Tether (USDT) 面临十字路口，总法律顾问因法律过渡和 MiCA 法规生效而离职

最近的领导层变动和欧盟加密资产市场监管 (MiCA) 的颁布加剧了围绕该公司稳定性的问题。

Recent leadership changes and the enactment of the European Union’s Markets in Crypto Assets Regulation (MiCA) have heightened questions surrounding the company’s stability. Tether’s challenges are compounded by rival cryptocurrencies gaining ground, with Ripple’s XRP recently overtaking USDT in market capitalization. In addition, price predictions for XRP in 2025 are growing in value, as Ripple’s own RLUSD stablecoin launches in competition with Tether,

最近的领导层变动和欧盟加密资产市场监管 (MiCA) 的颁布加剧了围绕该公司稳定性的问题。 Tether 面临的挑战因竞争对手加密货币的崛起而变得更加复杂，Ripple 的 XRP 最近在市值上超过了 USDT。此外，随着 Ripple 自己的 RLUSD 稳定币推出与 Tether 竞争，对 2025 年 XRP 的价格预测越来越有价值，

General Counsel Departs Amid Legal Transitions

总法律顾问在法律过渡期间离职

Stuart Hoegner, Tether’s longstanding general counsel, stepped down from his role after serving both Tether and its sister firm Bitfinex for nearly a decade. He also changed his X profile to reflect the same. Professionals close to the matter say Hoegner’s leadership was instrumental in navigating complex regulatory challenges, from early stablecoin compliance efforts to high-profile inquiries.

Tether 的长期总法律顾问斯图尔特·霍格纳 (Stuart Hoegner) 在为 Tether 及其姐妹公司 Bitfinex 服务近十年后辞去了职务。他还更改了他的 X 个人资料以反映同样的情况。熟悉此事的专业人士表示，赫格纳的领导力在应对复杂的监管挑战方面发挥了重要作用，从早期的稳定币合规工作到备受瞩目的调查。

Tether confirmed that Michael Hilliard, who previously co-led legal operations alongside Hoegner, will succeed him as the new general counsel, taking charge in a period marked by heightened scrutiny of stablecoin issuers.

Tether 确认，此前与 Hoegner 共同领导法律业务的 Michael Hilliard 将接替他担任新的总法律顾问，在稳定币发行人受到严格审查的时期负责。

Hoegner’s retirement follows other executive shifts at Tether. Last year, the company parted ways with its CEO, while it also saw changes in compliance leadership, including the departure of its Chief Compliance Officer. According to senior figures familiar with the developments, Tether aims to strengthen its legal and compliance teams to address ongoing regulatory demands in Europe and elsewhere.

Hoegner 退休之前，Tether 还进行了其他高管变动。去年，该公司与首席执行官分道扬镳，同时合规领导层也发生了变化，包括首席合规官的离职。据熟悉事态发展的高级人士透露，Tether 旨在加强其法律和合规团队，以满足欧洲和其他地区持续的监管要求。

MiCA Sparks European Uncertainty

MiCA 引发欧洲的不确定性

Tether’s internal upheavals coincide with the onset of the EU’s MiCA regulations, which took effect on December 30. MiCA sets tighter rules for stablecoin issuers, including requirements to hold an Electronic Money Institution (EMI) license, maintain sufficient liquid reserves for instant redemption, and keep at least 60% of reserves in low-risk EU-based banks. These standards aim to improve transparency and investor protection but pose questions about how Tether will adjust its operations to comply.

Tether 的内部剧变恰逢欧盟 MiCA 法规于 12 月 30 日生效。MiCA 为稳定币发行人制定了更严格的规则，包括要求持有电子货币机构 (EMI) 许可证、保持足够的流动性储备以供即时赎回，以及将至少 60% 的准备金存放在低风险的欧盟银行中。这些标准旨在提高透明度和投资者保护，但也对 Tether 将如何调整其运营以遵守这些标准提出了疑问。

Several exchanges, including Coinbase Europe, have already delisted USDT for EU customers, citing compliance concerns. While Tether continues to operate on multiple blockchains and issues tokens on various networks, some market participants say the company faces an uphill battle to adapt to MiCA’s rigorous guidelines. Tether’s reluctance to publicly disclose certain specifics of its reserves has fueled ongoing debates about its readiness to meet these standards.

包括 Coinbase Europe 在内的多家交易所已经以合规问题为由，为欧盟客户下架了 USDT。尽管 Tether 继续在多个区块链上运营并在各种网络上发行代币，但一些市场参与者表示，该公司在适应 MiCA 的严格指导方针方面面临着一场艰苦的战斗。 Tether 不愿公开披露其储备的某些细节，这引发了关于其是否准备好满足这些标准的持续争论。

Market Cap Slide and Competition from XRP

市值下滑和 XRP 的竞争

Before MiCA took effect, USDT enjoyed a peak market capitalization exceeding $141 billion. However, it has dropped by around $1.6 billion in recent weeks, slipping to about $137 billion. This contraction marks the largest decline since late 2022. Observers attribute the drop not only to regulatory uncertainties but also to shifting trader preferences toward emerging stablecoins and the continued rise of competitor tokens.

MiCA生效前，USDT市值峰值超过1410亿美元。然而，最近几周该数字下降了约 16 亿美元，降至约 1,370 亿美元。此次收缩标志着 2022 年底以来的最大跌幅。观察人士将这一下降不仅归因于监管不确定性，还归因于交易者偏好转向新兴稳定币以及竞争对手代币的持续上涨。

In a pivotal development, Ripple’s XRP ledger token climbed above $138 billion in market capitalization, overtaking USDT for the third spot among cryptocurrencies. XRP’s ascent, buoyed by bullish momentum, underscores the pressure on Tether to reassure investors of USDT’s ability to weather heightened scrutiny. Industry analysts note that market cap reshuffles often reflect broader sentiment shifts, and Tether’s performance in Europe will likely continue to shape investor confidence.

Ripple 的 XRP 账本代币的市值攀升至 1380 亿美元以上，超越 USDT，成为加密货币中的第三位。在看涨势头的推动下，XRP 的上涨凸显了 Tether 面临的压力，需要让投资者相信 USDT 有能力经受更严格的审查。行业分析师指出，市值重组通常反映了更广泛的情绪变化，而 Tether 在欧洲的表现可能会继续影响投资者的信心。

Yield-Bearing Stablecoins and Broader Challenges

具有收益的稳定币和更广泛的挑战

Beyond MiCA and XRP, Tether also faces growing competition from yield-bearing stablecoins and licensed alternatives such as Circle’s USD Coin (USDC), and Ripple’s RLUSD stablecoin. Circle, which has made strides in obtaining EU regulatory approval, could attract users seeking compliance assurances and potential yield opportunities. Some platforms have expanded yield-bearing products for stablecoins, making the choice between USDT and its rivals increasingly stark.

除了 MiCA 和 XRP 之外，Tether 还面临着来自收益稳定币和许可替代品的日益激烈的竞争，例如 Circle 的美元硬币 (USDC) 和 Ripple 的 RLUSD 稳定币。 Circle 在获得欧盟监管批准方面取得了长足进步，可以吸引寻求合规保证和潜在收益机会的用户。一些平台扩大了稳定币的收益产品，使得USDT和竞争对手之间的选择变得越来越严峻。

Additionally, questions linger over Tether’s reserve structure. While the company periodically publishes reserve attestations, professionals point out that ongoing skepticism in parts of the crypto community signals a persistent demand for greater transparency. This skepticism has intensified as Tether explores new markets and products, drawing more regulatory attention at home and abroad.

此外，Tether 的储备结构仍存在疑问。尽管该公司定期发布储备证明，但专业人士指出，加密货币社区部分地区持续存在的怀疑表明对更高透明度的持续需求。随着 Tether 探索新市场和新产品，引起国内外监管机构更多关注，这种怀疑情绪愈演愈烈。

In the wake of its general counsel’s resignation, Tether finds itself at a crossroads as it contends with executive turnover, competition from alternative stablecoins, and the weight of new EU regulations. Hilliard is expected to guide the company through its legal transformation, but the broader landscape remains challenging. How Tether adapts to MiCA requirements, addresses liquidity questions, and sustains investor trust will likely determine its long-term status in the rapidly evolving cryptocurrency arena.

在总法律顾问辞职后，Tether 发现自己处于十字路口，因为它面临着高管更替、来自替代稳定币的竞争以及欧盟新法规的压力。希利亚德预计将指导该公司完成法律转型，但更广泛的前景仍然充满挑战。 Tether 如何适应 MiCA 要求、解决流动性问题并维持投资者信任将可能决定其在快速发展的加密货币领域的长期地位。

For now, USDT retains its status as a cornerstone of digital asset trading, but recent developments suggest it will have to work harder to solidify its position.

目前，USDT 仍保持着数字资产交易基石的地位，但最近的事态发展表明，它必须更加努力地巩固其地位。