欧盟 MiCA 规则：伪装成合规的控制

根据将于明天全面生效的新加密资产市场 (MiCA) 规则，欧盟明确表示，Tether 价值 1020 亿美元的美国国债不足以满足他们的口味。

The European Union's (EU) new Markets in Crypto-Assets (MiCA) rules, set to take full effect tomorrow, have put a spotlight on Tether (USDT), the world's largest stablecoin. Despite USDT being fully backed by cash and equivalents, the EU's definition of "high-quality liquid assets" excludes U.S. Treasuries.

欧盟 (EU) 的新加密资产市场 (MiCA) 规则将于明天全面生效，全球最大的稳定币 Tether (USDT) 成为人们关注的焦点。尽管 USDT 完全由现金和等价物支持，但欧盟对“优质流动资产”的定义不包括美国国债。

This move by the EU has sparked speculation that it could be a calculated political jab at the United States, rather than a genuine effort to enhance financial regulation.

欧盟此举引发猜测，认为这可能是对美国蓄意的政治攻击，而不是加强金融监管的真正努力。

The EU's demand for a 60% reserve in EU fiat, held within its borders, is essentially a rejection of U.S. debt as a reliable backing for stablecoins. The bloc's insistence on euros being held in its banks suggests a broader strategy to shift the balance of power in the global financial system.

欧盟要求在其境内持有 60% 的欧盟法定储备，本质上是拒绝将美国债务作为稳定币的可靠支持。欧盟坚持将欧元存放在其银行中，这表明要采取更广泛的战略来改变全球金融体系的力量平衡。

For years, the EU has aimed to increase its influence in this domain, and stablecoins have now become a key battleground.

多年来，欧盟一直致力于提高在这一领域的影响力，而稳定币现已成为一个关键战场。

The EU's move could have far-reaching implications for the crypto industry. If Tether decides the cost of compliance is too high and exits the EU market, other stablecoin issuers will likely face the same choice.

欧盟的举动可能会对加密行业产生深远的影响。如果 Tether 认为合规成本过高并退出欧盟市场，其他稳定币发行人可能会面临同样的选择。

While USDC has secured compliance, it's clear that similar regulations could follow in other jurisdictions.

尽管 USDC 已确保合规性，但显然其他司法管辖区也可能遵循类似的法规。

Without USDT, liquidity fragmentation will worsen, slowing markets, raising fees, and reducing efficiency. Ironically, the EU's power play might ultimately backfire.

如果没有 USDT，流动性碎片化将会恶化，导致市场放缓、费用提高并降低效率。具有讽刺意味的是，欧盟的权力斗争最终可能会适得其反。

By pushing USDT out, they also risk diminishing their own relevance in the global crypto market.

通过推出 USDT，他们还面临着削弱自身在全球加密货币市场中的相关性的风险。

Meanwhile, the U.S., especially under the crypto-friendly Trump administration, could become a haven for innovation, attracting talent and capital away from Europe.

与此同时，美国，尤其是在对加密货币友好的特朗普政府领导下，可能成为创新的天堂，吸引欧洲的人才和资本。

If that occurs, the EU may win the battle but lose the war.

如果发生这种情况，欧盟可能会赢得这场战斗，但会输掉战争。