Tether (USDT) 市值因欧盟新规则而下降，但亚洲和美国的主导地位提供了坚实的缓冲

Tether 与美元挂钩的稳定币 USDT 在经历了最严重的低迷之后，正在应对复杂的监管环境

Tether’s stablecoin, pegged to the U.S. dollar and known as USDT, is facing a regulatory quagmire after experiencing its steepest downturn since the crypto winter of 2022, which was sparked by the collapse of FTX. The implementation of the EU’s Markets in Crypto-Assets (MiCA) regulation on December 30 has further fueled speculation about USDT’s fate.

Tether 与美元挂钩的稳定币 USDT 在经历了自 2022 年加密货币寒冬以来最严重的低迷之后，正面临监管泥潭。 12 月 30 日欧盟加密资产市场（MiCA）监管的实施进一步加剧了人们对 USDT 命运的猜测。

But what exactly is happening, and what does it mean for the future of USDT? Let’s break it down.

但究竟发生了什么，这对 USDT 的未来意味着什么？让我们来分解一下。

According to on-chain data, USDT’s market cap fell by about 1.2% this week, dropping from a December peak of $140 billion to $137 billion. This downturn has raised concerns about potential volatility and the long-term stability of Tether within the European market.

链上数据显示，USDT 市值本周下跌约 1.2%，从 12 月峰值 1400 亿美元跌至 1370 亿美元。这种低迷引发了人们对欧洲市场 Tether 潜在波动性和长期稳定性的担忧。

The speculation intensified after major exchanges, including Coinbase, delisted USDT in the EU to comply with MiCA requirements.

在 Coinbase 等主要交易所为遵守 MiCA 要求而在欧盟下架 USDT 后，猜测愈演愈烈。

But here’s the thing: despite the market cap dip, Tether remains a massive player in the crypto space, with its reach extending far beyond the European Union.

但事情是这样的：尽管市值下降，Tether 仍然是加密货币领域的重要参与者，其影响力远远超出了欧盟。

Industry experts have largely downplayed concerns about USDT’s future, highlighting the token’s resilience in being traded heavily outside the EU. For instance, Karen Tang, APAC partnerships lead at Orderly Network, and social media analyst Axel Bitblaze pointed out that 80% of USDT’s trading volume originates in Asia.

行业专家在很大程度上淡化了对 USDT 未来的担忧，强调了该代币在欧盟以外大量交易的弹性。例如，Orderly Network 亚太区合作伙伴主管 Karen Tang 和社交媒体分析师 Axel Bitblaze 指出，USDT 80% 的交易量来自亚洲。

Bitblaze noted that Tether’s market dominance in regions like Asia and the U.S. provides a buffer against any potential fallout from EU regulations. Moreover, Tang said that MiCA’s strict requirements might end up stifling innovation within the EU, giving Tether an edge in less-regulated markets.

Bitblaze 指出，Tether 在亚洲和美国等地区的市场主导地位为应对欧盟法规的任何潜在影响提供了缓冲。此外，Tang 表示，MiCA 的严格要求可能最终会抑制欧盟内部的创新，从而使 Tether 在监管较少的市场中获得优势。

MiCA’s stablecoin regulations came into partial effect in July, with the full framework being enforced as of December 30, 2024. The rules require stablecoin issuers to obtain specific licenses for operating e-money and asset-referenced tokens.

MiCA 的稳定币法规于 7 月部分生效，完整框架于 2024 年 12 月 30 日起执行。该规则要求稳定币发行人获得运营电子货币和资产参考代币的特定许可证。

While Circle’s USDC became the first major stablecoin to secure a MiCA license, Tether has also been preparing for compliance by investing in EU-based blockchain firms, such as StablR and Quantoz. CEO Paolo Ardoino has stated that Tether is committed to remaining operational within the EU.

虽然 Circle 的 USDC 成为第一个获得 MiCA 许可证的主要稳定币，但 Tether 也一直在通过投资 StablR 和 Quantoz 等欧盟区块链公司来为合规做准备。首席执行官保罗·阿多伊诺 (Paolo Ardoino) 表示，Tether 致力于在欧盟范围内保持运营。

With USDT being unable to be traded on MiCA-compliant exchanges at the moment, traders can still store their assets in non-custodial wallets, which provides a temporary solution for European users.

由于USDT目前无法在符合MiCA标准的交易所进行交易，交易者仍然可以将资产存储在非托管钱包中，这为欧洲用户提供了临时解决方案。

Ardoino has said that Tether is ready to adapt and that abandoning the EU market is not in the company’s plans. This proactive approach highlights Tether’s resilience in navigating regulatory challenges and maintaining its position as a leading stablecoin in the global crypto landscape.

Ardoino 表示，Tether 已准备好适应，放弃欧盟市场不在该公司的计划之内。这种积极主动的做法凸显了 Tether 在应对监管挑战和保持全球加密领域领先稳定币地位方面的韧性。

For updates on Tether’s compliance strategies and market performance, it’s crucial to stay connected with industry developments and follow trusted sources for accurate insights.

要了解 Tether 合规策略和市场表现的最新信息，与行业发展保持联系并遵循可信来源以获得准确的见解至关重要。