金融稳定委员会（FSB）正在向加密货币部门的风险增长引起警报

即将卸任的FSB主席克拉斯·基特（Klaas Knot）周四在马德里发表讲话，虽然加密货币尚未对传统金融构成系统性风险

The Financial Stability Board (FSB) is highlighting the escalating risks posed by the cryptocurrency sector, warning that interlinkages with traditional finance are approaching a critical threshold.

金融稳定委员会（FSB）强调了加密货币部门带来的不断升级的风险，警告说，与传统金融的互联网接近关键的门槛。

Despite stating that crypto poses no systemic risk to traditional finance at present, outgoing FSB Chair Klaas Knot hinted at a pending tipping point during an interview with Tradeweb on Thursday.

尽管Crypto目前没有对传统金融构成系统性风险，但即将离任的FSB主席Klaas Knot在周四接受TradeWeb的采访中暗示了一个未决的转折点。

Discussing the evolving landscape of crypto investing, Knot highlighted the reduced entry barriers for retail investors, signaled by the introduction of crypto exchange-traded funds (ETFs). These ETFs allow investors to participate in the crypto market without the technical hurdles of managing private keys, setting up crypto wallets, or navigating exchanges.

在讨论加密投资不断发展的景观时，打结强调了散户投资者的入境障碍，这是通过引入加密交易所交易贸易资金（ETFS）的信号。这些ETF允许投资者参加加密市场，而没有管理私钥，设置加密钱包或导航交易所的技术障碍。

“That certainly puts more retail investors 'in the game' and may be approaching a tipping point,” Knot said.

基因说：“这肯定使更多的零售投资者'在游戏中'，并且可能正在接近转折点。”

Another area of concern mentioned by Knot was the stablecoin market. He noted that issuers now hold large amounts of U.S. Treasury bills, which in turn increases the interlinkages between crypto and traditional finance. “That’s a segment that we clearly must monitor closely,” he added.

结的另一个关注的领域是Stablecoin市场。他指出，发行人现在持有大量的美国国债，这又增加了加密货币和传统金融之间的互联链接。他补充说：“这是我们显然必须密切监视的部分。”

Stablecoins are becoming increasingly embedded into financial systems. According to data from DefiLlama, the total market cap of stablecoins is more than $251 billion.

Stablecoins越来越多地嵌入金融系统中。根据Defillama的数据，Stablecoins的总市值超过2510亿美元。

A recent research paper by the Bank for International Settlements explored the growing impact of stablecoins on traditional finance, concentrating on their implication in short-term U.S. Treasury yields.

国际定居银行银行最近的一份研究论文探讨了稳定币对传统金融的日益增长的影响，重点关注它们对美国短期美国财政收益率的影响。

By examining daily data from 2021 to 2025 and applying an instrumental variable method, the paper discovered that stablecoin inflows lower three-month Treasury yields by 2–2.5 basis points within 10 days, while outflows raise yields by 6–8 basis points. These effects are concentrated in shorter-term maturities, with minimal impact on longer-term bonds. Among issuers, USDt (USDT) has the largest effect, followed by Circle’s USDC (USDC), further highlighting the influence of stablecoins in Treasury markets.

通过检查2021年至2025年的每日数据并应用仪器变量方法，该论文发现，在10天内，稳定的三个月国库单收益率下降了2-2.5个基点，而流出的产量提高了6-8个基点。这些影响集中在较短的成熟度上，对长期键的影响很小。在发行人中，USDT（USDT）的效果最大，其次是Circle的USDC（USDC），进一步强调了Stablecoins在国库市场中的影响。

Knot, who also serves as president of the Dutch central bank, De Nederlandsche Bank, will step down from both roles on June 30. Bank of England Governor Andrew Bailey is set to succeed him at the FSB, while the Netherlands has yet to appoint a replacement.

迪恩·内德兰斯银行（De Nederlandsche Bank）也担任荷兰中央银行的总裁，他将于6月30日辞职。英格兰银行州长安德鲁·贝利（Andrew Bailey）将在FSB接替他，而荷兰尚未任命替代者。

The U.S. Senate advanced a key stablecoin bill on Wednesday, voting 68–30 to move forward with the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.

美国参议院周三提出了一项关键的稳定法案，投票68-30，以指导和建立为美国Stablecoins或Genius Act的指导和建立国家创新。

The vote pushes the legislation toward a final vote in the Senate before it heads to the House of Representatives.

投票将立法推向参议院的最后一票，然后才能前往众议院。

The bill, which seeks to establish regulatory clarity for dollar-backed digital assets, would create a national framework for stablecoin issuance, aiming to boost the U.S. digital asset industry’s global competitiveness. It specifically prohibits nonbank, supervised institutions from engaging in any activity that poses "systemic risk" to the financial stability of the United States.

该法案旨在为美元支持的数字资产建立法规清晰度，将为Stablecoin发行创造一个国家框架，旨在提高美国数字资产行业的全球竞争力。它特别禁止非银行，监督机构从事对美国金融稳定构成“系统性风险”的任何活动。