穩定幣、品牌重塑和美國規則：駕馭新格局

穩定幣面臨美國監管審查，促使其進行品牌重塑和戰略轉變。探索 Tether 等公司如何適應 GENIUS 法案。

Stablecoins, Rebranding, and US Rules: Navigating the New Landscape

穩定幣、品牌重塑和美國規則：駕馭新格局

The stablecoin market is undergoing a significant transformation as US regulations tighten. The GENIUS Act has sent shockwaves through the industry, compelling firms to adapt or risk being left behind. Let's dive into the key developments and what they mean for the future.

隨著美國監管收緊，穩定幣市場正在經歷重大轉型。 《天才法案》給整個行業帶來了衝擊，迫使企業做出調整，否則就有被拋在後面的風險。讓我們深入探討關鍵的發展及其對未來的意義。

The GENIUS Act and the Rush to Rebrand

天才法案和品牌重塑熱潮

With the passage of the GENIUS Act, any company offering dollar-pegged tokens to U.S. users now must be issued under American law, backed by cash or Treasuries, and overseen by regulators. This has triggered a scramble among stablecoin issuers, particularly those with offshore operations, to reinvent themselves as “American.”

隨著《天才法案》的通過，任何向美國用戶提供與美元掛鉤的代幣的公司現在都必鬚根據美國法律發行，以現金或國債為支持，並受到監管機構的監督。這引發了穩定幣發行人（尤其是那些擁有離岸業務的發行人）的爭相將自己重塑為“美國”。

Tether, whose USDT dominates the sector, faces unique challenges due to its offshore history. Rather than relocating operations, Tether is rolling out a new token, USAT, issued by Anchorage Digital Bank. This allows Tether to appear compliant without fundamentally changing its underlying control.

Tether 的 USDT 在該領域佔據主導地位，但由於其離岸歷史，面臨著獨特的挑戰。 Tether 沒有重新定位業務，而是推出了由安克雷奇數字銀行發行的新代幣 USAT。這使得 Tether 看起來合規，而無需從根本上改變其底層控制。

The JPMorgan Perspective: $1.4 Trillion in Demand

摩根大通觀點：需求 1.4 萬億美元

Analysts at JPMorgan predict that stablecoins could generate $1.4 trillion in demand for U.S. dollars by 2027. This massive increase would stem from overseas investors adopting dollar-backed tokens for transactions and investments. The GENIUS Act passing has become a stepping stone that accelerated the growth of dollar-backed tokens.

摩根大通分析師預測，到 2027 年，穩定幣可能會產生 1.4 萬億美元的美元需求。這一大幅增長將源於海外投資者採用美元支持的代幣進行交易和投資。 GENIUS 法案的通過已成為加速美元支持代幣增長的墊腳石。

Beyond Tether: Industry-Wide Adjustments

超越 Tether：全行業調整

Other issuers are also making adjustments. Circle, issuer of USDC, has worked to cement its American bona fides by pursuing a public listing and emphasizing its reserves in Treasuries and cash. Paxos, licensed in New York, has leaned heavily on its regulatory track record.

其他發行人也在做出調整。 USDC 的發行人 Circle 一直致力於通過公開上市並強調其國債和現金儲備來鞏固其美國誠意。 Paxos 在紐約獲得許可，很大程度上依賴於其監管記錄。

The broader trend reveals that many stablecoin companies are repackaging themselves to meet minimum requirements. New names, new affiliates, new partners — but the same offshore DNA behind the curtain. It begs the question of genuineness of these makeovers and whether they are enough.

更廣泛的趨勢表明，許多穩定幣公司正在重新包裝自己以滿足最低要求。新名稱、新附屬機構、新合作夥伴——但幕後的離岸DNA是相同的。這就引出了這些改造的真實性以及它們是否足夠的問題。

1inch Rebrands to Reflect Broader Mission

1inch 品牌重塑以體現更廣泛的使命

1inch, a leading DeFi ecosystem, has also rebranded to reflect its growth and role as a core DeFi infrastructure provider. This move signifies the project's commitment to simplifying DeFi and making it ready for mass adoption. 1inch's rebrand signals maturity, but not a change in the mission.

領先的 DeFi 生態系統 1inch 也進行了品牌重塑，以反映其發展和作為核心 DeFi 基礎設施提供商的角色。此舉標誌著該項目致力於簡化 DeFi 並為其大規模採用做好準備。 1inch 的品牌重塑標誌著成熟，但使命並未改變。

Final Thoughts

最後的想法

The stablecoin market is at a pivotal moment. As US regulations reshape the landscape, companies are adapting in various ways. Whether these adjustments are genuine or merely cosmetic remains to be seen. One thing is certain: the future of stablecoins will depend on trust, transparency, and a willingness to embrace regulatory compliance.

穩定幣市場正處於關鍵時刻。隨著美國法規重塑格局，企業正在以各種方式進行適應。這些調整是真正的還是僅僅是表面上的，還有待觀察。有一點是肯定的：穩定幣的未來將取決於信任、透明度和遵守監管的意願。

So, buckle up, folks! It's gonna be a wild ride as stablecoins navigate this new world order. Who knows, maybe one day we'll all be paying for our lattes with USAT. Stranger things have happened, right?

所以，扣好安全帶，伙計們！隨著穩定幣在這個新的世界秩序中航行，這將是一次瘋狂的旅程。誰知道呢，也許有一天我們都會用 USAT 來買拿鐵咖啡。更奇怪的事情發生了，對嗎？