雲母法規推動了歐洲市場的繫繩，為RLUSD創造了真空

歐盟的新雲母法規通過加密生態系統造成了衝擊波。這些規則旨在為穩定劑帶來穩定性，但後果迅速而破壞。

The European Union's new MiCA regulations have sent shockwaves through the crypto ecosystem. These rules, which aim to bring stability and oversight to the burgeoning industry, are set to take effect in August, imposing stringent new limits and requirements on stablecoin issuers operating within the EU.

歐盟的新雲母法規通過加密生態系統造成了衝擊波。這些旨在為新興行業帶來穩定和監督的規則將於8月生效，對在歐盟內運營的Stablecoin發行人施加了嚴格的新限制和要求。

The new regulations, which stand in contrast to the U.S. Congress's more relaxed approach to crypto regulation, are set to fundamentally alter the competitive landscape in the European market.

與美國國會對加密法規更輕鬆的方法形成鮮明對比的新法規將從根本上改變歐洲市場的競爭格局。

Key rules include a prohibition on paying interest on stablecoin balances, a mandate for issuers to hold at least 60% of their reserves in cash, and strict caps on daily issuance and redemption volumes. Additionally, stablecoin operations and compliance frameworks must align with those of EU-regulated banking institutions.

關鍵規則包括禁止支付穩定餘額的利息，這是發行人至少持有現金儲備的60％的任務，以及嚴格的日常發行和贖回量的上限。此外，Stablecoin運營和合規框架必須與歐盟監管的銀行機構的框架保持一致。

However, Tether, the issuer of USDT, the most widely used stablecoin globally, has announced its intention to withdraw its flagship product from major European crypto exchanges due to difficulties complying with the new regulations.

但是，全球使用最廣泛的Stablecoin的發行人Tether宣布，由於符合新法規的困難，其打算從歐洲主要的加密貨幣交易所中撤回其旗艦產品。

This decision has left observers pondering the implications for Bitcoin and XRP as the market adjusts to Tether's departure and the emergence of new MiCA-compliant stablecoins, such as those offered by Circle and Ripple.

這一決定使觀察家們思考對比特幣和XRP的影響，因為市場適應了繩索的出發以及新的符合雲母符合雲母的穩定的穩定性，例如Circle和Ripple提供的那些。

Tether's Departure From European Market

繫繩離開歐洲市場

As reported by CoinDesk, Tether is pulling its stablecoin, USDT, from European exchanges. This move follows reports that Tether was struggling to adjust its massive $150 billion operation to meet the demands of MiCA.

據Coindesk報導，Tether正在從歐洲的交流中撤出其USDT的Stablecoin。此舉是在報導說，Tether正在努力調整其大規模1500億美元的運營以滿足雲母的需求。

The new regulations are set to take effect in August, after which stablecoin issuers will be banned from offering interest-yielding products or derivatives to retail investors. Additionally, MiCA stipulates that at least 60% of an issuer's reserves must be held in cash or risk-free debt instruments, while the remaining 40% can be invested in marketable securities like bonds or short-term commercial paper.

新法規將於8月生效，此後將禁止使用Stablecoin發行人向散戶投資者提供產生興趣的產品或衍生產品。此外，雲母規定，發行人的儲量中至少有60％必須以現金或無風險債務工具持有，而其餘的40％可以投資於債券或短期商業票據（如債券或短期商業票據）。

Moreover, daily issuance and redemption volumes are capped at 1% of the issuer's total capital, which is limited to €1 billion (about $1.1 billion). Furthermore, stablecoin operations and compliance frameworks must align with those of EU-regulated banking institutions.

此外，每日發行和贖回量的上限為發行人總資本的1％，限量為10億歐元（約合11億美元）。此外，Stablecoin的運營和合規框架必須與歐盟監管的銀行機構的框架保持一致。

Faced with these new operational demands, Tether, unwilling to restructure its massive operation, chose to exit rather than comply. Consequently, top exchanges in Europe are delisteding USDT, leaving traders with fewer options and thinning liquidity across key trading pairs.

面對這些新的操作要求，束縛，不願重組其大規模運營，選擇退出而不是遵守。因此，歐洲的最高交易所正在划算USDT，使交易者的選擇量更少，並且在關鍵交易對中的流動性稀疏。

While Tether steps back, Circle has been actively pushing its MiCA-compliant stablecoins, USDC and its euro-pegged counterpart EURC, further into the European spotlight. But combined euro-denominated stablecoins still hover around just $250 million in market cap. USDC fares better at $61 billion, yet both remain far behind USDT's dominant position. That gap presents a significant opportunity one Ripple seems prepared to seize.

蒂特（Tether）退後一步，Circle一直在積極推動其符合雲母的穩定穩定劑，USDC和歐洲賽車手的Eurc歐洲歐洲公司（Eurc）越來越多。但是，以歐元計價的穩定穩定的股票總數約為2.5億美元。 USDC的票價優於610億美元，但兩者都遠遠遠遠落後於USDT的主導地位。這個差距帶來了一個巨大的機會，一個波紋似乎準備抓住。

The Importance Of Ripple's Stablecoin

Ripple的Stablecoin的重要性

As reported by CCXV, Ripple's stablecoin, RLUSD, entered the market in December with full MiCA compliance baked in. It operates on both the XRP Ledger and Ethereum, offering flexibility that few can match.

正如CCXV報導的那樣，Ripple的Stablecoin RLUSD於12月進入市場，並以完整的雲母合規性烘烤。它在XRP Ledger和以太坊上都運行，提供了很少能匹配的靈活性。

Unlike other U.S.-centric stablecoin providers, Ripple has cultivated deep institutional ties globally. This global strategy is now paying dividends. Notably, last year, Ripple partnered with the Central Bank of Japan to explore cross-border payments.

與其他以美國為中心的穩定者提供商不同，Ripple在全球培養了深厚的機構聯繫。現在，這種全球戰略正在支付股息。值得注意的是，去年，Ripple與日本中央銀行合作，探索跨境支付。

Significantly, Ripple has also built relationships with regulators over the years. This allows it to scale quickly without legal friction. With a proven blockchain infrastructure and a focus on regulatory cooperation, RLUSD stands ready to capitalize on the vacuum left by USDT.

值得注意的是，多年來，Ripple還與監管機構建立了關係。這使其可以在沒有法律摩擦的情況下快速擴展。 RLUSD憑藉具有驗證的區塊鏈基礎設施和關注監管合作的關注，準備利用USDT留下的真空。

Instability From Tether's Exit

繫繩出口的不穩定

The instability from Tether's exit could extend beyond stablecoins. Bitcoin often relies on stablecoin liquidity for trading pairs. Thinner markets may lead to increased volatility, especially in Europe.

繫繩出口的不穩定性可以延伸到穩定的範圍之外。比特幣通常依靠穩定的流動性來交易對。較薄的市場可能會導致波動率提高，尤其是在歐洲。

Moreover, if traders shift away from USDT, Bitcoin could experience sharper moves as liquidity dries up. However, XRP may be the unexpected winner in this realignment.

此外，如果交易者從USDT轉移，隨著流動性的變化，比特幣可能會經歷更尖銳的動作。但是，XRP可能是這種重組中意外的贏家。

As RLUSD gains traction, demand for XRP could rise, especially on the XRP Ledger. If Ripple captures even a fraction of Tether's displaced volume, XRP could benefit significantly—potentially setting the stage for a breakout before year-end.

隨著RLUSD的吸引力，對XRP的需求可能會增加，尤其是在XRP分類帳上。如果Ripple捕獲了Tether流離失所的數量的一小部分，XRP可以顯著受益，這是在年底之前為突破奠定基礎的階段。