在監管辯論中，歐盟委員會對加密貨幣行業的穩定方式可能會贏得加密行業的勝利。

Brussels' Soft Stance on Foreign Stablecoins Sparks Industry Optimism

布魯塞爾對外國stablecoins的軟立場激發行業樂觀

Brussels' evolving stance on foreign stablecoins is injecting a dose of optimism into the crypto industry. The European Commission's (EC) recent moves suggest a more accommodating approach, contrasting with earlier concerns from the European Central Bank (ECB).

布魯塞爾對外國穩定的不斷發展的立場正在向加密貨幣產業注入一定的樂觀情緒。歐盟委員會（EC）最近的舉動表明一種更具適應性的方法，與歐洲中央銀行（ECB）的早期擔憂形成鮮明對比。

EC vs. ECB: A Tale of Two Perspectives

EC與歐洲央行：兩個觀點的故事

While the ECB previously warned of potential bank run risks associated with multi-issuance of stablecoins, the European Commission appears less concerned. The EC argues that such risks are "highly unlikely," particularly since redemptions by foreign holders would primarily occur in jurisdictions like the US. This divergence in opinion marks a potential shift in the regulatory landscape.

儘管歐洲央行先前警告說，與穩定的多發相關的潛在銀行運行風險，但歐盟委員會似乎不太擔心。歐共體認為，這種風險“極不可能”，特別是因為外國持有人的贖回將主要發生在美國等司法管轄區。這種意見分歧標誌著監管格局的潛在轉變。

A Win for the Industry?

勝利？

According to industry observers, the Commission's stance on stablecoin multi-issuance within the EU and beyond could be a significant win for the crypto industry. This approach suggests that the EU may not force issuers to functionally distinguish between stablecoins issued in different regions. This means entities can treat locally and internationally issued coins as fungible, with one entity upholding the redeemability of coins issued by another.

根據行業觀察家的說法，委員會對歐盟及以後的多餘股份多發性的立場對於加密行業來說可能是一項重大勝利。這種方法表明，歐盟不得迫使發行人在不同地區發行的穩定幣在功能上區分。這意味著實體可以將本地和國際發行的硬幣視為可及格，其中一個實體維持另一個硬幣的兌換性。

MiCA's Influence

雲母的影響

The Markets in Crypto-Assets Regulation (MiCA) plays a crucial role in this evolving landscape. The Commission noted that MiCA has discouraged large foreign issuers from registering in Europe, with Tether being a prime example. Tether declined to comply with MiCA's requirements, including the mandate to hold at least 60% of their reserves in European banks.

加密資產監管（MICA）中的市場在這一不斷發展的景觀中起著至關重要的作用。該委員會指出，雲母已勸阻大型外國發行人在歐洲註冊，這是一個很好的例子。 Tether拒絕遵守MICA的要求，包括持有其在歐洲銀行中至少持有其儲備的任務。

Manageable Risks

可管理的風險

The Commission believes that the risks associated with joint stablecoin issuance with third countries are manageable with existing policies. Issuers can be required to implement rebalancing mechanisms to ensure that reserves in the EU align with token holdings in the EU.

該委員會認為，與第三國發行聯合穩定的風險相關的風險可以通過現有政策來管理。可以要求發行人實施重新平衡機制，以確保歐盟中的儲備金與歐盟的代幣持股保持一致。

Cross-Border Usability is Key

跨境可用性是關鍵

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, views the Commission's approach as "very positive news and even a relief." He emphasizes that a stablecoin's value lies in its cross-border usability, which is inherent to blockchain technology. Enforcing jurisdictional silos would undermine this fundamental feature and degrade the user experience within the EU.

雲母加密聯盟技術委員會成員胡安·伊格納西奧·伊巴尼斯（JuanIgnacioIbañez）認為委員會的方法是“非常積極的消息，甚至是救濟”。他強調，穩定的價值在於其跨境可用性，這是區塊鏈技術所固有的。執行管轄權孤島將破壞這一基本功能，並降低歐盟內的用戶體驗。

Looking Ahead

展望未來

The contrasting views between the EC and ECB highlight the ongoing debates surrounding stablecoin regulation. However, the Commission's recent stance injects optimism into the industry, suggesting a path toward more pragmatic and globally-minded regulation. It seems that Brussels is warming up to the idea of stablecoins playing a significant role in the future of finance. Who knows, maybe they'll even start accepting crypto for waffles soon!

EC和歐洲央行之間的對比觀點突出了圍繞Stablecoin調節的持續辯論。但是，委員會最近的立場對該行業注入了樂觀，這表明了通往更務實和全球監管的道路。看來布魯塞爾正在想到穩定幣在金融的未來中發揮重要作用的想法。誰知道，也許他們甚至很快就會開始接受加密貨幣！