Tether的國庫法案保管人現在正式成為美國政府內閣成員，但這是否有助於世界上最大的Stablecoin發行人避免被世界上最大的加密貨幣市場驅逐出境？

2月18日，華爾街金融服務公司Cantor Fitzgerald（NASDAQ：ZCFITX）的創始人霍華德·盧特尼克（Howard Lutnick）被美國參議院確認為美國新任商務部長。

Tether’s custodian of Treasury bills is now a U.S. government Cabinet member, but will that help the world’s largest stablecoin issuer avoid being banished from the world’s largest crypto market?

Tether的《財政法案》的保管人現在是美國政府內閣成員，但這是否有助於世界上最大的Stablecoin發行人避免被世界上最大的加密貨幣市場驅逐出境？

On February 18, Howard Lutnick, founder of Wall Street financial services firm Cantor Fitzgerald (NASDAQ: ZCFITX), was confirmed by the U.S. Senate as the nation’s new Secretary of Commerce. As promised, Lutnick has begun divesting his interests in corporate operations, although the list of companies in which Lutnick either has a stake or plays an executive role is well over 800.

2月18日，華爾街金融服務公司Cantor Fitzgerald（NASDAQ：ZCFITX）的創始人霍華德·盧特尼克（Howard Lutnick）被美國參議院確認為美國新任商務部長。正如承諾的那樣，盧特尼克（Lutnick）已經開始剝離他對公司業務的利益，儘管盧特尼克（Lutnick）擁有股份或扮演執行職務的公司名單遠超過800。

In his pre-confirmation hearing with the Senate Commerce Committee, Lutnick confirmed that Cantor “owns a convertible bond with Tether.” The size of this “convertible debt investment” remains unknown, as Lutnick’s written responses to Committee questions stated that the amount “is not a matter of public record.” Lutnick previously said only “no” to queries about whether Cantor held a 5% stake in Tether, meaning it could be higher or lower.

盧特尼克（Lutnick）在參議​​院商務委員會的確認聽證會上，確認康托爾（Cantor）“擁有與繩索的可轉換債券”。由於盧特尼克（Lutnick）對委員會問題的書面回答指出，“這不是公共記錄問題”，因此“可轉換債務投資”的規模仍然未知。盧特尼克（Lutnick）此前僅表示“否”詢問坎托（Cantor）是否持有繫繩持有5％的股份，這意味著它可能更高或更低。

Lutnick has also yet to confirm whether Cantor’s Tether ties means he’ll recuse himself from participating in President Donald Trump’s new Working Group on Digital Assets (aka ‘crypto council’). Led by Trump’s new ‘AI & Crypto Czar’ David Sacks, the working group includes multiple Cabinet members, including the Commerce secretary. Asked specifically by the Committee whether he’d recuse himself, Lutnick said only that he would “follow applicable government ethics laws and regulations.”

盧特尼克（Lutnick）還尚未確認康托爾（Cantor）的束縛關係是否意味著他將退出唐納德·特朗普（Donald Trump）總統的數字資產新工作組（又名“加密委員會”）。在特朗普的新“ AI＆Crypto czar”大衛·薩克斯（David Sacks）的帶領下，工作組包括多個內閣成員，包括商務部長。委員會特別問他是否會撤回自己，盧特尼克只說他將“遵守適用的政府道德法規和法規”。

It’s been over a year since Lutnick went public with claims that Cantor acts as custodian for Tether’s alleged ~$100 billion worth of U.S. T-bills. But Tether has never allowed anyone to audit its books, leaving many observers skeptical regarding the reality of the reserve assets supporting the now nearly $142 billion in issued USDT tokens.

自盧特尼克（Lutnick）公開聲稱坎托（Cantor）擔任托瑟（Tether）所稱價值約1000億美元的美國T-bills的託管人以來，已經有一年多了。但是Tether從未允許任何人審核其書籍，因此，許多觀察家就支持當今已發行的USDT代幣的儲備資產的現實持懷疑態度。

The Committee also probed Lutnick regarding a late-2024 Wall Street Journal (WSJ) report that claimed he’d given assurances to Tether founder Giancarlo Devasini that he’d use his longstanding personal friendship with Trump to “defuse threats” to Tether by U.S. legislative bodies, regulatory agencies and/or law enforcement.

該委員會還對盧特尼克（Lutnick）進行了有關2024年後期華爾街日報（WSJ）的報告，該報告聲稱他對Tether創始人Giancarlo Devasini保證，他將利用他與特朗普的長期個人友誼來“削弱我們的特朗普”，以使我們的立法“削弱”蒂瑟機構，監管機構和/或執法部門。

In response, Lutnick said only that he’d “never suggested to anyone that I would do anything improper with respect to Tether.” But Lutnick also told the Committee that “Congress should be careful not to undermine dollar hegemony on blockchain through legislation.”

作為回應，盧特尼克只說他“從來沒有向任何人建議我對束帶做任何不當的事情。”但盧特尼克（Lutnick）還告訴委員會，“國會應小心，不要通過立法破壞區塊鏈的美元霸權。”

Tether supporters like to claim that dollar-denominated stablecoins that invest in T-bills are helping shore up support for the greenback as the world’s reserve currency. They studiously avoid the reality that Tether’s $113 billion in ‘direct and indirect’ T-bill exposure represents less than 0.004% of the $28.5 trillion worth of T-bills currently circulating in the wild. Hell, the total market cap of all dollar-denominated stables is only 0.08% of the $2.7 trillion worth of T-bills issued last month alone.

Tether的支持者喜歡聲稱投資於T-Bills的美元計價的Stablecoins正在幫助支持綠色作為世界儲備貨幣的支持。他們刻薄地避免了一個現實，即特ether在“直接和間接”的T-Bill曝光中的1,130億美元不到目前在野外流通的28.5萬億美元的T-Bills的0.004％。地獄，所有以美元計價的馬s的總市值僅為上個月發行的2.0萬億美元的$ 2.08％。

Tether loves its gold, loans, and BTC

繫繩喜歡它的黃金，貸款和BTC

Apart from its T-bills, Tether’s most recent attestation-not-an-audit shows its reserve assets include nearly $8 billion worth of BTC tokens, $8.2 billion in ‘secured loans,’ $5.3 billion in ‘precious metals’ and $4 billion worth of ‘other investments.’

除了其T-bills外，Tether的最新證明是，其儲備資產還包括近80億美元的BTC代幣，82億美元的“有抵押貸款”，53億美元的“貴金屬”和40億美元的價值“其他投資。”

None of these qualify as acceptable reserve assets in the bevy of new stablecoin bills currently circulating in Congress. A recent JPMorgan (NYSE: JPM) report pointed out that Tether would have to convert all of its “noncompliant assets” into T-bills or dollars to conform to the fine print of these legislative documents.

在當前在國會中流傳的新穩定法案中，這些都不是可接受的儲備資產。 JPMorgan（NYSE：JPM）的一份報告指出，Tether將不得不將其所有“不合規資產”轉換為T-bills或美元，以符合這些立法文件的精美印刷品。

Only two-thirds of Tether’s current reserves would be compliant under the provisions in the House of Representatives’ STABLE Act, while the Senate’s GENIUS Act would allow 83% of Tether’s current reserves.

根據《眾議院穩定法案》中的規定，Tether目前的儲備只有三分之二，而參議院的天才法案將允許Tether目前的儲備中的83％。

JPMorgan further questioned whether Tether was capable of complying with the bills’ requirements to submit reserve assets to external accounting scrutiny, something Tether has resolutely refused to do despite nearly a decade’s worth of promises, vows and pinky swears.

摩根大通進一步質疑，戴特（Tether）是否能夠遵守法案對儲備資產進行外部會計審查的要求，儘管近十年的諾言，誓言和小指誓言的價值將近十年，但特ether絕對拒絕了。

Tether CEO Paolo Ardoino was quick to respond publicly to JPMorgan’s musings, claiming its analysts “are salty because they don’t own Bitcoin.” In a more expansive response later that day, Ardoino argued that “Tether’s group equity (on top of stablecoin reserves) is over $20 billion in other very liquid assets,” while Tether’s alleged profits from its investments offer an extra big cushion in case of any hard landing.

Tether首席執行官Paolo Ardoino迅速對摩根大通的沉思公開反應，聲稱其分析師“因為不擁有比特幣，所以很咸。”在當天晚些時候的一個更廣泛的回應中，阿多利諾認為“綠o的集體股權（在穩定儲備金之上）的其他非常流動性的資產超過200億美元”，而Tether所謂的投資中所謂的利潤則提供了任何額外的大墊子。硬著陸。

But another common feature of the proposed stable bills is the focus on so-called ‘payment stablecoins,’ aka

但是，擬議穩定法案的另一個共同特徵是重點是所謂的“付款stablecoins”，又名