Tether的国库法案保管人现在正式成为美国政府内阁成员，但这是否有助于世界上最大的Stablecoin发行人避免被世界上最大的加密货币市场驱逐出境？

2月18日，华尔街金融服务公司Cantor Fitzgerald（NASDAQ：ZCFITX）的创始人霍华德·卢特尼克（Howard Lutnick）被美国参议院确认为美国新任商务部长。

Tether’s custodian of Treasury bills is now a U.S. government Cabinet member, but will that help the world’s largest stablecoin issuer avoid being banished from the world’s largest crypto market?

Tether的《财政法案》的保管人现在是美国政府内阁成员，但这是否有助于世界上最大的Stablecoin发行人避免被世界上最大的加密货币市场驱逐出境？

On February 18, Howard Lutnick, founder of Wall Street financial services firm Cantor Fitzgerald (NASDAQ: ZCFITX), was confirmed by the U.S. Senate as the nation’s new Secretary of Commerce. As promised, Lutnick has begun divesting his interests in corporate operations, although the list of companies in which Lutnick either has a stake or plays an executive role is well over 800.

2月18日，华尔街金融服务公司Cantor Fitzgerald（NASDAQ：ZCFITX）的创始人霍华德·卢特尼克（Howard Lutnick）被美国参议院确认为美国新任商务部长。正如承诺的那样，卢特尼克（Lutnick）已经开始剥离他对公司业务的利益，尽管卢特尼克（Lutnick）拥有股份或扮演执行职务的公司名单远超过800。

In his pre-confirmation hearing with the Senate Commerce Committee, Lutnick confirmed that Cantor “owns a convertible bond with Tether.” The size of this “convertible debt investment” remains unknown, as Lutnick’s written responses to Committee questions stated that the amount “is not a matter of public record.” Lutnick previously said only “no” to queries about whether Cantor held a 5% stake in Tether, meaning it could be higher or lower.

卢特尼克（Lutnick）在参议​​院商务委员会的确认听证会上，确认康托尔（Cantor）“拥有与绳索的可转换债券”。由于卢特尼克（Lutnick）对委员会问题的书面回答指出，“这不是公共记录问题”，因此“可转换债务投资”的规模仍然未知。卢特尼克（Lutnick）此前仅表示“否”询问坎托（Cantor）是否持有系绳持有5％的股份，这意味着它可能更高或更低。

Lutnick has also yet to confirm whether Cantor’s Tether ties means he’ll recuse himself from participating in President Donald Trump’s new Working Group on Digital Assets (aka ‘crypto council’). Led by Trump’s new ‘AI & Crypto Czar’ David Sacks, the working group includes multiple Cabinet members, including the Commerce secretary. Asked specifically by the Committee whether he’d recuse himself, Lutnick said only that he would “follow applicable government ethics laws and regulations.”

卢特尼克（Lutnick）还尚未确认康托尔（Cantor）的束缚关系是否意味着他将退出唐纳德·特朗普（Donald Trump）总统的数字资产新工作组（又名“加密委员会”）。在特朗普的新“ AI＆Crypto czar”大卫·萨克斯（David Sacks）的带领下，工作组包括多个内阁成员，包括商务部长。委员会特别问他是否会撤回自己，卢特尼克只说他将“遵守适用的政府道德法规和法规”。

It’s been over a year since Lutnick went public with claims that Cantor acts as custodian for Tether’s alleged ~$100 billion worth of U.S. T-bills. But Tether has never allowed anyone to audit its books, leaving many observers skeptical regarding the reality of the reserve assets supporting the now nearly $142 billion in issued USDT tokens.

自卢特尼克（Lutnick）公开声称坎托（Cantor）担任托瑟（Tether）所称价值约1000亿美元的美国T-bills的托管人以来，已经有一年多了。但是Tether从未允许任何人审核其书籍，因此，许多观察家就支持当今已发行的USDT代币的储备资产的现实持怀疑态度。

The Committee also probed Lutnick regarding a late-2024 Wall Street Journal (WSJ) report that claimed he’d given assurances to Tether founder Giancarlo Devasini that he’d use his longstanding personal friendship with Trump to “defuse threats” to Tether by U.S. legislative bodies, regulatory agencies and/or law enforcement.

该委员会还对卢特尼克（Lutnick）进行了有关2024年后期华尔街日报（WSJ）的报告，该报告声称他对Tether创始人Giancarlo Devasini保证，他将利用他与特朗普的长期个人友谊来“削弱我们的特朗普”，以使我们的立法“削弱”蒂瑟机构，监管机构和/或执法部门。

In response, Lutnick said only that he’d “never suggested to anyone that I would do anything improper with respect to Tether.” But Lutnick also told the Committee that “Congress should be careful not to undermine dollar hegemony on blockchain through legislation.”

作为回应，卢特尼克只说他“从来没有向任何人建议我对束带做任何不当的事情。”但卢特尼克（Lutnick）还告诉委员会，“国会应小心，不要通过立法破坏区块链的美元霸权。”

Tether supporters like to claim that dollar-denominated stablecoins that invest in T-bills are helping shore up support for the greenback as the world’s reserve currency. They studiously avoid the reality that Tether’s $113 billion in ‘direct and indirect’ T-bill exposure represents less than 0.004% of the $28.5 trillion worth of T-bills currently circulating in the wild. Hell, the total market cap of all dollar-denominated stables is only 0.08% of the $2.7 trillion worth of T-bills issued last month alone.

Tether的支持者喜欢声称投资于T-Bills的美元计价的Stablecoins正在帮助支持绿色作为世界储备货币的支持。他们刻薄地避免了一个现实，即特ether在“直接和间接”的T-Bill曝光中的1,130亿美元不到目前在野外流通的28.5万亿美元的T-Bills的0.004％。地狱，所有以美元计价的马s的总市值仅为上个月发行的2.0万亿美元的$ 2.08％。

Tether loves its gold, loans, and BTC

系绳喜欢它的黄金，贷款和BTC

Apart from its T-bills, Tether’s most recent attestation-not-an-audit shows its reserve assets include nearly $8 billion worth of BTC tokens, $8.2 billion in ‘secured loans,’ $5.3 billion in ‘precious metals’ and $4 billion worth of ‘other investments.’

除了其T-bills外，Tether的最新证明是，其储备资产还包括近80亿美元的BTC代币，82亿美元的“有抵押贷款”，53亿美元的“贵金属”和40亿美元的价值“其他投资。”

None of these qualify as acceptable reserve assets in the bevy of new stablecoin bills currently circulating in Congress. A recent JPMorgan (NYSE: JPM) report pointed out that Tether would have to convert all of its “noncompliant assets” into T-bills or dollars to conform to the fine print of these legislative documents.

在当前在国会中流传的新稳定法案中，这些都不是可接受的储备资产。 JPMorgan（NYSE：JPM）的一份报告指出，Tether将不得不将其所有“不合规资产”转换为T-bills或美元，以符合这些立法文件的精美印刷品。

Only two-thirds of Tether’s current reserves would be compliant under the provisions in the House of Representatives’ STABLE Act, while the Senate’s GENIUS Act would allow 83% of Tether’s current reserves.

根据《众议院稳定法案》中的规定，Tether目前的储备只有三分之二，而参议院的天才法案将允许Tether目前的储备中的83％。

JPMorgan further questioned whether Tether was capable of complying with the bills’ requirements to submit reserve assets to external accounting scrutiny, something Tether has resolutely refused to do despite nearly a decade’s worth of promises, vows and pinky swears.

摩根大通进一步质疑，戴特（Tether）是否能够遵守法案对储备资产进行外部会计审查的要求，尽管近十年的诺言，誓言和小指誓言的价值将近十年，但特ether绝对拒绝了。

Tether CEO Paolo Ardoino was quick to respond publicly to JPMorgan’s musings, claiming its analysts “are salty because they don’t own Bitcoin.” In a more expansive response later that day, Ardoino argued that “Tether’s group equity (on top of stablecoin reserves) is over $20 billion in other very liquid assets,” while Tether’s alleged profits from its investments offer an extra big cushion in case of any hard landing.

Tether首席执行官Paolo Ardoino迅速对摩根大通的沉思公开反应，声称其分析师“因为不拥有比特币，所以很咸。”在当天晚些时候的一个更广泛的回应中，阿多利诺认为“绿o的集体股权（在稳定储备金之上）的其他非常流动性的资产超过200亿美元”，而Tether所谓的投资中所谓的利润则提供了任何额外的大垫子。硬着陆。

But another common feature of the proposed stable bills is the focus on so-called ‘payment stablecoins,’ aka

但是，拟议稳定法案的另一个共同特征是重点是所谓的“付款stablecoins”，又名