稳定币、品牌重塑和美国规则：驾驭新格局

稳定币面临美国监管审查，促使其进行品牌重塑和战略转变。探索 Tether 等公司如何适应 GENIUS 法案。

Stablecoins, Rebranding, and US Rules: Navigating the New Landscape

稳定币、品牌重塑和美国规则：驾驭新格局

The stablecoin market is undergoing a significant transformation as US regulations tighten. The GENIUS Act has sent shockwaves through the industry, compelling firms to adapt or risk being left behind. Let's dive into the key developments and what they mean for the future.

随着美国监管收紧，稳定币市场正在经历重大转型。 《天才法案》给整个行业带来了冲击，迫使企业做出调整，否则就有被抛在后面的风险。让我们深入探讨关键的发展及其对未来的意义。

The GENIUS Act and the Rush to Rebrand

天才法案和品牌重塑热潮

With the passage of the GENIUS Act, any company offering dollar-pegged tokens to U.S. users now must be issued under American law, backed by cash or Treasuries, and overseen by regulators. This has triggered a scramble among stablecoin issuers, particularly those with offshore operations, to reinvent themselves as “American.”

随着《天才法案》的通过，任何向美国用户提供与美元挂钩的代币的公司现在都必须根据美国法律发行，以现金或国债为支持，并受到监管机构的监督。这引发了稳定币发行人（尤其是那些拥有离岸业务的发行人）的争相将自己重塑为“美国”。

Tether, whose USDT dominates the sector, faces unique challenges due to its offshore history. Rather than relocating operations, Tether is rolling out a new token, USAT, issued by Anchorage Digital Bank. This allows Tether to appear compliant without fundamentally changing its underlying control.

Tether 的 USDT 在该领域占据主导地位，但由于其离岸历史，面临着独特的挑战。 Tether 没有重新定位业务，而是推出了由安克雷奇数字银行发行的新代币 USAT。这使得 Tether 看起来合规，而无需从根本上改变其底层控制。

The JPMorgan Perspective: $1.4 Trillion in Demand

摩根大通观点：需求 1.4 万亿美元

Analysts at JPMorgan predict that stablecoins could generate $1.4 trillion in demand for U.S. dollars by 2027. This massive increase would stem from overseas investors adopting dollar-backed tokens for transactions and investments. The GENIUS Act passing has become a stepping stone that accelerated the growth of dollar-backed tokens.

摩根大通分析师预测，到 2027 年，稳定币可能会产生 1.4 万亿美元的美元需求。这一大幅增长将源于海外投资者采用美元支持的代币进行交易和投资。 GENIUS 法案的通过已成为加速美元支持代币增长的垫脚石。

Beyond Tether: Industry-Wide Adjustments

超越 Tether：全行业调整

Other issuers are also making adjustments. Circle, issuer of USDC, has worked to cement its American bona fides by pursuing a public listing and emphasizing its reserves in Treasuries and cash. Paxos, licensed in New York, has leaned heavily on its regulatory track record.

其他发行人也在做出调整。 USDC 的发行人 Circle 一直致力于通过公开上市并强调其国债和现金储备来巩固其美国诚意。 Paxos 在纽约获得许可，很大程度上依赖于其监管记录。

The broader trend reveals that many stablecoin companies are repackaging themselves to meet minimum requirements. New names, new affiliates, new partners — but the same offshore DNA behind the curtain. It begs the question of genuineness of these makeovers and whether they are enough.

更广泛的趋势表明，许多稳定币公司正在重新包装自己以满足最低要求。新名称、新附属机构、新合作伙伴——但幕后的离岸DNA是相同的。这就引出了这些改造的真实性以及它们是否足够的问题。

1inch Rebrands to Reflect Broader Mission

1inch 品牌重塑以体现更广泛的使命

1inch, a leading DeFi ecosystem, has also rebranded to reflect its growth and role as a core DeFi infrastructure provider. This move signifies the project's commitment to simplifying DeFi and making it ready for mass adoption. 1inch's rebrand signals maturity, but not a change in the mission.

领先的 DeFi 生态系统 1inch 也进行了品牌重塑，以反映其发展和作为核心 DeFi 基础设施提供商的角色。此举标志着该项目致力于简化 DeFi 并为其大规模采用做好准备。 1inch 的品牌重塑标志着成熟，但使命并未改变。

Final Thoughts

最后的想法

The stablecoin market is at a pivotal moment. As US regulations reshape the landscape, companies are adapting in various ways. Whether these adjustments are genuine or merely cosmetic remains to be seen. One thing is certain: the future of stablecoins will depend on trust, transparency, and a willingness to embrace regulatory compliance.

稳定币市场正处于关键时刻。随着美国法规重塑格局，企业正在以各种方式进行适应。这些调整是真正的还是仅仅是表面上的，还有待观察。有一点是肯定的：稳定币的未来将取决于信任、透明度和遵守监管的意愿。

So, buckle up, folks! It's gonna be a wild ride as stablecoins navigate this new world order. Who knows, maybe one day we'll all be paying for our lattes with USAT. Stranger things have happened, right?

所以，扣好安全带，伙计们！随着稳定币在这个新的世界秩序中航行，这将是一次疯狂的旅程。谁知道呢，也许有一天我们都会用 USAT 来买拿铁咖啡。更奇怪的事情发生了，对吗？