在监管辩论中，欧盟委员会对加密货币行业的稳定方式可能会赢得加密行业的胜利。

Brussels' Soft Stance on Foreign Stablecoins Sparks Industry Optimism

布鲁塞尔对外国stablecoins的软立场激发行业乐观

Brussels' evolving stance on foreign stablecoins is injecting a dose of optimism into the crypto industry. The European Commission's (EC) recent moves suggest a more accommodating approach, contrasting with earlier concerns from the European Central Bank (ECB).

布鲁塞尔对外国稳定的不断发展的立场正在向加密货币产业注入一定的乐观情绪。欧盟委员会（EC）最近的举动表明一种更具适应性的方法，与欧洲中央银行（ECB）的早期担忧形成鲜明对比。

EC vs. ECB: A Tale of Two Perspectives

EC与欧洲央行：两个观点的故事

While the ECB previously warned of potential bank run risks associated with multi-issuance of stablecoins, the European Commission appears less concerned. The EC argues that such risks are "highly unlikely," particularly since redemptions by foreign holders would primarily occur in jurisdictions like the US. This divergence in opinion marks a potential shift in the regulatory landscape.

尽管欧洲央行先前警告说，与稳定的多发相关的潜在银行运行风险，但欧盟委员会似乎不太担心。欧共体认为，这种风险“极不可能”，特别是因为外国持有人的赎回将主要发生在美国等司法管辖区。这种意见分歧标志着监管格局的潜在转变。

A Win for the Industry?

胜利？

According to industry observers, the Commission's stance on stablecoin multi-issuance within the EU and beyond could be a significant win for the crypto industry. This approach suggests that the EU may not force issuers to functionally distinguish between stablecoins issued in different regions. This means entities can treat locally and internationally issued coins as fungible, with one entity upholding the redeemability of coins issued by another.

根据行业观察家的说法，委员会对欧盟及以后的多余股份多发性的立场对于加密行业来说可能是一项重大胜利。这种方法表明，欧盟不得迫使发行人在不同地区发行的稳定币在功能上区分。这意味着实体可以将本地和国际发行的硬币视为可及格，其中一个实体维持另一个硬币的兑换性。

MiCA's Influence

云母的影响

The Markets in Crypto-Assets Regulation (MiCA) plays a crucial role in this evolving landscape. The Commission noted that MiCA has discouraged large foreign issuers from registering in Europe, with Tether being a prime example. Tether declined to comply with MiCA's requirements, including the mandate to hold at least 60% of their reserves in European banks.

加密资产监管（MICA）中的市场在这一不断发展的景观中起着至关重要的作用。该委员会指出，云母已劝阻大型外国发行人在欧洲注册，这是一个很好的例子。 Tether拒绝遵守MICA的要求，包括持有其在欧洲银行中至少持有其储备的任务。

Manageable Risks

可管理的风险

The Commission believes that the risks associated with joint stablecoin issuance with third countries are manageable with existing policies. Issuers can be required to implement rebalancing mechanisms to ensure that reserves in the EU align with token holdings in the EU.

该委员会认为，与第三国发行联合稳定的风险相关的风险可以通过现有政策来管理。可以要求发行人实施重新平衡机制，以确保欧盟中的储备金与欧盟的代币持股保持一致。

Cross-Border Usability is Key

跨境可用性是关键

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, views the Commission's approach as "very positive news and even a relief." He emphasizes that a stablecoin's value lies in its cross-border usability, which is inherent to blockchain technology. Enforcing jurisdictional silos would undermine this fundamental feature and degrade the user experience within the EU.

云母加密联盟技术委员会成员胡安·伊格纳西奥·伊巴尼斯（JuanIgnacioIbañez）认为委员会的方法是“非常积极的消息，甚至是救济”。他强调，稳定的价值在于其跨境可用性，这是区块链技术所固有的。执行管辖权孤岛将破坏这一基本功能，并降低欧盟内的用户体验。

Looking Ahead

展望未来

The contrasting views between the EC and ECB highlight the ongoing debates surrounding stablecoin regulation. However, the Commission's recent stance injects optimism into the industry, suggesting a path toward more pragmatic and globally-minded regulation. It seems that Brussels is warming up to the idea of stablecoins playing a significant role in the future of finance. Who knows, maybe they'll even start accepting crypto for waffles soon!

EC和欧洲央行之间的对比观点突出了围绕Stablecoin调节的持续辩论。但是，委员会最近的立场对该行业注入了乐观，这表明了通往更务实和全球监管的道路。看来布鲁塞尔正在想到稳定币在金融的未来中发挥重要作用的想法。谁知道，也许他们甚至很快就会开始接受加密货币！