Tether、EURT 和 MiCA：驾驭欧洲监管格局

分析 Tether 由于 MiCA 法规、不断增长的比特币和黄金储备以及欧洲不断变化的监管环境而从 EURT 进行的战略转变。

The world of stablecoins is in constant flux, especially with new regulations like MiCA on the horizon. Let's dive into how Tether is maneuvering through these changes, particularly its decision to discontinue EURT and its broader strategy involving Bitcoin, gold, and European expansion.

稳定币的世界在不断变化，尤其是像 MiCA 这样的新法规即将出现。让我们深入了解 Tether 如何应对这些变化，特别是其终止 EURT 的决定及其涉及比特币、黄金和欧洲扩张的更广泛战略。

EURT's Sunset: A MiCA Casualty

EURT 的落日：MiCA 伤亡

After butting heads with European regulators for years, Tether officially ended EURT redemptions on November 27. The main culprit? MiCA, Europe’s new regulatory regime, which demands stablecoin issuers hold most reserves within the EU banking system. Tether wasn't having it, viewing unsecured bank deposits as a systemic risk – a lesson learned from Circle's near-demise during the Silicon Valley Bank collapse.

在与欧洲监管机构争论多年后，Tether 于 11 月 27 日正式终止了 EURT 赎回。罪魁祸首是什么？ MiCA，欧洲的新监管制度，要求稳定币发行人在欧盟银行系统内持有大部分准备金。 Tether 并没有这么做，它将无担保的银行存款视为系统性风险——这是从硅谷银行倒闭期间 Circle 濒临破产的教训中吸取的教训。

Tether's European Pivot: Not a Retreat, but a Re-strategize

Tether 的欧洲重心：不是撤退，而是重新制定战略

Instead of directly fighting MiCA with EURT, Tether's playing 4D chess. They're backing Quantoz Payments, a Dutch fintech company, to issue MiCA-compliant stablecoins (EURQ and USDQ) using Tether’s Hadron technology. Quantoz handles the European licensing, bank relationships, and regulatory responsibilities, while Tether provides the tech and capital. It's a cleaner, tactical arrangement.

Tether 不是用 EURT 直接对抗 MiCA，而是下 4D 国际象棋。他们支持荷兰金融科技公司 Quantoz Payments 使用 Tether 的 Hadron 技术发行符合 MiCA 的稳定币（EURQ 和 USDQ）。 Quantoz 负责处理欧洲许可、银行关系和监管责任，而 Tether 提供技术和资本。这是一种更干净的战术安排。

Bitcoin and Gold: Tether's Unconventional Reserve Strategy

比特币和黄金：Tether 的非常规储备策略

Tether has been accumulating Bitcoin and gold at a rate that rivals some sovereign treasuries. As of late last year, they held 116 tons of physical gold, even out-buying central banks. However, S&P Global downgraded USDT’s ability to maintain its dollar peg, citing concerns over allocations to Bitcoin, secured loans, and other higher-risk instruments. They argue that these assets create uncertainty around reserve liquidity.

Tether 一直在以与一些主权国债相媲美的速度积累比特币和黄金。截至去年底，他们持有116吨实物黄金，甚至超过了央行的购买量。然而，标普全球下调了 USDT 维持与美元挂钩的能力，理由是对比特币、担保贷款和其他高风险工具配置的担忧。他们认为，这些资产给储备流动性带来了不确定性。

Why the Market Doesn't Seem to Care

为什么市场似乎并不关心

Despite S&P's concerns, the market seems unfazed. USDT has maintained its dollar peg through numerous market cycles, including exchange collapses and rival stablecoin failures. Its liquidity is robust, and it's widely used for crypto trading and payments in emerging markets. Plus, with over $130 billion in short-term US bills, Tether earns about $15 billion a year, creating a substantial equity cushion.

尽管标准普尔对此表示担忧，但市场似乎并不担心。 USDT 在多个市场周期中都保持与美元挂钩，包括交易所崩溃和竞争对手稳定币失败。其流动性强劲，广泛用于新兴市场的加密货币交易和支付。此外，Tether 拥有超过 1300 亿美元的短期美国票据，每年赚取约 150 亿美元，创造了巨大的股本缓冲。

Transparency Still Matters

透明度仍然很重要

While Tether's financial performance is impressive, the lack of detailed insight into reserve custody, counterparty selection, and secured loan management remains a vulnerability. Greater transparency would reduce uncertainty for large holders and align USDT with global settlement asset standards.

尽管 Tether 的财务业绩令人印象深刻，但缺乏对储备托管、交易对手选择和担保贷款管理的详细了解仍然是一个弱点。更大的透明度将减少大持有者的不确定性，并使 USDT 与全球结算资产标准保持一致。

Blockrise Secures MiCA Authorization: A Bitcoin-Only Approach

Blockrise 获得 MiCA 授权：仅使用比特币的方法

In other news, Blockrise, a Dutch Bitcoin-only platform, secured regulatory authorization from the Dutch Authority for the Financial Markets (AFM) under the European MiCA framework. This allows them to expand their financial services across the EU, focusing solely on Bitcoin's stability and compliance. They even offer Bitcoin-backed business loans.

其他新闻方面，荷兰比特币平台 Blockrise 在欧洲 MiCA 框架下获得了荷兰金融市场管理局 (AFM) 的监管授权。这使他们能够将金融服务扩展到整个欧盟，只关注比特币的稳定性和合规性。他们甚至提供比特币支持的商业贷款。

Final Thoughts

最后的想法

Tether's journey through the European regulatory landscape is a fascinating case study in adaptation and strategic maneuvering. By pivoting away from EURT and embracing partnerships, they're positioning themselves for long-term success. While transparency concerns remain, their robust financial performance and innovative approach continue to captivate the crypto world. It's a wild ride, but hey, that's crypto for ya!

Tether 在欧洲监管环境中的经历是适应和战略操纵方面一个引人入胜的案例研究。通过摆脱 EURT 并拥抱合作伙伴关系，他们正在为自己的长期成功做好准备。尽管透明度问题依然存在，但他们强劲的财务业绩和创新方法继续吸引着加密世界。这是一次疯狂的旅程，但是嘿，这对你来说是加密货币！