稳定币发行人现已成为美国国债第 18 大持有者

随着人们对华盛顿债务管理的担忧日益加剧，稳定币发行人正迅速成为美国国债需求的重要来源。

Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow.

随着人们对华盛顿债务管理的担忧日益加剧，稳定币发行人正迅速成为美国国债需求的重要来源。

Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow.

随着人们对华盛顿债务管理的担忧日益加剧，稳定币发行人正迅速成为美国国债需求的重要来源。

According to data tracked by Tagus Capital, issuers now cumulatively hold more than $120 billion in U.S. Treasury notes. That makes them the world's 18th largest holders of U.S. debt, ahead of major current account surplus nations like Germany and South Korea.

根据Tagus Capital追踪的数据，发行人目前累计持有超过1200亿美元的美国国债。这使它们成为全球第18大美国国债持有国，领先于德国和韩国等主要经常账户盈余国家。

Tether Ltd, the issuer of tether (USDT), the world's leading dollar-pegged cryptocurrency by market value, alone holds around $91 billion in Treasuries and Circle, the issuer of USDC, holds short-dated U.S. debt, including repos, worth $29 billion, according to Tagus Capital.

Tether (USDT) 是全球市值领先的与美元挂钩的加密货币，其发行人 Tether Ltd 就持有约 910 亿美元的美国国债，而 USDC 的发行人 Circle 则持有价值 290 亿美元的短期美国债务，包括回购协议据塔霍资本称。

Coincidentally, of the many crypto bills in the U.S. political corridors, stablecoin legislation has been the closest to moving past the U.S. Congress to become law. Hopes that the U.S. will get a new stablecoin law before the elections this year remain. In April, key congressman Patrick McHenry was bullish that the U.S. would have a stablecoin law by the end of the year.

巧合的是，在美国政治走廊的众多加密货币法案中，稳定币立法是最接近通过美国国会成为法律的法案。人们仍然希望美国能在今年大选前制定新的稳定币法。今年 4 月，国会议员帕特里克·麦克亨利 (Patrick McHenry) 看好美国将在年底前制定稳定币法。

However, attempts to include a stablecoin regulation in an unrelated must-move reauthorization bill failed. McHenry later told CoinDesk that “we’re so close on this, we just need a legislative calendar, so that we can get things across the finish line in the Senate.”

然而，将稳定币监管纳入不相关的必须移动的重新授权法案的尝试失败了。麦克亨利后来告诉 CoinDesk，“我们已经非常接近这个目标了，我们只需要一个立法日历，这样我们就可以在参议院完成工作。”

He also echoed the sentiment of the Majority Whip in the House of Representatives, Republican Tom Emmer who suggested that the lame duck session, might be the opportune time to attach a legislation to a must-pass bill. A lame duck session occurs in the transition period after elections before the president-elect takes over in January 2025.

他还呼应了众议院多数党鞭、共和党人汤姆·埃默的观点，他认为跛脚鸭会议可能是在必须通过的法案中附加一项立法的最佳时机。跛脚鸭会议发生在选举后、当选总统于 2025 年 1 月上任之前的过渡时期。

The U.S. government debt surpassed the $34 trillion mark early this year and has been growing faster, roughly $1 trillion every 100 years. Interest payments on the debt, also known as the debt-servicing cost, are projected to reach $892 billion in 2024. The burgeoning debt has caused the Treasury to step up bond supplies since 2023.

美国政府债务今年年初突破了 34 万亿美元大关，并且增长速度更快，大约每 100 年 1 万亿美元。债务利息支付（也称为偿债成本）预计到 2024 年将达到 8920 亿美元。不断增长的债务导致财政部自 2023 年以来加大了债券供应量。

On Tuesday, the Congressional Budget Office said the national debt could reach $50 trillion by 2034, equaling 122 percent of annual economic output.

周二，国会预算办公室表示，到 2034 年，国家债务可能达到 50 万亿美元，相当于年度经济产出的 122%。

Early this year, COB warned that Unattended mounting debt concerns could lead to Liz-Truss-style market chaos, characterized by the sharp drop in the U.S. dollar and political uncertainty. Crypto pundits have long echoed a similar sentiment, saying debt concerns and loss of confidence in Treasuries could spur widespread adoption of alternative assets like bitcoin and gold.

今年早些时候，COB警告称，如果债务担忧得不到重视，可能会导致利兹-特拉斯式的市场混乱，其特点是美元大幅下跌和政治不确定性。加密货币专家长期以来也表达了类似的观点，他们表示，债务担忧和对美国国债信心的丧失可能会刺激比特币和黄金等另类资产的广泛采用。

EDITED BY

编辑者

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. A markets journalist since 2019, he covers crypto, precious metals, equities and currencies. He previously worked at Forkast.News and holds a B.A. in Economics from University of California, San Diego.

Omkar Godbole 是 CoinDesk 市场团队的联合总编辑。他自 2019 年起担任市场记者，报道加密货币、贵金属、股票和货币。他此前曾在 Forkast.News 工作，并拥有加州大学圣地亚哥分校经济学学士学位。

Amitoj Singh is a CoinDesk reporter covering markets and breaking news. Prior to joining CoinDesk, he covered institutional crypto and Web3 for Blockworks. He began his career in journalism at the Reno Gazette-Journal, where he covered local government, crime and breaking news. He holds a B.A. in Journalism from the University of Nevada, Reno.

Amitoj Singh 是 CoinDesk 的记者，报道市场和突发新闻。在加入 CoinDesk 之前，他负责 Blockworks 的机构加密和 Web3 工作。他在《里诺公报》杂志开始了他的新闻职业生涯，报道当地政府、犯罪和突发新闻。他拥有内华达大学里诺分校新闻学学士学位。

CoinDesk is an independent digital media service that provides concise, up-to-date news about digital assets and Web3 to a global audience. CoinDesk’s journalistic standards and practices follow a strict set of guidelines. CoinDesk was acquired by Digital Currency Group in 2016.

CoinDesk 是一项独立的数字媒体服务，为全球受众提供有关数字资产和 Web3 的简明、最新新闻。 CoinDesk 的新闻标准和实践遵循一套严格的准则。 CoinDesk 于 2016 年被数字货币集团收购。

CoinDesk fully abides by the Digital Currency Group Code of Conduct and Conflicts of Interest Policy. CoinDesk journalists are not permitted to purchase stock in any publicly traded company.

CoinDesk 完全遵守数字货币集团行为准则和利益冲突政策。 CoinDesk 记者不得购买任何上市公司的股票。