报道显示，像USDT和USDC这样的Stablecoins中的繁荣使人们对这些代币带来了加密货币行业和整个金融体系的迫在眉睫的风险感到担忧

报道显示，像USDT和USDC这样的Stablecoins中的繁荣使人们对这些代币带来了加密货币行业和整体金融体系的迫在眉睫的风险感到担忧。

Reports revealed that the boom in stablecoins like USDT and USDC has renewed fears about the looming risks these tokens bring to the crypto industry and the overall financial system.

报道显示，像USDT和USDC这样的Stablecoins中的繁荣使人们对这些代币带来了加密货币行业和整体金融体系的迫在眉睫的风险感到担忧。

As reported by Bloomberg, the administration of former President Donald Trump and Congress were both pushing to cement the growing importance of stablecoins. Two bills designed to give stablecoins a bigger role in the global payments infrastructure are running through the House and Senate.

据彭博社报道，前总统唐纳德·特朗普（Donald Trump）和国会的政府都在努力巩固稳定币的重要性。旨在使Stablecoins在全球付款基础设施中扮演更大作用的两项法案正在众议院和参议院运行。

The administration’s interest, which includes vocal support from Trump, helped encourage the steady flow of new money into the stablecoins sector—even as other sectors of the crypto industry struggled—bringing the total value to over $230B.

政府的兴趣包括特朗普的声音支持，这有助于鼓励新资金稳步流入稳定的行业，即使是加密货币行业的其他部门挣扎，总价值将总价值超过230b。

However, Senator Elizabeth Warren (D-Mass.) said that the bill lacked the basic safeguards necessary to ensure that stablecoins did not blow up the entire financial system. The senator explained that the bill allowed stablecoin issuers to invest in risky assets, including assets that were bailed out in 2008.

但是，伊丽莎白·沃伦（Elizabeth Warren）参议员（D-Mass。）表示，该法案缺乏确保稳定币不会炸毁整个金融体系所需的基本保障措施。参议员解释说，该法案允许Stablecoin发行人投资于风险资产，包括2008年被保释的资产。

The commentary comes as researchers at the Federal Reserve Bank of New York and the Financial Stability Oversight Council called attention to these run risks in multiple papers published last year. Additionally, various central bankers have spoken about the risks in recent speeches.

评论是因为纽约联邦储备银行的研究人员和金融稳定监督委员会称，去年发表的多篇论文中关注这些运行风险。此外，各种中央银行家都谈到了最近演讲中的风险。

“If a run on a large stablecoin were to occur, liquidation of the assets backing the stablecoin could be disruptive, especially if those assets were linked to other funding markets.”

“如果要进行大型稳定的稳定性，那么支持稳定的资产的清算可能会破坏，尤其是当这些资产与其他资金市场相关联时。”

Lisa D. Cook, a governor on the Federal Reserve’s board

丽莎·库克（Lisa D. Cook），美联储董事会的州长

Matthew Bisanz, a financial regulatory partner at Mayer Brown, doubted whether a U.S. dollar-backed stablecoin that is denominated in U.S. dollars could be vulnerable to a run because the coin can always pay the redeemer in U.S. dollars.

Mayer Brown的金融监管合作伙伴Matthew Bisanz怀疑以美元计价的美元支持的Stablecoin是否容易遭受奔跑的攻击，因为硬币始终可以以美元支付救赎主。

However, Bisanz acknowledged that if those dollars were deposited at a bank and the bank needed to liquidate assets to fund withdrawals by the stablecoin holders, then there could be a run. But that would be the same type of run that could happen to any fractional reserve depository.

但是，Bisanz承认，如果这些美元存入了一家银行，而银行需要清算资产以资助Stablecoin持有人的撤回，那么可能会有运行。但这将是任何分数储备金可能发生的运行类型。

“The commonality in these scenarios is that a bank would be forced to sell assets in an attempt to meet demand for dollar deposits, which could create a vicious cycle of asset price declines and bank failures.”

“在这种情况下，共同点是，将被迫出售资产以满足对美元存款的需求，这可能会造成资产价格下降和银行失败的恶性循环。”

A new report by the Institute for Law and Economic Policy also highlighted the risks posed by the bipartisan bill to quickly create a legal framework for stablecoins. The report's authors, Mehrdad Hajaj and Gary Flom, asserted that the legislation would permit stablecoin issuers to hold a portion of their reserves in short-term U.S. Treasury bills, money market funds, or high-quality, liquid municipal securities.

法律与经济政策研究所的一份新报告还强调了两党法案迅速为Stablecoins创建法律框架的风险。该报告的作者Mehrdad Hajaj和Gary Flom断言，该立法将允许Stablecoin发行人在美国短期美国财政账单，货币市场基金或高质量的液体市政证券中持有其一部分储备。

The administration highlighted that the bill would impose strong safeguards on stablecoins to ensure financial stability. The bill's supporters, including House Financial Services Chair Maxine Waters (D-Calif.) and Senate Banking Chair Pat Toomey (R-Pa.), emphasized the importance of regulating the burgeoning industry to prevent the buildup of risks.

政府强调，该法案将对Stablecoins实施强大的保障措施，以确保财务稳定。该法案的支持者，包括众议院金融服务主席Maxine Waters（D-Calif。）和参议院银行主席Pat Toomey（R-Pa。），强调了规范新兴行业以防止风险积累的重要性。

During a March 11 hearing, lawmakers delved into how stablecoins could revolutionize payments without imposing an excessive regulatory burden. The inquiry arose as the Senate Banking Committee prepared to vote on a bill regulating stablecoins, focusing on the potential benefits and risks.

在3月11日的听证会上，议员们深入研究了稳定者如何在不施加过多的监管负担的情况下彻底改变付款。当参议院银行委员会准备就规范稳定的法案进行投票，重点关注潜在利益和风险时，就开始了调查。

The Trump administration and Congress were making a push for stablecoins as part of broader efforts to modernize the U.S. financial system. The administration and its appointees had been rolling out proposals and discussing the issue throughout the year.

特朗普政府和国会正在推动稳定币，这是使美国金融体系现代化的更广泛努力的一部分。政府及其被任命者一直在进行提案，并全年讨论该问题。

The administration officials and appointees also highlighted the importance of maintaining the U.S. dollar's dominant status in the global financial system, especially in light of the growing use of cryptocurrencies like bitcoin.

政府官员和被任命者还强调了保持美元在全球金融体系中的主要地位的重要性，尤其是鉴于使用比特币等加密货币的使用日益增长。

"The bill provides for a U.S.-dollar-backed stablecoin to be regulated and licensed by the federal government, opening the door for a new era of innovation in digital assets and payments."

“该法案规定，由联邦政府对美国支持的稳定币进行监管和许可，为数字资产和付款创新的新时代打开了大门。”

The administration appointees said that legitimizing stablecoins helps firm up the U.S. dollar’s dominance as a global reserve currency. The bill would require stablecoin issuers to be licensed and back their tokens one-to-one with approved assets like cash, short-term U.S. Treasury bills, repurchase agreements and money-market funds.

政府任命者说，合法化的稳定币可以帮助稳固美元作为全球储备货币的统治地位。该法案将要求Stablecoin发行人获得许可，并以现金，短期美国财政账单，回购协议和货币营销资金等批准的资产一对一的信用。

However, a professor emeritus at George Washington University Law School, Arthur E. Wilmarth Jr., published a policy report last month calling attention to some of the vulnerabilities that the proposed legislation did not address.

但是，小乔治华盛顿大学法学院的名誉教授亚瑟·E·威尔马斯（Arthur E. Wilmarth Jr.

According to Wilmarth, even safe, short-term U.S. Treasury bills, which would be allowed into reserves in the proposed legislation, are vulnerable to bank runs and had been frozen up during previous crises. He also noted that Circle’s USDC only managed to recover its peg in 2023 after federal regulators stepped in to cover all of Silicon Valley Bank’s uninsured depositors.

据威尔马斯（Wilmarth）称，即使是安全，短期的美国国库法案，该法案将被允许在拟议的立法中储备中，也容易受到银行奔跑的影响，并且在以前的危机中已被冻结。他还指出，在联邦监管机构介入以覆盖硅谷银行所有未保险的存款人之后，Circle的USDC才在2023年才能在2023年恢复其PEG。

"The administration is rolling back critical consumer protections and inviting a new financial crisis with this reckless bill," said Senator Elizabeth Warren (D-Mass.). "It's

参议员伊丽莎白·沃伦（Elizabeth Warren）说：“政府正在撤销关键的消费者保护，并通过这项鲁ck的法案邀请新的金融危机。” “它是