美国财政部对稳定币有一些想法，而这些以美元计价的代币的发行人可能不喜欢他们所听到的

美国财政部对稳定币有一些想法，而这些以美元计价的代币的发行人可能不喜欢他们所听到的。

The U.S. Treasury Department has some thoughts regarding stablecoins and the issuers of those dollar-denominated tokens probably didn’t love what they heard.

美国财政部对稳定币有一些想法，而这些以美元计价的代币的发行人可能不喜欢他们所听到的。

On October 29, Treasury released its inaugural National Strategy for Financial Inclusion report, which makes only passing reference to digital assets, and even then it was only to previous reports that largely focused on the risks of adding tokens to one’s portfolio. More recent Treasury reports have underscored these risks, including the role that stablecoins like Tether’s USDT play in facilitating crime and terrorism.

10 月 29 日，财政部发布了首份《国家金融普惠战略》报告，该报告仅提及了数字资产，即便如此，也只有之前的报告主要关注在投资组合中添加代币的风险。最近的财政部报告强调了这些风险，包括 Tether 的 USDT 等稳定币在促进犯罪和恐怖主义方面发挥的作用。

A far more consequential report summarizing a meeting of Treasury’s Borrowing Advisory Committee (TBAC) was issued on October 30. TBAC is comprised of senior execs from banks, broker-dealers, asset managers, hedge funds and insurance companies, who meet quarterly with Treasury officials to comment on various financial developments. (TBAC doesn’t currently include anyone from Cantor Fitzgerald (NASDAQ:ZCFITX), the relevance of which is discussed below.)

10 月 30 日发布了一份更为重要的报告，总结了财政部借款咨询委员会 (TBAC) 的会议。TBAC 由来自银行、经纪交易商、资产管理公司、对冲基金和保险公司的高级管理人员组成，他们每季度与财政部官员举行会议对各种金融发展发表评论。 （TBAC 目前不包括来自 Cantor Fitzgerald（纳斯达克股票代码：ZCFITX）的任何人，其相关性将在下面讨论。）

The TBAC meeting’s minutes cited an attending member who “observed that because most stablecoin collateral reportedly consists of either Treasury bills or Treasury-backed repurchase agreement transactions, the growth in stablecoins has likely resulted in a modest increase in demand for short-dated Treasury securities.”

TBAC 会议纪要援引一位出席成员的话说，“据报道，由于大多数稳定币抵押品由国库券或国库券支持的回购协议交易组成，因此稳定币的增长可能导致对短期国债的需求略有增加。 ”

In its previous quarterly ‘attestations’ of its reserve assets, Tether claimed to have around $100 billion worth of T-bills (including repurchase agreements) backing the now $121 billion in issued USDT. These T-bills are said to be custodied by Cantor Fitzgerald, a claim that Cantor CEO Howard Lutnick has publicly endorsed.

在上一季度对其储备资产的“证明”中，Tether 声称拥有价值约 1000 亿美元的国债（包括回购协议）来支持目前已发行的 1210 亿美元的 USDT。据说这些国库券由坎托·菲茨杰拉德 (Cantor Fitzgerald) 保管，坎托首席执行官霍华德·卢特尼克 (Howard Lutnick) 公开支持这一说法。

Among the crypto crowd, there are growing concerns that these T-bills could be seized by the federal government should reports of criminal charges being prepared against Tether prove accurate. That would be a boon for the issuer of the USDC stablecoin, Tether’s U.S.-based rival, Circle, which has urged the government to go after Tether’s T-bills.

在加密货币人群中，人们越来越担心，如果针对 Tether 准备进行刑事指控的报道被证明是准确的，这些国库券可能会被联邦政府扣押。这对于 USDC 稳定币的发行人、Tether 在美国的竞争对手 Circle 来说是一个福音，该公司已敦促政府追查 Tether 的国债。

The full TBAC presentation goes into even more detail on stablecoins, noting the growth of the stablecoin market from a total market cap of $5 billion in 2019 to around $166 billion today. The document warns that a Tether collapse “could lead to a fire sale of short-dated Treasuries.”

完整的 TBAC 演示文稿更详细地介绍了稳定币，指出稳定币市场的总市值从 2019 年的 50 亿美元增长到如今的约 1660 亿美元。该文件警告称，Tether 崩溃“可能导致短期国债抛售”。

The presentation also cites a claim from a 2022 report that “over 80% of all crypto transactions now use a stablecoin as one leg of the transaction.” While Treasury expects the stablecoin market to continue growing, it notes ominously that a “’private currency’ that does not meet NQA [no questions asked] requirements leads to financial instability and as such is highly undesirable.”

该演示文稿还引用了 2022 年报告中的一项说法，即“现在超过 80% 的加密货币交易都使用稳定币作为交易的一个环节。”虽然财政部预计稳定币市场将继续增长，但它不祥地指出，“不符合 NQA [无条件要求] 要求的‘私人货币’会导致金融不稳定，因此是非常不受欢迎的。”

A wildcat in the stable

马厩里的一只野猫

That NQA reference refers to a lack of due diligence and was taken from a 2021 University of Chicago Law Review paper titled Taming Wildcat Stablecoins. The paper unfavorably compares stablecoins to the ‘wildcat banking’ era of the mid-nineteenth century that saw state-chartered banks issue their own currencies that ultimately failed and left countless individuals holding worthless paper.

NQA 的引用指的是缺乏尽职调查，摘自 2021 年芝加哥大学法律评论题为“驯服野猫稳定币”的论文。该论文将稳定币与 19 世纪中叶的“野猫银行”时代进行了不利的比较，当时国家特许银行发行自己的货币，但最终失败了，导致无数个人持有毫无价值的纸币。

The paper recalls that the so-called ‘private money’ era “was regularly subject to panics, collapses in value, and ultimately required the government to step in and issue a single unified form of money,” aka the dollar.

该报回顾说，所谓的“私人货币”时代“经常遭受恐慌、价值崩溃，最终需要政府介入并发行单一统一形式的货币”，即美元。

Similar panics were experienced during the 2008 financial meltdown, which saw the failure of some money market funds (MMF) that were backed by assets other than short-dated T-bills, including the sketchy commercial paper that Tether used to hold among its reserves.

2008 年金融危机期间也经历过类似的恐慌，当时一些货币市场基金 (MMF) 破产了，这些基金由短期国库券以外的资产支持，其中包括 Tether 过去在其储备中持有的粗略商业票据。

The TBAC document goes on to suggest that “medium-term regulatory and policy choices will determine the fate” of this latest iteration of private currency. However, “history indicates that stablecoins cannot function as private money, and will ultimately need to be strictly regulated like government money market funds are today to hold risk-free collateral,” aka short-term T-bills.

TBAC 文件接着表示，“中期监管和政策选择将决定这一最新版本私人货币的命运”。然而，“历史表明，稳定币不能充当私人货币，最终需要像今天的政府货币市场基金一样受到严格监管，以持有无风险抵押品”，即短期国库券。

Treasury officials have previously sought additional powers from Congress to go after “offshore dollar-denominated stablecoin providers,” despite the awareness that asking a do-nothing Congress to actually do something was always going to be an uphill slog.

财政部官员此前曾向国会寻求额外权力，以追查“以离岸美元计价的稳定币提供商”，尽管他们意识到要求无所作为的国会实际采取行动始终是一项艰巨的任务。

Referencing plans to tokenize various real-world assets (RWA)—including T-bills—on distributed ledger/blockchain technology, the TBAC document warns that these ledgers “will also need to be developed under the auspices of Central Banks and the foundation of trust they provide.”

TBAC 文件提到了在分布式账本/区块链技术上对各种现实世界资产（RWA）（包括国库券）进行代币化的计划，警告说这些账本“还需要在中央银行的支持和信任的基础上开发”他们提供。”

The warnings get even more explicit by saying that “in a similar manner to how privately-issued ‘wildcat’ currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions.”

警告变得更加明确，“与 1800 年代末私人发行的‘野猫’货币被政府支持的中央货币取代类似，中央银行数字货币 (CBDC) 可能需要取代稳定币作为支持代币化交易的数字货币的主要形式。”

The U.S. government has sent mixed

美国政府派出了好坏参半的