Tether (USDT) 占据稳定币市场 75% 的份额，但它会像 FTX 一样崩溃吗？

一些市场分析师认为，如果没有经过第三方机构的适当审计，Tether 也可能像 FTX 一样崩溃。这种内爆可能与其银行合作伙伴有关。

Stablecoin issuer Tether (USDT) has always attracted regulatory scrutiny, more so since it now commands 75% of the total stablecoin market. Tether (USDT) is the largest stablecoin, with a market cap of $119 billion, almost three times that of its closest competitor, the USDC coin. Some market analysts have recently raised concerns about the possibility of an FTX-like liquidity crisis for the stablecoin giant.

稳定币发行商 Tether (USDT) 一直受到监管机构的审查，尤其是它现在占据了整个稳定币市场 75% 的份额。 Tether (USDT) 是最大的稳定币，市值为 1190 亿美元，几乎是其最接近的竞争对手 USDC 币的三倍。一些市场分析师最近对这家稳定币巨头可能出现类似 FTX 的流动性危机表示担忧。

Justin Bons, founder of Cyber Capital, sparked the latest wave of concerns when he shared his view that Tether could be a bigger scam than FTX.

Cyber​​ Capital 创始人贾斯汀·邦斯 (Justin Bons) 分享了 Tether 可能是比 FTX 更大的骗局的观点，引发了最新一波担忧。

In his post on the X platform last week, he wrote:

他在上周 X 平台上的帖子中写道：

“One of the biggest existential threats to crypto as a whole. As we have to trust they hold $118B in collateral without proof! Even after the CFTC fined Tether for lying about their reserves in 2021.”

“对整个加密货币来说，这是最大的生存威胁之一。因为我们必须相信他们在没有证据的情况下持有 $118B 的抵押品！即使在 2021 年，美国商品期货交易委员会 (CFTC) 因 Tether 谎报储备金而对其处以罚款。”

The U.S. Commodity Futures Trading Commission (CFTC) fined Tether a hefty $41 million civil penalty in 2021 for falsely stating that they fully backed the USDT stablecoins with reserves. The USDT market supply has increased by 20% over the last two years, raising concerns as Tether now controls 75% of the stablecoin market.

美国商品期货交易委员会 (CFTC) 于 2021 年对 Tether 处以 4100 万美元的巨额民事罚款，原因是 Tether 谎称他们用储备金完全支持 USDT 稳定币。过去两年，USDT 市场供应量增加了 20%，这引发了人们的担忧，因为 Tether 目前控制着稳定币市场 75% 的份额。

Some market analysts believe that Tether could also implode, like FTX, if it is not audited properly by third-party organizations. According to Sean Lee, co-founder of IDA Finance, a potential Tether implosion would likely be connected to its banking partners, while FTX collapsed because it was unable to fulfill $6 billion in customer withdrawals over three days.

一些市场分析师认为，如果没有经过第三方组织的适当审计，Tether 也可能像 FTX 一样崩溃。 IDA Finance 联合创始人 Sean Lee 表示，Tether 的潜在崩溃可能与其银行合作伙伴有关，而 FTX 的崩溃是因为它无法在三天内完成 60 亿美元的客户提款。

During the crypto winter of May 2022, Tether swiftly processed over $16.7 billion in customer withdrawals (USDT) within 10 days. In contrast, during the 2008 financial crisis, Washington Mutual Bank was unable to fulfill $16.5 billion in withdrawals over 10 days.

在 2022 年 5 月的加密货币冬季，Tether 在 10 天内迅速处理了超过 167 亿美元的客户提款 (USDT)。相比之下，2008年金融危机期间，华盛顿互惠银行无法在10天内完成165亿美元的取款。

Is Tether Too Big to Fail?

Tether 太大而不能倒闭吗？

Some believe that Tether is too large to fail. Anndy Lian, an author and blockchain specialist, believes that Tether is unlikely to encounter any problems, but he warns that large centralized entities still pose a risk to the cryptocurrency industry. Lian added:

一些人认为 Tether 太大而不能倒闭。作家兼区块链专家 Anndy Lian 认为，Tether 不太可能遇到任何问题，但他警告说，大型中心化实体仍然对加密货币行业构成风险。廉补充道：

“Cryptocurrencies were initially created to operate without centralized control, promoting transparency, security, and user autonomy. However, Tether, as a centralized stablecoin issuer, wields substantial influence over the crypto market due to its widespread use for trading and liquidity.”

“加密货币最初的创建是为了在没有集中控制的情况下运行，从而提高透明度、安全性和用户自主权。然而，Tether 作为中心化的稳定币发行者，由于其广泛用于交易和流动性，对加密货币市场具有重大影响力。”

Earlier this month, Tether made a significant investment of $100 million in Adecoagro, a Latin American agricultural behemoth, acquiring a 9.8% stake in the company.

本月早些时候，Tether 对拉丁美洲农业巨头 Adecoagro 进行了 1 亿美元的重大投资，收购了该公司 9.8% 的股份。