稳定币强化数字时代的美元霸权

关于稳定币及其对美元主导地位的影响的争论仍然存在。 Cantor Fitzgerald 首席执行官 Howard Lutnick 认为 Tether (USDT) 和 Circle 的 USDC 等稳定币对于维持美元的经济霸主地位至关重要。这些稳定币刺激了对美国国债的需求，提供了低借贷利率和通过制裁产生地缘政治影响力等金融特权。 Lutnick 的认可源于其久经考验的韧性，例如 USDT 在严格审查下兑现赎回的能力。然而，人们仍然对 CBDC 及其潜在的地缘政治影响感到担忧。

Stablecoins: Reinforcing Dollar Hegemony in the Digital Age

稳定币：加强数字时代的美元霸权

The emergence of stablecoins, cryptocurrencies pegged to the value of the U.S. dollar, has sparked a heated debate over their role in the global financial landscape. At the forefront of this discussion is Howard Lutnick, CEO of Cantor Fitzgerald, who argues that stablecoins, such as Tether's USDT and Circle's USDC, are not only bolstering the dominance of the U.S. dollar but also serving as a cornerstone for the American economy.

稳定币（与美元价值挂钩的加密货币）的出现引发了关于其在全球金融格局中的作用的激烈争论。 Cantor Fitzgerald 首席执行官霍华德·卢特尼克 (Howard Lutnick) 站在这场讨论的最前沿，他认为 Tether 的 USDT 和 Circle 的 USDC 等稳定币不仅巩固了美元的主导地位，而且成为美国经济的基石。

Stablecoins: A Pillar of Dollar Hegemony

稳定币：美元霸权的支柱

Lutnick sees stablecoins as a vital component in maintaining the economic dominance of the United States on the global stage. "Dollar hegemony is fundamental to the United States of America," he asserted, emphasizing their role in sustaining the U.S.'s economic strength.

卢特尼克认为稳定币是维持美国在全球舞台上经济主导地位的重要组成部分。他断言：“美元霸权是美利坚合众国的根本”，并强调美元霸权在维持美国经济实力方面的作用。

Stablecoins' utility lies in their ability to fuel demand for U.S. Treasury notes without posing a systemic risk to the global economy. This allows the U.S. to enjoy financial privileges, including the ability to incur substantial deficits, secure borrowing at favorable rates, and exert geopolitical influence through sanctions.

稳定币的效用在于它们能够刺激对美国国债的需求，而不会对全球经济构成系统性风险。这使得美国能够享有金融特权，包括产生巨额赤字、以优惠利率获得借款以及通过制裁施加地缘政治影响的能力。

Market Presence of Stablecoins

稳定币的市场存在

Cantor Fitzgerald's custodianship of Tether, the issuer of the world's leading stablecoin USDT, places the firm at the heart of the stablecoin debate. With USDT boasting a market capitalization of over $107 billion and USDC at $32.25 billion, stablecoins have undoubtedly gained prominence in the cryptocurrency market.

坎托·菲茨杰拉德 (Cantor Fitzgerald) 对 Tether（世界领先的稳定币 USDT 的发行者）的托管权使该公司成为稳定币争论的核心。 USDT 的市值超过 1070 亿美元，USDC 的市值为 322.5 亿美元，稳定币无疑在加密货币市场中占据了主导地位。

Their versatility has made them a crucial tool in crypto trading, serving as a medium of exchange and collateral in derivatives trading. Moreover, stablecoins proved their worth as a haven during the turbulent monetary tightening of 2022.

它们的多功能性使它们成为加密货币交易的重要工具，充当衍生品交易的交换媒介和抵押品。此外，在 2022 年动荡的货币紧缩时期，稳定币证明了其作为避风港的价值。

Confidence and Critique

信心与批评

The collapse of Terra's algorithmic stablecoin UST in May 2022 shook investor confidence in the stability of stablecoins. However, Tether's resilience during this market turmoil has helped restore trust. Lutnick's assurance that Tether has adequate reserves to back USDT further solidified investor confidence.

2022 年 5 月 Terra 算法稳定币 UST 的崩盘动摇了投资者对稳定币稳定性的信心。然而，Tether 在这次市场动荡中的恢复能力帮助恢复了信任。 Lutnick 保证 Tether 有足够的储备来支持 USDT，进一步坚定了投资者的信心。

Central Bank Digital Currencies: Innovation or Intrusion?

央行数字货币：创新还是入侵？

Lutnick expressed skepticism towards central bank digital currencies (CBDCs), particularly their geopolitical implications. He fears that a U.S.-issued digital dollar could be perceived as an "American spy wallet" by international actors such as China.

卢特尼克对央行数字货币（CBDC）表示怀疑，特别是其地缘政治影响。他担心美国发行的数字美元可能会被中国等国际行为体视为“美国间谍钱包”。

Future of Asset Tokenization

资产代币化的未来

Looking ahead, Lutnick envisions a future where real-world assets, such as bonds, will be tokenized and traded on blockchain platforms. He believes that technological advancements will pave the way for fast and cost-effective trading of tokenized assets, potentially revolutionizing asset management and exchange.

展望未来，卢特尼克设想未来现实世界的资产（例如债券）将被代币化并在区块链平台上进行交易。他认为，技术进步将为快速、经济高效的代币化资产交易铺平道路，有可能彻底改变资产管理和交易。

Conclusion

结论

The discourse surrounding stablecoins, their impact on the U.S. economy, and their implications for the broader digital currency landscape is multifaceted. The insights of industry leaders like Howard Lutnick offer valuable perspectives on the complex interplay between digital currencies and traditional financial systems.

围绕稳定币、其对美国经济的影响以及其对更广泛的数字货币格局的影响的讨论是多方面的。 Howard Lutnick 等行业领袖的见解为数字货币与传统金融系统之间复杂的相互作用提供了宝贵的视角。

As the cryptocurrency realm continues to evolve, stablecoins and asset tokenization are emerging as key players in shaping a transformative period for global finance, characterized by both technological innovation and strategic economic maneuvering.

随着加密货币领域的不断发展，稳定币和资产代币化正在成为塑造全球金融变革时期的关键参与者，其特点是技术创新和战略经济操纵。