交易所等待监管明确，Tether (USDT) 下架传闻在欧洲流传

虽然 Coinbase 因预期 MiCA 已经下架了 USDT，但币安和 Crypto.com 等其他知名交易所仍在等待监管机构的澄清，继续交易这种稳定币。

Coinbase Proactively Delisted USDT

Coinbase主动下架USDT

A clear sign of trouble for USDT in Europe emerged earlier this month when Coinbase, a major U.S.-based exchange, delisted Tether for its EU customers. The company cited compliance concerns in light of MiCA’s upcoming requirements. Coinbase’s decision sparked heated discussions throughout the crypto community, with some applauding the precautionary approach and others arguing that Tether’s fate should depend on explicit guidance from European regulators.

本月早些时候，当美国主要交易所 Coinbase 为其欧盟客户下架 Tether 时，USDT 在欧洲出现了明显的麻烦。鉴于 MiCA 即将提出的要求，该公司提出了合规问题。 Coinbase 的决定引发了整个加密社区的热烈讨论，一些人对这种预防性做法表示赞赏，另一些人则认为 Tether 的命运应该取决于欧洲监管机构的明确指导。

Despite Coinbase’s move, no official EU body has formally deemed USDT non-compliant. MiCA imposes stringent standards on stablecoin issuers, including e-money licenses, independent reserves in recognized banks, and detailed disclosure obligations. However, the European Securities and Markets Authority (ESMA) has yet to confirm whether Tether meets or fails these benchmarks.

尽管 Coinbase 采取了这一举措，但欧盟官方机构尚未正式认定 USDT 不合规。 MiCA 对稳定币发行人施加了严格的标准，包括电子货币许可证、认可银行的独立储备以及详细的披露义务。然而，欧洲证券和市场管理局（ESMA）尚未确认 Tether 是否达到或未达到这些基准。

Exchanges Adopting a ‘Wait-and-See’ Approach

交易所采取“观望”态度

While Coinbase took swift action, other prominent exchanges have adopted a more cautious approach. Binance and Crypto.com still list USDT for EU clients, and many exchanges appear to be awaiting explicit directives from European regulators before deciding whether to follow Coinbase’s lead. Some analysts suggest that these platforms may opt for a phased delisting—if it becomes necessary—to minimize market disruptions.

尽管 Coinbase 迅速采取了行动，但其他知名交易所却采取了更为谨慎的态度。 Binance 和 Crypto.com 仍然为欧盟客户列出 USDT，许多交易所似乎正在等待欧洲监管机构的明确指示，然后再决定是否效仿 Coinbase 的做法。一些分析师表示，如果有必要，这些平台可能会选择分阶段退市，以尽量减少对市场的干扰。

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, notes that “no regulators have explicitly stated that USDT isn’t compliant, but this does not mean that it is.” He also indicates that differing responses from exchanges—some delisting quickly, others waiting for definitive statements—may create confusion in the short term. Bloomberg has reported that many European exchanges will likely delist Tether by December 30. However, no official timetable has been confirmed by ESMA or any other EU supervisory authority.

MiCA 加密货币联盟技术委员会成员 Juan Ignacio Ibañez 指出，“没有监管机构明确表示 USDT 不合规，但这并不意味着它不合规。”他还表示，交易所的不同反应——一些交易所迅速退市，另一些等待明确的声明——可能会在短期内造成混乱。彭博社报道称，许多欧洲交易所可能会在 12 月 30 日之前将 Tether 下架。不过，ESMA 或任何其他欧盟监管机构尚未确认官方时间表。

Impact on Liquidity and Market Stability

对流动性和市场稳定的影响

Tether (USDT) is the largest stablecoin by market capitalization, and it has long been a linchpin of liquidity on digital asset exchanges. Its removal from key European trading venues could significantly affect cross-border transactions, arbitrage opportunities, and overall market depth. Many crypto traders rely on USDT pairs for convenient and rapid movement between cryptocurrencies and fiat-like assets, especially during periods of high volatility.

Tether（USDT）是市值最大的稳定币，长期以来一直是数字资产交易所流动性的关键。将其从欧洲主要交易场所移除可能会严重影响跨境交易、套利机会和整体市场深度。许多加密货币交易者依靠 USDT 货币对在加密货币和法定资产之间方便、快速地流动，尤其是在高波动时期。

If USDT disappears from EU exchanges, European traders may turn to alternatives like Circle’s USDC, which already holds an e-money license in the EU, or euro-backed stablecoins, market observers say. However, this transition could introduce new frictions, such as additional trading fees, fewer trading pairs, or less liquidity. Pascal St-Jean, CEO of crypto asset manager 3iQ Corp., has highlighted Tether’s centrality by noting that “a vast proportion of crypto assets trade in pairs against Tether’s USDT.”

市场观察人士表示，如果 USDT 从欧盟交易所消失，欧洲交易者可能会转向其他替代品，例如 Circle 的 USDC（已在欧盟持有电子货币许可证）或欧元支持的稳定币。然而，这种转变可能会带来新的摩擦，例如额外的交易费用、交易对减少或流动性减少。加密资产管理公司 3iQ Corp. 的首席执行官 Pascal St-Jean 强调了 Tether 的中心地位，指出“很大一部分加密资产与 Tether 的 USDT 成对交易”。

Regulatory Hurdles and Transitional Phases

监管障碍和过渡阶段

Under MiCA, stablecoin issuers must secure licenses and maintain transparent reserves. The regulation’s implementation phase officially ends on December 30, 2024, but the legislation also includes an 18-month “grandfathering” period that can extend compliance deadlines to mid-2026 for some entities. During this transitional window, providers already operating under national laws in EU member states may continue services while working toward full authorization.

根据 MiCA，稳定币发行人必须获得许可证并保持透明的储备。该法规的实施阶段于 2024 年 12 月 30 日正式结束，但该立法还包括 18 个月的“祖父”期，可以将某些实体的合规期限延长至 2026 年中期。在此过渡窗口期间，已经根据欧盟成员国国家法律运营的提供商可以继续提供服务，同时努力获得全面授权。

ESMA has published a list of how different EU jurisdictions plan to apply these transitional measures, with some allowing up to 18 months of “grandfathering” and others permitting shorter timeframes of six to 12 months. This patchwork of transitional periods could lead to inconsistent approaches across member states, further complicating the stablecoin landscape.

ESMA 公布了不同欧盟司法管辖区计划如何实施这些过渡措施的清单，其中一些司法管辖区允许长达 18 个月的“祖父政策”，另一些则允许更短的 6 至 12 个月的时间范围。这种过渡时期的拼凑可能会导致成员国之间采取不一致的做法，从而使稳定币格局进一步复杂化。

Social Media Speculation and Corporate Response

社交媒体猜测和企业反应

Amid the regulatory uncertainty, rumors have been circulating on crypto forums and social media about Tether’s immediate delisting from EU platforms. A tweet by one influencer, “@RippleXrpie,” claimed that “$USDT will be delisted from EU exchanges” on December 30, predicting another stablecoin would fill the gap. While such commentary has fueled fear, uncertainty, and doubt (FUD), no formal pan-EU delisting mandate has been announced.

在监管不确定性的情况下，加密货币论坛和社交媒体上流传着有关 Tether 立即从欧盟平台下架的传言。一位影响者“@RippleXrpie”在推特上声称“$USDT 将于 12 月 30 日从欧盟交易所下架”，并预测另一种稳定币将填补这一空白。尽管此类评论加剧了恐惧、不确定性和怀疑 (FUD)，但尚未宣布正式的泛欧盟除名授权。

Paolo Ardoino, CEO of Tether, has repeatedly dismissed the speculation as a “poorly coordinated effort” by competitors and critics. The company maintains its belief that Tether’s reserves are secure and that it is making strides toward regulatory compliance worldwide. Nevertheless, Tether has not yet obtained the official license that MiCA requires for stablecoin issuers, unlike its rival Circle, which has been MiCA-compliant since mid-2024.

Tether 首席执行官保罗·阿多伊诺 (Paolo Ardoino) 多次驳斥了这一猜测，称其为竞争对手和批评者“协调不力”。该公司坚信 Tether 的储备是安全的，并且正在朝着全球监管合规方向迈进。尽管如此，Tether 尚未获得 MiCA 对稳定币发行人要求的官方许可，这与竞争对手 Circle 不同，后者自 2024 年中期以来一直符合 MiCA 标准。

Past Scrutiny and the ‘Too Big to Fail’ Debate

过去的审查和“太大而不能倒”的争论

Tether has long been a subject of intense scrutiny regarding its reserve transparency, with some questioning the adequacy of its attestations. In recent years, the company has faced legal challenges and fines from various authorities, yet it has continued to expand globally. With a market value once reported at over $138 billion, some market analysts argue that Tether has attained a “too big to fail” status within the

Tether 长期以来一直因其储备透明度而受到严格审查，一些人质疑其证明的充分性。近年来，该公司面临着来自各个当局的法律挑战和罚款，但它仍在全球范围内不断扩张。据报道，Tether 的市值一度超过 1380 亿美元，一些市场分析师认为，Tether 已经达到了“太大而不能倒”的地位。