美国参议院法案旨在加强银行参与稳定币市场

最近向美国参议院提出的一项法案《支付稳定币法案》旨在鼓励美国银行通过发行与美元挂钩的稳定币来参与稳定币市场。如果获得批准，该法案可以将稳定币的发行上限限制在 100 亿美元，从而为银行提供相对于非银行稳定币发行机构的竞争优势。值得注意的是，这可能会影响市值 1100 亿美元的最大稳定币发行商 Tether，但根据拟议法案，Tether 不属于允许的支付稳定币。

U.S. Senate Bill Aims to Spur Bank Involvement in Stablecoin Market

美国参议院法案旨在刺激银行参与稳定币市场

Global ratings agency S&P Global Ratings has analyzed the potential implications of a newly introduced bill in the United States Senate that focuses on stablecoins. The proposed Payment Stablecoin Act, introduced on April 17 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), has garnered attention for its potential to reshape the stablecoin landscape.

全球评级机构标准普尔全球评级分析了美国参议院新提出的一项针对稳定币的法案的潜在影响。参议员 Cynthia Lummis（怀俄明州共和党）和 Kirsten Gillibrand（纽约州民主党）于 4 月 17 日提出的《支付稳定币法案》因其重塑稳定币格局的潜力而受到关注。

S&P Global Ratings, in an April 23 research note, opined that the bill's provisions could provide incentives for U.S. banks to enter the stablecoin market. The bill proposes a $10 billion issuance limit for non-bank stablecoin issuers, potentially limiting the dominance of large non-U.S. entities like Tether, which currently hold a significant share of the market.

标准普尔全球评级在 4 月 23 日的研究报告中认为，该法案的条款可能会激励美国银行进入稳定币市场。该法案提议对非银行稳定币发行人设置 100 亿美元的发行限额，这可能会限制 Tether 等大型非美国实体的主导地位，而 Tether 目前在市场上占有很大份额。

Stablecoins as a Financial Market Pillar

稳定币作为金融市场支柱

The ratings agency emphasized the growing significance of stablecoins in the financial markets, citing their potential to enhance efficiency and security in asset tokenization and digital bond issuance. S&P Global Ratings cited the recent launch of BlackRock's BUIDL fund as an example of the growing recognition of stablecoins' potential in these areas.

该评级机构强调了稳定币在金融市场中日益重要的重要性，并指出其在提高资产代币化和数字债券发行方面的效率和安全性方面的潜力。标准普尔全球评级引用贝莱德最近推出的 BUIDL 基金为例，表明人们越来越认识到稳定币在这些领域的潜力。

Implications for Non-Bank Stablecoin Issuers

对非银行稳定币发行人的影响

The Payment Stablecoin Act outlines specific requirements for stablecoin issuers, including maintaining one-to-one cash or cash-equivalent reserves and prohibiting unbacked algorithmic stablecoins. These provisions would potentially have a significant impact on non-bank stablecoin issuers like Tether, which currently operate outside of the proposed regulatory framework.

《支付稳定币法案》概述了对稳定币发行人的具体要求，包括维持一对一的现金或现金等价储备以及禁止无支持的算法稳定币。这些规定可能会对 Tether 等非银行稳定币发行人产生重大影响，这些发行人目前在拟议的监管框架之外运营。

Impact on Tether's Dominance

对 Tether 统治地位的影响

S&P Global Ratings noted that Tether, with its $110 billion market capitalization, is currently the largest U.S. dollar-pegged stablecoin issuer on the market. However, the proposed issuance limit of $10 billion for non-bank stablecoin firms could pose challenges for Tether's continued dominance. The analysts suggest that U.S. entities may be restricted from holding or transacting in Tether due to the proposed bill, leading to a potential decline in demand for the stablecoin and a boost for U.S.-issued stablecoins.

标准普尔全球评级指出，Tether 市值 1100 亿美元，是目前市场上最大的美元挂钩稳定币发行商。然而，拟议的非银行稳定币公司 100 亿美元的发行上限可能会对 Tether 的持续主导地位构成挑战。分析师表示，由于拟议的法案，美国实体持有或交易 Tether 可能会受到限制，从而导致对该稳定币的需求可能下降，并提振美国发行的稳定币。

Controversy and Concerns

争议与担忧

While the proposed bill has drawn support from some stakeholders, it has also faced criticism from certain industry players. Crypto advocacy organization Coin Center has expressed concerns about the bill's proposal to ban algorithmic stablecoins, arguing that it could have negative implications for innovation and consumer protection. The organization has also questioned the bill's constitutionality under the First Amendment.

虽然拟议的法案得到了一些利益相关者的支持，但也遭到了某些行业参与者的批评。加密货币倡导组织硬币中心对该法案禁止算法稳定币的提议表示担忧，认为这可能会对创新和消费者保护产生负面影响。该组织还质疑该法案根据第一修正案的合宪性。

Senator Gillibrand's Perspective

吉利布兰德参议员的观点

Upon introducing the bill, Senator Gillibrand emphasized the need for a regulatory framework for stablecoins to maintain the dominance of the U.S. dollar, promote responsible innovation, protect consumers, and combat illicit finance.

在介绍该法案时，参议员吉利布兰德强调需要建立稳定币的监管框架，以维持美元的主导地位，促进负责任的创新，保护消费者并打击非法金融。

Conclusion

结论

The Payment Stablecoin Act, if approved, could have a significant impact on the U.S. stablecoin market by limiting non-bank stablecoin issuers' issuance capacity and potentially reducing Tether's dominance. The bill's provisions aim to enhance the safety and stability of the stablecoin ecosystem while also addressing concerns related to money laundering and illicit finance. However, the debate surrounding the bill highlights the need for careful consideration of its implications for innovation and consumer rights.

《支付稳定币法案》如果获得批准，可能会限制非银行稳定币发行人的发行能力，并可能削弱 Tether 的主导地位，从而对美国稳定币市场产生重大影响。该法案的条款旨在增强稳定币生态系统的安全性和稳定性，同时解决与洗钱和非法金融相关的问题。然而，围绕该法案的辩论凸显了需要仔细考虑其对创新和消费者权利的影响。