为什么Tether（USDT）是美元霸权和在新兴市场中分销的最成功工具

2月25日，Tether（USDT）首席执行官Paolo Ardoino断言：“ USDT是美元霸权和在新兴市场的分销最成功的工具，”

On February 25, Tether (USDT) CEO Paolo Ardoino stated that “USDT is the most successful tool for US dollar hegemony and distribution across emerging markets,” adding that the company holds more than $115 billion in US Treasuries—ranking it as the 18th largest holder globally. However, the most revealing part of his statement was not about the numbers but rather his ambition: “I’ll leave it to you to define a competitor trying to use lawfare to kill an opponent instead of focusing on better products.”

2月25日，Tether（USDT）首席执行官Paolo Ardoino表示：“ USDT是美元霸权和在新兴市场的分销最成功的工具，”该公司在美国财政部中持有超过1,150亿美元的美国国债，将其列为全球第18大持有人。但是，他声明中最揭示的部分不是关于数字的，而是他的野心：“我将其留给您定义一个试图使用法律杀害对手而不是专注于更好的产品的竞争对手。”

In Europe, regulators have recently streamlined the rules for stablecoins, facilitating their adoption across the continent. Markets in Crypto-Assets Regulation is creating robust demand for stablecoins as a currency in settlements. Now, Europe is faced with a final opportunity to build an economy around a stablecoin pegged to the euro.

在欧洲，监管机构最近简化了稳定的规则，促进了他们在整个非洲大陆的采用。 Crypto-Assets法规中的市场正在创造对稳定币作为定居点的货币的强劲需求。现在，欧洲面临着最终的机会，可以围绕欧元固定的稳定币围绕经济发展。

Why are stablecoins important for the economy?

为什么稳定剂对经济很重要？

Stablecoins offer a straightforward mechanism for transactions and calculations. Nevertheless, their significance for Europe goes beyond convenience—they provide states with the opportunity to raise public spending through the issuance of debt. Since stablecoins must be fully backed, their issuers purchase government securities, which they then tokenize.

Stablecoins为交易和计算提供了直接的机制。然而，它们对欧洲的重要性超出了便利性 - 他们为各州提供了通过发行债务来提高公共支出的机会。由于必须完全支持稳定的股币，因此发行人购买了政府证券，然后将其标记。

The launch of a stablecoin ecosystem creates sustained demand for government bonds. In the context of Europe’s growing need for increased defense spending, this is no small feat: stablecoins could enable a higher debt load while fostering the development of private companies that, in turn, further demand for public bonds.

Stablecoin生态系统的启动创造了对政府债券的持续需求。在欧洲对国防支出增加的需求不断增长的背景下，这并不是很小的壮举：Stablecoins可以在促进私人公司的发展，而这反过来又可以进一步对公共债券的需求。

Ultimately, the adoption of stablecoins will directly correspond to Europe’s willingness to expand its government bond market to balance its budget and strengthen the euro’s role in global payments.

最终，采用Stablecoins将直接与欧洲扩大其政府债券市场以平衡其预算并加强欧元在全球支付中的作用的意愿。

Why is the clock ticking?

为什么时钟滴答作响？

The life cycle of innovation follows a predictable pattern, meaning that the window to introduce a euro-backed stablecoin is closing.

创新的生命周期遵循了可预测的模式，这意味着引入欧元支持的稳定的窗口正在关闭。

In the early phase, the market selects the best-performing solutions. As the industry matures, dominant players erect barriers to entry by increasing the cost of launching competitive alternatives. If you miss the first phase, breaking into the market becomes economically unfeasible—similar to how launching a new automotive company today requires astronomical investment.

在早期，市场选择了表现最佳的解决方案。随着行业的成熟，主要参与者通过增加推出竞争替代方案的成本来建立进入障碍。如果您错过了第一阶段，那么进入市场就会在经济上不可行，这相似，今天成立一家新的汽车公司需要天文投资。

The same applies to blockchain. Crypto’s garage-phase economy is ending, paving the way for major corporations to consolidate their power. Soon, a few dominant players will control the space—one of them likely being Tether, which could grow to rival Apple in size.

区块链也是如此。加密货币的车库经济正在结束，为大公司巩固其权力铺平了道路。很快，一些主要的玩家将控制这个空间，其中一个可能是系绳，这可能会成长为竞争对手的苹果。

Opportunities to build massive businesses in crypto are closing rapidly. Companies are emerging with liquidity levels that won’t be attainable by newcomers for the next few years. We’re already seeing the last moments of an open market—the train is leaving the station, and with it, the last major opportunities.

在加密货币中建立大型业务的机会正在迅速关闭。公司正在发展流动性水平，未来几年新移民将无法达到。我们已经看到了一个开放市场的最后时刻 - 火车正在离开车站，而这是最后的主要机会。

The time pressure is also heightened by geopolitical competition. If an RMB-backed stablecoin manages to gain traction first, a euro-pegged stablecoin may struggle to claim its potential market share in international settlements.

地缘政治竞争也加剧了时间压力。如果一位由RMB支持的Stablecoin首先获得了吸引力，那么欧元赛的Stablecoin可能很难在国际定居点中声称其潜在的市场份额。

Why has EURT not succeeded?

为什么Eurt没有成功？

Euro Tether (EURT) has failed to gain traction primarily due to liquidity constraints—there was little institutional interest in sustaining it. However, if European banks get involved, the Eurozone’s share of cryptocurrency transactions could rise, in the process positioning the euro as a major player in international settlements.

欧元束缚（EURT）未能获得主要是由于流动性限制而获得的吸引力 - 维持它几乎没有机构利益。但是，如果欧洲银行参与其中，欧元区在加密货币交易中的份额可能会增加，这在将欧元定位为国际定居点的主要参与者中。

Tether’s stablecoin market share now exceeds the dollar’s fiat share by 1.5 times. This presents an opportunity: a euro-backed stablecoin could capture a portion of the 30% gap in international payments that is currently up for grabs.

Tether的Stablecoin市场份额现在超过了美元的法定份额1.5倍。这是一个机会：由欧元支持的Stablecoin可以捕获目前要争取的国际付款中30％差距的一部分。

If executed correctly, the Eurozone could, in turn, inject roughly €20 billion into its own economy by driving demand for European government bonds. Currently, Tether’s daily turnover stands at $100 billion—a euro-pegged stablecoin could potentially capture one-fifth of that volume.

如果正确执行，欧元区可以通过推动对欧洲政府债券的需求来向其自身经济注入约200亿欧元。目前，Tether的每日营业额为1000亿美元 - 欧洲蛋糕的Stablecoin可能有可能占据这一卷的五分之一。

The role of regulation

监管的作用

MiCA does not directly regulate European companies but rather sets the framework for those who are capable of creating a euro-denominated stablecoin market. In this context, European businesses have clear incentives to adopt a euro-pegged stablecoin—minimizing exchange rate risk, facilitating cross-border transactions, and reducing borrowing costs by driving demand for European government bonds.

云母不是直接监管欧洲公司，而是为那些能够创建欧元计价的稳定市场的人建立了框架。在这种情况下，欧洲企业有明确的激励措施来采用欧元固定的Stablecoin，这可以最大程度地降低汇率风险，促进跨境交易，并通过推动对欧洲政府债券的需求来降低借贷成本。

The odds of success increase if leading EU banks and crypto firms form a consortium to issue a new, euro-backed stablecoin. Brighty is prepared to participate in such an initiative, but success depends on large players with deep liquidity committing to the project.

如果领导欧盟银行和加密货币公司构成一个新的，由欧元支持的新稳定公司，成功的几率会增加。 Brighty准备参加这样的倡议，但成功取决于对该项目进行深度流动性的大型参与者。

Crucially, a new stablecoin must be issued under fresh leadership rather than relying on existing issuers. And, ultimately, those who are looking to capitalize on this sector must create an entirely new digital currency—one that they directly control. Only by taking such steps might the Euro stablecoin win this race against the clock.

至关重要的是，必须在新的领导下发行新的稳定币，而不是依靠现有的发行人。而且，最终，那些寻求利用该行业的人必须创建一种全新的数字货币，即他们直接控制。只有采取这样的步骤，欧洲Stablecoin才能赢得这场比赛。

About Nick Denisenko

关于尼克·丹尼森科

Nick Denisenko is the CTO and co-founder Brighty, a Swiss digital finance platform that combines the trust of traditional finance with the power of the crypto economy. Nick

尼克·丹尼森科（Nick Denisenko）是CTO和联合创始人Brighty，这是一个瑞士数字金融平台，将传统金融的信任与加密经济的力量相结合。缺口