了解云母：深入了解欧洲的新稳定法规

如果您持有或使用Stablecoins，或者只是对加密货币感兴趣，那么了解云母就会变得必不可少。让我们分解什么是稳定的，新的欧盟规定要求的是什么，以及这可能如何影响用户，加密公司和更广泛的市场。

If you hold or use stablecoins, or are just interested in crypto, understanding MiCA is becoming essential. Let’s break down what stablecoins are, what the new EU rules demand, and how this might affect users, crypto companies, and the broader market.

如果您持有或使用Stablecoins，或者只是对加密货币感兴趣，那么了解云母就会变得必不可少。让我们分解什么是稳定的，新的欧盟规定要求的是什么，以及这可能如何影响用户，加密公司和更广泛的市场。

What Are Stablecoins, Anyway?

无论如何，stablecoins是什么？

Before diving into the rules, let’s quickly refresh what stablecoins are. Unlike Bitcoin or Ether, whose prices can swing wildly, stablecoins are designed to hold a steady value. They achieve this by being “pegged,” or linked, to a real-world asset, most commonly a major currency like the US dollar or the Euro.

在遵守规则之前，让我们快速刷新Stablecoins是什么。与比特币或以太的价格可以疯狂地摆动不同，Stablecoins旨在具有稳定的价值。他们通过“挂钩”或链接到现实世界中的资产来实现这一目标，通常是美元或欧元等主要货币。

Think of them like digital tokens that represent traditional money. For every one stablecoin token issued (like a USDT or USDC, both pegged to the US dollar), the company behind it is supposed to hold one actual dollar in reserve, usually in a bank account or very safe investments.

将它们视为代表传统资金的数字令牌。对于发行的每一个稳定代币（例如固定在美元固定的USDT或USDC）中，其背后的公司应该持有一个实际的储备金，通常是在银行帐户或非常安全的投资中。

People use stablecoins for several reasons:

人们使用Stablecoins的原因有几个：

* They can be a convenient way to move value quickly and cheaply, especially across international borders, as opposed to using traditional bank transfers.

*与使用传统的银行转让相比，它们可能是快速，廉价地转移价值的方便方式，尤其是在国际边界。

* They are used as a way to hold onto value in times of economic uncertainty or high inflation.

*它们被用作在经济不确定性或高通货膨胀时期保持价值的一种方式。

* They serve as the main medium of exchange within many crypto platforms, used for trading various tokens and assets.

*它们是许多加密平台中交易所的主要媒介，用于交易各种代币和资产。

However, stability isn’t always guaranteed. The collapse of the TerraUSD stablecoin in 2022 showed that not all stablecoins are created equal, and when they fail, people can lose a lot of money. Even large cap stablecoins can occasionally temporarily lose their 1:1 ratio (known as a peg) as Circle’s USDC encountered in early January 2024. This event, along with concerns about financial stability and consumer protection, pushed regulators worldwide, including in the EU, to act.

但是，稳定性并不总是保证。 Terrausd Stablecoin在2022年的崩溃表明，并非所有的Stablecoins都是平等的，当他们失败时，人们可能会损失很多钱。即使是大型盖帽稳定币，偶尔也可能会暂时失去其1：1的比率（称为钉），因为Circle的USDC在2024年1月上旬遇到。这项事件以及对金融稳定和消费者保护的担忧，推动了全球的监管机构，包括欧盟在内，包括欧盟，采取行动。

Enter MiCA: Europe’s Big Plan for Crypto Regulation

输入云母：欧洲的加密监管计划

The European Union’s answer is MiCA. This comprehensive set of rules, adopted in June 2023, aims to create a clear and consistent legal framework for various crypto-assets and services across all EU member states. It’s one of the first major attempts globally to regulate the crypto industry on such a large scale.

欧盟的答案是云母。 2023年6月通过的一套全面的规则旨在为所有欧盟成员国的各种加密资产和服务创建一个清晰，一致的法律框架。这是全球首次在如此庞大的规范中规范加密货币行业的尝试之一。

MiCA covers everything from Bitcoin trading platforms to new crypto token offerings, but it pays special attention to stablecoins because of their potential link to the traditional financial system and their widespread use. The specific rules for stablecoins began on June 30, 2024, with the full regulation applying from December 30, 2024.

MICA涵盖了从比特币交易平台到新的加密代币产品的所有内容，但是它特别关注了Stablecoins，因为它们与传统金融系统的潜在联系及其广泛使用。 Stablecoins的具体规则始于2024年6月30日，从2024年12月30日开始适用完整的规定。

The main goals of MiCA regarding stablecoins are:

云母关于稳定蛋白的主要目标是：

* To ensure that stablecoins are sufficiently covered by traditional financial regulations, especially where they intersect with banking and payments.

*为了确保稳定的人足够涵盖传统的金融法规，尤其是在与银行和付款相交的地方。

* To set clear requirements for the issuance, capitalisation, and governance of stablecoins.

*为签发，大写和治理确定稳定的要求。

* To provide strong consumer protections to those using stablecoin services.

*为使用Stablecoin服务的人提供强大的消费者保护。

* To organize how stablecoin issuers will be authorized and supervised, mainly by national authorities but also at the European level.

*组织如何授权和监督Stablecoin发行人，主要是由国家当局，但也是欧洲一级的。

What Does MiCA Demand from Stablecoin Issuers?

云母发行人的云母需求是什么？

MiCA divides stablecoins into two main categories:

云母将稳定菌属分为两个主要类别：

* E-Money Tokens (EMTs): These are pegged to a single official currency, like the Euro or the US dollar (though MiCA heavily favors Euro-denominated EMTs). Think of USDC (USD Coin) or EURC (Euro Coin). Issuers of EMTs must be licensed either as a credit institution (like a bank) or an electronic money institution (EMI).

* e-nothing代币（EMTS）：将它们固定在单一的官方货币上，例如欧元或美元（尽管云母很大程度上利用了欧元计时的EMTS）。想想USDC（美元硬币）或EURC（EURO COIN）。 EMT的发行人必须获得信贷机构（例如银行）或电子货币机构（EMI）的许可。

* Asset-Referenced Tokens (ARTs): These are pegged to a basket of assets, which could include multiple currencies, commodities like gold, or other crypto-assets.

*资产引用的代币（艺术）：将它们固定在一篮子资产上，其中可能包括多种货币，黄金或其他加密资产。

Both types face strict requirements under MiCA, but here are the key ones:

两种类型都面临着云母的严格要求，但这是关键的要求：

Solid Reserves

固体储备

This is perhaps the most crucial rule. Issuers must maintain reserves backing their stablecoins on a 1:1 basis. This means for every stablecoin token in circulation, there must be an equivalent value held in very safe, liquid assets. A significant portion of these reserves must be kept as deposits in banks.

这也许是最关键的规则。发行人必须以1：1的基础维持支持其稳定的储备。这意味着对于循环中的每个稳定令牌，都必须在非常安全的液体资产中持有等效价值。这些储备中的很大一部分必须保存为银行中的存款。

MiCA aims to prevent situations where a stablecoin issuer doesn’ t actually have the money to backup its tokens in the event of a run on the issuer (multiple large redemptions at the same time).

MICA旨在防止稳定发行人实际上没有资金备份其代币的情况（同时多次大型兑换）。

Issuers can’t just say they have the reserves; they have to prove it. MiCA requires them to publicly disclose details about their reserves on a monthly basis. They also need to undergo regular independent audits (checks by professional accounting firms) to verify their holdings and procedures.

发行人不能只是说他们有储备金；他们必须证明这一点。云母要求他们每月公开披露有关其储备的详细信息。他们还需要进行定期的独立审核（由专业会计师事务所检查）以验证其持有和程序。

Authorization and Oversight

授权和监督

Companies wanting to issue stablecoins in the EU must get specific authorization from regulators in an EU member state. This license then allows them to operate across the entire EU (a process called “passporting”). Crypto Asset Service Providers (CASPs) — like exchanges or wallet providers dealing with stablecoins — also need authorization, with applications

想要在欧盟发行稳定的公司必须从欧盟成员国的监管机构获得具体授权。然后，此许可证允许他们在整个欧盟（称为“护照”的过程）进行操作。加密资产服务提供商（CASP）（例如交换或钱包提供者处理稳定的人）也需要授权和申请