繫繩，USDT和Stablecoins：瀏覽數字美元的野外西部

看看繩索，USDT和Stablecoins不斷發展的景觀，探索監管影響，市場趨勢和潛在的陷阱。

Tether (USDT) and stablecoins are buzzing in the crypto world. From regulatory shifts to market dominance, let's dive into the latest happenings, trends, and what it all means for you.

繫繩（USDT）和Stablecoins在加密世界中嗡嗡作響。從監管轉變到市場統治地位，讓我們深入了解最新的事件，趨勢以及對您意味著什麼。

The Rise of U.S. Stablecoins

我們穩定的興起

The stablecoin market is seeing a power shift. U.S.-based stablecoins like USD Coin (USDC) and PayPal USD (PYUSD) are surging, growing by 104% in the last three months alone, reaching a market value of $67.5 billion. This growth is fueled by clearer regulations and increasing institutional interest.

Stablecoin市場正在看到權力轉移。 USD Coin（USDC）和PayPal USD（PYUSD）等美國的Stablecoins正在飆升，僅在過去三個月中，就會增長104％，達到675億美元的市場價值。這種增長是由更清晰的法規和增加的機構利益推動的。

Why is this happening? Well, U.S. regulators are making it clear: register and follow the rules. This has boosted confidence in stablecoins like USDC, which are seen as reliable and compliant. PayPal's PYUSD is also making waves, bringing digital dollars to the mainstream.

為什麼會發生這種情況？好吧，美國監管機構已經明確說明：註冊並遵守規則。這增強了人們對USDC等穩定的信心的信心，後者被認為是可靠和合規的。貝寶（Paypal）的pyusd也在浪潮，將數字資金帶到主流。

Tether's Continued Dominance (For Now)

系特特（Tether）的持續統治地位（目前）

Despite the rise of U.S. stablecoins, Tether (USDT) still reigns supreme. As a largely offshore operation, it dominates in market cap and daily trading volume. Its widespread availability makes it a go-to choice, especially in emerging markets.

儘管美國穩定蛋白的興起，但Tether（USDT）仍然佔據至高無上的統治。作為一個很大程度上的海上運營，它在市值和日常交易量中占主導地位。它的廣泛可用性使其成為首選的選擇，尤其是在新興市場中。

However, the gap is closing. U.S. stablecoins are growing at twice the rate of their offshore counterparts. Could Tether eventually become a non-factor? Only time will tell.

但是，差距正在縮小。美國穩定的人的距離速率是其離岸速度的兩倍。繫繩最終會成為非因素嗎？只有時間會證明。

The GENIUS Act: A Double-Edged Sword?

天才法：雙刃劍？

Lawmakers are trying to wrangle stablecoins with acts like the GENIUS Act, aiming to create a regulatory framework for wider adoption. The GENIUS Act is promoted by the cryptocurrency industry, and the act’s goal is to make crypto safe and accessible for daily transactions and to give people confidence to use it.

立法者正試圖用《天才法案》這樣的行為來糾纏穩定者，旨在為更廣泛的採用而建立一個監管框架。 Genius Act是由加密貨幣行業推廣的，該法案的目標是使加密貨幣安全可用於日常交易，並使人們有信心使用它。

But there's a catch! Critics argue it could set the stage for a crypto bailout. The act tries to upend well-established bankruptcy law, setting the stage for a public bailout of the sector. If a stablecoin collapses, taxpayers might be on the hook. Risks like custodial issues and issuer bankruptcy remain, regardless of regulations.

但是有一個陷阱！批評家認為，這可以為加密貨幣救助奠定基礎。該法案試圖顛覆公開的破產法，為該行業的公開救助奠定了基礎。如果一個穩定的人崩潰，納稅人可能會掛在鉤上。無論法規如何，保管問題和發行人破產等風險仍然存在。

Arthur Hayes' Warning: Stablecoin Mania Ahead?

亞瑟·海斯（Arthur Hayes）的警告：stablecoin躁狂症前方？

BitMEX co-founder Arthur Hayes believes Circle’s potential IPO could spark a “stablecoin mania.” He warns of new issuers luring investors with promises of massive growth, potentially leading to a bubble burst. The extent of the damage depends on U.S. regulations.

Bitmex聯合創始人Arthur Hayes認為Circle的潛在IPO可能會引發“ Stablecoin Mania”。他警告新的發行人，吸引投資者承諾大量增長，可能導致泡沫破裂。損害的程度取決於美國法規。

Hayes emphasizes the importance of distribution channels. To succeed, issuers need access to crypto exchanges, Web2 social media giants, or legacy banks. Without distribution, they have no chance.

海耶斯強調了分銷渠道的重要性。為了取得成功，發行人需要訪問加密交易所，Web2社交媒體巨頭或傳統銀行。沒有分配，他們就沒有機會。

Final Thoughts: Proceed with Caution

最終想法：謹慎行事

Stablecoins offer exciting possibilities in the digital economy, but they're not without risks. Regulations are evolving, market dynamics are shifting, and potential pitfalls loom. Stay informed, do your research, and remember: even digital dollars can be wild!

Stablecoins在數字經濟中提供了令人興奮的可能性，但並非沒有風險。法規正在發展，市場動態正在發生變化，潛在的陷阱迫在眉睫。請保持了解，進行研究，並記住：即使是數字美元也可能是瘋狂的！