问题的方法。

As a financial journalist with a keen interest in the intersection of finance and technology and having observed the evolution of digital assets and their regulatory landscapes, I contend that the MiCA stipulation requiring 60% of stablecoin reserves to be held within EU banks could inadvertently introduce instability and hinder the very innovation it seeks to foster. While seemingly aimed at enhancing security, this mandate may instead create new vulnerabilities and fragment the global stablecoin market.

作为一名对金融和技术交集充满兴趣的金融记者，并且观察到数字资产及其监管景观的演变，我认为，云母规定要求需要60％的稳定储备的云母规定，可以在欧盟银行内部持有不稳定的不稳定性。并阻碍了它试图促进的创新。尽管看似旨在提高安全性，但该任务可能会创造新的漏洞并破坏全球稳定市场。

The Stablecoin LandscapeBefore dissecting the intricacies of MiCA’s impact, it’s essential to grasp the current dynamics of the stablecoin market. As of early 2024, this sector boasts a market capitalization exceeding $130 billion, a testament to the growing demand for digital assets that offer price stability. Tether remains the dominant player, commanding approximately 70% of this market share. This dominance isn’t accidental; it largely reflects market confidence in Tether’s reserve composition and its consistent ability to maintain its peg to the U.S. dollar.

在剖析云母影响的复杂性之前，稳定的landovecapebe是掌握stablecoin市场的当前动态至关重要的。截至2024年初，该行业的市值超过1300亿美元，这证明了对提供价格稳定的数字资产需求的增长。系绳仍然是主要的球员，约占该市场份额的70％。这种主导地位并非偶然。它在很大程度上反映了市场对Tether的储备组成的信心，以及其保持固定在美元上的稳定能力。

The success of Tether can be directly attributed to its reserve strategy, which predominantly involves holding U.S. Treasuries and other highly liquid dollar-denominated assets. Tether’s transparency, albeit sometimes scrutinized, through its regular attestation reports provides insights into this strategy.

系绳的成功可以直接归因于其储备策略，这主要涉及到美国国库和其他高度以美元计价的资产。系特特（Tether）的透明度，尽管有时会通过其定期证明报告进行审查，从而提供了有关此策略的见解。

According to their latest reports, a significant portion, around 85% of their reserves, are held in cash and cash equivalents, with U.S Treasuries forming the lion’s share. This preference for U.S. Treasuries is not arbitrary. These instruments are backed by the full faith and credit of the United States government and offer unparalleled liquidity. The daily trading volumes in the secondary market for U.S. Treasuries routinely average over $910 billion, making them exceptionally easy to buy and sell without significantly impacting their price. This deep liquidity is a crucial factor in maintaining the stability of a stablecoin.

根据他们的最新报告，大量的储量中约有85％以现金和现金等价持有，美国国库构成了狮子的份额。对美国国债的这种偏爱不是任意的。这些工具得到了美国政府的全部信仰和信誉的支持，并提供无与伦比的流动性。美国国债的二级市场每日交易量通常超过9100亿美元，这使得它们非常容易买卖，而不会显着影响其价格。这种深厚的流动性是维持稳定的稳定性的关键因素。

Other significant stablecoins, such as USD Coin, prioritize holding reserves in highly liquid and low-risk assets, including U.S. Treasuries and cash held in regulated financial institutions. This industry-wide preference for U.S. Treasuries underscores their perceived safety and liquidity within the global financial system. The ability to quickly convert reserves into fiat currency during periods of high redemption pressure is paramount for a stablecoin to maintain its peg.

其他重要的稳定币，例如美元硬币，将持有储备金的优先考虑在高度液体和低风险资产中，包括美国财政部和受监管金融机构中持有的现金。这种整个行业对美国国债的偏好强调了其在全球金融体系中的安全性和流动性。在高救赎压力期间，快速将储量转换为法定货币的能力对于保持其钉子的固定是至关重要的。

Protectionism Masquerading as Security?MiCA’s requirement that 60% of stablecoin reserves be held in EU banks appears to be more of a protectionist measure aimed at bolstering the European financial sector than a genuine enhancement of stablecoin security. This assertion becomes particularly compelling when comparing the liquidity of the European bond market to that of U.S. Treasuries. While the EUR government bond market is substantial, it pales compared to the U.S. Treasury market in terms of trading volume and depth. The lower liquidity and often wider bid-ask spreads in European government bonds raise concerns about the ease and cost of liquidating these assets during periods of market stress.

鉴定为安全的保护主义？云母要求在欧盟银行举行60％的稳定储备金的要求似乎是旨在加强欧洲金融部门的贸易保护主义措施，而不是真正增强斯塔布尔卡币安全的措施。将欧洲债券市场与美国国债的流动性进行比较时，这种断言变得尤其令人信服。尽管欧洲政府债券市场是巨大的，但就交易量和深度而言，与美国国库市场相比，它显得苍白。欧洲政府债券的流动性较低，并且通常在欧洲政府债券中传播更广泛的出价，这引起了人们对在市场压力期间清算这些资产的容易和成本的担忧。

Tradeweb reported in September 2024 that the average daily volume for European government bonds was $49.5 billion. As I do not have the exact average daily trading data from the European Central Bank, I put fair estimated daily trading volumes of around €100 billion for this comparison. This figure is less than one-ninth of the daily trading volume observed in U.S. Treasuries, which is over $910 billion.

TradeWeb在2024年9月报道说，欧洲政府债券的平均每日数量为495亿美元。由于我没有欧洲中央银行的确切平均每日交易数据，因此我将公平的估计每日交易数量约为1000亿欧元。这个数字不到在美国国债中观察到的日常交易量的九分之一，该国债超过9100亿美元。

This significant liquidity disparity is not merely an academic point; it has real-world implications for stablecoin issuers who need to access their reserves quickly to meet redemption requests. During market turbulence, the ability to quickly and efficiently convert reserve assets into fiat currency is critical for maintaining the stablecoin’s peg. Lower liquidity in the European bond market could translate to higher transaction costs and potential delays in accessing funds, potentially undermining the stability MiCA aims to achieve.

这种重大的流动性差异不仅仅是学术点。它对需要快速访问储备金以满足赎回请求的稳定发行人具有现实世界中的影响。在市场动荡期间，快速有效地将储备金转换为法定货币的能力对于维持稳定的钉子至关重要。欧洲债券市场的流动性降低可能会转化为较高的交易成本和潜在的资金延误，这可能破坏了稳定云母的目标。

Furthermore, the concentration of reserves within EU banks raises questions about the potential for systemic risk within the European financial system. While diversification is generally considered a prudent risk management strategy, forcing stablecoin issuers to concentrate a significant portion of their reserves within a specific regional banking system could amplify the impact of any localized financial instability.

此外，欧盟银行内部的储备集中提出了有关欧洲金融体系内系统风险的可能性的疑问。虽然多元化通常被认为是一种审慎的风险管理策略，但迫使Stablecoin发行人将大部分储备集中在特定的区域银行系统中可能会扩大任何局部金融不稳定的影响。

The Silicon Valley Bank LessonThe collapse of Silicon Valley Bank (SVB) in March 2023 is a stark and relevant case study highlighting the inherent risks associated with relying solely on the traditional banking system for stablecoin reserves. When SVB experienced a rapid bank run, Circle’s USD Coin, despite being considered a highly reputable stablecoin, temporarily lost its peg, plummeting to around

硅谷银行的课程是2023年3月硅谷银行（SVB）的崩溃，是一项鲜明且相关的案例研究，强调了仅依靠传统银行系统用于稳定储备的固有风险。当SVB经历了快速的银行运行时，Circle的USD硬币尽管被认为是著名的Stablecoin，但暂时失去了钉子