Tether 的 USDT 的用途超出了加密货币市场和交易：首席执行官 Paolo Ardoino

阿多伊诺表示，美国以外地区对稳定币的需求更大，尤其是在通货膨胀严重和金融基础设施落后的国家。

Stablecoins, a type of cryptocurrency pegged to a real-world asset, are designed to provide a stable store of value within the crypto market, reducing the volatility associated with cryptocurrencies like bitcoin (BTC). Most stablecoins are linked 1:1 to the U.S. dollar, while others are pegged to other currencies or assets, such as gold.

稳定币是一种与现实世界资产挂钩的加密货币，旨在在加密货币市场中提供稳定的价值存储，减少与比特币 (BTC) 等加密货币相关的波动性。大多数稳定币与美元 1:1 挂钩，而其他稳定币则与其他货币或资产（例如黄金）挂钩。

However, Tether's USDT is not limited to the crypto market. According to Tether CEO Paolo Ardoino, in an interview with Bullish CEO Tom Farley, the stablecoin is also widely used as an alternative to national currencies, especially in countries with high inflation and weak financial infrastructure.

然而，Tether 的 USDT 并不局限于加密货币市场。 Tether 首席执行官 Paolo Ardoino 在接受 Bullish 首席执行官 Tom Farley 采访时表示，稳定币也被广泛用作本国货币的替代品，特别是在通货膨胀率高和金融基础设施薄弱的国家。

Ardoino explained that before the widespread adoption of USDT, people in inflation-stricken countries had to turn to the black market to obtain dollars. However, with USDT now available, they can easily acquire a dollar-denominated asset without resorting to illegal activities.

Ardoino解释说，在USDT广泛采用之前，饱受通货膨胀困扰的国家的人们不得不转向黑市获取美元。然而，现在有了 USDT，他们可以轻松获得以美元计价的资产，而无需诉诸非法活动。

"In the U.S., there are 15 different transport layers for the U.S. dollar. You have banks, credit cards, debit cards. You have Venmo, PayPal, Cash App, and many others ... But who needs a dollar?" said Ardo}

“在美国，美元有 15 个不同的传输层。有银行、信用卡、借记卡。有 Venmo、PayPal、Cash App 等等……但谁需要美元呢？”阿多说}

This broader utility of USDT may contribute to its status not only as the largest stablecoin, with a market cap of nearly $120 billion, but also as the third-largest cryptocurrency overall, behind only bitcoin (BTC) and ether (ETH). It is also more than three times the size of its closest stablecoin rival, Circle's USDC, which has a market cap of $35.6 billion.

USDT 的这种更广泛的用途可能不仅有助于其成为市值近 1200 亿美元的最大稳定币，而且还使其成为第三大加密货币，仅次于比特币 (BTC) 和以太坊 (ETH)。它的规模也是其最接近的稳定币竞争对手 Circle 的 USDC 的三倍多，后者的市值为 356 亿美元。

noOfHolderstablecoinsgeopoliticsintersect: Treasury bills

稳定币持有者数量与地缘政治相交：国库券

The debt provides backing for the cryptocurrency, easily switchable into dollars if USDT holders want to cash out. And, in the meantime, the interest payments roll into Tether's coffers.

该债务为加密货币提供了支持，如果 USDT 持有者想要兑现，可以轻松兑换成美元。与此同时，利息支付也将进入 Tether 的金库。

While the Beijing government, the second-largest holder of U.S. government debt, continues to trim China's holdings of U.S. Treasury bills, stablecoin issuers like Tether have had a voracious appetite for them, scooping up just over $100 billion worth as the People's Bank of China dumps them.

尽管美国国债第二大持有者北京政府继续削减中国持有的美国国债，但像 Tether 这样的稳定​​币发行机构却对美国国债有着巨大的胃口，随着中国人民银行的发行，其价值刚刚超过 1000 亿美元。抛弃他们。

If Tether were a country, data shows, it would have holdings equivalent to Germany and would be closing in on South Korea.

数据显示，如果 Tether 是一个国家，它的持股量将相当于德国，并且将接近韩国。

"We added resiliency to the ownership of the U.S. dollar, so now you don't have one single country, one single decision maker that can sell hundreds of billions of T-bills at once," said Ardoino. "USDT and Tether are the best friends for the U.S. dollar."

阿多伊诺表示：“我们增强了美元所有权的弹性，因此现在不再有一个国家、一个决策者可以同时出售数千亿美元的国库券。” “USDT 和 Tether 是美元最好的朋友。”

Cantor has most of Tether's reserves

Cantor 拥有 Tether 的大部分储备

For most of its history the state of Tether's reserves has been a big question mark, and for good reason.

在其历史的大部分时间里，Tether 的储备状况一直是一个很大的问号，这是有充分理由的。

During its early days the company was repeatedly de-banked and was a bit of a vagabond, having to open and close accounts around the world from Qatar to China, Taiwan and Canada.

在成立之初，该公司多次被取消银行业务，有点像流浪者，不得不在从卡塔尔到中国、台湾和加拿大的世界各地开设和关闭账户。

When USDT's backing was unclear, CoinDesk fought to have the full details of Tether's banking relationships released by the New York State Attorney General, which had obtained them during an investigation. (The stablecoin is banned in New York as part of a settlement). Initially, the NYAG opposed CoinDesk's Freedom of Information Law (FOIL) request for details about the reserves, but a judge dismissed their case.

当 USDT 的支持不明确时，CoinDesk 努力让纽约州总检察长在调查过程中获得 Tether 银行关系的完整细节。 （作为和解协议的一部分，稳定币在纽约被禁止）。最初，NYAG 反对 CoinDesk 的信息自由法 (FOIL) 要求提供有关储备金的详细信息，但法官驳回了他们的案件。

Now, things have changed and the relationship is more simple: Most of the money is managed by financial services firm Cantor Fitzgerald with the bank's CEO, Howard Lutnick, regularly vouching for the stablecoin issuer.

现在，情况发生了变化，关系变得更加简单：大部分资金由金融服务公司 Cantor Fitzgerald 管理，该银行首席执行官霍华德·卢特尼克 (Howard Lutnick) 定期为稳定币发行人提供担保。

Ardoino said that Lutnick would have a perfect line of sight into the reserves backing USDT, and Tether completes the same style of attestation by a large accounting firm as its competitors.

Ardoino 表示，Lutnick 对支持 USDT 的储备拥有完美的视野，而 Tether 则完成了与其竞争对手相同风格的大型会计师事务所认证。

"Whoever believes in these conspiracy theories should get out from their mother's basement," he said, referring to speculation the company doesn't have sufficient backing for USDT.

他说：“任何相信这些阴谋论的人都应该从他们母亲的地下室滚出去。”他指的是对该公司没有足够的 USDT 支持的猜测。

The market doesn't seem to.

市场好像没有。

A Polymarket contract gives a 4% chance that Tether will declare insolvency in 2024, which is lower than the market's belief that a nuclear weapon will be used this year, which comes in at 9%.

Polymarket 合同显示 Tether 在 2024 年宣布破产的可能性为 4%，低于市场对今年将使用核武器的预期（9%）。