随着 MiCA 执法的临近，Tether (USDT) 在欧洲的不确定未来

美国领先的加密货币交易所 Coinbase 于 2024 年 12 月早些时候将 USDT 从其欧洲服务中摘牌

Coinbase, a major cryptocurrency exchange based in the United States, preemptively delisted USDT from its European services earlier in December 2024, citing concerns over MiCA compliance. However, other large platforms like Binance and Crypto.com have chosen to continue offering USDT in Europe.

总部位于美国的主要加密货币交易所 Coinbase 于 2024 年 12 月早些时候将 USDT 从其欧洲服务中摘牌，理由是对 MiCA 合规性的担忧。然而，Binance 和 Crypto.com 等其他大型平台选择继续在欧洲提供 USDT。

Uncertainty Around USDT Compliance

USDT 合规性的不确定性

Despite MiCA's impending enforcement, European regulators have not explicitly stated whether USDT meets the new compliance standards. This regulatory silence has left market participants divided.

尽管 MiCA 即将执行，但欧洲监管机构尚未明确表示 USDT 是否符合新的合规标准。这种监管沉默让市场参与者产生了分歧。

“No regulators have explicitly stated that USDT is non-compliant, but that does not mean it is compliant,” explained Juan Ignacio Ibañez, a member of the MiCA Crypto Alliance’s Technical Committee.

“没有监管机构明确表示 USDT 不合规，但这并不意味着它合规，”MiCA 加密联盟技术委员会成员 Juan Ignacio Ibañez 解释道。

This move by Coinbase to delist USDT shows the conservative approach the firm takes toward avoiding any last-minute compliance risks. In contrast, other exchanges, including Binance and Crypto.com, remain open for USDT trading as they await further clarity.

Coinbase 下架 USDT 的举动表明该公司为避免任何最后一刻的合规风险而采取的保守做法。相比之下，包括 Binance 和 Crypto.com 在内的其他交易所仍对 USDT 交易开放，等待进一步明确。

Potential Impact of Non-Compliance

不合规的潜在影响

Industry experts are warning that USDT's non-compliance could lead to significant disruptions.

行业专家警告称，USDT 的不合规可能会导致重大中断。

“A formal ban on USDT would likely increase costs for traders and disrupt market liquidity,” remarked Kinge.

Kinge 表示：“正式禁止 USDT 可能会增加交易者的成本并扰乱市场流动性。”

Moreover, Joseph Hurtado, the founder of Granata Consulting, highlighted the broader implications: “Restricting USDT could weaken Europe’s position as a hub for cryptocurrency innovation.”

此外，Granata Consulting 的创始人 Joseph Hurtado 强调了更广泛的影响：“限制 USDT 可能会削弱欧洲作为加密货币创新中心的地位。”

MiCA's Transitional Measures

MiCA 的过渡措施

A transitional phase is included in MiCA, allowing entities operating under national laws to adapt to the new framework. The “grandfathering” clause permits existing service providers to continue operations until July 1, 2026, or until they obtain or are denied MiCA authorization. However, the length of this transitional period varies by country, ranging from six months in the Netherlands to 18 months in France.

MiCA 包含一个过渡阶段，允许根据国家法律运营的实体适应新框架。 “祖父条款”允许现有服务提供商继续运营直至 2026 年 7 月 1 日，或者直到他们获得或被拒绝 MiCA 授权。然而，这个过渡期的长度因国家而异，从荷兰的 6 个月到法国的 18 个月不等。

While this flexibility provides some breathing room for market participants, it also creates uneven levels of consumer protection across the EU. “Waiting without acting could prove risky in the long term,” warned Ibañez, emphasizing the importance of proactive measures.

虽然这种灵活性为市场参与者提供了一些喘息空间，但它也造成了整个欧盟消费者保护水平的参差不齐。伊巴涅斯警告说：“从长远来看，等待而不采取行动可能会带来风险。”他强调了积极采取措施的重要性。

Tether's operations have faced scrutiny over its auditing practices. Critics like Jason Calacanis, the host of the All-In Podcast, have questioned Tether's use of assurance reports from BDO Italia instead of audits by major firms. On the other hand, Tether CEO Paolo Ardoino has defended the company's practices, highlighting efforts to expand USDT's practical use cases and network collaborations.

Tether 的运营面临着审计实践的审查。 All-In Podcast 的主持人 Jason Calacanis 等批评者质疑 Tether 使用 BDO Italia 的保证报告而不是大公司的审计。另一方面，Tether 首席执行官 Paolo Ardoino 为该公司的做法进行了辩护，强调了扩大 USDT 实际用例和网络合作的努力。

The Road Ahead for USDT in Europe

USDT 在欧洲的未来之路

As the December 30 deadline approaches, the future of USDT in Europe remains uncertain. Some platforms are adopting a wait-and-see approach, while others, like Coinbase, are prioritizing compliance. The regulatory ambiguity underscores the challenges of balancing technological innovation with strict oversight.

随着 12 月 30 日截止日期的临近，USDT 在欧洲的未来仍存在不确定性。一些平台正在采取观望态度，而 Coinbase 等其他平台则优先考虑合规性。监管的模糊性凸显了平衡技术创新与严格监管的挑战。

The European Securities and Markets Authority (ESMA) has yet to provide definitive guidance on USDT’s status under MiCA. As exchanges and market participants navigate this transitional phase, the need for clear, cohesive directives from regulators is more pressing than ever.

欧洲证券和市场管理局 (ESMA) 尚未就 MiCA 下 USDT 的地位提供明确的指导。随着交易所和市场参与者度过这一过渡阶段，监管机构对明确、一致的指令的需求比以往任何时候都更加紧迫。

Conclusion

结论

The MiCA regulation represents a critical milestone for the European cryptocurrency market, aiming to enhance transparency and consumer protection. However, the lack of clarity regarding key assets like USDT highlights the complexities of implementing such sweeping reforms. As the industry adapts to these changes, the stakes are high for both market participants and regulators to find a path that ensures stability without stifling innovation.

MiCA 法规是欧洲加密货币市场的一个重要里程碑，旨在提高透明度和消费者保护。然而，像 USDT 这样的关键资产缺乏明确性，凸显了实施此类全面改革的复杂性。随着行业适应这些变化，市场参与者和监管机构都面临着很高的风险，需要找到一条既确保稳定又不抑制创新的道路。