金融穩定委員會（FSB）正在向加密貨幣部門的風險增長引起警報

即將卸任的FSB主席克拉斯·基特（Klaas Knot）週四在馬德里發表講話，雖然加密貨幣尚未對傳統金融構成系統性風險

The Financial Stability Board (FSB) is highlighting the escalating risks posed by the cryptocurrency sector, warning that interlinkages with traditional finance are approaching a critical threshold.

金融穩定委員會（FSB）強調了加密貨幣部門帶來的不斷升級的風險，警告說，與傳統金融的互聯網接近關鍵的門檻。

Despite stating that crypto poses no systemic risk to traditional finance at present, outgoing FSB Chair Klaas Knot hinted at a pending tipping point during an interview with Tradeweb on Thursday.

儘管Crypto目前沒有對傳統金融構成系統性風險，但即將離任的FSB主席Klaas Knot在周四接受TradeWeb的採訪中暗示了一個未決的轉折點。

Discussing the evolving landscape of crypto investing, Knot highlighted the reduced entry barriers for retail investors, signaled by the introduction of crypto exchange-traded funds (ETFs). These ETFs allow investors to participate in the crypto market without the technical hurdles of managing private keys, setting up crypto wallets, or navigating exchanges.

在討論加密投資不斷發展的景觀時，打結強調了散戶投資者的入境障礙，這是通過引入加密交易所交易貿易資金（ETFS）的信號。這些ETF允許投資者參加加密市場，而沒有管理私鑰，設置加密錢包或導航交易所的技術障礙。

“That certainly puts more retail investors 'in the game' and may be approaching a tipping point,” Knot said.

基因說：“這肯定使更多的零售投資者'在遊戲中'，並且可能正在接近轉折點。”

Another area of concern mentioned by Knot was the stablecoin market. He noted that issuers now hold large amounts of U.S. Treasury bills, which in turn increases the interlinkages between crypto and traditional finance. “That’s a segment that we clearly must monitor closely,” he added.

結的另一個關注的領域是Stablecoin市場。他指出，發行人現在持有大量的美國國債，這又增加了加密貨幣和傳統金融之間的互聯鏈接。他補充說：“這是我們顯然必須密切監視的部分。”

Stablecoins are becoming increasingly embedded into financial systems. According to data from DefiLlama, the total market cap of stablecoins is more than $251 billion.

Stablecoins越來越多地嵌入金融系統中。根據Defillama的數據，Stablecoins的總市值超過2510億美元。

A recent research paper by the Bank for International Settlements explored the growing impact of stablecoins on traditional finance, concentrating on their implication in short-term U.S. Treasury yields.

國際定居銀行銀行最近的一份研究論文探討了穩定幣對傳統金融的日益增長的影響，重點關注它們對美國短期美國財政收益率的影響。

By examining daily data from 2021 to 2025 and applying an instrumental variable method, the paper discovered that stablecoin inflows lower three-month Treasury yields by 2–2.5 basis points within 10 days, while outflows raise yields by 6–8 basis points. These effects are concentrated in shorter-term maturities, with minimal impact on longer-term bonds. Among issuers, USDt (USDT) has the largest effect, followed by Circle’s USDC (USDC), further highlighting the influence of stablecoins in Treasury markets.

通過檢查2021年至2025年的每日數據並應用儀器變量方法，該論文發現，在10天內，穩定的三個月國庫單收益率下降了2-2.5個基點，而流出的產量提高了6-8個基點。這些影響集中在較短的成熟度上，對長期鍵的影響很小。在發行人中，USDT（USDT）的效果最大，其次是Circle的USDC（USDC），進一步強調了Stablecoins在國庫市場中的影響。

Knot, who also serves as president of the Dutch central bank, De Nederlandsche Bank, will step down from both roles on June 30. Bank of England Governor Andrew Bailey is set to succeed him at the FSB, while the Netherlands has yet to appoint a replacement.

迪恩·內德蘭斯銀行（De Nederlandsche Bank）也擔任荷蘭中央銀行的總裁，他將於6月30日辭職。英格蘭銀行州長安德魯·貝利（Andrew Bailey）將在FSB接替他，而荷蘭尚未任命替代者。

The U.S. Senate advanced a key stablecoin bill on Wednesday, voting 68–30 to move forward with the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.

美國參議院週三提出了一項關鍵的穩定法案，投票68-30，以指導和建立為美國Stablecoins或Genius Act的指導和建立國家創新。

The vote pushes the legislation toward a final vote in the Senate before it heads to the House of Representatives.

投票將立法推向參議院的最後一票，然後才能前往眾議院。

The bill, which seeks to establish regulatory clarity for dollar-backed digital assets, would create a national framework for stablecoin issuance, aiming to boost the U.S. digital asset industry’s global competitiveness. It specifically prohibits nonbank, supervised institutions from engaging in any activity that poses "systemic risk" to the financial stability of the United States.

該法案旨在為美元支持的數字資產建立法規清晰度，將為Stablecoin發行創造一個國家框架，旨在提高美國數字資產行業的全球競爭力。它特別禁止非銀行，監督機構從事對美國金融穩定構成“系統性風險”的任何活動。