美国财政部长斯科特·贝斯特（Scott Bessent）认识到，稳定者可以在为美国政府预算筹集资金中发挥巨大作用

拟议的天才调节旨在打开这些闸门，但迄今为止遇到了最重要的稳定稳定的接待。

U.S. Treasury Secretary Scott Bessent has recognized the potential of stablecoins to play an immense role in financing the government budget. His statement follows proposals for GENIUS regulation aiming to open these floodgates—yet the most significant stablecoin so far appears lukewarm to the idea.

美国财政部长斯科特·贝斯特（Scott Bessent）认识到，稳定币在为政府预算筹集资金中发挥巨大作用。他的声明遵循了有关天才监管的提议，旨在打开这些闸门，但到目前为止，最重要的稳定者似乎对这个想法似乎不冷不热。

In a recent interview with Bloomberg, U.S. Treasury Secretary Scott Bessent discussed the upcoming regulations for stablecoins.

在最近接受彭博社的一次采访中，美国财政部长斯科特·贝森特（Scott Bessent）讨论了即将到来的Stablecoins法规。

“We want to introduce the highest regulatory and anti-money laundering standards for digital assets, especially for stablecoins. I’ve seen estimates that stablecoins could generate a demand of two trillion dollars for U.S. government bonds and T-bills in no time at all.”

“我们想针对数字资产介绍最高的监管和反洗钱标准，尤其是对于Stablecoins。我已经看到估计，稳定的人可能会立即为美国政府债券和T-bills产生2万亿美元的需求。”

Bessent is essentially repeating what Trump’s “Crypto and AI Czar” David Sacks recently said in an earlier CNBC interview: There already exists an unregulated 200 billion dollar stablecoin market. “If we create legal clarity and a regulatory framework, then I think we can generate a multi-trillion dollar demand for government bonds practically overnight.”

Bessent从本质上重复了特朗普的“加密和AI沙皇”的内容，戴维·萨克斯（David Sacks）最近在CNBC较早的采访中说：已经存在一个不受监管的2000亿美元Stablecoin市场。 “如果我们创建法律清晰度和监管框架，那么我认为我们几乎可以在一夜之间对政府债券产生数万亿美元的需求。”

Currently, Tether (USDT) holds around 120 billion dollars in U.S. government bonds, while Circle (USDC) holds another 50-60 billion dollars. This makes stablecoins a significant source of financing for the U.S. government budget already. However, this is still a small part of the trillions in demand that Sacks and Bessent envision.

目前，Tether（USDT）持有约1,200亿美元的美国政府债券，而Circle（USDC）持有另外50-600亿美元。这使Stablecoins已经成为美国政府预算的重要融资来源。但是，这仍然是麻袋和持续设想的数万亿美元的一小部分。

As Sachs explains, stablecoins “are a new, more efficient, less expensive, and more liquid payment system—a new payment network for the U.S. economy. They also strengthen the dominance of the dollar online.” Technically, nothing prevents ever-increasing portions of dollar supply from circulating as stablecoins.

正如萨克斯（Sachs）所解释的那样，稳定币“是一种新的，更高效的，更便宜，更便宜且更高的费用支付系统，这是美国经济的新支付网络。它们还加强了在线美元的统治地位。”从技术上讲，没有什么可以阻止越来越多的美元供应作为稳定的。

Given a money supply of $18.43 trillion (M1) or $21.3 trillion (M2), even tokenizing 10-20 percent would create a demand for government bonds amounting to several trillion dollars. In light of the relatively weak demand at the last auction and the presumed disappearance of Japan as a buyer, this development would be more than welcome in the White House.

鉴于货币供应量为18.43万亿美元（M1）或21.3万亿美元（M2），即使是标记为10-20％，也会对政府债券的需求产生数万亿美元的需求。鉴于上次拍卖的需求相对较弱以及日本作为买方的消失，这一发展将在白宫受到欢迎。

The GENIUS Act is intended to regulate the stablecoin market and ensure its success. It imposes a variety of obligations on stablecoin issuers. For example, they must publish regular audits, comply with certain reserve requirements, and implement financial sanctions and anti-money laundering measures. GENIUS is similar to the EU rules under MiCA, but grants issuers a bit more freedom, especially regarding the composition of their reserves.

《天才法》旨在规范稳定市场​​并确保其成功。它对Stablecoin发行人施加了多种义务。例如，他们必须发布定期审计，符合某些储备金要求，并实施金融制裁和反洗钱措施。天才与云母规定的欧盟规则相似，但授予发行人更多的自由，尤其是关于其储备的组成。

Above all, however, the U.S. government is acting from a position of strength: Stablecoins are pegged nearly 100 percent to the dollar, while euro variants are niche products that nobody uses. While issuers do not need the EU, they are dependent on the United States. This enables the U.S. government to impose its wishes on the market.

然而，最重要的是，美国政府正在从一个优势的立场上行事：稳定币固定在近100％上的美元，而欧元的变种是没有人使用的利基产品。尽管发行人不需要欧盟，但他们依赖于美国。这使美国政府能够将其愿望强加于市场。

The law has good prospects of being enacted. Recently, it passed an important hurdle in the Senate, thanks in part to the support of 15 Democratic representatives.

法律有颁布的良好前景。最近，它通过了参议院的一个重要障碍，部分归功于15名民主代表的支持。

At Tether, the issuer of the largest stablecoin USDT, these requirements seem to be met with limited enthusiasm. In a recent Bloomberg interview, CEO Paolo Ardoino explained that, while Tether would be closely following the developments of GENIUS, the company’s main markets for USDT were in developing and emerging markets. There, they provide the “unbanked” with access to the U.S. dollar and payment systems.

在最大的Stablecoin USDT的发行人Tether，这些要求似乎以有限的热情满足。在最近的彭博社采访中，首席执行官保罗·阿多利诺（Paolo Ardoino）解释说，尽管系绳将紧随天才的发展，但该公司在USDT的主要市场发展和新兴市场。在那里，他们为“无银行账户”提供了对美元和支付系统的访问。

Accordingly, Tether plans to focus on these markets. However, in order to maintain access to the U.S. market, the company is planning to launch a U.S.-issued stablecoin that complies with GENIUS regulation. Ardoino says they are more comfortable with GENIUS than with MiCA, as GENIUS permits the holding of government bonds, while MiCA mandates that a large portion of reserves must be kept in non-deposit-guaranteed bank accounts. Europe is lagging behind while the U.S. is forging ahead with regulation.

因此，系绳计划专注于这些市场。但是，为了维持美国市场的访问，该公司正计划推出符合天才法规的美国发行的Stablecoin。 Ardoino说，由于天才允许持有政府债券，因此他们对天才比对云母更舒服，而云母规定，必须将大部分储备保留在非保证保证的银行帐户中。欧洲落后于美国，而美国正在努力进行监管。

Ardoino does not explain exactly why Tether wants to issue a stablecoin specifically for the U.S. market instead of simply adjusting USDT to meet the requirements. He merely mentions that stablecoins serve different purposes in emerging markets than in the U.S. Presumably, Tether does not want to become too dependent on the United States, but rather maintain its standing as a global stablecoin that cooperates with the U.S. government without being fully absorbed by it.

Ardoino并没有确切地解释为什么Tether想要为美国市场发行稳定的人，而不是简单地调整USDT以满足要求。他只是提到，在新兴市场中，稳定的目的与美国大概是不想过于依赖美国的，而是保持其作为全球稳定的地位，与美国政府合作而没有完全被其吸收。