全球各国政府继续推动稳定法规，推动其长期影响的辩论。

诸如云母和拟议的天才法的监管思想的主导地位越来越大，它越来越犹豫。

Governments worldwide are continuing to push stablecoin regulations, which has sparked debate on their long-term effects. The increasing dominance of regulatory ideas, such as MiCA and the proposed GENIUS Act, brings with it growing hesitancy.

全球各国政府正在继续推动Stablecoin法规，这引发了有关其长期影响的辩论。诸如云母和拟议的天才法的监管思想的主导地位越来越大，它越来越犹豫。

CryptoQuant CEO Ki Young Ju believes that regulation will shift the stablecoin market unexpectedly. Clear legal guidelines help stablecoin issuers and users operate with more certainty and reduced risk. Rules favoring openness and following the rules organized the faith in legitimate digital tokens. However, experts now predict that excessive regulation could lead to the rise of ‘dark stablecoins’.

CryptoQuant首席执行官Ki Young Ju认为，法规将意外转移Stablecoin市场。明确的法律准则可以帮助稳定的发行人和用户更确定性和降低风险。有利于开放和遵守规则的规则组织了对合法数字代币的信念。但是，专家现在预测，过度的法规可能导致“黑稳定剂”的兴起。

As global enforcement grows, new forms of decentralized stablecoins may challenge mainstream regulatory systems. They may be problematic for regulatory authorities in the context of tracking, surveillance, and management. Analysts caution that this emerging type of stablecoin threatens to transform the way that digital markets are conducted.

随着全球执法的增长，分散的稳定剂的新形式可能会挑战主流监管系统。在跟踪，监视和管理的背景下，对于监管机构而言，它们可能是有问题的。分析师警告说，这种新兴类型的Stablecoin可能会改变数字市场的发展方式。

Algorithmic Dark Stablecoins Could Bypass Oversight

算法深色稳定可以绕过监督

Ki Young Ju outlined one route for dark stablecoins through decentralized algorithmic protocols. Such protocols would exist in a non-regulated world with no censorship. Developers could use them to establish stablecoins like USDC using Oracles such as Chainlink.

Ki Young Ju通过分散的算法方案概述了一条黑暗稳定的途径。这种协议将存在于一个不受监管的世界中，没有审查制度。开发人员可以使用它们使用诸如链链链接之类的ORACLE的USDC这样的稳定​​蛋白。

"Dark stablecoins are likely to emerge in the future. Bitcoin was created by the cypherpunk community to be censorship-resistant and belongs to no one, making it impossible to control. Stablecoins, however, act as a bridge between the internet and the real world, so they need to be created and maintained by someone. They are also used and preferred by a large number of people, so they cannot be shut down easily."

“黑暗的稳定者将来可能会出现。比特币是由cypherpunk社区创建的，是对审查制度的耐药性，不属于任何人，使其无法控制。但是，稳定的稳定性是互联网与现实世界之间的桥梁，因此他们还需要被某人创建和维护。

Unlike traditional stablecoins that rely on fiat reserves, algorithmic stablecoins maintain value through code-based supply adjustments. Previous attempts to develop algorithmic stablecoins failed, yet there is hope that innovation will solve their stability problems. Without a single issuer, controlling and enforcing tasks is complicated and limited.

与依靠菲亚特储量的传统稳定币不同，算法稳定剂通过基于代码的供应调整来保持价值。以前的开发算法稳定的尝试失败了，但希望创新能够解决其稳定问题。没有单个发行人，控制和执行任务是复杂且有限的。

Mountings regulatory scrutiny would encourage people who prefer financial anonymity to use such solutions. These stablecoins might appeal to users in countries with restricted access to global financial systems. Since a central authority does not regulate them, they are difficult to regulate or prohibit.

安装监管审查将鼓励喜欢财务匿名的人们使用此类解决方案。这些Stablecoins可能会吸引有限访问全球金融系统的国家的用户。由于中央当局不监管它们，因此很难规范或禁止。

Tether’s USDT Shows Signs of Censorship Resistance

Tether的USDT显示了抵抗审查制度的迹象

Ki Young Ju highlighted that USDT already exhibits some traits of a dark stablecoin. Tether is subject to some regulatory conditions and fairly autonomous in its operations. If U.S regulations are toughened, then USDT may run independently. Lacking centralized authority, and since Tether is a worldwide entity, perfect oversight becomes difficult.

Ki Young Ju强调说，USDT已经表现出一些黑暗稳定的特征。系绳受到某些监管条件的约束，其操作中相当自治。如果美国法规加强，则USDT可能会独立运行。缺乏集中权威，并且由于系托特是一个全球实体，因此完美的监督变得困难。

Notwithstanding, Tether’s power of operation agility lets support users of different countries, often outside the reach of U.S. regulations. In case of necessity, the Tether model may grow in decentralization.

尽管如此，系绳的操作敏捷性使我们的行动敏捷性允许不同国家 /地区的用户，通常是在美国法规范围之外的。如果有必要，束缚模型可能会在权力下放化中生长。

Speculated to move away from regulatory compliance, the pressure from the authorities may rise, and Tether may advance. If so, USDT could set a precedent for semi-regulated dark stablecoins. Such a scenario could alter the way members of the market differentiate centralized and decentralized digital currencies.

据推测，当局的压力可能会增加，束缚可能会升级。如果是这样，USDT可以为半调节的深色stablecoins设定先例。这种情况可能会改变市场成员区分集中和分散的数字货币的方式。

CryptoQuant’s CEO noted that governments may soon impose banking-level oversight on stablecoins. Regulators may require stablecoins to enable automated tax reporting, asset freezes, and complete transaction tracking by smart contracts. Such requirements may limit users’ privacy and endanger transaction flexibility.

CryptoQuant的首席执行官指出，政府可能很快对Stablecoins实施银行级别的监督。监管机构可能需要稳定币来实现自动税报告，资产冻结和通过智能合约完成交易跟踪。此类要求可能会限制用户的隐私和危害交易灵活性。