云母法规推动了欧洲市场的系绳，为RLUSD创造了真空

欧盟的新云母法规通过加密生态系统造成了冲击波。这些规则旨在为稳定剂带来稳定性，但后果迅速而破坏。

The European Union's new MiCA regulations have sent shockwaves through the crypto ecosystem. These rules, which aim to bring stability and oversight to the burgeoning industry, are set to take effect in August, imposing stringent new limits and requirements on stablecoin issuers operating within the EU.

欧盟的新云母法规通过加密生态系统造成了冲击波。这些旨在为新兴行业带来稳定和监督的规则将于8月生效，对在欧盟内运营的Stablecoin发行人施加了严格的新限制和要求。

The new regulations, which stand in contrast to the U.S. Congress's more relaxed approach to crypto regulation, are set to fundamentally alter the competitive landscape in the European market.

与美国国会对加密法规更轻松的方法形成鲜明对比的新法规将从根本上改变欧洲市场的竞争格局。

Key rules include a prohibition on paying interest on stablecoin balances, a mandate for issuers to hold at least 60% of their reserves in cash, and strict caps on daily issuance and redemption volumes. Additionally, stablecoin operations and compliance frameworks must align with those of EU-regulated banking institutions.

关键规则包括禁止支付稳定余额的利息，这是发行人至少持有现金储备的60％的任务，以及严格的日常发行和赎回量的上限。此外，Stablecoin运营和合规框架必须与欧盟监管的银行机构的框架保持一致。

However, Tether, the issuer of USDT, the most widely used stablecoin globally, has announced its intention to withdraw its flagship product from major European crypto exchanges due to difficulties complying with the new regulations.

但是，全球使用最广泛的Stablecoin的发行人Tether宣布，由于符合新法规的困难，其打算从欧洲主要的加密货币交易所中撤回其旗舰产品。

This decision has left observers pondering the implications for Bitcoin and XRP as the market adjusts to Tether's departure and the emergence of new MiCA-compliant stablecoins, such as those offered by Circle and Ripple.

这一决定使观察家们思考对比特币和XRP的影响，因为市场适应了绳索的出发以及新的符合云母符合云母的稳定的稳定性，例如Circle和Ripple提供的那些。

Tether's Departure From European Market

系绳离开欧洲市场

As reported by CoinDesk, Tether is pulling its stablecoin, USDT, from European exchanges. This move follows reports that Tether was struggling to adjust its massive $150 billion operation to meet the demands of MiCA.

据Coindesk报道，Tether正在从欧洲的交流中撤出其USDT的Stablecoin。此举是在报道说，Tether正在努力调整其大规模1500亿美元的运营以满足云母的需求。

The new regulations are set to take effect in August, after which stablecoin issuers will be banned from offering interest-yielding products or derivatives to retail investors. Additionally, MiCA stipulates that at least 60% of an issuer's reserves must be held in cash or risk-free debt instruments, while the remaining 40% can be invested in marketable securities like bonds or short-term commercial paper.

新法规将于8月生效，此后将禁止使用Stablecoin发行人向散户投资者提供产物或衍生产品。此外，云母规定，发行人的储量中至少有60％必须以现金或无风险债务工具持有，而其余的40％可以投资于债券或短期商业票据（如债券或短期商业票据）。

Moreover, daily issuance and redemption volumes are capped at 1% of the issuer's total capital, which is limited to €1 billion (about $1.1 billion). Furthermore, stablecoin operations and compliance frameworks must align with those of EU-regulated banking institutions.

此外，每日发行和赎回量的上限为发行人总资本的1％，限量为10亿欧元（约合11亿美元）。此外，Stablecoin的运营和合规框架必须与欧盟监管的银行机构的框架保持一致。

Faced with these new operational demands, Tether, unwilling to restructure its massive operation, chose to exit rather than comply. Consequently, top exchanges in Europe are delisteding USDT, leaving traders with fewer options and thinning liquidity across key trading pairs.

面对这些新的操作要求，束缚，不愿重组其大规模运营，选择退出而不是遵守。因此，欧洲的最高交易所正在划算USDT，使交易者的选择量更少，并且在关键交易对中的流动性稀疏。

While Tether steps back, Circle has been actively pushing its MiCA-compliant stablecoins, USDC and its euro-pegged counterpart EURC, further into the European spotlight. But combined euro-denominated stablecoins still hover around just $250 million in market cap. USDC fares better at $61 billion, yet both remain far behind USDT's dominant position. That gap presents a significant opportunity one Ripple seems prepared to seize.

蒂特（Tether）退后一步，Circle一直在积极推动其符合云母的稳定稳定剂，USDC和欧洲赛车手的Eurc欧洲欧洲公司（Eurc）越来越多。但是，以欧元计价的稳定稳定的股票总数约为2.5亿美元。 USDC的票价优于610亿美元，但两者都远远远远落后于USDT的主导地位。这个差距带来了一个巨大的机会，一个波纹似乎准备抓住。

The Importance Of Ripple's Stablecoin

Ripple的Stablecoin的重要性

As reported by CCXV, Ripple's stablecoin, RLUSD, entered the market in December with full MiCA compliance baked in. It operates on both the XRP Ledger and Ethereum, offering flexibility that few can match.

正如CCXV报道的那样，Ripple的Stablecoin RLUSD于12月进入市场，并以完整的云母合规性烘烤。它在XRP Ledger和以太坊上都运行，提供了很少能匹配的灵活性。

Unlike other U.S.-centric stablecoin providers, Ripple has cultivated deep institutional ties globally. This global strategy is now paying dividends. Notably, last year, Ripple partnered with the Central Bank of Japan to explore cross-border payments.

与其他以美国为中心的稳定者提供商不同，Ripple在全球培养了深厚的机构联系。现在，这种全球战略正在支付股息。值得注意的是，去年，Ripple与日本中央银行合作，探索跨境支付。

Significantly, Ripple has also built relationships with regulators over the years. This allows it to scale quickly without legal friction. With a proven blockchain infrastructure and a focus on regulatory cooperation, RLUSD stands ready to capitalize on the vacuum left by USDT.

值得注意的是，多年来，Ripple还与监管机构建立了关系。这使其可以在没有法律摩擦的情况下快速扩展。 RLUSD凭借具有验证的区块链基础设施和关注监管合作的关注，准备利用USDT留下的真空。

Instability From Tether's Exit

系绳出口的不稳定

The instability from Tether's exit could extend beyond stablecoins. Bitcoin often relies on stablecoin liquidity for trading pairs. Thinner markets may lead to increased volatility, especially in Europe.

系绳出口的不稳定性可以延伸到稳定的范围之外。比特币通常依靠稳定的流动性来交易对。较薄的市场可能会导致波动率提高，尤其是在欧洲。

Moreover, if traders shift away from USDT, Bitcoin could experience sharper moves as liquidity dries up. However, XRP may be the unexpected winner in this realignment.

此外，如果交易者从USDT转移，随着流动性的变化，比特币可能会经历更尖锐的动作。但是，XRP可能是这种重组中意外的赢家。

As RLUSD gains traction, demand for XRP could rise, especially on the XRP Ledger. If Ripple captures even a fraction of Tether's displaced volume, XRP could benefit significantly—potentially setting the stage for a breakout before year-end.

随着RLUSD的吸引力，对XRP的需求可能会增加，尤其是在XRP分类帐上。如果Ripple捕获了Tether流离失所的数量的一小部分，XRP可以显着受益，这是在年底之前为突破奠定基础的阶段。