|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
随着美联储 (Fed) 启动 2020 年以来的首次降息周期,稳定币发行人的收入可能会下降。
Stablecoin issuers may experience a decline in income as the Federal Reserve begins a new round of interest rate cuts. According to a report by CCData, each 50 basis point cut by the Fed could lead to a $625 million drop in total annual interest income for stablecoin issuers.
随着美联储开始新一轮降息,稳定币发行人的收入可能会下降。 CCData 的一份报告显示,美联储每降息 50 个基点,可能会导致稳定币发行机构的年度利息收入总额减少 6.25 亿美元。
The impact of interest rate cuts on stablecoins stems from the way some stablecoins are designed. Stablecoins are cryptocurrencies that derive their value from an external benchmark, such as fiat currencies or other crypto assets. Some of the most popular stablecoins, such as Tether (USDT) and USD Coin (USDC), have their value pegged to the U.S. dollar and maintain a reserve in cash or equivalent investments—often U.S. Treasurys—to support this peg.
降息对稳定币的影响源于一些稳定币的设计方式。稳定币是从外部基准(例如法定货币或其他加密资产)中获取其价值的加密货币。一些最受欢迎的稳定币,例如 Tether (USDT) 和 USD Coin (USDC),其价值与美元挂钩,并保持现金或等价投资(通常是美国国债)储备来支持这种挂钩。
Centralized stablecoin providers, such as Tether and Circle, the issuer of USDC, have generated substantial income in recent years from the interest earned on their holdings of U.S. Treasurys as high interest rates drove up Treasury yields. According to the CCData report, U.S. Treasurys comprise the vast majority of reserves held by stablecoin issuers, at just over 80%, amounting to holdings of nearly $125 billion worth of Treasurys.
近年来,由于高利率推高了国债收益率,Tether 和 USDC 发行人 Circle 等中心化稳定币提供商通过持有美国国债赚取的利息获得了可观的收入。 CCData 报告显示,稳定币发行机构持有的储备中绝大多数是美国国债,占比略高于 80%,持有价值近 1250 亿美元的国债。
The report highlights that stablecoin issuers are heavily reliant on the income generated by their reserves, particularly in the absence of other significant revenue streams. For instance, Tether, the largest stablecoin by market capitalization, alone holds $93.2 billion worth of U.S. debt, which contributed significantly to the digital asset company's $5.2 billion of profits in the first half of 2024, as noted in the CCData report.
该报告强调,稳定币发行人严重依赖其储备所产生的收入,特别是在缺乏其他重要收入来源的情况下。例如,CCData 报告指出,市值最大的稳定币 Tether 就持有价值 932 亿美元的美国债务,这为这家数字资产公司 2024 年上半年 52 亿美元的利润做出了重大贡献。
As the Federal Reserve pivots toward cutting interest rates, stablecoin issuers may face a challenge in maintaining their current levels of income. Each 50 basis point cut by the Fed could lead to a $625 million drop in total annual interest income for stablecoin issuers. The Fed itself anticipates cuts totaling 50 basis points by the end of this year and another 100 basis points by the end of next year, setting the stage for a total of 150 basis points in cuts over the next two years.
随着美联储转向降息,稳定币发行人可能面临维持当前收入水平的挑战。美联储每降息 50 个基点,就可能导致稳定币发行机构的年度利息收入总额减少 6.25 亿美元。美联储本身预计今年年底将总共降息50个基点,明年底将再降息100个基点,为未来两年总共降息150个基点奠定基础。
If realized, these cuts would translate to a potential loss of $1.875 billion in annual interest income for stablecoin issuers over the next two years. However, the actual impact may vary depending on several factors, including the pace and magnitude of interest rate cuts, the stablecoins' reserve composition, and any adjustments made by stablecoin issuers in response to the changing interest rate environment.
如果实现的话,这些削减将意味着未来两年稳定币发行人的年利息收入可能损失 18.75 亿美元。然而,实际影响可能会因多种因素而异,包括降息的速度和幅度、稳定币的准备金构成以及稳定币发行机构为应对不断变化的利率环境而做出的调整。
Some speculate that lower interest rates could eventually push stablecoin providers and other financial institutions into riskier assets in an effort to earn a return on their reserves.
一些人猜测,较低的利率最终可能会促使稳定币提供商和其他金融机构转向风险较高的资产,以期从其储备中获得回报。
"With lower yields on safer assets, institutions often shift their focus toward 'risk-on' assets," wrote Andrei Terentiev, Director of Engineering at Bitcoin.com, in a post on the platform X. "Think stocks, crypto, and other investments that offer higher potential returns but come with greater risk," he added.
Bitcoin.com 工程总监 Andrei Terentiev 在 X 平台上的一篇文章中写道:“由于更安全的资产收益率较低,机构往往将注意力转向‘风险’资产。”“想想股票、加密货币和其他资产。”提供更高潜在回报但风险更大的投资,”他补充道。
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- PEPE代币(PEPE)呈现上升三角形格局,Arthur Hayes的举动在市场反弹中增强了潜力
- 2024-09-28 06:25:01
- 交易员兼分析师 Bluntz 最近的一项分析显示,Pepe Coin(一种基于以太坊的 memecoin)呈现出上升三角形模式
-
- 随着 XRP 账本区块链的用户参与度下降,XRP 难以跟上更广泛的加密货币市场反弹的步伐
- 2024-09-28 06:20:02
- XRP 一直难以跟上上周美联储降息后开始的更广泛的加密货币市场上涨的步伐。
-
- 《纽约时报》“连接”谜题:以下是 9 月 28 日的类别和答案
- 2024-09-28 06:20:02
- Connections 是《纽约时报》的一款益智游戏,玩家必须找出不同单词之间的“联系”,并将它们排列成四个一组。
-
- 热门加密货币专家 Sherpa 表达了对 RWA 代币 MANTRA (OM) 的看涨情绪,并分享了对 SOL、FTM 和 SUI 的看法
- 2024-09-28 06:20:02
- Sherpa 预测 RWA 区块链的原生代币 MANTRA (OM) 可能会比当前价格上涨 16% 左右
-
- Mango Markets 同意在 SEC 和解中销毁 MNGO 代币
- 2024-09-28 06:20:02
- Mango DAO、Mango Labs 和 Blockworks 基金会周五同意与美国证券交易委员会达成和解。
-
- 加密货币分析师表示,狗狗币(DOGE)的竞争对手 Dogwifhat(WIF)看起来已准备好飙升
- 2024-09-28 06:20:02
- 一位广受关注的加密货币分析师表示,一种以狗为主题的模因币在短短十个月内就实现了六位数的涨幅,正处于另一次突破的边缘。
-
- 狗狗币(DOGE)因指标信号看涨突破而准备价格上涨
- 2024-09-28 06:20:02
- 一位受欢迎的加密货币交易员表示,一系列指标表明顶级模因资产狗狗币(DOGE)可能会迎来价格上涨。
-
- Shiba Inu (SHIB) 在过去 24 小时内飙升超过 20%,接近临界阻力位
- 2024-09-28 06:20:02
- 柴犬 [SHIB] 最近经历了价格大幅上涨,接近突破另一个关键阻力位。这种上升趋势引起了越来越多的关注,使 SHIB 成为最热门的加密货币之一。
-
- SUI 和 BNB 一直成为头条新闻,但真正的焦点是围绕 BlockDAG 的预售
- 2024-09-28 06:20:02
- 这份综合指南将深入探讨投资这些加密货币的复杂性,揭开炒作,并为您提供潜在提高投资成果所需的战略见解。