MiCA 实施导致 Tether (USDT) 市值下跌

随着欧洲加密资产市场 (MiCA) 等监管框架成为焦点，加密货币格局正在发生变化。全球最大的稳定币发行商Tether（USDT）处于这一监管浪潮的最前沿，见证了两年来最大幅度的市值跌幅。

World’s largest stablecoin faces sharpest market cap decline in 2 years as Europe’s Markets in Crypto Assets (MiCA) regulatory framework begins implementation.

随着欧洲加密资产市场（MiCA）监管框架开始实施，全球最大的稳定币面临两年来最大幅度的市值下跌。

The new cryptocurrency regulations, which went into effect on December 31, saw Tether (USDT) experience a 1% decline in market capitalization, falling from a record high of $140 billion in mid-December to $137 billion. This marks the steepest weekly drop in USDT capitalization since the FTX collapse in November 2022.

12 月 31 日生效的新加密货币法规使 Tether (USDT) 市值下降 1%，从 12 月中旬的历史高位 1400 亿美元跌至 1370 亿美元。这标志着自 2022 年 11 月 FTX 崩盘以来 USDT 市值出现最大幅度的单周跌幅。

As MiCA commenced operations, it mandated that issuers of stablecoins, classified as e-money tokens (EMTs), obtain licenses to trade or offer their services within the European Union. Major cryptocurrency exchanges based in the EU, such as Coinbase, responded by delisting USDT, raising concerns regarding market volatility and a potential decrease in trading liquidity within the region.

随着 MiCA 开始运营，它要求稳定币（属于电子货币代币（EMT））的发行者获得在欧盟境内进行交易或提供服务的许可证。 Coinbase 等欧盟主要加密货币交易所做出了下架 USDT 的回应，引发了人们对市场波动和该地区交易流动性可能下降的担忧。

MiCA Classifies Stablecoins: ARTs and EMTs

MiCA 对稳定币进行分类：ART 和 EMT

Under the MiCA framework, stablecoins are categorized into two main types:

在MiCA框架下，稳定币主要分为两大类：

– Asset-Referenced Tokens (ARTs): These stablecoins are pegged to a specific fiat currency, such as the Euro or US Dollar, and are designed to maintain a stable value relative to the underlying asset. Examples of ARTs include Tether (USDT) and USD Coin (USDC).

– 资产参考代币（ART）：这些稳定币与特定的法定货币（例如欧元或美元）挂钩，旨在保持相对于基础资产的稳定价值。 ART 的例子包括 Tether (USDT) 和 USD Coin (USDC)。

– E-Money Tokens (EMTs): Stablecoins classified as EMTs are backed by a pool of fiat currency or other highly liquid assets and are pegged to the Euro. These tokens are subject to stricter regulations compared to ARTs.

– 电子货币代币（EMT）：归类为 EMT 的稳定币由法定货币或其他高流动性资产池支持，并与欧元挂钩。与 ART 相比，这些代币受到更严格的监管。

The new regulations, which were first introduced six months ago and will be fully enforced in December 2024, aim to provide oversight for these tokens to ensure market stability and consumer protection.

新法规于六个月前首次推出，将于 2024 年 12 月全面执行，旨在对这些代币进行监管，以确保市场稳定和消费者保护。

Tether’s Challenges and Strategic Moves in Europe

Tether 在欧洲面临的挑战和战略举措

The MiCA framework presents challenges for Tether, as its flagship stablecoin, USDT, now faces restrictions on centralized cryptocurrency exchanges that adhere to the new rules. While EU-based traders can still hold USDT in non-custodial wallets, they are unable to trade it on regulated platforms.

MiCA 框架给 Tether 带来了挑战，因为其旗舰稳定币 USDT 现在面临着遵守新规则的中心化加密货币交易所的限制。虽然欧盟的交易者仍然可以在非托管钱包中持有 USDT，但他们无法在受监管的平台上进行交易。

In an effort to maintain a presence in the European market, Tether has made strategic investments in local stablecoin issuers, such as StablR, as it pivots to influence the market indirectly.

为了保持在欧洲市场的地位，Tether 对当地稳定币发行人（例如 StablR）进行了战略投资，因为它的重点是间接影响市场。

Europe’s Potential Loss in Global Crypto Expansion

欧洲在全球加密货币扩张中的潜在损失

Tether’s reduced presence in Europe could have wider implications. According to market analysts, the EU may find itself at a disadvantage compared to the United States, where crypto-friendly policies implemented during Donald Trump’s administration have fostered the growth of the crypto industry.

Tether 在欧洲业务的减少可能会产生更广泛的影响。市场分析师表示，与美国相比，欧盟可能会处于不利地位，美国在唐纳德·特朗普执政期间实施的加密货币友好政策促进了加密货币行业的增长。

While MiCA aims to reduce market volatility and enhance consumer trust in cryptocurrencies, critics caution that over-regulation might deter global investors from choosing Europe as a base for their crypto operations. This could widen the gap between the EU and more permissive jurisdictions, such as the US or Asia, where Tether continues to dominate the stablecoin market.

尽管 MiCA 旨在减少市场波动并增强消费者对加密货币的信任，但批评者警告称，过度监管可能会阻止全球投资者选择欧洲作为其加密货币业务的基地。这可能会扩大欧盟与美国或亚洲等更宽松的司法管辖区之间的差距，在这些司法管辖区，Tether 继续主导着稳定币市场。

The Coming Months: Stablecoin Battleground

未来几个月：稳定币战场

As MiCA reshapes the regulatory landscape in Europe, the stablecoin market is also undergoing a rebalancing. Tether still leads the pack with a market capitalization of $137 billion, but its decline contrasts with the growth of competitors such as USD Coin (USDC), which has positioned itself as MiCA-compliant.

随着 MiCA 重塑欧洲监管格局，稳定币市场也在经历重新平衡。 Tether 仍然以 1370 亿美元的市值领先，但其下滑与 USD Coin (USDC) 等竞争对手的增长形成鲜明对比，USDC 已将自己定位为符合 MiCA 要求。

The coming months will test the resilience of stablecoins like USDT and the adaptability of the crypto industry as it navigates regulatory frameworks while catering to the demands of a global, decentralized economy.

未来几个月将考验 USDT 等稳定币的弹性以及加密货币行业在监管框架中的适应性，同时满足全球去中心化经济的需求。