特朗普政府与世界的贸易战使股票市场震惊，并威胁要陷入衰退

特朗普政府与世界的贸易战使股票市场震惊，并威胁要陷入衰退

The Trump administration’s trade war with the world has roiled the stock market and threatens to plunge the country into a recession while jacking up the price of basic supplies.

特朗普政府与世界的贸易战使股票市场震惊，并威胁要陷入衰退，同时提高基本用品的价格。

But instead of taking on the financial issues dominating the headlines, the House and Senate are racing to bring stablecoins — a cryptocurrency sector few Americans have even heard of — out from the shadows.

但是，众议院和参议院没有承担统治头条新闻的财务问题，而是竞赛带来稳定的股币（一个加密货币部门，很少有美国人甚至从阴影中听说过）。

The $230 billion stablecoin industry could be the first to benefit from Donald Trump’s promise to make the U.S. the world’s “crypto capital of the planet.”

2,300亿美元的Stablecoin行业可能是唐纳德·特朗普（Donald Trump）诺言使美国成为世界“地球的加密之都”的承诺的第一个受益的行业。

“Passing legislation gives them a first-mover advantage to profits that are to be gained.”

“通过立法为他们带来了要获得的利润的第一步优势。”

Industry advocates say the legislation will clear up uncertainty around the regulation of their cryptocurrencies, unleashing a new era of financial innovation. Critics of the bipartisan push warn that the legislation risks another financial crash while enriching Trump, whose family is launching a stablecoin of their own.

行业拥护者表示，该立法将围绕其加密货币的规定清除不确定性，从而释放了金融创新的新时代。对两党的批评者的批评者警告说，这项立法在丰富特朗普的同时可能会发生另一次金融崩溃，而特朗普的家人正在自己发动自己的稳定者。

“Passing legislation gives them a first-mover advantage to profits that are to be gained. We saw that with the Trump meme coin, where a lot of people lost out but it didn’t matter because Trump’s platform was making fees,” said Mark Hays, of the group Americans for Financial Reform. “It just seems like a witches’ brew of problematic things that could lead to another crash.”

“通过立法为他们带来了要获得的利润的第一步优势。我们看到，与特朗普的模因硬币一起，很多人丢掉了，但这并不重要，因为特朗普的平台正在收取费用，”美国人的马克·海斯（Mark Hays）进行了金融改革。 “似乎是女巫的有问题的事情，可能导致另一场崩溃。”

What Is a Stablecoin?

什么是Stablecoin？

To their proponents, stablecoins offer all the benefits of crypto without the downsides.

对他们的支持者，Stablecoins提供了加密货币的所有好处，而没有弊端。

They are pegged to real-world currencies, such as the U.S. dollar. The idea is that one dollar-denominated stablecoin can always be redeemed for one dollar. Stablecoin issuers use real-world assets, such as U.S. Treasury bonds, to back their offerings.

他们被固定在现实世界中的货币，例如美元。这个想法是，一个以美元为基础的稳定者可以以1美元的价格兑换。 Stablecoin发行人使用现实世界中的资产，例如美国财政债券，以支持其产品。

Stablecoins live on blockchains — cryptographically protected digital ledgers — just like more famous tokens like bitcoin or Ether. Unlike bitcoins, they are supposed to be insulated from wild price swings by their currency pegs.

Stablecoins直播在区块链上 - 密码受保护的数字分类帐 - 就像比特币或以太等著名令牌一样。与比特币不同，它们应该被其货币钉隔离开来。

That hasn’t stopped some stablecoins from collapsing.

这并没有阻止一些稳定的人崩溃。

What’s the Point?

有什么意义？

Boosters say that stablecoins can make payments faster, cheaper, and more efficient. They argue that stablecoins will make it easier to send money across international borders and create opportunities for the unbanked by cutting out traditional financial institutions.

助推器说，稳定币可以使付款更快，更便宜，更高效。他们认为，稳定币将使在国际边界上汇款并通过削减传统金融机构为无银行账户创造机会变得更加容易。

So far, however, they’re mostly used to buy other cryptocurrencies. Crypto traders use them to cash in and cash out of more speculative tokens without paying repeated fees. Former Securities and Exchange Commission Chair Gary Gensler has likened them to “poker chips at the casino.”

但是，到目前为止，它们主要用于购买其他加密货币。加密货币交易者使用它们来兑现，并从更投机的代币中兑现，而无需支付重复费用。前证券交易委员会主席Gary Gensler将他们比作“在赌场的扑克筹码”。

Critics say that even though the biggest stablecoin was launched in 2014, the high-minded talk of improving the payment system has yet to produce results, and the only major users so far have been crypto traders, criminals seeking to evade money laundering laws, and people in the developing world whose own currencies face runaway inflation.

批评家说，即使最大的稳定币是在2014年推出的，但关于改善支付系统的高尚言语尚未产生结果，到目前为止，唯一的主要用户是加密货币交易者，寻求逃避洗钱法律的罪犯，以及发展中国家的人们自己的货币面临失控的人。

“They have been around for a decade. There is no doubt people have been trying to turn them into a general-purpose payment instrument,” said Arthur Wilmarth, a professor emeritus at the George Washington University law school. “And really it hasn’t worked out.”

乔治华盛顿大学法学院名誉教授Arthur Wilmarth说：“他们已经存在了十年。毫无疑问，人们一直在试图将他们变成通用的支付工具。” “确实没有解决。”

Are They Really … Stable?

他们真的……稳定吗？

That’s what their promoters would have you believe. In reality, stablecoins have “depegged” from the dollar dozens of times.

这就是他们的发起人会相信的。实际上，稳定币已经从数十次“ depeggg”中“陷入困境”。

As Sam Bankman-Fried’s fraudulent FTX exchange collapsed in late 2022, leading stablecoin issuer Tether saw its titular offering drop from the dollar by more than 2 cents. The second-biggest stablecoin, Circle’s USD Coin, dropped more than 13 cents amid revelations that many of its cash assets were jeopardized by the collapse of Silicon Valley Bank in 2023.

随着山姆·班克曼（Sam Bankman）欺诈性的FTX交易所在2022年底倒闭时，领先的Stablecoin发行人Tether将其名义上的产品从美元上跌出了2美分。第二大稳定币，Circle的USD硬币，在2023年硅谷银行倒闭中遭受了危害的启示中，其许多现金资产危害了13美分。

Then there was the notorious TerraUSD coin, an “algorithmic” stablecoin that was not backed by real-world assets. Its collapse took the token’s supposed value of $40 billion down to zero.

然后是臭名昭著的Terrausd Coin，这是一种“算法” Stablecoin，不受现实世界资产的支持。它的崩溃将令牌假定的价值下降到零。

Most Read

大多数阅读

Despite the promise of more concrete assets backing today’s leading stablecoins, even crypto boosters have questions about Tether. The El Salvador-based stablecoin keeps only 82 percent of its reserves in cash or cash-like instruments, dividing up the rest in more volatile investments such as bitcoin. Moreover, it has never subjected its reserve to a full financial audit.

尽管有希望支持当今领先的Stablecoins的更多具体资产，但即使是加密货币助推器也有疑问。总部位于萨尔瓦多的Stablecoin只保留了现金或类似现金的工具的82％的储量，将其余的投资（例如比特币）划分为剩下的投资。此外，它从未对其储备进行全面的财务审核。

Tether is closely aligned with Commerce Secretary Howard Lutnick, whose former firm Cantor Fitzgerald holds much of the Tether’s U.S. Treasury bonds.

Tether与商务部长霍华德·卢特尼克（Howard Lutnick）紧密结合，他的前公司Cantor Fitzgerald拥有Tether的美国大部分美国财政债券。

The very promise of stability can lead to runs on stablecoins, experts say.

专家说，稳定性的希望可能会导致稳定的稳定性。

“If people think that even a few pennies of their dollar are at risk, they are going to run,” Wilmarth said. “They are not thinking, ‘I’ve put this money in the S&P 500, and I’ll ride it up and down.’”

威尔马斯说：“如果人们认为即使有几分钱也有危险，他们将运行。” “他们没有在想，'我把这笔钱放在标准普尔500指数中，我会上下骑行。'”

So Congress Is Doing What Exactly?

那么国会正在做什么？

Trump has said he wants to sign a stablecoin bill by

特朗普说他想签署一项稳定法案