全球各國政府繼續推動穩定法規，推動其長期影響的辯論。

諸如雲母和擬議的天才法的監管思想的主導地位越來越大，它越來越猶豫。

Governments worldwide are continuing to push stablecoin regulations, which has sparked debate on their long-term effects. The increasing dominance of regulatory ideas, such as MiCA and the proposed GENIUS Act, brings with it growing hesitancy.

全球各國政府正在繼續推動Stablecoin法規，這引發了有關其長期影響的辯論。諸如雲母和擬議的天才法的監管思想的主導地位越來越大，它越來越猶豫。

CryptoQuant CEO Ki Young Ju believes that regulation will shift the stablecoin market unexpectedly. Clear legal guidelines help stablecoin issuers and users operate with more certainty and reduced risk. Rules favoring openness and following the rules organized the faith in legitimate digital tokens. However, experts now predict that excessive regulation could lead to the rise of ‘dark stablecoins’.

CryptoQuant首席執行官Ki Young Ju認為，法規將意外轉移Stablecoin市場。明確的法律準則可以幫助穩定的發行人和用戶更確定性和降低風險。有利於開放和遵守規則的規則組織了對合法數字代幣的信念。但是，專家現在預測，過度的法規可能導致“黑穩定劑”的興起。

As global enforcement grows, new forms of decentralized stablecoins may challenge mainstream regulatory systems. They may be problematic for regulatory authorities in the context of tracking, surveillance, and management. Analysts caution that this emerging type of stablecoin threatens to transform the way that digital markets are conducted.

隨著全球執法的增長，分散的穩定劑的新形式可能會挑戰主流監管系統。在跟踪，監視和管理的背景下，對於監管機構而言，它們可能是有問題的。分析師警告說，這種新興類型的Stablecoin可能會改變數字市場的發展方式。

Algorithmic Dark Stablecoins Could Bypass Oversight

算法深色穩定可以繞過監督

Ki Young Ju outlined one route for dark stablecoins through decentralized algorithmic protocols. Such protocols would exist in a non-regulated world with no censorship. Developers could use them to establish stablecoins like USDC using Oracles such as Chainlink.

Ki Young Ju通過分散的算法方案概述了一條黑暗穩定的途徑。這種協議將存在於一個不受監管的世界中，沒有審查制度。開發人員可以使用它們使用諸如鍊鍊鍊接之類的ORACLE的USDC這樣的穩定​​蛋白。

"Dark stablecoins are likely to emerge in the future. Bitcoin was created by the cypherpunk community to be censorship-resistant and belongs to no one, making it impossible to control. Stablecoins, however, act as a bridge between the internet and the real world, so they need to be created and maintained by someone. They are also used and preferred by a large number of people, so they cannot be shut down easily."

“黑暗的穩定者將來可能會出現。比特幣是由cypherpunk社區創建的，是對審查制度的耐藥性，不屬於任何人，使其無法控制。但是，穩定的穩定性是互聯網與現實世界之間的橋樑，因此他們還需要被某人創建和維護。

Unlike traditional stablecoins that rely on fiat reserves, algorithmic stablecoins maintain value through code-based supply adjustments. Previous attempts to develop algorithmic stablecoins failed, yet there is hope that innovation will solve their stability problems. Without a single issuer, controlling and enforcing tasks is complicated and limited.

與依靠菲亞特儲量的傳統穩定幣不同，算法穩定劑通過基於代碼的供應調整來保持價值。以前的開發算法穩定的嘗試失敗了，但希望創新能夠解決其穩定問題。沒有單個發行人，控制和執行任務是複雜且有限的。

Mountings regulatory scrutiny would encourage people who prefer financial anonymity to use such solutions. These stablecoins might appeal to users in countries with restricted access to global financial systems. Since a central authority does not regulate them, they are difficult to regulate or prohibit.

安裝監管審查將鼓勵喜歡財務匿名的人們使用此類解決方案。這些Stablecoins可能會吸引有限訪問全球金融系統的國家的用戶。由於中央當局不監管它們，因此很難規範或禁止。

Tether’s USDT Shows Signs of Censorship Resistance

Tether的USDT顯示了抵抗審查制度的跡象

Ki Young Ju highlighted that USDT already exhibits some traits of a dark stablecoin. Tether is subject to some regulatory conditions and fairly autonomous in its operations. If U.S regulations are toughened, then USDT may run independently. Lacking centralized authority, and since Tether is a worldwide entity, perfect oversight becomes difficult.

Ki Young Ju強調說，USDT已經表現出一些黑暗穩定的特徵。繫繩受到某些監管條件的約束，其操作中相當自治。如果美國法規加強，則USDT可能會獨立運行。缺乏集中權威，並且由於系托特是一個全球實體，因此完美的監督變得困難。

Notwithstanding, Tether’s power of operation agility lets support users of different countries, often outside the reach of U.S. regulations. In case of necessity, the Tether model may grow in decentralization.

儘管如此，繫繩的操作敏捷性使我們的行動敏捷性允許不同國家 /地區的用戶，通常是在美國法規範圍之外的。如果有必要，束縛模型可能會在權力下放化中生長。

Speculated to move away from regulatory compliance, the pressure from the authorities may rise, and Tether may advance. If so, USDT could set a precedent for semi-regulated dark stablecoins. Such a scenario could alter the way members of the market differentiate centralized and decentralized digital currencies.

據推測，當局的壓力可能會增加，束縛可能會升級。如果是這樣，USDT可以為半調節的深色stablecoins設定先例。這種情況可能會改變市場成員區分集中和分散的數字貨幣的方式。

CryptoQuant’s CEO noted that governments may soon impose banking-level oversight on stablecoins. Regulators may require stablecoins to enable automated tax reporting, asset freezes, and complete transaction tracking by smart contracts. Such requirements may limit users’ privacy and endanger transaction flexibility.

CryptoQuant的首席執行官指出，政府可能很快對Stablecoins實施銀行級別的監督。監管機構可能需要穩定幣來實現自動稅報告，資產凍結和通過智能合約完成交易跟踪。此類要求可能會限制用戶的隱私和危害交易靈活性。