系绳（USDT）是加密的基石。这也可能是其最大的风险。

稳定的股币与美元等现实世界中的商品挂钩。它们充当加密货币和菲亚特市场之间的桥梁，并在分散的金融中发挥关键作用。

Almost every conversation or article about cryptocurrency mentions at least one reason to be concerned. Whether it's volatility, limited investor protections, or high potential for fraud, there's no shortage of worries. But there's one risk that doesn't get nearly enough attention: stablecoin Tether (USDT 0.02%).

几乎每次有关加密货币的对话或文章都提到至少有一个关注的原因。无论是波动性，有限的投资者保护措施还是欺诈的高潜力，都不乏担忧。但是，有一个风险几乎没有得到足够的关注：Stablecoin束缚（USDT 0.02％）。

Stablecoins are pegged to real-world commodities like the U.S. dollar. They act as a bridge between crypto and fiat markets and play a key role in decentralized finance.

稳定的股币与美元等现实世界中的商品挂钩。它们充当加密货币和菲亚特市场之间的桥梁，并在分散的金融中发挥关键作用。

However, authorities worry they offer bank-like services without following the same regulations. That concern applies to all stablecoins to some degree, and Tether in particular. Tether is the biggest stablecoin by market cap, and authorities have already fined the organization for misleading investors.

但是，当局担心他们提供类似银行的服务而不遵守相同的法规。这种关注在某种程度上适用于所有稳定剂，尤其是束缚。系tether是市值最大的稳定者，当局已经将误导性投资者的组织罚款。

To put it another way, a cornerstone of crypto was probably built on shaky foundations. Moreover, a collapse of Tether would be devastating for the whole industry.

换句话说，加密货币的基石可能是建立在摇摇欲坠的基础上的。此外，束缚的崩溃对整个行业都是毁灭性的。

Does Tether have enough real-world cash?

系带有足够的现实现金吗？

In theory, each USDT (Tether's token) is backed by real-world assets -- aka money in the bank. That's how centralized stablecoins like Tether and its biggest competitor, Circle's USD Coin (USDC -0.01%), maintain their value.

从理论上讲，每个USDT（Tether's代币）都得到现实世界中的资产 - 又名银行中的钱。这就是像Tether和其最大的竞争对手Circle的USD Coin（USDC -0.01％）这样的集中式稳定的人的价值。

Unfortunately, many insiders believe Tether lacks enough cash on hand. If there was a run on USDT, they question whether everybody would get their money back. That's worrisome, given it's a cryptocurrency with a market cap of over $140 billion.

不幸的是，许多内部人士认为，绳索缺乏足够的现金。如果USDT上有跑步，他们会质疑每个人是否都会拿回钱。这是令人担忧的，因为这是一个加密货币，市值超过1,400亿美元。

In fairness, Tether claims each USDT is fully backed. It publishes quarterly reserves reports from major accounting firm BDO Italia on its website. The latest one showed Tether had more than enough funds, the majority of which are held in U.S. Treasury bills.

公平地说，Tether声称每个USDT都是完全支持的。它在其网站上发布了主要会计公司BDO公司的季度储备报告。最新的一本显示，系梅有足够的资金，其中大多数是在美国国库账单中举行的。

This hasn't been enough to reassure Tether's critics. So much so that a December Bloomberg opinion piece warned, "Left unchecked, the stablecoin could threaten both national security and financial stability."

这还不足以使Tether的批评家放心。如此之多，以至于12月的彭博舆论文章警告说：“不受限制地，稳定者可能威胁到国家安全和金融稳定。”

That's partly because BDO's USDT report is an attestation, not an audit. An attestation examines the data a company presents rather than taking a deep dive and actively looking for potential risks. Plus, Tether has a history of being less than transparent.

部分原因是BDO的USDT报告是证明，而不是审计。认证研究了公司提供的数据，而不是深入潜水并积极寻找潜在的风险。另外，系带有不透明的历史。

In 2021, the Commodity Futures Trading Commission (CFTC) fined Tether $41 million for its misleading claim that USDT was fully backed. Investigators examined a 26-month period between 2016 and 2018, during which Tether didn't have enough cash for over 70% of the time.

2021年，商品期货交易委员会（CFTC）因其误导性的USDT得到了完全支持而罚款4100万美元。调查人员检查了2016年至2018年之间的26个月时期，在此期间，Tether在70％的时间内没有足够的现金。

Tether is still in regulators' crosshairs

系绳仍在监管机构的十字准线中

European regulators recently introduced new Markets in Crypto-Assets (MiCA) rules. These rules, which took effect at the start of 2024, require major stablecoins to keep 60% of their reserves in cash deposited in regulated banks.

欧洲监管机构最近引入了加密资产（MICA）规则的新市场。这些规则在2024年初生效，要求主要的稳定币将其60％的储量保留在受管制银行的现金中。

Perhaps unsurprisingly, Tether refuses to play ball. As a result, Kraken, Coinbase (COIN -8.27%), and Crypto.com will delist USDT for their E.U. customers. We don't yet know what steps the U.S. will take, though the new administration is considering a new regulatory framework for crypto.

也许毫不奇怪，系绳拒绝打球。结果，Kraken，Coinbase（Coin -8.27％）和Crypto.com将为他们的欧盟客户提供USDT。我们还不知道美国将采取什么步骤，尽管新政府正在考虑加密的新监管框架。

Reserves aren't the only issue. Last October, The Wall Street Journal reported that Tether faces federal investigations for possible sanctions violations and breaking anti-money laundering rules. Tether CEO Paolo Ardoino strongly refuted these accusations and said the story was based on "rank speculation."

储备不是唯一的问题。去年10月，《华尔街日报》报道说，林区面临联邦调查，以违反制裁并打破反洗钱规则。 Tether首席执行官Paolo Ardoino强烈驳斥了这些指控，并说这个故事是基于“等级猜测”的。

What Tether's troubles mean for investors

系绳的麻烦对投资者意味着什么

As a long-term crypto investor, it is easy to become immune to warnings of impending doom, particularly if you're already managing risk by focusing on the coming decade (or longer) and ensuring crypto represents only a small portion of your portfolio.

作为一名长期加密投资者，很容易受到即将到来的厄运的警告，尤其是如果您已经通过专注于未来十年（或更长的时间）来管理风险并确保加密货币仅代表投资组合的一小部分。

Nonetheless, Tether is a significant player in the crypto industry. As such, the continued questions make it somewhat of a sword of Damocles that hangs over our portfolios. If nothing else, it's a stark reminder only to invest money you can afford to lose.

尽管如此，Tether还是加密行业的重要参与者。因此，持续的问题使它在我们的投资组合上悬挂着一把剑。如果没有别的，这只是一个鲜明的提醒，只是投资您可以负担得起的钱。

The good news is that investors can decrease Tether's dominance. For example, you can buy Circle's USDC instead of USDT. Circle is more transparent about its reserves and works hard to comply with regulations. In case you were wondering, USDC has MiCA approval.

好消息是，投资者可以降低系绳的统治地位。例如，您可以购买Circle的USDC而不是USDT。 Circle对其储量更透明，并努力遵守法规。如果您想知道，USDC获得了云母批准。