繫繩將重點轉移到美國以外的市場

Tether是最大的Stablecoin發行人，將其主要重點轉移到美國以外的市場。這一舉動是由於立法努力越來越多地監管美國境內的穩定菌。

As the U.S. moves closer to new legislation for stablecoins, the largest stablecoin issuer, Tether, is shifting its main focus to markets outside the States.

隨著美國越來越接近穩定的新立法，最大的Stablecoin發行人Tether將其主要重點轉移到了各州以外的市場。

The company is adapting to emerging laws and highlighting its international expansion.

該公司正在適應新興的法律並強調其國際擴張。

The U.S. Senate recently advanced the bill, called the Gummy Act—an acronym for Good Utilization of MedCreds and Nanotechnology in the Union State—to Congress. Meanwhile, the House Financial Services Committee has approved its bill, although full House approval is still pending. Both bills aim to ensure that stablecoins are fully backed by cash and safe assets, tightening rules for issuers.

美國參議院最近提出了該法案，稱為《吉米法》（Gumummy Act），這是國會良好利用梅德里克和納米技術的首字母縮寫。同時，眾議院金融服務委員會已批准其法案，儘管全部批准仍在審理中。這兩項法案旨在確保穩定幣完全得到現金和安全資產的支持，從而收緊了發行人的規則。

Both bills would require issuers to maintain tokens backed by cash, short-term U.S. Treasury obligations, and other safe assets. Issuers must also comply with the Bank Secrecy Act and anti-money laundering rules. Both bills include provisions to recognize foreign stablecoin issuers if their regulations meet comparable standards.

這兩項法案都將要求發行人維護以現金，美國國庫短期義務和其他安全資產支持的代幣。發行人還必須遵守《銀行保密法》和反洗錢規則。這兩項法案均包括承認外國穩定發行人的規定，如果其法規符合可比的標準。

Of the $125 billion in stablecoins, more than 60% is held by Tether, which has 420 million users. The company’s presence is greater in emerging markets, contrasting with its limited service to American customers.

在1.25億美元的Stablecoins中，有超過60％的Tether擁有4.2億用戶。該公司在新興市場中的存在更大，與對美國客戶的服務有限形成鮮明對比。

Outside of the U.S., Tether’s user base is largely concentrated in Southeast Asia, spanning Vietnam, Indonesia, the Philippines, Thailand, and Malaysia. In these regions, Tether’s services are accessible through several platforms, catering to a diverse customer base.

在美國以外，繫繩的用戶群主要集中在東南亞，跨越越南，印度尼西亞，菲律賓，泰國和馬來西亞。在這些地區，可以通過多個平台訪問繫繩的服務，以迎合多樣化的客戶群。

Despite not offering services to U.S. customers, Tether is engaging with U.S. regulators to ensure compliance with new legislation. This involvement follows a period of scrutiny from U.S. regulators, who had previously raised concerns over the company’s operations and financial transparency.

儘管沒有向美國客戶提供服務，但Tether仍與美國監管機構互動，以確保遵守新立法。這項參與是在美國監管機構進行了一段審查之後，他們以前對公司的運營和財務透明度提出了擔憂。

In 2021, Tether settled with U.S. commodities futures regulator the Commodity Futures Trading Commission (CFTC) for failing to maintain its purported policy of maintaining 1:1 backing for its stablecoin. As part of the settlement, Tether paid a $50 million penalty and agreed to cooperate with the CFTC in future matters.

2021年，繫繩與美國商品期貨監管機構定居，商品期貨貿易委員會（CFTC）未能維持其據稱維持其穩定股份的1：1支持的政策。作為和解的一部分，Tether支付了5000萬美元的罰款，並同意將來與CFTC合作。

Earlier this year, the CFTC also reached a $100 million settlement with cryptocurrency exchange Bitmex for operating in the U.S. without registration and failing to comply with anti-money laundering rules.

今年早些時候，CFTC還達成了1億美元的和解協議，該和加密貨幣交易所Bitmex在美國運營而沒有註冊，並且不遵守反洗錢規則。

In addition to these settlements, the U.S. Securities and Exchange Commission (SEC) has also been actively pursuing cases against cryptocurrency companies. Last week, the SEC filed a lawsuit against cryptocurrency exchange Shapeshift for failing to register with the agency and offering U.S. customers unregistered securities.

除這些和解外，美國證券交易委員會（SEC）還積極提起針對加密貨幣公司的案件。上週，美國證券交易委員會（SEC）針對加密貨幣交易所變形的訴訟未能向代理機構註冊並為我們提供未註冊的證券提供註冊。

Earlier this year, the SEC sued former FTX CEO Sam Bankman-Fried for mishandling customer funds and illegally raising $1.8 billion from investors in a two-year period.

今年早些時候，SEC起訴前FTX首席執行官Sam Bankman Fried，以謀取不當客戶資金，並在兩年期間非法從投資者那裡籌集了18億美元。

These cases highlight the increasing scrutiny that cryptocurrency companies are facing from U.S. regulators. As the cryptocurrency industry continues to grow and evolve, we can expect to see more cases and settlements brought by the SEC and CFTC.

這些案件強調了加密貨幣公司正在美國監管機構面臨的越來越多的審查。隨著加密貨幣行業的不斷發展和發展，我們可以期望看到SEC和CFTC帶來的更多案件和定居點。

Tether’s reserve assets include some compliant holdings that would satisfy the proposed U.S. rules and others that would not. Among the non-compliant assets are Bitcoin and secured loans, which are used to back part of Tether’s stablecoin.

Tether的儲備資產包括一些合規的持股，這些股份可以滿足擬議的美國規則和其他不承擔的規定。在不合規的資產中，有比特幣和有抵押貸款，用於支持Tether的Stablecoin的一部分。

If Tether were to apply for a U.S. money transmitter license, it would fall under federal regulation due to its size and market share. However, applying for a U.S. banking license would place it subject to state-level regulations.

如果繫繩要申請美國貨幣發射機許可證，則由於其規模和市場份額，它將屬於聯邦法規。但是，申請美國銀行許可將遵守州級法規。

Despite past regulatory challenges, Teher is moving toward greater compliance. The company now manages reserves with Cantor Fitzgerald & Co to aim for stronger financial transparency.

儘管有過去的監管挑戰，但泰爾仍在朝著更大的遵守措施邁進。該公司現在管理Cantor Fitzgerald＆Co的儲備，以提高財務透明度。

To enhance credibility further, Tether is working toward a full audit by a Big Four accounting firm. This contrasts with prior no-audit status and aligns with broader efforts to boost trust in the cryptocurrency sphere.

為了進一步提高信譽，Tether正在努力進行四大會計師事務所的全面審核。這與先前的無審計狀態形成鮮明對比，並與更廣泛的努力相吻合，以增強對加密貨幣領域的信任。

After a period of rapid growth, Tether’s main growth will continue in international markets, especially among unbanked populations, the company said. Its stablecoin is used to address payment needs in regions with limited access to traditional banking services.

該公司表示，經過一段迅速的增長，國際市場，尤其是在沒有銀行銀行的人口中，繫繩的主要增長將繼續下去。它的Stablecoin用於解決對傳統銀行服務訪問權限有限的地區的付款需求。

This focus on emerging markets and unbanked populations differentiates Tether from potential competitors who are concentrating more on serving developed financial systems.

這種專注於新興市場和無銀行人口的關注與潛在的競爭對手區分開來，這些競爭對手更多地專注於為已發達的金融系統服務。

Currently, Tether does not serve U.S. customers but is engaging with U.S. regulators to comply with new rules. The company plans to issue a new stablecoin version aligned with legislative requirements and attract institutional users.

目前，Tether不為美國客戶提供服務，而是與美國監管機構互動以遵守新規則。該公司計劃發布一個與立法要求一致的新穩定版本，並吸引機構用戶。

This approach reflects a dual strategy of international focus and readiness for possible U.S. market participation.

這種方法反映了國際重點和準備的雙重策略，以實現美國市場參與。

Major U.S. banks are exploring their own stablecoin initiatives, but Tether maintains that these efforts are focused on the Western market.

美國主要銀行正在探索自己的穩定倡議，但係塞特堅持認為，這些努力集中在西方市場上。

According to Tether’s leadership, the company’s primary customer base lies outside of these regions, hence the company’s emphasis on foreign markets. As the U.S. enacts stablecoin laws

根據Tether的領導，該公司的主要客戶群在這些地區之外，因此該公司對國外市場的重視。隨著美國製定穩定法律