Tether Holdings SA在國際上擴大了國際擴張

隨著美國通過《天才法案》（Genius Act），世界上最大的穩定發行人Tethering Holdings SA等提案（例如Genius Act）的提案，即將其國際重點。

The U.S. Congress is getting closer to formalizing regulations for stablecoins, notably through the proposed bill dubbed the “Genius Act.” As this legislation takes shape, attention naturally turns to how the world’s largest stablecoin issuer, Tether Holdings SA, is adapting.

美國國會正越來越接近正式化stabalecoins的法規，尤其是通過擬議的法案稱為“天才法案”。隨著這項立法的形成，注意力自然會轉向世界上最大的Stablecoin發行人Tether Holdings SA如何適應。

While U.S. lawmakers are busy integrating stablecoins into the financial mainstream, it seems that Tether’s leadership is less interested in a full-fledged domestic pivot.

儘管美國立法者正忙於將Stablecoins整合到金融主流中，但Tether的領導層似乎對成熟的國內樞紐不太感興趣。

The company, which largely operates outside U.S. borders, appears to be keeping its sights set on emerging markets as its primary audience, especially considering the 3 billion people globally who remain unbanked by traditional banking systems.

該公司主要在美國邊界以外運營，似乎將目光投向了新興市場作為主要受眾，尤其是考慮到全球30億人民在全球沒有傳統的銀行體系中沒有銀行現役的人。

The company’s CEO, Paolo Ardoino, recently spoke about how closely Tether is monitoring the U.S. legislative landscape, particularly regarding the implications for foreign issuers.

該公司的首席執行官保羅·阿多諾（Paolo Ardoino）最近談到了束縛美國立法景觀的緊密聯繫，特別是關於對外國發行人的影響。

The Essence of the U.S. Proposal

美國建議的本質

The proposed legislation makes a distinction between local and foreign players, a factor that Tether is undoubtedly assessing.

擬議的立法在地方和外國玩家之間有了區別，這無疑是束縛的因素。

“The bill does not allow foreign issuers to apply for a charter, although they can continue to operate in the United States if they meet certain conditions,” explained macroeconomic analyst Diego Urriolaguena in a recent analysis.

宏觀經濟分析師Diego Urriolaguena在最近的分析中解釋說：“該法案不允許外國發行人申請憲章，儘管如果他們符合某些條件，他們可以繼續在美國運作。”

This structure of the bill is crucial as it might not be feasible for Tether to align itself with the framework of the bill without making changes to its global business model.

該法案的這種結構至關重要，因為Tether在不改變其全球業務模型的情況下與法案的框架保持一致可能是不可行的。

The company, which does not serve U.S. customers directly, is nonetheless contemplating the creation of a compliant stablecoin tailored to American regulatory frameworks.

該公司不直接為我們的客戶服務，但仍在考慮為美國監管框架量身定制的合規性穩定股。

This move, apparently aimed at courting institutional investors, would involve adhering to U.S. requirements like backing tokens with safe assets and following anti-money-laundering laws.

這一舉動顯然是旨在求助機構投資者，將涉及遵守美國要求，例如以安全資產的支持以及遵循反罰款法律的支持。

These conditions are being examined closely, especially since Tether’s current reserves include instruments such as secured loans and digital assets, which might not completely align with all U.S. criteria.

這些條件正在仔細檢查，尤其是因為Tether的當前儲備包括有擔保貸款和數字資產等工具，這些工具可能與所有美國標準並不完全一致。

In a further bid for transparency, Tether is in talks with a major accounting firm for a full audit, a initiative that would represent a significant shift from its current practice of quarterly attestations.

為了進一步的透明度，Tether與一家主要會計師事務所進行了全面審計，該計劃將與當前的季度證明實踐發生重大轉變。

The audit plan indicates Tether’s intent to meet the credibility benchmarks increasingly demanded by regulators and financial institutions.

審計計劃表明，Tether的目的是滿足監管機構和金融機構越來越多要求的信譽基準。

The company is also engaging with U.S. authorities to ensure compliance with sanctions regulations, a critical factor for any financial institution operating on the global stage.

該公司還與美國當局互動，以確保遵守制裁法規，這是在全球舞台上運營的任何金融機構的關鍵因素。

No Competition From a Consortium of Banks

沒有銀行財團的競爭

Finally, there’s the interesting tidbit about a consortium of major American banks, including Bank of America (NYSE:BAC) and Citigroup (NYSE:C), exploring the possibility of issuing a stablecoin.

最後，關於美國主要銀行（包括美國銀行：紐約證券交易所：BAC）和花旗集團（NYSE：C）在內的一家美國主要銀行財團的有趣花絮，探索了發行穩定的可能性。

While this initiative has garnered attention, it seems that Tether is not particularly threatened. The company’s focus on emerging markets and the unbanked population sets it apart from the banks’ consortium, which is likely to be focused on the Western financial system.

儘管這項倡議引起了人們的關注，但似乎並沒有特別受到威脅。該公司專注於新興市場和未銀行的人口，將其與銀行的財團區分開來，這很可能集中在西方金融體系上。

‘The consortium’s efforts appear to be concentrated on providing a stablecoin for institutional clients in developed economies, while Tether is serving millions of users in emerging markets and facilitating cross-border payments with its USDT token,’ the analyst stated.

分析師說：“該財團的努力似乎集中在為發達經濟體的機構客戶提供穩定的股份，而Tether為新興市場中的數百萬用戶提供服務，並用其USDT代幣促進跨境支付。”

With USDT boasting a dominant market share of over 60% and outpacing global stablecoin transactions, Tether remains the market leader in terms of volumes, especially in regions where banking infrastructure is weak or nonexistent.

由於USDT擁有超過60％的主要市場份額，並且超過了全球Stablecoin交易，Tether仍然是市場的領導者，尤其是在銀行基礎設施薄弱或不存在的地區。

This places Teתר's decision to prioritize overseas expansion over accommodating the U.S. Congress a crucial turning point. As stablecoins continue to evolve, with a combined value of over $240 billion, Tether’s strategy makes it a singularly interesting company to follow in the fast-changing world of financial technology.

這使Teתר決定優先考慮海外擴張優先級，而不是容納美國國會的關鍵轉折點。隨著Stablecoins的不斷發展，總價值超過2400億美元，Tether的策略使其成為一家有趣的公司，可以追隨金融技術的快速變化世界。