Tether 退市：对欧盟加密市场的影响

USDT是一种稳定币，是加密货币生态系统的关键组成部分，是加密货币交易的交易和结算的重要工具。

Europe’s crypto landscape is undergoing a major shift as the EU's Markets in Crypto-Assets (MiCA) regulations prepare to take full effect. These regulations, designed to enhance oversight and curb illicit activities, stipulate that stablecoins traded on centralized exchanges must be issued by firms holding an e-money license.

随着欧盟加密资产市场 (MiCA) 法规准备全面生效，欧洲的加密格局正在发生重大转变。这些法规旨在加强监管并遏制非法活动，规定在中心化交易所交易的稳定币必须由持有电子货币许可证的公司发行。

In response to this requirement, several crypto exchanges operating in the EU have taken the step of delisting the world's leading stablecoin, Tether's USDT. This development has sparked concerns about the impact on liquidity and investor appetite in light of the USDT delisting.

为了响应这一要求，在欧盟运营的几家加密货币交易所已经采取了下架全球领先稳定币 Tether 的 USDT 的措施。鉴于 USDT 退市，这一事态发展引发了人们对流动性和投资者兴趣影响的担忧。

Tether's Importance In Crypto Markets

Tether 在加密货币市场中的重要性

USDT is a stablecoin, a crucial cog in the crypto ecosystem, serving as a primary instrument for trading and settling cryptocurrency transactions. Restricting access to Tether throughout the continent could have adverse effects, potentially driving traders away from vanity-centric jurisdictions or towards illiquid trading pairs.

USDT 是一种稳定币，是加密货币生态系统中的关键齿轮，是加密货币交易和结算的主要工具。限制整个非洲大陆对 Tether 的访问可能会产生不利影响，可能会导致交易者远离以虚荣为中心的司法管辖区或转向非流动性的交易对。

Usman Ahmad, CEO of Zodia Markets, highlighted the sweeping impact of the decision, describing it as both “exclusionary and disruptive” for EU-based clients. Elaborating on this point, Usman stated:

Zodia Markets 首席执行官乌斯曼·艾哈迈德 (Usman Ahmad) 强调了这一决定的广泛影响，称其对欧盟客户来说既“排他性又具有破坏性”。乌斯曼详细阐述了这一点：

“I understand why it’s been done to a a certain extent, but it’s quite exclusionary and quite limiting for EU clients themselves because [USDT] is the most liquid stablecoin by a country mile.”

“我理解为什么在一定程度上这样做，但这对欧盟客户本身来说是相当排他性和限制性的，因为 [USDT] 是流动性最强的稳定币。”

notably, the removal of Tether from EU exchanges has already prompted shifts in trading patterns. With fewer USDT trading pairs available, some exchanges are reporting an increase in fiat trading pairs as traders adjust their strategies, according to Bloomberg.

值得注意的是，Tether 从欧盟交易所下架已经引发了交易模式的转变。据彭博社报道，由于可用的 USDT 交易对较少，一些交易所报告称，随着交易者调整策略，法定交易对有所增加。

Erald Ghoos, CEO of OKX Europe, observed that fiat currencies are being used more extensively for trading in the absence of Tether, a development that reflects the changing dynamics of the market.

OKX Europe 首席执行官 Erald Ghoos 观察到，在没有 Tether 的情况下，法定货币正在被更广泛地用于交易，这一发展反映了市场动态的变化。

Europe's Standing In The Crypto Hub Race

欧洲在加密货币中心竞赛中的地位

While MiCA aims to establish strong regulatory standards, critics have pointed out that it could hinder the EU's competitiveness as a crypto hub. Pascal St-Jean, CEO of crypto asset manager 3iQ Corp, noted:

尽管 MiCA 旨在建立强有力的监管标准，但批评者指出，它可能会阻碍欧盟作为加密货币中心的竞争力。加密资产管理公司 3iQ Corp 首席执行官 Pascal St-Jean 指出：

“A vast proportion of cryptoassets trade in a pair against Tether’s USDT. So the cost to investors having to trade out of a USDT pair, just to buy the same asset trading against another stablecoin, will cause disruption.”

“很大一部分加密资产与 Tether 的 USDT 成对交易。因此，投资者必须用 USDT 货币对进行交易，而只是为了购买另一种稳定币的相同资产，其成本将造成干扰。”

Bloomberg reported that these restrictions come at a time when other regions, particularly North America, are experiencing a surge in crypto activity. Venture capital investment in European crypto startups is set to decline to a four-year low in 2024, according to PitchBook data, adding to the region's concerns.

彭博社报道称，这些限制是在其他地区（尤其是北美）加密货币活动激增之际出台的。 PitchBook 数据显示，到 2024 年，欧洲加密初创公司的风险资本投资将降至四年来的最低点，这加剧了该地区的担忧。

In contrast, the United States appears to be adopting a more crypto-friendly approach. The administration of President-elect Donald Trump has appointed several pro-crypto advocates to key roles, suggesting a potential preference for a light-handed regulatory touch.

相比之下，美国似乎正在采取一种对加密货币更加友好的方法。当选总统唐纳德·特朗普的政府已任命几位支持加密货币的倡导者担任关键职务，这表明他们可能倾向于宽松的监管方式。