參議院法案著眼於穩定幣重組，限制非美國發行人

美國參議院的一項新法案《支付穩定幣法案》旨在透過可能允許美國銀行發行與美元掛鉤的穩定幣來重塑穩定幣市場。該法案提議非銀行穩定幣公司的發行上限為 100 億美元，並禁止發行「無支持」的演算法穩定幣。如果通過，它可能會為銀行帶來穩定幣領域的競爭優勢，並可能限制 Tether 等大型非美國穩定幣發行人的營運。

U.S. Senate Bill Aims to Reshape Stablecoin Market, Limit Non-U.S. Issuers

美國參議院法案旨在重塑穩定幣市場，限制非美國市場發行人

A groundbreaking bill introduced in the United States Senate seeks to transform the stablecoin industry, paving the way for U.S. banks to issue federally regulated stablecoins pegged to the U.S. dollar. The Payment Stablecoin Act, introduced by Democratic Senator Kirsten Gillibrand, has garnered widespread attention from financial institutions, market analysts, and crypto industry stakeholders.

美國參議院提出了一項開創性的法案，旨在改變穩定幣行業，為美國銀行發行與美元掛鉤的聯邦監管穩定幣鋪平道路。民主黨參議員克爾斯滕·吉利布蘭德(Kirsten Gillibrand)提出的《支付穩定幣法案》引起了金融機構、市場分析師和加密行業利益相關者的廣泛關注。

Potential Impact on Non-U.S. Stablecoins

對非美國地區的潛在影響穩定幣

The bill has drawn particular scrutiny for its potential impact on non-U.S. stablecoin issuers, such as Tether. Tether, currently the largest stablecoin by market capitalization at over $110 billion, would face significant challenges if the proposed legislation becomes law.

該法案因其對 Tether 等非美國穩定幣發行人的潛在影響而受到特別審查。 Tether 目前是市值超過 1,100 億美元的最大穩定幣，如果擬議的立法成為法律，它將面臨重大挑戰。

The legislation proposes a cap of $10 billion on stablecoin issuance by non-bank firms, severely restricting the issuance of stablecoins by entities like Tether. Additionally, it prohibits the issuance of "unbacked" algorithmic stablecoins, which are not backed by traditional assets like cash or government bonds.

該立法提議非銀行公司發行穩定幣的上限為 100 億美元，嚴重限制了 Tether 等實體發行穩定幣。此外，它還禁止發行「無支援」的演算法穩定幣，這些穩定幣沒有現金或政府債券等傳統資產的支持。

Competitive Edge for U.S. Banks

美國銀行的競爭優勢

S&P Global Ratings, in a research note, suggests that the bill could provide a competitive advantage for U.S. banks. With the proposed regulatory framework, banks could enter the stablecoin market with the backing of FDIC-insured deposits, offering stability and confidence to investors.

標準普爾全球評級在研究報告中表示，該法案可以為美國銀行提供競爭優勢。根據擬議的監管框架，銀行可以在 FDIC 保險存款的支持下進入穩定幣市場，為投資者提供穩定性和信心。

Compliance Requirements for Issuers

發行人的合規要求

To ensure the integrity and stability of stablecoins, the bill mandates that issuers maintain one-to-one cash or cash-equivalent reserves for every stablecoin issued. This reserve requirement would ensure that stablecoins are fully backed and redeemable at their pegged value.

為了確保穩定幣的完整性和穩定性，該法案要求發行人為發行的每種穩定幣維持一對一的現金或現金等價物儲備。這項準備金要求將確保穩定幣得到充分支持並可按其掛鉤價值贖回。

Implications for Tether and the Broader Market

對 Tether 和更廣泛市場的影響

Tether, being a non-U.S. entity, would not comply with the stipulations of the Payment Stablecoin Act. This non-compliance would prohibit U.S. entities from holding or transacting in Tether, effectively diminishing its presence in the U.S. market.

Tether 作為非美國實體，不會遵守支付穩定幣法案的規定。這種違規行為將禁止美國實體持有或交易 Tether，從而有效削弱其在美國市場的影響力。

The bill's impact could extend beyond Tether, potentially reshaping the entire stablecoin market. The cap on non-bank stablecoin issuance and the prohibition of algorithmic stablecoins could limit the operations of large non-U.S. issuers and favor U.S. dollar-backed stablecoins issued by banks.

該法案的影響可能會超出 Tether 範圍，有可能重塑整個穩定幣市場。非銀行穩定幣發行上限和演算法穩定幣的禁止可能會限制大型非美國發行人的運營，並有利於銀行發行的美元支持的穩定幣。

Industry Reactions

業界反應

While the bill has received support from some quarters, it has also faced criticism from others. Coin Center, a crypto advocacy organization, has expressed concerns about the bill's potential to stifle innovation by banning algorithmic stablecoins. They argue that such a ban is unconstitutional, violating the First Amendment's protection of free speech.

儘管該法案得到了一些方面的支持，但也面臨其他方面的批評。加密貨幣倡導組織 Coin Center 對該法案可能透過禁止演算法穩定幣來扼殺創新表示擔憂。他們認為這樣的禁令是違憲的，違反了第一修正案對言論自由的保護。

Implications for Financial Stability and Innovation

對金融穩定與創新的影響

The Payment Stablecoin Act has significant implications for the financial system and the development of digital asset innovation. By imposing strict regulations on stablecoins, the bill aims to address concerns about financial stability, consumer protection, and the potential for illicit finance.

《支付穩定幣法案》對金融體系和數位資產創新的發展有重大影響。透過對穩定幣實施嚴格的監管，該法案旨在解決對金融穩定、消費者保護和非法金融潛力的擔憂。

However, it remains to be seen whether the proposed regulations will strike the right balance between mitigating risks and fostering responsible innovation in the stablecoin market. The bill is currently under review by the Senate Banking Committee and could undergo significant revisions before it is put to a vote.

然而，擬議的法規是否能在降低風險和促進穩定幣市場負責任的創新之間取得適當的平衡還有待觀察。該法案目前正在接受參議院銀行委員會的審查，在付諸表決之前可能會進行重大修改。