Tether 与美国银行业的联系引发了对稳定性的担忧

Tether 融入美国金融体系给稳定币带来了重大风险。其银行合作伙伴无法直接接触美联储，这使得它们容易受到代理银行的压力。此外，Tether 作为一家完全储备银行的地位及其持有的大量国库券可能会引起美联储和美国财政部的审查。这些因素凸显了 Tether 的脆弱性，并可能导致其被排除在金融体系之外。

Tether's Tenuous Ties to the U.S. Financial System Pose Risks: Expert Analysis

Tether 与美国金融体系的脆弱关系带来风险：专家分析

Amidst ongoing concerns regarding the stability of Tether, the world's largest stablecoin, an industry expert has shed light on the company's vulnerabilities stemming from its integration within the broader U.S. financial system. Arthur Hayes, founder of cryptocurrency exchange BitMEX, has outlined the potential risks Tether faces due to its relationships with the Federal Reserve, the U.S. Treasury, and its banking partners.

在人们对全球最大稳定币 Tether 稳定性的持续担忧中，一位行业专家揭示了该公司因融入更广泛的美国金融体系而存在的漏洞。加密货币交易所 BitMEX 创始人 Arthur Hayes 概述了 Tether 由于与美联储、美国财政部及其银行合作伙伴的关系而面临的潜在风险。

Banking Partners: A Precarious Dependence

银行合作伙伴：不稳定的依赖

According to Hayes, Tether's banking partners, which include Britannia Bank & Trust, Cantor Fitzgerald, Capital Union, Ansbacher, and Deltec Bank and Trust, lack master accounts with the Federal Reserve. This reliance on correspondent banks creates a point of vulnerability, as these banks may not share the same level of comfort with serving crypto businesses like Tether.

Hayes 表示，Tether 的银行合作伙伴，包括 Britannia Bank & Trust、Cantor Fitzgerald、Capital Union、Ansbacher 和 Deltec Bank and Trust，都缺乏在美联储的主账户。这种对代理银行的依赖造成了一个漏洞，因为这些银行可能无法为 Tether 等加密货币业务提供同样程度的服务。

Consequently, Hayes warns that correspondent banks could pressure Tether's banking partners to drop the company, effectively excluding it from the financial system. The absence of a direct relationship with the Federal Reserve further exacerbates this risk.

因此，Hayes 警告说，代理银行可能会向 Tether 的银行合作伙伴施压，要求其放弃该公司，从而实际上将其排除在金融体系之外。与美联储缺乏直接关系进一步加剧了这种风险。

Federal Reserve: An Unwelcome Intermediary

美联储：不受欢迎的中介机构

Hayes also highlights the Federal Reserve's disapproval of fully reserved banks, such as Tether, which do not lend out their deposits. The central bank's payment of interest on banking reserves encourages fractional banks to lend more conservatively, thereby mitigating the risk of financial crises.

海耶斯还强调美联储不赞成 Tether 等完全储备银行，因为这些银行不会借出存款。央行对银行准备金支付利息，鼓励部分银行更加保守地放贷，从而降低金融危机的风险。

However, Tether's significant holdings in money-market funds and Treasury bills, which earn interest rates close to the federal funding rate, effectively arbitrages the Fed. Hayes suggests that the Federal Reserve is unlikely to provide assistance to Tether should its banking partners sever ties.

然而，Tether 大量持有货币市场基金和国库券，其赚取的利率接近联邦融资利率，有效地对美联储进行套利。海耶斯表示，如果 Tether 的银行合作伙伴断绝关系，美联储不太可能向其提供援助。

U.S. Treasury: A Delicate Balance

美国财政部：微妙的平衡

Hayes further notes the U.S. Treasury's unease with Tether's substantial holdings of Treasury bills, which rank it among the top 22 largest holders of U.S. debt. He warns that a sudden sell-off of these holdings could disrupt global bond markets.

海耶斯进一步指出，美国财政部对 Tether 持有大量国债感到不安，这使得 Tether 跻身美国国债前 22 名最大持有者之列。他警告说，突然抛售这些资产可能会扰乱全球债券市场。

While the Treasury is likely to intervene to ensure an orderly unwinding of Tether's positions in the event of banking disruptions, Hayes doubts that Treasury Secretary Janet Yellen would actively assist Tether in securing a new long-term banking partner.

虽然财政部可能会进行干预，以确保在银行业务中断的情况下有序平仓 Tether 的头寸，但海耶斯怀疑财政部长珍妮特·耶伦是否会积极协助 Tether 寻找新的长期银行合作伙伴。

Conclusion

结论

The expert analysis elucidates the significant risks Tether faces due to its precarious relationships within the U.S. financial system. The company's dependence on banking partners without direct access to the Federal Reserve and its contentious relationship with the central bank create potential vulnerabilities that could threaten its stability. Additionally, the U.S. Treasury's concerns over Tether's Treasury bill holdings add to the uncertainty surrounding the stablecoin's long-term prospects.

专家分析阐明了 Tether 由于其在美国金融体系中不稳定的关系而面临的重大风险。该公司对银行合作伙伴的依赖，无法直接接触美联储，以及与美联储的有争议的关系，造成了潜在的脆弱性，可能威胁其稳定性。此外，美国财政部对 Tether 持有的国债的担忧增加了该稳定币长期前景的不确定性。

It remains to be seen how Tether will navigate these challenges, which have implications not only for the company but also for the broader cryptocurrency market. As the industry continues to evolve, ongoing scrutiny and oversight of stablecoins and their integration into the financial system will be crucial to mitigate potential risks.

Tether 将如何应对这些挑战还有待观察，这不仅对公司有影响，而且对更广泛的加密货币市场也有影响。随着行业的不断发展，对稳定币及其与金融体系的整合进行持续的审查和监督对于减轻潜在风险至关重要。