Tether Holdings SA在国际上扩大了国际扩张

随着美国通过《天才法案》（Genius Act），世界上最大的稳定发行人Tethering Holdings SA等提案（例如Genius Act）的提案，即将其国际重点。

The U.S. Congress is getting closer to formalizing regulations for stablecoins, notably through the proposed bill dubbed the “Genius Act.” As this legislation takes shape, attention naturally turns to how the world’s largest stablecoin issuer, Tether Holdings SA, is adapting.

美国国会正越来越接近正式化stabalecoins的法规，尤其是通过拟议的法案称为“天才法案”。随着这项立法的形成，注意力自然会转向世界上最大的Stablecoin发行人Tether Holdings SA如何适应。

While U.S. lawmakers are busy integrating stablecoins into the financial mainstream, it seems that Tether’s leadership is less interested in a full-fledged domestic pivot.

尽管美国立法者正忙于将Stablecoins整合到金融主流中，但Tether的领导层似乎对成熟的国内枢纽不太感兴趣。

The company, which largely operates outside U.S. borders, appears to be keeping its sights set on emerging markets as its primary audience, especially considering the 3 billion people globally who remain unbanked by traditional banking systems.

该公司主要在美国边界以外运营，似乎将目光投向了新兴市场作为主要受众，尤其是考虑到全球30亿人民在全球没有传统的银行体系中没有银行现役的人。

The company’s CEO, Paolo Ardoino, recently spoke about how closely Tether is monitoring the U.S. legislative landscape, particularly regarding the implications for foreign issuers.

该公司的首席执行官保罗·阿多诺（Paolo Ardoino）最近谈到了束缚美国立法景观的紧密联系，特别是关于对外国发行人的影响。

The Essence of the U.S. Proposal

美国建议的本质

The proposed legislation makes a distinction between local and foreign players, a factor that Tether is undoubtedly assessing.

拟议的立法在地方和外国玩家之间有了区别，这无疑是束缚的因素。

“The bill does not allow foreign issuers to apply for a charter, although they can continue to operate in the United States if they meet certain conditions,” explained macroeconomic analyst Diego Urriolaguena in a recent analysis.

宏观经济分析师Diego Urriolaguena在最近的分析中解释说：“该法案不允许外国发行人申请宪章，尽管如果他们符合某些条件，他们可以继续在美国运作。”

This structure of the bill is crucial as it might not be feasible for Tether to align itself with the framework of the bill without making changes to its global business model.

该法案的这种结构至关重要，因为Tether在不改变其全球业务模型的情况下与法案的框架保持一致可能是不可行的。

The company, which does not serve U.S. customers directly, is nonetheless contemplating the creation of a compliant stablecoin tailored to American regulatory frameworks.

该公司不直接为我们的客户服务，但仍在考虑为美国监管框架量身定制的合规性稳定股。

This move, apparently aimed at courting institutional investors, would involve adhering to U.S. requirements like backing tokens with safe assets and following anti-money-laundering laws.

这一举动显然是旨在求助机构投资者，将涉及遵守美国要求，例如以安全资产的支持以及遵循反罚款法律的支持。

These conditions are being examined closely, especially since Tether’s current reserves include instruments such as secured loans and digital assets, which might not completely align with all U.S. criteria.

这些条件正在仔细检查，尤其是因为Tether的当前储备包括有担保贷款和数字资产等工具，这些工具可能与所有美国标准并不完全一致。

In a further bid for transparency, Tether is in talks with a major accounting firm for a full audit, a initiative that would represent a significant shift from its current practice of quarterly attestations.

为了进一步的透明度，Tether与一家主要会计师事务所进行了全面审计，该计划将与当前的季度证明实践发生重大转变。

The audit plan indicates Tether’s intent to meet the credibility benchmarks increasingly demanded by regulators and financial institutions.

审计计划表明，Tether的目的是满足监管机构和金融机构越来越多要求的信誉基准。

The company is also engaging with U.S. authorities to ensure compliance with sanctions regulations, a critical factor for any financial institution operating on the global stage.

该公司还与美国当局互动，以确保遵守制裁法规，这是在全球舞台上运营的任何金融机构的关键因素。

No Competition From a Consortium of Banks

没有银行财团的竞争

Finally, there’s the interesting tidbit about a consortium of major American banks, including Bank of America (NYSE:BAC) and Citigroup (NYSE:C), exploring the possibility of issuing a stablecoin.

最后，关于美国主要银行（包括美国银行：纽约证券交易所：BAC）和花旗集团（NYSE：C）在内的一家美国主要银行财团的有趣花絮，探索了发行稳定的可能性。

While this initiative has garnered attention, it seems that Tether is not particularly threatened. The company’s focus on emerging markets and the unbanked population sets it apart from the banks’ consortium, which is likely to be focused on the Western financial system.

尽管这项倡议引起了人们的关注，但似乎并没有特别受到威胁。该公司专注于新兴市场和未银行的人口，将其与银行的财团区分开来，这很可能集中在西方金融体系上。

‘The consortium’s efforts appear to be concentrated on providing a stablecoin for institutional clients in developed economies, while Tether is serving millions of users in emerging markets and facilitating cross-border payments with its USDT token,’ the analyst stated.

分析师说：“该财团的努力似乎集中在为发达经济体的机构客户提供稳定的股份，而Tether为新兴市场中的数百万用户提供服务，并用其USDT代币促进跨境支付。”

With USDT boasting a dominant market share of over 60% and outpacing global stablecoin transactions, Tether remains the market leader in terms of volumes, especially in regions where banking infrastructure is weak or nonexistent.

由于USDT拥有超过60％的主要市场份额，并且超过了全球Stablecoin交易，Tether仍然是市场的领导者，尤其是在银行基础设施薄弱或不存在的地区。

This places Teתר's decision to prioritize overseas expansion over accommodating the U.S. Congress a crucial turning point. As stablecoins continue to evolve, with a combined value of over $240 billion, Tether’s strategy makes it a singularly interesting company to follow in the fast-changing world of financial technology.

这使Teתר决定优先考虑海外扩张优先级，而不是容纳美国国会的关键转折点。随着Stablecoins的不断发展，总价值超过2400亿美元，Tether的策略使其成为一家有趣的公司，可以追随金融技术的快速变化世界。