摩根大通表示，稳定币监管可能会给 Tether 带来问题

报告称，稳定币发行商 Tether 过去因其储备构成缺乏透明度而受到监管机构审查。

Stablecoin issuer Tether has attracted regulatory scrutiny in the past.

稳定币发行商 Tether 过去曾引起过监管机构的审查。

Increasing regulation could pose a notable challenge for Tether, issuer of the largest stablecoin, a token that has dominated the crypto market in recent recent years, JPMorgan (JPM) said in a research report on Wednesday.

摩根大通 (JPM) 在周三的一份研究报告中表示，加强监管可能会给最大稳定币发行者 Tether 带来显着挑战，Tether 是近年来主导加密货币市场的代币。

A stablecoin is a type of cryptocurrency that is usually pegged to the U.S. dollar, though some other currencies and assets such as gold are also used. Tether's USDT stablecoin has a market cap of about $117 billion, more than three times that of its nearest rival, Circle's USDC.

稳定币是一种通常与美元挂钩的加密货币，但也使用一些其他货币和资产，例如黄金。 Tether 的 USDT 稳定币市值约为 1170 亿美元，是其最接近的竞争对手 Circle 的 USDC 的三倍多。

JPMorgan notes that Markets in Crypto Assets (MiCA) legislation in Europe mandates that 60% of stablecoin reserves should be held with European banks.

摩根大通指出，欧洲的加密资产市场 (MiCA) 立法规定 60% 的稳定币储备应存放在欧洲银行。

"Given Tether's composition of reserves, complying with MiCA's stringent requirements could necessitate significant changes to its reserve management strategy," analysts led by Nikolaos Panigirtzoglou wrote.

Nikolaos Panigirtzoglou 领导的分析师写道：“鉴于 Tether 的储备构成，遵守 MiCA 的严格要求可能需要对其储备管理策略进行重大改变。”

The stablecoin issuer has previously been subject to regulatory scrutiny due to lack of transparency about the composition of its reserves, the bank said, adding that the "new regulations would intensify pressure on Tether to provide more detailed disclosure and audits."

该银行表示，由于其储备构成缺乏透明度，该稳定币发行人此前曾受到监管审查，并补充说，“新规定将加大对 Tether 提供更详细披露和审计的压力。”

Non-compliance with these new rules could threaten Tether's dominance in the stablecoin market, the report said.

报告称，不遵守这些新规则可能会威胁 Tether 在稳定币市场的主导地位。

Stablecoin legislation in the U.S. is still pending, the bank noted, but when it is finally introduced, most likely in 2025, adoption is expected to increase, making the cryptocurrency more mainstream.

该银行指出，美国的稳定币立法仍悬而未决，但当最终出台时（很可能是在 2025 年），预计采用率将会增加，从而使加密货币变得更加主流。

"U.S. compliant stablecoins stand to benefit, while non-compliant stablecoins would be challenged, potentially leading to consolidation in the industry," the report said.

报告称：“符合美国标准的稳定币将受益，而不合规的稳定币将受到挑战，可能导致行业整合。”

Tether had not responded to an email seeking comment before this story was published.

在本文发表之前，Tether 尚未回复寻求置评的电子邮件。

Read more: Tether's Stablecoin Dominance May Wane Following Proposed U.S. Rules: S&P

阅读更多：标准普尔 (S&P) 提议的美国规则可能会削弱 Tether 的稳定币主导地位

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