美國財政部長斯科特·貝斯特（Scott Bessent）認識到，穩定者可以在為美國政府預算籌集資金中發揮巨大作用

擬議的天才調節旨在打開這些閘門，但迄今為止遇到了最重要的穩定穩定的接待。

U.S. Treasury Secretary Scott Bessent has recognized the potential of stablecoins to play an immense role in financing the government budget. His statement follows proposals for GENIUS regulation aiming to open these floodgates—yet the most significant stablecoin so far appears lukewarm to the idea.

美國財政部長斯科特·貝斯特（Scott Bessent）認識到，穩定幣在為政府預算籌集資金中發揮巨大作用。他的聲明遵循了有關天才監管的提議，旨在打開這些閘門，但到目前為止，最重要的穩定者似乎對這個想法似乎不冷不熱。

In a recent interview with Bloomberg, U.S. Treasury Secretary Scott Bessent discussed the upcoming regulations for stablecoins.

在最近接受彭博社的一次採訪中，美國財政部長斯科特·貝森特（Scott Bessent）討論了即將到來的Stablecoins法規。

“We want to introduce the highest regulatory and anti-money laundering standards for digital assets, especially for stablecoins. I’ve seen estimates that stablecoins could generate a demand of two trillion dollars for U.S. government bonds and T-bills in no time at all.”

“我們想針對數字資產介紹最高的監管和反洗錢標準，尤其是對於Stablecoins。我已經看到估計，穩定的人可能會立即為美國政府債券和T-bills產生2萬億美元的需求。”

Bessent is essentially repeating what Trump’s “Crypto and AI Czar” David Sacks recently said in an earlier CNBC interview: There already exists an unregulated 200 billion dollar stablecoin market. “If we create legal clarity and a regulatory framework, then I think we can generate a multi-trillion dollar demand for government bonds practically overnight.”

Bessent從本質上重複了特朗普的“加密和AI沙皇”的內容，戴維·薩克斯（David Sacks）最近在CNBC較早的採訪中說：已經存在一個不受監管的2000億美元Stablecoin市場。 “如果我們創建法律清晰度和監管框架，那麼我認為我們幾乎可以在一夜之間對政府債券產生數万億美元的需求。”

Currently, Tether (USDT) holds around 120 billion dollars in U.S. government bonds, while Circle (USDC) holds another 50-60 billion dollars. This makes stablecoins a significant source of financing for the U.S. government budget already. However, this is still a small part of the trillions in demand that Sacks and Bessent envision.

目前，Tether（USDT）持有約1,200億美元的美國政府債券，而Circle（USDC）持有另外50-600億美元。這使Stablecoins已經成為美國政府預算的重要融資來源。但是，這仍然是麻袋和持續設想的數万億美元的一小部分。

As Sachs explains, stablecoins “are a new, more efficient, less expensive, and more liquid payment system—a new payment network for the U.S. economy. They also strengthen the dominance of the dollar online.” Technically, nothing prevents ever-increasing portions of dollar supply from circulating as stablecoins.

正如薩克斯（Sachs）所解釋的那樣，穩定幣“是一種新的，更高效的，更便宜，更便宜且更高的費用支付系統，這是美國經濟的新支付網絡。它們還加強了在線美元的統治地位。”從技術上講，沒有什麼可以阻止越來越多的美元供應作為穩定的。

Given a money supply of $18.43 trillion (M1) or $21.3 trillion (M2), even tokenizing 10-20 percent would create a demand for government bonds amounting to several trillion dollars. In light of the relatively weak demand at the last auction and the presumed disappearance of Japan as a buyer, this development would be more than welcome in the White House.

鑑於貨幣供應量為18.43萬億美元（M1）或21.3萬億美元（M2），即使是標記為10-20％，也會對政府債券的需求產生數万億美元的需求。鑑於上次拍賣的需求相對較弱以及日本作為買方的消失，這一發展將在白宮受到歡迎。

The GENIUS Act is intended to regulate the stablecoin market and ensure its success. It imposes a variety of obligations on stablecoin issuers. For example, they must publish regular audits, comply with certain reserve requirements, and implement financial sanctions and anti-money laundering measures. GENIUS is similar to the EU rules under MiCA, but grants issuers a bit more freedom, especially regarding the composition of their reserves.

《天才法》旨在規範穩定市場​​並確保其成功。它對Stablecoin發行人施加了多種義務。例如，他們必鬚髮布定期審計，符合某些儲備金要求，並實施金融制裁和反洗錢措施。天才與雲母規定的歐盟規則相似，但授予發行人更多的自由，尤其是關於其儲備的組成。

Above all, however, the U.S. government is acting from a position of strength: Stablecoins are pegged nearly 100 percent to the dollar, while euro variants are niche products that nobody uses. While issuers do not need the EU, they are dependent on the United States. This enables the U.S. government to impose its wishes on the market.

然而，最重要的是，美國政府正在從一個優勢的立場上行事：穩定幣固定在近100％上的美元，而歐元的變種是沒有人使用的利基產品。儘管發行人不需要歐盟，但他們依賴於美國。這使美國政府能夠將其願望強加於市場。

The law has good prospects of being enacted. Recently, it passed an important hurdle in the Senate, thanks in part to the support of 15 Democratic representatives.

法律有頒布的良好前景。最近，它通過了參議院的一個重要障礙，部分歸功於15名民主代表的支持。

At Tether, the issuer of the largest stablecoin USDT, these requirements seem to be met with limited enthusiasm. In a recent Bloomberg interview, CEO Paolo Ardoino explained that, while Tether would be closely following the developments of GENIUS, the company’s main markets for USDT were in developing and emerging markets. There, they provide the “unbanked” with access to the U.S. dollar and payment systems.

在最大的Stablecoin USDT的發行人Tether，這些要求似乎以有限的熱情滿足。在最近的彭博社採訪中，首席執行官保羅·阿多利諾（Paolo Ardoino）解釋說，儘管繫繩將緊隨天才的發展，但該公司在USDT的主要市場發展和新興市場。在那裡，他們為“無銀行賬戶”提供了對美元和支付系統的訪問。

Accordingly, Tether plans to focus on these markets. However, in order to maintain access to the U.S. market, the company is planning to launch a U.S.-issued stablecoin that complies with GENIUS regulation. Ardoino says they are more comfortable with GENIUS than with MiCA, as GENIUS permits the holding of government bonds, while MiCA mandates that a large portion of reserves must be kept in non-deposit-guaranteed bank accounts. Europe is lagging behind while the U.S. is forging ahead with regulation.

因此，繫繩計劃專注於這些市場。但是，為了維持美國市場的訪問，該公司正計劃推出符合天才法規的美國發行的Stablecoin。 Ardoino說，由於天才允許持有政府債券，因此他們對天才比對雲母更舒服，而云母規定，必須將大部分儲備保留在非保證保證的銀行帳戶中。歐洲落後於美國，而美國正在努力進行監管。

Ardoino does not explain exactly why Tether wants to issue a stablecoin specifically for the U.S. market instead of simply adjusting USDT to meet the requirements. He merely mentions that stablecoins serve different purposes in emerging markets than in the U.S. Presumably, Tether does not want to become too dependent on the United States, but rather maintain its standing as a global stablecoin that cooperates with the U.S. government without being fully absorbed by it.

Ardoino並沒有確切地解釋為什麼Tether想要為美國市場發行穩定的人，而不是簡單地調整USDT以滿足要求。他只是提到，在新興市場中，穩定的目的與美國大概是不想過於依賴美國的，而是保持其作為全球穩定的地位，與美國政府合作而沒有完全被其吸收。