MiCA 法规生效且 USDT 赎回激增，Tether 在欧洲市场的未来仍不确定

随着欧盟新稳定币法规的生效以及 USDT 赎回量的飙升，Tether 在欧洲市场的未来仍不明朗。

Tether’s Future in Europe Uncertain as Stablecoin Redemptions Soar

随着稳定币赎回激增，Tether 在欧洲的未来充满不确定性

The future of Tether (USDT) in European markets remains unclear as the European Union’s new stablecoin regulations take effect and USDT redemptions reach new heights.

随着欧盟新的稳定币法规的生效以及 USDT 赎回达到新的高度，Tether (USDT) 在欧洲市场的未来仍不明朗。

On January 1, the EU officially launched its Markets in Crypto-Assets (MiCA) regulations. Ahead of this event, nearly $4 billion in USDT was redeemed, leading to a slight decrease in Tether’s market cap, which currently hovers around $137 billion, down from $141 billion before Christmas.

1 月 1 日，欧盟正式启动加密资产市场 (MiCA) 法规。在此事件之前，近 40 亿美元的 USDT 被赎回，导致 Tether 市值略有下降，目前徘徊在 1370 亿美元左右，低于圣诞节前的 1410 亿美元。

These redemptions mark the largest since the onset of the ‘crypto winter’ in mid-2022, which was triggered by the exposure of fraudulent activities at several crypto operators. This culminated in the collapse of Sam Bankman-Fried’s digital asset exchange FTX and its affiliated market-maker Alameda Research, which was the biggest purchaser of USDT at the time.

这些赎回是自 2022 年中期“加密货币冬天”爆发以来最大规模的一次，“加密货币冬天”是由多家加密货币运营商的欺诈活动曝光引发的。这最终导致 Sam Bankman-Fried 的数字资产交易所 FTX 及其附属做市商 Alameda Research 的倒闭，而 Alameda Research 是当时 USDT 的最大购买者。

Since the redemptions began, USDT has been trading slightly below its $1 peg, indicating customer uncertainty regarding Tether’s future in a post-MiCA environment.

自赎回开始以来，USDT 的交易价格一直略低于 1 美元，这表明客户对 Tether 在后 MiCA 环境中的未来感到不确定。

Under MiCA, ‘significant’ stablecoins like USDT are required to maintain 60% of their reserve assets in cash, which must be stored in EU banks. However, Tether CEO Paolo Ardoino has expressed concerns that this poses an unacceptable risk to Tether due to the potential for bank failure.

根据 MiCA，像 USDT 这样的“重要”稳定币必须将其储备资产的 60% 保持为现金，这些储备资产必须存放在欧盟银行。然而，Tether 首席执行官 Paolo Ardoino 表示担心，由于银行可能倒闭，这会给 Tether 带来不可接受的风险。

Amid the uncertainty over USDT’s legality in the EU, Coinbase (NASDAQ: COIN) delisted the stablecoin in mid-December. Other prominent exchanges have hinted at following Coinbase’s lead, including Binance, which restricted “the availability of Unauthorized Stablecoins for [European Economic Area] users” on June 30. A few months earlier, the OKX exchange imposed similar limitations on its EEA customers.

由于 USDT 在欧盟的合法性存在不确定性，Coinbase（纳斯达克股票代码：COIN）于 12 月中旬将这款稳定币摘牌。其他知名交易所也暗示将效仿 Coinbase，其中包括 Binance，该交易所于 6 月 30 日限制“[欧洲经济区]用户获得未经授权的稳定币”。几个月前，OKX 交易所对其 EEA 客户施加了类似的限制。

In a further blow to Tether that extends beyond EU borders, Binance has teamed up with Tether rival Circle, the issuer of the USDC stablecoin, to accelerate USDC adoption around the globe.

币安与 Tether 的竞争对手、USDC 稳定币的发行人 Circle 合作，加速 USDC 在全球的采用，这对 Tether 造成了超出欧盟边界的进一步打击。

Circle received MiCA approval for USDC last July, highlighting Tether’s unwillingness/inability to do likewise. During the same period, USDC’s market cap increased by $2 billion, while USDT’s market cap decreased by $4 billion.

去年 7 月，Circle 获得了 USDC 的 MiCA 批准，这突显了 Tether 不愿意/无法这样做。同期，USDC 市值增加 20 亿美元，而 USDT 市值减少 40 亿美元。

Ardoino and ‘friends of Tether’ have launched a social media campaign to refute claims of USDT’s imminent European demise. Some point out that other exchanges have yet to delist USDT, while others highlight that EU member states have grace periods to enforce MiCA’s edicts, potentially giving USDT a window of up to 18 months to retain its relevance.

Ardoino 和“Tether 之友”发起了一场社交媒体活动，驳斥 USDT 即将在欧洲消亡的说法。一些人指出，其他交易所尚未下架 USDT，而另一些人则强调，欧盟成员国有宽限期来执行 MiCA 的法令，这可能会给 USDT 长达 18 个月的窗口期来保持其相关性。

Despite these claims, Tether itself halted support for its Euro-denominated EURT stablecoin in November, acknowledging at the time that MiCA was the catalyst behind this move.

尽管有这些说法，Tether 本身还是在 11 月停止了对其以欧元计价的 EURT 稳定币的支持，并承认 MiCA 是这一举措背后的催化剂。

Tether, Bitfinex doing the financial hokey-pokey?

Tether、Bitfinex 在做金融骗局？

Despite its EU issues, Ardoino tweeted on January 2 that Q4 2024 was “a great quarter for Tether.” However, we’ll have to wait another five weeks or so before the company publishes the latest attestation of its fiat reserves.

尽管存在欧盟问题，Ardoino 仍于 1 月 2 日在推特上表示，2024 年第四季度“对 Tether 来说是一个伟大的季度”。然而，我们还得再等五周左右，公司才会发布其法定储备的最新证明。

The Q3 document—which is not, despite Tether’s insinuations, a proper independent audit—showed $6.1 billion worth of reserves over and above the amount of issued USDT at the time.

尽管 Tether 暗示，第三季度文件并不是一次适当的独立审计，但该文件显示，其储备金价值超过了当时已发行的 USDT 金额 61 亿美元。

On December 30, just one day before the quarter ended, Tether’s wallet of BTC received an additional 7,629 tokens, valued at over $705 million. Later that same day, a second transfer added another 775 BTC to this total, bringing the transfers to 8,404 BTC, valued at over $775 billion.

12 月 30 日，就在季度结束前一天，Tether 的 BTC 钱包又收到了 7,629 个代币，价值超过 7.05 亿美元。同一天晚些时候，第二次转账又增加了 775 BTC，使转账总量达到 8,404 BTC，价值超过 7,750 亿美元。

The BTC was sent from the Bitfinex exchange, which shares common ownership with Tether.

BTC 是从 Bitfinex 交易所发出的，该交易所与 Tether 拥有共同所有权。

This is problematic for several reasons, not the least of which is that Tether/Bitfinex have a history of swapping assets ahead of inspections by third parties to preserve an image of solvency. BDO Italia, the firm Tether pays to conduct attestations, is only ever granted a look at Tether’s financial figures for a single day, traditionally the final day of the quarter, which would be the day after the Bitfinex transfers.

这是有问题的，原因有很多，其中最重要的一点是，Tether/Bitfinex 有在第三方检查之前交换资产的历史，以保持偿付能力的形象。 Tether 付费进行证明的公司 BDO Italia 仅获准查看 Tether 一天的财务数据，传统上是季度的最后一天，即 Bitfinex 转账后的第二天。

An hour before the new year arrived, Bitfinex transferred 30,000 BTC, valued at around $2.8 billion, to an unknown wallet. Presumably, this is some other entity that requires some temporary rebalancing of its balance sheet. The future of finance, indeed.

新年到来前一小时，Bitfinex 将 30,000 BTC（价值约 28 亿美元）转移到一个不知名的钱包中。据推测，这是其他一些需要对其资产负债表进行临时重新平衡的实体。确实是金融的未来。

Lutnick ready to Rumble

卢特尼克准备好隆隆作响

Tether has long been the subject of reports of impending indictments, most recently in the United States, where federal authorities appear to be losing patience with USDT’s popularity among terrorists, criminals and individuals/entities looking to evade U.S. economic sanctions.

Tether 长期以来一直是即将被起诉的报道的主题，最近在美国，联邦当局似乎对 USDT 在恐怖分子、犯罪分子和寻求逃避美国经济制裁的个人/实体中的流行失去了耐心。