Tether 的 USDT 遭遇两年来最大幅度的每周市值跌幅，引发波动性担忧

全球领先的与美元挂钩的稳定币 Tether 的 USDT 经历了两年来最大幅度的周跌幅

World's leading dollar-pegged stablecoin, Tether's (USDT) has noted the sharpest weekly decline in market value in two years, sparking concerns of market volatility.

全球领先的与美元挂钩的稳定币 Tether (USDT) 的市值出现两年来最大幅度的每周跌幅，引发了对市场波动的担忧。

This week, USDT's market cap slid by over 1% to $137.24 billion, marking the most significant decline since the second week of November 2022, when FTX exchange crashed, as per data from TradingView. It hit a record $140.72 billion in mid-December.

根据 TradingView 的数据，本周 USDT 市值下跌逾 1%，至 1372.4 亿美元，创下自 2022 年 11 月第二周 FTX 交易所崩盘以来的最大跌幅。 12月中旬达到创纪录的1407.2亿美元。

The decline comes after several European Union (EU)-based exchanges and Coinbase (COIN) decided to remove USDT due to compliance issues with the EU's Markets in Crypto-Assets (MiCA) regulations that fully came into effect on Dec. 30. However, the rules on stablecoins — cryptocurrencies whose value is pegged to a real-world asset like the dollar — kicked in six months ago.

此前，由于欧盟加密资产市场 (MiCA) 法规（于 12 月 30 日全面生效）存在合规问题，多家欧盟 (EU) 交易所和 Coinbase (COIN) 决定移除 USDT。稳定币（其价值与美元等现实世界资产挂钩的加密货币）的规则于六个月前生效。

The regulation mandates issuers to have a MiCA license for offering or trading asset-referenced tokens (ARTs) or e-money tokens (EMTs) within the bloc. An ART is a crypto asset that aims to maintain a stable value by referencing another asset like gold, crypto tokens or a combination of both, including one or more official currencies. ERTs reference a single national currency, just as USDT does.

该法规要求发行人拥有 MiCA 许可证，才能在欧盟内提供或交易资产参考代币 (ART) 或电子货币代币 (EMT)。 ART 是一种加密资产，旨在通过引用另一种资产（如黄金、加密代币或两者的组合，包括一种或多种官方货币）来维持稳定的价值。 ERT 参考单一国家货币，就像 USDT 一样。

While EU-based traders can still hold USDT in non-custodial wallets, they are unable to trade it on MiCA-compliant centralized exchanges.

虽然欧盟交易者仍然可以在非托管钱包中持有 USDT，但他们无法在符合 MiCA 的中心化交易所进行交易。

Being a gateway to the crypto market, investors use USDT extensively to fund spot cryptocurrency purchases and derivatives trading. Hence, the delistings and drop in market value have sparked speculation on social media of a broader crypto market slide.

作为进入加密货币市场的门户，投资者广泛使用 USDT 来为现货加密货币购买和衍生品交易提供资金。因此，退市和市值下跌引发了社交媒体上对加密货币市场更广泛下滑的猜测。

But these concerns might be exaggerated, and the negative impact could be limited to the euro area at best, said Karen Tang, head of APAC partnerships at Orderly Network, a permissionless Web3 liquidity layer, in a post on X.

但这些担忧可能被夸大了，负面影响最多也仅限于欧元区，Orderly Network（一个无需许可的 Web3 流动性层）亚太地区合作伙伴关系主管 Karen Tang 在 X 上发表的一篇文章中表示。

"Access to @Tether_to be restricted in the EU due to MiCa regulation isn’t going to harm USDT dominance," wrote Tang. "EU isn’t the largest crypto market. Most crypto trading volume occurs in Asia and U.S. All this will do is stunt the EU's digital assets innovation, which is already slow due to convoluted overregulation. If I could short the EU, I would…"

Tang 写道：“由于 MiCa 监管，@Tether_ 在欧盟的访问受到限制，但这不会损害 USDT 的主导地位。” “欧盟不是最大的加密货币市场。大多数加密货币交易量发生在亚洲和美国。所有这些都会阻碍欧盟的数字资产创新，由于复杂的过度监管，数字资产创新已经很缓慢。如果我可以做空欧盟，我会...... ”

Crypto analyst Bitblaze stated that Asia contributes the largest share to tether volume, downplaying the impact of MiCA-led delistings in Europe.

加密货币分析师 Bitblaze 表示，亚洲在 Tether 交易量中所占份额最大，淡化了 MiCA 主导的欧洲退市的影响。

"USDT is the largest stablecoin, with a market cap of $138.5B and a daily trading volume of $44B. At the moment, 80% of USDT's trading volume is in Asia, so the EU delisting won’t have any severe impact," noted Bitblaze on X.

“USDT是最大的稳定币，市值为$138.5B，日交易量为$44B。目前USDT交易量的80%在亚洲，因此欧盟退市不会产生任何严重影响，” Bitblaze 在 X 上指出。

Tether has invested in StablR and Quantoz Payments, two MiCA-compliant businesses, to ensure regulatory alignment.

Tether 投资了 StablR 和 Quantoz Payments 这两家符合 MiCA 要求的企业，以确保监管一致。