Tether (USDT) 市场失势：MiCA 监管导致稳定币下跌 1%

加密市场上最大的稳定币 Tether（USDT）在 MiCA 的影响下，过去一周的市值损失了 1%。

Stablecoin Tether (USDT) has seen a 1% loss in capitalization over the past week due to the effects of MiCA.

由于 MiCA 的影响，稳定币 Tether (USDT) 过去一周的资本损失了 1%。

This translates to a drop of $1.46 billion, coming after two other negative weeks, for a total loss of $2.9 billion from the peak of December 21st.

这意味着在经历了另外两周的负值之后，损失达 14.6 亿美元，与 12 月 21 日的峰值相比，总损失达 29 亿美元。

Investors are spooked by the new European "Market in Crypto Assets" (MiCA) regulation, and are shifting their liquidity elsewhere.

投资者对欧洲新的“加密资产市场”（MiCA）监管感到震惊，并正在将其流动性转移到其他地方。

Some exchanges in the European Union are choosing to delist USDT due to compliance issues.

欧盟部分交易所因合规问题选择下架USDT。

For example, Coinbase recently delisted the asset for its European users, leading to FUD about USDT being "banned" in Europe.

例如，Coinbase 最近为欧洲用户下架了该资产，导致人们对 USDT 在欧洲被“禁止”感到恐惧。

Over the past 3 weeks, USDT has lost a total of 2.3% of its market-cap, while still remaining pegged to $1.

过去 3 周，USDT 市值总计下跌 2.3%，但仍与 1 美元挂钩。

MiCA came into effect on December 30th, 2024, and requires crypto asset issuers to have a specific license to offer or publicly trade ART or EMT tokens.

MiCA 于 2024 年 12 月 30 日生效，要求加密资产发行者拥有特定许可证才能提供或公开交易 ART 或 EMT 代币。

An ART is a currency that aims to maintain a stable value relative to another asset, such as gold or fiat currencies, while an ERT replicates the value of a single national currency, like USDT.

ART 是一种旨在相对于其他资产（例如黄金或法定货币）保持稳定价值的货币，而 ERT 则复制单一国家货币（例如 USDT）的价值。

MiCA specifies that only authorized banks and financial intermediaries can trade ERT tokens to European customers.

MiCA 规定，只有获得授权的银行和金融中介机构才能向欧洲客户交易 ERT 代币。

Specifically, these tokens, like USDT, must be supervised by the European Banking Authority (ABE) and must deposit collateral assets with a credit institution in the EU.

具体来说，这些代币与 USDT 一样，必须受到欧洲银行管理局（ABE）的监管，并且必须将抵押资产存入欧盟的信贷机构。

With MiCA, the stablecoin USDT is effectively made illegal within the Eurozone, although the majority of its trading volume occurs elsewhere.

通过 MiCA，稳定币 USDT 在欧元区实际上被视为非法，尽管其大部分交易量发生在其他地方。

According to crypto analyst Bitblaze, Asia holds the largest market share, minimizing the impact of the delistings mandated by the new regulation.

加密货币分析师 Bitblaze 表示，亚洲拥有最大的市场份额，最大限度地减少了新规定强制退市的影响。

The negative blow to Tether in the markets could be part of a temporary FUD that is destined to dissolve.

市场对 Tether 的负面打击可能是暂时的 FUD 的一部分，而这种 FUD 注定会消失。

USDT records biggest drop since FTX collapse: what does it mean for bull and bear markets?

USDT创FTX崩盘以来最大跌幅：对牛市和熊市意味着什么？

As mentioned, the drop in USDT marks the biggest loss since November 2022, during the collapse of the FTX exchange.

如前所述，USDT 的下跌标志着自 2022 年 11 月 FTX 交易所崩溃以来的最大损失。

At the time, the cryptocurrency lost 4.32% of its capitalization in just one week, which corresponded to an outflow of $3 billion.

当时，这种加密货币在短短一周内就损失了 4.32% 的资本，相当于流出了 30 亿美元。

Another similar occasion where USDT experienced a severe drawdown was in May 2022, during the Terra-Luna bubble.

USDT 经历的另一个类似的严重回撤是在 2022 年 5 月，Terra-Luna 泡沫期间。

In both cases, the drop in the stablecoin coincided with an event that turned out to be the catalyst for a major move.

在这两种情况下，稳定币的下跌都与最终成为重大走势催化剂的事件同时发生。

In May 2022, as USDT lost ground, the arrival of the bear market on Bitcoin and the entire crypto sector became evident.

2022年5月，随着USDT的下跌，比特币乃至整个加密行业的熊市已经到来。

In November of the same year, the last bearish phase of Bitcoin's cycle began, anticipating the subsequent bull market.

同年11月，比特币周期的最后一个看跌阶段开始，预示着随后的牛市。

This time, however, USDT's troubles may not have a significant impact like on those past occasions. 

不过，这一次 USDT 的麻烦可能不会像过去那样造成重大影响。

The market scenario is notably different compared to 3 years ago, and Tether's capitalization is now much larger.

与 3 年前相比，市场情况明显不同，Tether 的市值现在也大得多。

This drop in USDT is unlikely to be the prelude to a new bear market, given the many positive factors in the market.

鉴于市场上存在诸多利好因素，USDT此次下跌不太可能成为新一轮熊市的前奏。

At the same time, we cannot yet claim to be facing a new bull market, since we are still in the midst of a bull cycle that began several months ago.

与此同时，我们还不能声称面临新的牛市，因为我们仍处于几个月前开始的牛市周期之中。

What happened to USDT appears as an atypical drop in capitalization in the current scenario, triggered by the FUD of the MiCA regulation and by the uncertainty of investors towards a phantom ban in Europe.

在当前情况下，USDT 发生的情况似乎是非典型的资本下降，这是由 MiCA 监管的 FUD 以及投资者对欧洲幻影禁令的不确定性引发的。

In any case, nothing worrying, nor particularly exciting, for the short-term future of the bull and bear crypto speculative markets.

无论如何，对于牛市和熊市加密货币投机市场的短期未来来说，没有什么值得担心的，也不是特别令人兴奋的。

Shifting landscape in the stablecoin sector: MiCA favors USDC

稳定币行业格局的转变：MiCA 青睐 USDC

If USDT seems to be penalized by the MiCA regulation, another stablecoin is gaining positive traction: USDC.

如果说 USDT 似乎受到 MiCA 监管的惩罚，那么另一种稳定币正在获得积极的关注：USDC。

The latter emerges as a "MiCa compliant" coin since it meets all the constraints of the new regulation, such as depositing at least 60% of the reserves with suitable European banking institutions.

后者成为“MiCa 合规”代币，因为它满足新法规的所有限制，例如将至少 60% 的准备金存入合适的欧洲银行机构。

Over the past 3 weeks, USDC has recorded a trend opposite to its competitor stablecoin, adding $1.7 billion in capitalization.

过去 3 周，USDC 的趋势与其竞争对手稳定币相反，市值增加了 17 亿美元。

To be precise, Circle's currency has been growing since the beginning of 2024, when there was already talk about the potential effects of MiCA, even though during the same period USDT also rose significantly.

准确来说，Circle 的币种自 2024 年初以来就一直在增长，当时就已经有人谈论 MiCA 的潜在影响，尽管同期 USDT 也大幅上涨。

Now it is possible that the euphoria for USDC may cool down, bringing capital back to the more widely traded USDT.

现在，对 USDC 的狂热可能会降温，从而将资金带回交易更广泛的 USDT。

It's worth noting that USDT is the largest stablecoin in the entire crypto sector, with a value of holdings amounting to $137.3 billion.

值得注意的是，USDT是整个加密货币领域最大的稳定币，持有价值达1373亿美元。

USDC, in comparison, has a market cap of "only" $43.7 billion, less than a third of the first place holder.

相比之下，USDC 的市值“仅为”437 亿美元，不到第一名的三分之一。

On the Ethereum blockchain, Paolo Ardoino's (CEO of Tether

在以太坊区块链上，Paolo Ardoino（Tether 首席执行官