参议院法案着眼于稳定币重组，限制非美国发行人

美国参议院的一项新法案《支付稳定币法案》旨在通过可能允许美国银行发行与美元挂钩的稳定币来重塑稳定币市场。该法案提议非银行稳定币公司的发行上限为 100 亿美元，并禁止发行“无支持”的算法稳定币。如果通过，它可能会给银行带来稳定币领域的竞争优势，并可能限制 Tether 等大型非美国稳定币发行人的运营。

U.S. Senate Bill Aims to Reshape Stablecoin Market, Limit Non-U.S. Issuers

美国参议院法案旨在重塑稳定币市场，限制非美国市场发行人

A groundbreaking bill introduced in the United States Senate seeks to transform the stablecoin industry, paving the way for U.S. banks to issue federally regulated stablecoins pegged to the U.S. dollar. The Payment Stablecoin Act, introduced by Democratic Senator Kirsten Gillibrand, has garnered widespread attention from financial institutions, market analysts, and crypto industry stakeholders.

美国参议院提出了一项开创性的法案，旨在改变稳定币行业，为美国银行发行与美元挂钩的联邦监管稳定币铺平道路。民主党参议员克尔斯滕·吉利布兰德(Kirsten Gillibrand)提出的《支付稳定币法案》引起了金融机构、市场分析师和加密行业利益相关者的广泛关注。

Potential Impact on Non-U.S. Stablecoins

对非美国地区的潜在影响稳定币

The bill has drawn particular scrutiny for its potential impact on non-U.S. stablecoin issuers, such as Tether. Tether, currently the largest stablecoin by market capitalization at over $110 billion, would face significant challenges if the proposed legislation becomes law.

该法案因其对 Tether 等非美国稳定币发行人的潜在影响而受到特别审查。 Tether 目前是市值超过 1100 亿美元的最大稳定币，如果拟议的立法成为法律，它将面临重大挑战。

The legislation proposes a cap of $10 billion on stablecoin issuance by non-bank firms, severely restricting the issuance of stablecoins by entities like Tether. Additionally, it prohibits the issuance of "unbacked" algorithmic stablecoins, which are not backed by traditional assets like cash or government bonds.

该立法提议非银行公司发行稳定币的上限为 100 亿美元，严重限制了 Tether 等实体发行稳定币。此外，它还禁止发行“无支持”的算法稳定币，这些稳定币没有现金或政府债券等传统资产的支持。

Competitive Edge for U.S. Banks

美国银行的竞争优势

S&P Global Ratings, in a research note, suggests that the bill could provide a competitive advantage for U.S. banks. With the proposed regulatory framework, banks could enter the stablecoin market with the backing of FDIC-insured deposits, offering stability and confidence to investors.

标准普尔全球评级在一份研究报告中表示，该法案可以为美国银行提供竞争优势。根据拟议的监管框架，银行可以在 FDIC 保险存款的支持下进入稳定币市场，为投资者提供稳定性和信心。

Compliance Requirements for Issuers

发行人的合规要求

To ensure the integrity and stability of stablecoins, the bill mandates that issuers maintain one-to-one cash or cash-equivalent reserves for every stablecoin issued. This reserve requirement would ensure that stablecoins are fully backed and redeemable at their pegged value.

为了确保稳定币的完整性和稳定性，该法案要求发行人为发行的每种稳定币维持一对一的现金或现金等价物储备。这一准备金要求将确保稳定币得到充分支持并可按其挂钩价值赎回。

Implications for Tether and the Broader Market

对 Tether 和更广泛市场的影响

Tether, being a non-U.S. entity, would not comply with the stipulations of the Payment Stablecoin Act. This non-compliance would prohibit U.S. entities from holding or transacting in Tether, effectively diminishing its presence in the U.S. market.

Tether 作为非美国实体，不会遵守支付稳定币法案的规定。这种违规行为将禁止美国实体持有或交易 Tether，从而有效削弱其在美国市场的影响力。

The bill's impact could extend beyond Tether, potentially reshaping the entire stablecoin market. The cap on non-bank stablecoin issuance and the prohibition of algorithmic stablecoins could limit the operations of large non-U.S. issuers and favor U.S. dollar-backed stablecoins issued by banks.

该法案的影响可能会超出 Tether 范围，有可能重塑整个稳定币市场。非银行稳定币发行上限和算法稳定币的禁止可能会限制大型非美国发行人的运营，并有利于银行发行的美元支持的稳定币。

Industry Reactions

业界反应

While the bill has received support from some quarters, it has also faced criticism from others. Coin Center, a crypto advocacy organization, has expressed concerns about the bill's potential to stifle innovation by banning algorithmic stablecoins. They argue that such a ban is unconstitutional, violating the First Amendment's protection of free speech.

尽管该法案得到了一些方面的支持，但也面临着其他方面的批评。加密货币倡导组织 Coin Center 对该法案可能通过禁止算法稳定币来扼杀创新表示担忧。他们认为这样的禁令是违宪的，违反了第一修正案对言论自由的保护。

Implications for Financial Stability and Innovation

对金融稳定和创新的影响

The Payment Stablecoin Act has significant implications for the financial system and the development of digital asset innovation. By imposing strict regulations on stablecoins, the bill aims to address concerns about financial stability, consumer protection, and the potential for illicit finance.

《支付稳定币法案》对金融体系和数字资产创新的发展具有重大影响。通过对稳定币实施严格的监管，该法案旨在解决对金融稳定、消费者保护和非法金融潜力的担忧。

However, it remains to be seen whether the proposed regulations will strike the right balance between mitigating risks and fostering responsible innovation in the stablecoin market. The bill is currently under review by the Senate Banking Committee and could undergo significant revisions before it is put to a vote.

然而，拟议的法规是否能在降低风险和促进稳定币市场负责任的创新之间取得适当的平衡还有待观察。该法案目前正在接受参议院银行委员会的审查，在付诸表决之前可能会进行重大修改。