Tether，Circle和Stablecoin攤牌：下一步是什麼？

Tether的美國Stablecoin發射和Circle的合規首先策略加劇了Stablecoin比賽。獲取數字美元未來的內部勺子。

Tether, Circle, and the Stablecoin Showdown: What's Next?

Tether，Circle和Stablecoin攤牌：下一步是什麼？

The stablecoin landscape is heating up! With Tether planning a U.S.-specific stablecoin and Circle doubling down on compliance, it's a wild west of digital dollars. What does it all mean? Let's break it down.

Stablecoin景觀正在加熱！隨著繩索計劃美國特異性的穩定和圓圈的合規性加倍，這是數字美元的野外西部。這是什麼意思？讓我們分解。

Tether's Bold Move: A U.S. Stablecoin is Coming

繫繩大膽的舉動：美國穩定幣即將到來

Tether is diving headfirst into the U.S. market with plans to launch a brand-new stablecoin specifically designed for American users. CEO Paolo Ardoino says this move comes alongside efforts to bring their existing stablecoin, USDT, into full compliance with the GENIUS Act via a "foreign issuer" pathway. This dual-track approach marks Tether’s first official commitment to direct U.S. market participation under the new regulatory framework.

Tether首先進入美國市場，計劃推出專門為美國用戶設計的全新Stablecoin。首席執行官Paolo Ardoino說，此舉是由將其現有的Stablecoin USDT的努力完全符合通過“外國發行人”途徑完全遵守《天才法》的。這種雙軌方法標誌著Tether在新的監管框架下指導美國市場參與的首個正式承諾。

Ardoino emphasized that this initiative includes strict anti-money laundering measures and comprehensive audits of Tether's reserves. They've got a three-year timeline to meet all requirements, and they're approaching it with, as he says, “precision and dedication.” He envisions USDT primarily facilitating cross-border remittances, while the new U.S.-based stablecoin will cater directly to domestic users. Looks like Tether is ready to rumble!

Ardoino強調，該倡議包括嚴格的反洗錢措施和對Tether儲量的全面審計。他們有一個為期三年的時間表來滿足所有要求，正如他所說的那樣，他們正在與之接近。他設想USDT主要促進跨境匯款，而新的總部位於美國的Stablecoin將直接迎合國內用戶。看起來繫繩已經準備好隆隆了！

Circle's Confidence: Compliance is King

圈子的信心：合規是國王

Meanwhile, Circle, the company behind USDC, seems pretty chill. CEO Jeremy Allaire welcomed the GENIUS Act, seeing it as validation of Circle's long-standing strategy to operate transparently under U.S. regulations. Allaire emphasizes that Circle has already built trust with leading institutions thanks to its rigorous reserve procedures and public audits.

同時，USDC背後的公司Circle似乎很寒意。首席執行官傑里米·阿萊爾（Jeremy Allaire）歡迎《天才法案》（Genius Act），將其視為對Circle在美國法規下透明運作的長期戰略的驗證。 Allaire強調，由於其嚴格的儲備程序和公共審計，Circle已經與領先機構建立了信任。

The GENIUS Act, requiring stablecoins to be backed by cash or short-term Treasuries and undergo yearly audits, is practically Circle’s business model already. Circle views this as strengthening their position in the market as the world shifts from offshore crypto to legal, regulated digital dollars.

《天才法案》，要求穩定的人必須得到現金或短期國庫的支持，並接受年度審計，實際上已經是Circle的商業模式。 Circle認為這是隨著世界從近海加密貨幣轉變為法律，受監管的數字美元的增強其在市場上的地位。

The Ripple Effect: XRP and the Stablecoin Narrative

連鎖反應：XRP和Stablecoin敘述

And what about XRP? It seems there was some confusion recently. Crypto attorney John Deaton clarified that XRP itself isn't competing with stablecoins like USDC. Instead, Ripple, the company that uses XRP in some of its solutions, competes with Circle in the fintech space. Ripple's entry into the stablecoin market is RLUSD, its newly introduced asset. Remember when Ripple and Circle were in acquisition talks? Different functions, different markets.

那XRP呢？似乎最近有一些混亂。加密律師約翰·迪頓（John Deaton）澄清說，XRP本身並未與USDC這樣的Stablecoins競爭。取而代之的是，在其某些解決方案中使用XRP的公司Ripple在金融科技領域與Circle競爭。 Ripple進入Stablecoin市場是RLUSD，它是新近引入的資產。還記得Ripple和Circle在收購談判中的時間嗎？不同的功能，不同的市場。

My Take: The Future is Regulated (and Competitive)

我的看法：未來受到監管（競爭激烈）

Here's my two cents: The GENIUS Act is a game-changer. It’s pushing everyone towards transparency and compliance. While Tether faces a bigger challenge in adapting to these new rules, Circle is already playing the game. This increased regulation will likely boost confidence in stablecoins and accelerate their adoption. As more companies enter the stablecoin arena and comply with the GENIUS Act, we can expect to see a more competitive and innovative landscape. It's like a digital dollar arms race, and we're all watching it unfold!

這是我的兩分錢：天才法案是改變遊戲規則的人。它正在推動所有人提高透明度和合規性。儘管Tether在適應這些新規則方面面臨更大的挑戰，但Circle已經在玩遊戲。這種增加的法規可能會增強對穩定的信心並加速其採用。隨著越來越多的公司進入Stablecoin競技場並遵守《天才法》，我們可以期望看到更具競爭力和創新性的景觀。這就像一場數字美元的軍備競賽，我們都在看著它！

What does this mean?

這是什麼意思？

For Tether, launching a U.S.-specific stablecoin and bringing USDT into compliance represents both a challenge and an opportunity. For Circle, the law is seen as confirmation of its compliance-first approach.

對於Tether，推出一個美國特異性的Stablecoin並將USDT納入合規性既是挑戰，也代表了機會。對於圈子而言，法律被視為確認其合規性優先方法。

So, what's the takeaway? The stablecoin market is about to get a whole lot more interesting. Buckle up, because the future of digital dollars is looking brighter (and more regulated) than ever!

那麼，收穫是什麼？ Stablecoin市場將變得更加有趣。扣緊，因為數字美元的未來看起來比以往任何時候都更加明亮（並且受監管更加受監管）！