穩定幣發行人現已成為美國公債第 18 大持有者

隨著人們對華盛頓債務管理的擔憂日益加劇，穩定幣發行人正迅速成為美國國債需求的重要來源。

Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow.

隨著人們對華盛頓債務管理的擔憂日益加劇，穩定幣發行人正迅速成為美國公債需求的重要來源。

Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow.

隨著人們對華盛頓債務管理的擔憂日益加劇，穩定幣發行人正迅速成為美國公債需求的重要來源。

According to data tracked by Tagus Capital, issuers now cumulatively hold more than $120 billion in U.S. Treasury notes. That makes them the world's 18th largest holders of U.S. debt, ahead of major current account surplus nations like Germany and South Korea.

根據Tagus Capital追蹤的數據，發行人目前累計持有超過1,200億美元的美國公債。這使它們成為全球第18大美國國債持有國，領先德國和韓國等主要經常帳盈餘國家。

Tether Ltd, the issuer of tether (USDT), the world's leading dollar-pegged cryptocurrency by market value, alone holds around $91 billion in Treasuries and Circle, the issuer of USDC, holds short-dated U.S. debt, including repos, worth $29 billion, according to Tagus Capital.

Tether (USDT) 是全球市值領先的與美元掛鉤的加密貨幣，其發行人Tether Ltd 就持有約910 億美元的美國國債，而USDC 的發行人Circle 則持有價值290 億美元的短期美國債務，包括回購協議據塔霍資本稱。

Coincidentally, of the many crypto bills in the U.S. political corridors, stablecoin legislation has been the closest to moving past the U.S. Congress to become law. Hopes that the U.S. will get a new stablecoin law before the elections this year remain. In April, key congressman Patrick McHenry was bullish that the U.S. would have a stablecoin law by the end of the year.

巧合的是，在美國政治走廊的眾多加密貨幣法案中，穩定幣立法是最接近通過美國國會成為法律的法案。人們仍然希望美國能在今年大選前製定新的穩定幣法。今年 4 月，國會議員 Patrick McHenry 看好美國將在年底前製定穩定幣法。

However, attempts to include a stablecoin regulation in an unrelated must-move reauthorization bill failed. McHenry later told CoinDesk that “we’re so close on this, we just need a legislative calendar, so that we can get things across the finish line in the Senate.”

然而，將穩定幣監管納入不相關的必須移動的重新授權法案的嘗試失敗了。麥克亨利後來告訴 CoinDesk，“我們已經非常接近這個目標了，我們只需要一個立法日曆，這樣我們就可以在參議院完成工作。”

He also echoed the sentiment of the Majority Whip in the House of Representatives, Republican Tom Emmer who suggested that the lame duck session, might be the opportune time to attach a legislation to a must-pass bill. A lame duck session occurs in the transition period after elections before the president-elect takes over in January 2025.

他也呼應了眾議院多數黨鞭、共和黨人湯姆·埃默的觀點，他認為跛腳鴨會議可能是在必須通過的法案中附加一項立法的最佳時機。跛腳鴨會議發生在選舉後、當選總統於 2025 年 1 月上任之前的過渡時期。

The U.S. government debt surpassed the $34 trillion mark early this year and has been growing faster, roughly $1 trillion every 100 years. Interest payments on the debt, also known as the debt-servicing cost, are projected to reach $892 billion in 2024. The burgeoning debt has caused the Treasury to step up bond supplies since 2023.

美國政府債務今年年初突破了 34 兆美元大關，而且成長速度更快，約每 100 年 1 兆美元。債務利息支付（也稱為償債成本）預計到 2024 年將達到 8,920 億美元。

On Tuesday, the Congressional Budget Office said the national debt could reach $50 trillion by 2034, equaling 122 percent of annual economic output.

週二，國會預算辦公室表示，到 2034 年，國家債務可能達到 50 兆美元，相當於年度經濟產出的 122%。

Early this year, COB warned that Unattended mounting debt concerns could lead to Liz-Truss-style market chaos, characterized by the sharp drop in the U.S. dollar and political uncertainty. Crypto pundits have long echoed a similar sentiment, saying debt concerns and loss of confidence in Treasuries could spur widespread adoption of alternative assets like bitcoin and gold.

今年早些時候，COB警告稱，如果債務擔憂得不到重視，可能會導致利茲-特拉斯式的市場混亂，其特點是美元大幅下跌和政治不確定性。加密貨幣專家長期以來也表達了類似的觀點，他們表示，債務擔憂和對美國國債的信心喪失可能會刺激比特幣和黃金等另類資產的廣泛採用。

EDITED BY

編輯者

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. A markets journalist since 2019, he covers crypto, precious metals, equities and currencies. He previously worked at Forkast.News and holds a B.A. in Economics from University of California, San Diego.

Omkar Godbole 是 CoinDesk 市場團隊的共同總編輯。他自 2019 年起擔任市場記者，報道加密貨幣、貴金屬、股票和貨幣。他此前曾在 Forkast.News 工作，並擁有加州大學聖地亞哥分校經濟學學士學位。

Amitoj Singh is a CoinDesk reporter covering markets and breaking news. Prior to joining CoinDesk, he covered institutional crypto and Web3 for Blockworks. He began his career in journalism at the Reno Gazette-Journal, where he covered local government, crime and breaking news. He holds a B.A. in Journalism from the University of Nevada, Reno.

Amitoj Singh 是 CoinDesk 的記者，報道市場和突發新聞。在加入 CoinDesk 之前，他負責 Blockworks 的機構加密和 Web3 工作。他在《裡諾公報》雜誌開始了他的新聞職業生涯，報道當地政府、犯罪和突發新聞。他擁有內華達大學裡諾分校新聞學學士學位。

CoinDesk is an independent digital media service that provides concise, up-to-date news about digital assets and Web3 to a global audience. CoinDesk’s journalistic standards and practices follow a strict set of guidelines. CoinDesk was acquired by Digital Currency Group in 2016.

CoinDesk 是一項獨立的數位媒體服務，為全球受眾提供有關數位資產和 Web3 的簡潔、最新新聞。 CoinDesk 的新聞標準和實踐遵循一套嚴格的準則。 CoinDesk 於 2016 年被數位貨幣集團收購。

CoinDesk fully abides by the Digital Currency Group Code of Conduct and Conflicts of Interest Policy. CoinDesk journalists are not permitted to purchase stock in any publicly traded company.

CoinDesk 完全遵守數位貨幣集團行為準則和利益衝突政策。 CoinDesk 記者不得購買任何上市公司的股票。