Tether，Circle和Stablecoin摊牌：下一步是什么？

Tether的美国Stablecoin发射和Circle的合规首先策略加剧了Stablecoin比赛。获取数字美元未来的内部勺子。

Tether, Circle, and the Stablecoin Showdown: What's Next?

Tether，Circle和Stablecoin摊牌：下一步是什么？

The stablecoin landscape is heating up! With Tether planning a U.S.-specific stablecoin and Circle doubling down on compliance, it's a wild west of digital dollars. What does it all mean? Let's break it down.

Stablecoin景观正在加热！随着绳索计划美国特异性的稳定和圆圈的合规性加倍，这是数字美元的野外西部。这是什么意思？让我们分解。

Tether's Bold Move: A U.S. Stablecoin is Coming

系绳大胆的举动：美国稳定币即将到来

Tether is diving headfirst into the U.S. market with plans to launch a brand-new stablecoin specifically designed for American users. CEO Paolo Ardoino says this move comes alongside efforts to bring their existing stablecoin, USDT, into full compliance with the GENIUS Act via a "foreign issuer" pathway. This dual-track approach marks Tether’s first official commitment to direct U.S. market participation under the new regulatory framework.

Tether首先进入美国市场，计划推出专门为美国用户设计的全新Stablecoin。首席执行官Paolo Ardoino说，此举是由将其现有的Stablecoin USDT的努力完全符合通过“外国发行人”途径完全遵守《天才法》的。这种双轨方法标志着Tether在新的监管框架下指导美国市场参与的首个正式承诺。

Ardoino emphasized that this initiative includes strict anti-money laundering measures and comprehensive audits of Tether's reserves. They've got a three-year timeline to meet all requirements, and they're approaching it with, as he says, “precision and dedication.” He envisions USDT primarily facilitating cross-border remittances, while the new U.S.-based stablecoin will cater directly to domestic users. Looks like Tether is ready to rumble!

Ardoino强调，该倡议包括严格的反洗钱措施和对Tether储量的全面审计。他们有一个为期三年的时间表来满足所有要求，正如他所说的那样，他们正在与之接近。他设想USDT主要促进跨境汇款，而新的总部位于美国的Stablecoin将直接迎合国内用户。看起来系绳已经准备好隆隆了！

Circle's Confidence: Compliance is King

圈子的信心：合规是国王

Meanwhile, Circle, the company behind USDC, seems pretty chill. CEO Jeremy Allaire welcomed the GENIUS Act, seeing it as validation of Circle's long-standing strategy to operate transparently under U.S. regulations. Allaire emphasizes that Circle has already built trust with leading institutions thanks to its rigorous reserve procedures and public audits.

同时，USDC背后的公司Circle似乎很寒意。首席执行官杰里米·阿莱尔（Jeremy Allaire）欢迎《天才法案》（Genius Act），将其视为对Circle在美国法规下透明运作的长期战略的验证。 Allaire强调，由于其严格的储备程序和公共审计，Circle已经与领先机构建立了信任。

The GENIUS Act, requiring stablecoins to be backed by cash or short-term Treasuries and undergo yearly audits, is practically Circle’s business model already. Circle views this as strengthening their position in the market as the world shifts from offshore crypto to legal, regulated digital dollars.

《天才法案》，要求稳定的人必须得到现金或短期国库的支持，并接受年度审计，实际上已经是Circle的商业模式。 Circle认为这是随着世界从近海加密货币转变为法律，受监管的数字美元的增强其在市场上的地位。

The Ripple Effect: XRP and the Stablecoin Narrative

连锁反应：XRP和Stablecoin叙述

And what about XRP? It seems there was some confusion recently. Crypto attorney John Deaton clarified that XRP itself isn't competing with stablecoins like USDC. Instead, Ripple, the company that uses XRP in some of its solutions, competes with Circle in the fintech space. Ripple's entry into the stablecoin market is RLUSD, its newly introduced asset. Remember when Ripple and Circle were in acquisition talks? Different functions, different markets.

那XRP呢？似乎最近有一些混乱。加密律师约翰·迪顿（John Deaton）澄清说，XRP本身并未与USDC这样的Stablecoins竞争。取而代之的是，在其某些解决方案中使用XRP的公司Ripple在金融科技领域与Circle竞争。 Ripple进入Stablecoin市场是RLUSD，它是新近引入的资产。还记得Ripple和Circle在收购谈判中的时间吗？不同的功能，不同的市场。

My Take: The Future is Regulated (and Competitive)

我的看法：未来受到监管（竞争激烈）

Here's my two cents: The GENIUS Act is a game-changer. It’s pushing everyone towards transparency and compliance. While Tether faces a bigger challenge in adapting to these new rules, Circle is already playing the game. This increased regulation will likely boost confidence in stablecoins and accelerate their adoption. As more companies enter the stablecoin arena and comply with the GENIUS Act, we can expect to see a more competitive and innovative landscape. It's like a digital dollar arms race, and we're all watching it unfold!

这是我的两分钱：天才法案是改变游戏规则的人。它正在推动所有人提高透明度和合规性。尽管Tether在适应这些新规则方面面临更大的挑战，但Circle已经在玩游戏。这种增加的法规可能会增强对稳定的信心并加速其采用。随着越来越多的公司进入Stablecoin竞技场并遵守《天才法》，我们可以期望看到更具竞争力和创新性的景观。这就像一场数字美元的军备竞赛，我们都在看着它！

What does this mean?

这是什么意思？

For Tether, launching a U.S.-specific stablecoin and bringing USDT into compliance represents both a challenge and an opportunity. For Circle, the law is seen as confirmation of its compliance-first approach.

对于Tether，推出一个美国特异性的Stablecoin并将USDT纳入合规性既是挑战，也代表了机会。对于圈子而言，法律被视为确认其合规性优先方法。

So, what's the takeaway? The stablecoin market is about to get a whole lot more interesting. Buckle up, because the future of digital dollars is looking brighter (and more regulated) than ever!

那么，收获是什么？ Stablecoin市场将变得更加有趣。扣紧，因为数字美元的未来看起来比以往任何时候都更加明亮（并且受监管更加受监管）！