MiCA 的稳定币规则将于下周生效，Tether、Circle 正在努力遵守

新规则将于 6 月 30 日生效，他们不仅需要适当的授权才能在 27 个国家的贸易集团中运营，还将面临加密资产市场 (MiCA) 中规定的交易数量和价值的严格限制立法。

Stablecoin issuers face EU limits, Tether may be impacted

稳定币发行人面临欧盟限制，Tether 可能受到影响

Stablecoin issuers, including Tether, face new limits on transaction numbers and values in the European Union (EU) as fresh rules come into effect on June 30.

随着新规则于 6 月 30 日生效，包括 Tether 在内的稳定币发行商在欧盟 (EU) 面临交易数量和价值的新限制。

Non-EU stablecoin issuers may be barred from issuing certain tokens under the Markets in Crypto Assets (MiCA) legislation.

根据加密资产市场 (MiCA) 立法，非欧盟稳定币发行人可能被禁止发行某些代币。

Tether's dollar-pegged USDT is the world's largest stablecoin by market capitalization, while Circle's USDC is ranked second.

Tether 的与美元挂钩的 USDT 是全球市值最大的稳定币，而 Circle 的 USDC 排名第二。

"Non-EU, euro-denominated stablecoins – if they are over a certain threshold – then you need to stop issuing and using them, and that creates a problem because 99% of the stablecoins market is in USD," said Robert Kopitsch, secretary-general of Blockchain for Europe, on the sidelines of CoinDesk's Consensus 2024 conference in Austin, Texas last month.

“非欧盟、以欧元计价的稳定币——如果超过一定阈值——那么就需要停止发行和使用它们，这会产生问题，因为 99% 的稳定币市场都是以美元计价的，”秘书长罗伯特·科皮奇 (Robert Kopitsch) 表示- 欧洲区块链总经理，上个月在德克萨斯州奥斯汀举行的 CoinDesk 2024 年共识会议期间。

MiCA, the EU's comprehensive crypto rulebook, was voted into law last year and allows firms licensed by one member nation to operate throughout the bloc.

MiCA 是欧盟的综合加密货币规则手册，去年被投票成为法律，允许获得一个成员国许可的公司在整个欧盟范围内运营。

According to Article 23 of the law, companies must stop issuing an asset-referenced stablecoin that is used as a means of exchange for more than 1 million transactions or a value exceeding 200 million euros ($215 million) a day.

根据该法第23条，公司必须停止发行用作每日交易超过100万笔或价值超过2亿欧元（2.15亿美元）的交换手段的资产参考稳定币。

The stablecoin rules take effect at the end of the month, while the other provisions are expected to come into force in December.

稳定币规则将于本月底生效，其他条款预计将于 12 月生效。

The tough rules were created to prevent stablecoins like Facebook's now abandoned Diem project (formerly known as Libra) from replacing the euro, said Mark Foster, EU policy lead at the Crypto Council for Innovation.

加密货币创新委员会欧盟政策负责人 Mark Foster 表示，制定严格规则是为了防止 Facebook 现已放弃的 Diem 项目（以前称为 Libra）等稳定币取代欧元。

The caps are there "to safeguard the monetary system," a European Banking Authority (EBA) spokesperson told CoinDesk.

欧洲银行管理局（EBA）发言人告诉 CoinDesk，设立上限是为了“保护货币体系”。

Blockchain for Europe and the Digital Euro Association, a think tank, tried to fight the measures in a 2022 letter, arguing that they effectively banned large stablecoin issuers.

欧洲区块链和智库数字欧元协会试图在 2022 年的一封信中反对这些措施，认为它们实际上禁止了大型稳定币发行人。

A spokesperson for the EBA told CoinDesk that the provisions do not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they're used as a means of exchange, to pay for goods or services. If so, then the specific caps apply.

EBA 发言人告诉 CoinDesk，这些规定并不阻止公司发行以欧元以外的资产计价的稳定币。关键在于它们是否被用作交换手段、支付商品或服务的费用。如果是这样，则适用特定上限。

Issuers can service Europeans without limitations when the tokens aren't a means of an exchange, Jón Egilsson, co-founder at Monerium, said in a statement. That includes transactions between currency areas, peer-to-peer transactions and where a cryptocurrency is exchanged for an e-money token, he said.

Monerium 联合创始人 Jón Egilsson 在一份声明中表示，当代币不是一种交换手段时，发行人可以不受限制地为欧洲人提供服务。他说，这包括货币区域之间的交易、点对点交易以及加密货币与电子货币代币的交换。

While the EBA has yet to clearly define how it will measure these values, a consultation document suggests that transactions with both parties based outside of the EU might be excluded, but any transaction with at least one party in the EU may be counted.

虽然 EBA 尚未明确定义如何衡量这些价值，但一份咨询文件表明，与欧盟以外双方的交易可能被排除在外，但与欧盟境内至少一方的任何交易都可能被计算在内。

According to the consultation, a transaction includes both on-chain and off-chain transfers. Movements between addresses or accounts of the same person do not qualify as a transaction.

据咨询，一笔交易包括链上转账和链下转账。同一人的地址或账户之间的移动不符合交易资格。

A final report on how the EBA will measure transactions is likely by the end of the month, a spokesperson told CoinDesk.

一位发言人告诉 CoinDesk，关于 EBA 如何衡量交易的最终报告可能会在本月底发布。

Companies that have had to suspend issuance will need to submit a plan showing they can keep to the limits before being reinstated. This could be tough: USDT's daily global trading volume is about $27 billion according to CoinGecko data. USDC's is $5 billion.

不得不暂停发行的公司需要提交一份计划，证明他们可以在恢复之前保持发行限额。这可能很困难：根据 CoinGecko 的数据，USDT 的每日全球交易量约为 270 亿美元。 USDC 的价值为 50 亿美元。

Another barrier is obtaining the necessary certification.

另一个障碍是获得必要的认证。

"When you're a stablecoin issuer at European level you need to have an e-money institution license or banking license, which is a very costly, long process," Kopitsch said.

“当你是欧洲层面的稳定币发行人时，你需要拥有电子货币机构许可证或银行许可证，这是一个非常昂贵且漫长的过程，”科皮奇说。

So Tether, Circle and other issuers have just three days to secure an e-money license to operate legally.

因此，Tether、Circle 和其他发行人只有三天的时间来获得合法运营的电子货币许可证。

Circle, which conditionally registered as a Digital Asset Service Provider with the French Financial Markets Authority in April, aims to have an e-money license by the deadline, a spokesperson for the company said.

Circle 发言人表示，Circle 于 4 月份在法国金融市场管理局有条件注册为数字资产服务提供商，目标是在截止日期前获得电子货币许可证。

"Circle is committed to full compliance with EU's MiCA regulations. We plan to onshore EURC to the EU and issue it from Circle France in a MiCA-compliant manner," the spokesperson said. "Additionally, we intend to issue USDC for our EU-based customers from the same entity in accordance with MiCA and subject to regulatory approval."

该发言人表示：“Circle 致力于完全遵守欧盟的 MiCA 法规。我们计划将 EURC 存入欧盟，并以符合 MiCA 的方式从 Circle France 发行。” “此外，我们打算根据 MiCA 并经监管部门批准，从同一实体为欧盟客户发行 USDC。”

EURC is the company's euro-backed stablecoin. Tether's equivalent is EURT. Earlier this week, crypto exchange Bitstamp delisted the Tether token, citing MiCA. OKX delisted USDT in March, saying it wanted to focus on euro-denominated liquidity in the region.

EURC 是该公司的欧元支持的稳定币。 Tether 的等价物是 EURT。本周早些时候，加密货币交易所 Bitstamp 以 MiCA 为由将 Tether 代币摘牌。 OKX 在 3 月份下架了 USDT，称其希望专注于该地区以欧元计价的流动性。

"Tether has engaged extensively with its exchange counterparties in Europe regarding the requirements, including those pertaining to the ongoing listing of USDT and other Tether tokens, and the interpretation of key regulatory provision," said Paolo Ardoino, Tether's CEO, in a statement. "While

Tether 首席执行官 Paolo Ardoino 在一份声明中表示：“Tether 已与欧洲的交易所对手方就相关要求进行了广泛接触，包括与 USDT 和其他 Tether 代币持续上市相关的要求，以及对关键监管条款的解释。” “尽管