{"id":3820,"date":"2025-08-17T09:04:47","date_gmt":"2025-08-17T01:04:47","guid":{"rendered":"https:\/\/theexchain.com\/global-progress-of-stablecoin-regulations-challenges-faced-by-tether-circle-and-others\/"},"modified":"2025-08-17T09:04:47","modified_gmt":"2025-08-17T01:04:47","slug":"%e5%85%a8%e7%90%83%e7%a9%a9%e5%ae%9a%e5%b9%a3%e6%b3%95%e8%a6%8f%e7%9a%84%e9%80%b2%e5%b1%95-tether-circle-%e5%8f%8a%e5%85%b6%e4%bb%96%e5%85%ac%e5%8f%b8%e9%9d%a2%e8%87%a8%e7%9a%84%e6%8c%91%e6%88%b0","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e5%85%a8%e7%90%83%e7%a9%a9%e5%ae%9a%e5%b9%a3%e6%b3%95%e8%a6%8f%e7%9a%84%e9%80%b2%e5%b1%95-tether-circle-%e5%8f%8a%e5%85%b6%e4%bb%96%e5%85%ac%e5%8f%b8%e9%9d%a2%e8%87%a8%e7%9a%84%e6%8c%91%e6%88%b0\/","title":{"rendered":"\u7a69\u5b9a\u5e63\u6cd5\u898f\u7684\u5168\u7403\u9032\u5c55\uff1aTether\u3001Circle \u548c\u5176\u4ed6\u516c\u53f8\u9762\u81e8\u7684\u6311\u6230\n  Tether\u3001Circle \u53ca\u5176\u4ed6"},"content":{"rendered":"<h1 id=\"stablecoins-at-the-crossroads-tether-and-circle-face-regulatory-storm-as-25-trillion-market-hangs-in-balance\">\u7a69\u5b9a\u5e63\u8655\u65bc\u5341\u5b57\u8def\u53e3\uff1aTether \u548c Circle \u9762\u81e8\u76e3\u7ba1\u98a8\u66b4\uff0c$2.5 \u842c\u5104\u5e02\u5834\u5c8c\u5c8c\u53ef\u5371<\/h1>\n<p>\u5728\u7a69\u5b9a\u5e63\uff08\u8207\u7f8e\u5143\u7b49\u50b3\u7d71\u8cc7\u7522\u639b\u9264\u7684\u6578\u4f4d\u8ca8\u5e63\uff09\u7206\u70b8\u6027\u589e\u9577\u7684\u63a8\u52d5\u4e0b\uff0c\u5168\u7403\u652f\u4ed8\u9818\u57df\u6b63\u7d93\u6b77\u91cd\u5927\u8f49\u8b8a\u3002\u96a8\u8457\u4ea4\u6613\u91cf\u7ffb\u500d\u81f3\u6bcf\u5e74 $27 \u5146\uff0c\u7e3d\u767c\u884c\u91cf\u9054\u5230 $250 \u5104\uff0c\u9019\u4e9b\u57fa\u65bc\u5340\u584a\u93c8\u7684\u5de5\u5177\u6b63\u5728\u6311\u6230\u50b3\u7d71\u7684\u652f\u4ed8\u7cfb\u7d71\u3002\u7136\u800c\uff0c\u5728 Tether \u548c Circle \u4e3b\u5c0e\u9019\u500b\u65b0\u8208\u5e02\u5834\u7684\u540c\u6642\uff0c\u5b83\u5011\u4e5f\u9762\u81e8\u524d\u6240\u672a\u6709\u7684\u76e3\u7ba1\u5be9\u67e5\uff0c\u4ee5\u53ca\u53ef\u80fd\u91cd\u5851\u91d1\u878d\u751f\u614b\u7cfb\u7d71\u7684\u6839\u672c\u6027\u6311\u6230\u3002<\/p>\n<h2 id=\"the-stablecoin-surge-from-niche-to-mainstream\">\u7a69\u5b9a\u5e63\u7684\u98c6\u5347\uff1a\u5f9e\u5c0f\u773e\u5230\u4e3b\u6d41<\/h2>\n<p>\u7a69\u5b9a\u5e63\u5df2\u5f9e\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u5de5\u5177\u6f14\u8b8a\u6210\u771f\u6b63\u7684\u652f\u4ed8\u66ff\u4ee3\u65b9\u6848\uff0c\u6bcf\u5929\u8655\u7406 $200-300 \u5104\u7b46\u4ea4\u6613\u3002\u96d6\u7136\u9019\u53ea\u4f54\u5168\u7403\u8cc7\u91d1\u6d41\u91cf\u4e0d\u5230 1%\uff0c\u4f46\u5176\u6210\u9577\u8ecc\u8de1\u537b\u662f\u9a5a\u4eba\u7684\uff1a<\/p>\n<ul>\n<li>\u5728\u77ed\u77ed 18 \u500b\u6708\u5167\uff0c\u767c\u884c\u7e3d\u503c\u5f9e $1,200 \u5104\u5143\u500d\u589e\u81f3 $2,500 \u5104\u5143<\/li>\n<li>\u9810\u8a08\u5230 2025 \u5e74\u5e95\u5c07\u9054\u5230 $4,000 \u5104\u7f8e\u5143\uff0c\u5230 2028 \u5e74\u5c07\u9054\u5230 $2 \u5146\u7f8e\u5143<\/li>\n<li>\u6bcf\u65e5\u4ea4\u6613\u984d\u5728\u4e09\u5e74\u5167\u53ef\u80fd\u9054\u5230 $250 \u5104\uff0c\u8d85\u8d8a\u4e3b\u8981\u7684\u5361\u7247\u7db2\u8def<\/li>\n<\/ul>\n<p>\u76ee\u524d\u51fa\u73fe\u4e86\u4e09\u7a2e\u4e3b\u6d41\u6a21\u5f0f\uff1a<\/p>\n<ol>\n<li><strong>\u4e2d\u592e\u9280\u884c\u6578\u4f4d\u8ca8\u5e63 (CBDC)<\/strong>:\u570b\u5bb6\u8ca8\u5e63\u7684\u5b98\u65b9\u6578\u4f4d\u7248\u672c\uff08\u5982\u4e2d\u570b\u7684 e-CNY\uff09<\/li>\n<li><strong>\u79c1\u4eba\u7a69\u5b9a\u5e63<\/strong>:\u7531\u79c1\u4eba\u5be6\u9ad4\u5728\u516c\u5171\u5340\u584a\u93c8\u4e0a\u767c\u884c\u7684\u4ee3\u5e63\u5316\u73fe\u91d1\uff08Tether \u7684 USDT\u3001Circle \u7684 USDC\uff09<\/li>\n<li><strong>\u9280\u884c\u767c\u884c\u7684\u4ee3\u5e63\u5316\u5b58\u6b3e<\/strong>:\u50b3\u7d71\u5b58\u6b3e\u7684\u6578\u4f4d\u5316 (JPMorgan's JPM Coin)<\/li>\n<\/ol>\n<p>\u9019\u4e9b\u683c\u5f0f\u90fd\u6709\u4e00\u500b\u9769\u547d\u6027\u7684\u529f\u80fd\uff1a\u8fd1\u4e4e\u5373\u6642\u7684\u7d50\u7b97\uff0c\u4e26\u900f\u904e\u667a\u6167\u5951\u7d04\u9032\u884c\u5167\u5efa\u7684\u5408\u898f\u6027\u6aa2\u67e5\uff0c\u9019\u8207 SWIFT \u7b49\u9700\u8981 1-5 \u500b\u5de5\u4f5c\u5929\u7684\u50b3\u7d71\u652f\u4ed8\u8ecc\u9053\u5f62\u6210\u5f37\u70c8\u5c0d\u6bd4\u3002<\/p>\n<h2 id=\"regulatory-thunderclouds-gather\">\u76e3\u7ba1\u96f7\u96f2\u5bc6\u4f48<\/h2>\n<p>\u96a8\u8457\u7a69\u5b9a\u5e63\u9010\u6f38\u53d7\u5230\u91cd\u8996\uff0c\u5168\u7403\u7684\u76e3\u7ba1\u6a5f\u69cb\u90fd\u5728\u722d\u5148\u6050\u5f8c\u5730\u5efa\u7acb\u76e3\u63a7\u6a5f\u5236\u3002\u76e3\u7ba1\u683c\u5c40\u6b63\u5728\u6025\u5287\u8b8a\u5316\uff1a<\/p>\n<ul>\n<li><strong>\u6b50\u76df\u7684 MiCA \u6cd5\u898f<\/strong>:\u8981\u6c42\u7a69\u5b9a\u5e63\u767c\u884c\u5546\u7dad\u6301 1:1 \u652f\u6301\u7684\u5168\u6d41\u52d5\u5132\u5099\uff0c\u4e26\u63a5\u53d7\u5b9a\u671f\u5be9\u8a08<\/li>\n<li><strong>\u7f8e\u570b GENIUS \u6cd5\u6848<\/strong>:\u65bc 2025 \u5e74 6 \u6708\u7531\u53c3\u8b70\u9662\u901a\u904e\uff0c\u5efa\u7acb\u5132\u5099\u8981\u6c42\u548c\u76e3\u7763\u6846\u67b6<\/li>\n<li><strong>\u5168\u7403\u6388\u6b0a\u5236\u5ea6<\/strong>:\u82f1\u570b\u3001\u9999\u6e2f\u3001\u65e5\u672c\u548c\u65b0\u52a0\u5761\u7684\u65b0\u8208\u67b6\u69cb<\/li>\n<\/ul>\n<p>\u9019\u4e00\u6ce2\u7684\u76e3\u7ba1\u6d6a\u6f6e\u76f4\u63a5\u91dd\u5c0d\u4e3b\u5c0e\u8005\u3002Tether - $1,550 \u5104\u7f8e\u5143 T \u7684\u767c\u884c\u8005\uff0c\u56e0\u5176\u5132\u5099\u7d44\u6210\u548c\u6d89\u5acc\u9003\u907f\u5236\u88c1\u800c\u53d7\u5230\u56b4\u683c\u5be9\u67e5\u3002$ 600 \u5104 USDC \u80cc\u5f8c\u7684 Circle \u5728\u9996\u6b21\u516c\u958b\u52df\u80a1\u5f8c\uff0c\u6700\u8fd1\u7533\u8acb\u4e86\u9280\u884c\u724c\u7167\uff0c\u986f\u793a\u5176\u7b56\u7565\u8f49\u5411\u63a5\u53d7\u50b3\u7d71\u91d1\u878d\u3002<\/p>\n<h2 id=\"the-yield-bearing-revolution-threatens-incumbents\">\u6536\u76ca\u7387\u9769\u547d\u5a01\u8105\u5728\u4f4d\u8005<\/h2>\n<p>\u4e00\u500b\u5177\u6709\u7834\u58de\u6027\u7684\u65b0\u73a9\u5bb6\u6b63\u5728\u5d1b\u8d77\uff1a\u7522\u751f\u6536\u76ca\u7684\u7a69\u5b9a\u5e63\u3002Spark Protocol \u548c Figure Markets \u7b49\u767c\u884c\u5546\u627f\u8afe\u8207\u6301\u6709\u4eba\u5206\u4eab\u5229\u606f\u6536\u5165\uff0c\u5c07\u7a69\u5b9a\u5e63\u5f9e\u652f\u4ed8\u5de5\u5177\u8f49\u8b8a\u70ba\u5132\u84c4\u5de5\u5177\uff1a<\/p>\n<ul>\n<li>\u81ea 2024 \u5e74\u5e95\u8d77\uff0c\u5e02\u5834\u4f54\u6709\u7387\u5f9e 200% \u8e8d\u5347\u81f3 $130 \u5104<\/li>\n<li>\u76ee\u524d\u4f54 $243 \u5104\u7a69\u5b9a\u5e63\u5e02\u5834\u7684 6% \u4ee5\u4e0a<\/li>\n<li>\u5982\u679c\u76ee\u524d\u7684\u6210\u9577\u8da8\u52e2\u6301\u7e8c\uff0c\u5c07\u53ef\u6436\u4f54 50% \u7684\u5e02\u5834\u4f54\u6709\u7387<\/li>\n<\/ul>\n<p>\u9019\u7a2e\u5275\u65b0\u5a01\u8105\u5230 Tether \u548c Circle \u7684\u4e3b\u5c0e\u5730\u4f4d\uff0c\u540c\u6642\u4e5f\u63d0\u51fa\u4e86\u9280\u884c\u6a21\u5f0f\u7684\u57fa\u672c\u554f\u984c\u3002\u8c9d\u840a\u5fb7 (BlackRock)\u3001\u5bcc\u862d\u514b\u6797\u9127\u666e\u9813 (Franklin Templeton) \u548c Ondo \u63a8\u51fa\u4ee3\u5e63\u5316\u8ca1\u8cc7\u7522\u54c1 (\u5206\u5225\u70ba $29 \u5104\u3001$8 \u5104\u548c $7 \u5104)\uff0c\u4ed6\u5011\u6b63\u5728\u5275\u9020\u4ee5\u7f8e\u5143\u8a08\u50f9\u7684\u652f\u4ed8\u5de5\u5177\uff0c\u4ee5\u8cfa\u53d6\u5373\u6642\u6536\u76ca\u7387 - \u9019\u662f\u6b50\u6d32 MiCA \u660e\u4ee4\u7981\u6b62\u7684\u3002<\/p>\n<h2 id=\"five-existential-challenges-for-stablecoin-giants\">\u7a69\u5b9a\u5e63\u5de8\u982d\u7684\u4e94\u5927\u751f\u5b58\u6311\u6230<\/h2>\n<h3 id=\"1-the-banking-system-conundrum\">1.\u9280\u884c\u9ad4\u7cfb\u7684\u96e3\u984c<\/h3>\n<p>\u91d1\u878d\u6a5f\u69cb\u9762\u81e8\u4e00\u500b\u6096\u8ad6\uff1a\u5982\u679c\u4ed6\u5011\u4e0d\u767c\u884c\u7a69\u5b9a\u5e63\uff0c\u4ed6\u5011\u5c31\u6703\u5931\u53bb\u5b58\u6b3e\u7d66\u90a3\u4e9b\u767c\u884c\u7a69\u5b9a\u5e63\u7684\u6a5f\u69cb\uff1b\u5982\u679c\u4ed6\u5011\u767c\u884c\u7a69\u5b9a\u5e63\uff0c\u6cd5\u898f\u8981\u6c42 100% \u73fe\u91d1\u7b49\u503c\u5132\u5099\uff0c\u9019\u6703\u524a\u5f31\u90e8\u5206\u5132\u5099\u501f\u8cb8\u3002\u6f5b\u5728\u7684\u89e3\u6c7a\u65b9\u6848\u5305\u62ec<\/p>\n<ul>\n<li>\u5177\u6709\u7368\u7acb\u5132\u5099\u7684\u8ca1\u5718\u6a21\u5f0f<\/li>\n<li>\u8207\u5168\u7403\u767c\u884c\u4eba\u7684\u5408\u4f5c\u5925\u4f34\u95dc\u4fc2<\/li>\n<li>\u8207\u767c\u5361\u9280\u884c\u7684\u5b58\u6b3e\u56de\u6eaf\u5b89\u6392<\/li>\n<\/ul>\n<p>\u6469\u6839\u5927\u901a\u4f7f\u7528 JPM Coin\uff08\u6bcf\u5929\u8655\u7406\u8d85\u904e $10 \u5104\u7684\u6a5f\u69cb\u7d50\u7b97\uff09\u7684\u65b9\u6cd5\u5c55\u793a\u4e86\u4e00\u7a2e\u53ef\u884c\u7684\u9014\u5f91\uff0c\u800c Canton Network\uff08\u82b1\u65d7\u9280\u884c\u3001\u9ad8\u76db\u3001\u745e\u9280\uff09\u5247\u5728\u63a2\u7d22\u4ee3\u5e63\u5316\u5b58\u6b3e\u3002<\/p>\n<h3 id=\"2-the-de-pegging-sword-of-damocles\">2.\u9054\u6469\u514b\u5229\u65af\u4e4b\u528d<\/h3>\n<p>\u5118\u7ba1\u5728\u76e3\u7ba1\u65b9\u9762\u6709\u6240\u9032\u5c55\uff0c\u4f46\u5c0d\u7a69\u5b9a\u6027\u7684\u64d4\u6182\u4f9d\u7136\u5b58\u5728\uff1a<\/p>\n<ul>\n<li>Circle \u7684 USDC \u5728 2023 \u5e74\u7684\u77fd\u8c37\u9280\u884c\u5371\u6a5f\u4e2d\u77ed\u66ab\u53d6\u6d88\u639b\u9264<\/li>\n<li>TerraUSD 2022 \u5e74 $180 \u5104\u5143\u7684\u707d\u96e3\u6027\u5d29\u76e4\u4ecd\u662f\u4e00\u500b\u8b66\u793a\u6545\u4e8b<\/li>\n<li>Tether \u9762\u81e8\u4e0d\u65b7\u7684\u5132\u5099\u54c1\u8cea\u554f\u984c<\/li>\n<\/ul>\n<p>\u8207\u50b3\u7d71\u8ca8\u5e63\u4e0d\u540c\uff0c\u7a69\u5b9a\u5e63\u4e0d\u662f\u6cd5\u5b9a\u8ca8\u5e63\u3002\u6301\u6709\u8005\u5c0d\u76f8\u95dc\u8cc7\u7522\u4e26\u7121\u5408\u6cd5\u8981\u6c42\u6b0a - \u5728\u7834\u7522\u60c5\u6cc1\u4e0b\uff0c\u4ed6\u5011\u5f88\u53ef\u80fd\u6703\u88ab\u8996\u70ba\u7121\u64d4\u4fdd\u50b5\u6b0a\u4eba\u3002Ashley Lannquist \u6307\u51fa\uff1a\"\u7f8e\u5143\u5c31\u662f\u7f8e\u5143\u3002\u6709\u4e86\u9280\u884c\u7684\u76e3\u7763\u548c\u5b58\u6b3e\u4fdd\u96aa\uff0c\u6211\u5011\u5728\u6536\u5230\u4ed8\u6b3e\u4e4b\u524d\u4e0d\u6703\u8cea\u7591\u767c\u884c\u8005\u7684\u5b89\u5168\u6027\u3002<\/p>\n<h3 id=\"3-the-interest-rate-trap\">3.\u5229\u7387\u9677\u9631<\/h3>\n<p>\u6838\u5fc3\u6536\u5165\u6a21\u5f0f\u9762\u81e8\u7d50\u69cb\u6027\u7684\u5f31\u9ede\uff1a<\/p>\n<ul>\n<li>Circle 2024 \u5e74\u7684 99% \u6536\u5165\u4f86\u81ea\u5132\u5099\u6536\u76ca\u7387<\/li>\n<li>Tether \u9762\u81e8\u6301\u6709\u9ad8\u6536\u76ca\u516c\u53f8\u50b5\u52d9\u800c\u975e\u73fe\u91d1\u7b49\u50f9\u7269\u7684\u6307\u63a7<\/li>\n<li>\u5229\u7387\u964d\u4f4e\u5c07\u58d3\u7e2e\u6b64\u6536\u5165\u4f86\u6e90<\/li>\n<\/ul>\n<p>\u9019\u9020\u6210\u5132\u5099\u7ba1\u7406\u7684\u4e0d\u7576\u734e\u52f5\uff0c\u800c\u65b0\u6cd5\u898f\u65e8\u5728\u6d88\u9664\u9019\u4e9b\u734e\u52f5\uff0c\u4f46\u9019\u53ef\u80fd\u6703\u640d\u5bb3\u7372\u5229\u80fd\u529b\u3002<\/p>\n<h3 id=\"4-institutional-adoption-barriers\">4.\u6a5f\u69cb\u63a1\u7528\u969c\u7919<\/h3>\n<p>\u5be6\u9a57\u63ed\u793a\u4e86\u95dc\u9375\u7684\u6210\u529f\u56e0\u7d20\uff1a<\/p>\n<ul>\n<li><strong>\u53ef\u8a08\u63d0\u5132\u5099<\/strong>:Circle \u7684 85% \u77ed\u671f\u570b\u50b5\u652f\u6301<\/li>\n<li><strong>\u7121\u6469\u64e6\u4ecb\u9762<\/strong>:\u63d0\u4f9b\u4e00\u9375\u8f49\u63db\u7684\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240<\/li>\n<li><strong>\u5be6\u969b\u7528\u9014<\/strong>:\u89e3\u6c7a B2B \u652f\u4ed8\u548c\u532f\u6b3e\u75db\u9ede<\/li>\n<li><strong>\u7d93\u6fdf\u8a98\u56e0<\/strong>:Coinbase \u70ba USDC \u63d0\u4f9b 4.1% \u7684\u6536\u76ca\u7387<\/li>\n<\/ul>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u6b50\u6d32\u7684 MiCA \u7981\u6b62\u5c07\u6536\u76ca\u7387\u8f49\u79fb\u7d66\u5b58\u6b3e\u4eba\uff0c\u9019\u5c0e\u81f4\u63a1\u7528\u4e0a\u7684\u969c\u7919 - \u6700\u5927\u7684\u6b50\u5143\u7a69\u5b9a\u5e63\u6d41\u901a\u91cf\u53ea\u6709 2 \u5104\u6b50\u5143\uff0c\u800c\u7b49\u503c\u7684\u7f8e\u5143\u5247\u6709 $250 \u5104\u6b50\u5143\u3002<\/p>\n<h3 id=\"5-the-fragmentation-problem\">5.\u5206\u6563\u554f\u984c<\/h3>\n<p>\u6280\u8853\u548c\u5be6\u969b\u7684\u969c\u7919\u4ecd\u7136\u5b58\u5728\uff1a<\/p>\n<ul>\n<li><strong>\u7db2\u8def\u8cbb\u7528<\/strong>:\u5340\u584a\u93c8\u4ea4\u6613\u7684\u53ef\u8b8a\u300c\u74e6\u65af\u300d\u6210\u672c<\/li>\n<li><strong>\u9322\u5305\u4e0d\u76f8\u5bb9<\/strong>:\u7121\u6cd5\u53d6\u5f97\u8cc7\u91d1\u7684\u98a8\u96aa<\/li>\n<li><strong>\u8cc7\u91d1\u5206\u6563<\/strong>:\u7121\u6cd5\u5c07\u7a69\u5b9a\u5e63\u9918\u984d\u8207\u50b3\u7d71\u8ca8\u5e63\u7d50\u5408<\/li>\n<li><strong>\u9280\u884c\u4e2d\u4ecb<\/strong>:\u4ecd\u9700\u9032\u884c\u6cd5\u5b9a\u8ca8\u5e63\u514c\u63db\uff0c\u9020\u6210\u7d0d\u5165\u969c\u7919<\/li>\n<\/ul>\n<p>\u6b63\u5982\u5927\u897f\u6d0b\u7406\u4e8b\u6703\u7684\u4e00\u4efd\u5206\u6790\u5831\u544a\u6240\u6307\u51fa\u7684\u300c\u7528\u7a69\u5b9a\u5e63\u70ba\u6c92\u6709\u9280\u884c\u6236\u53e3\u7684\u4eba\u63d0\u4f9b\u9280\u884c\u670d\u52d9\u5f80\u5f80\u662f\u5faa\u74b0\u7684\uff1b\u4e00\u500b\u4eba\u9700\u8981\u4e00\u500b\u9280\u884c\u6236\u53e3\u624d\u80fd\u5f9e\u7a69\u5b9a\u5e63\u8f49\u63db\u6210\u6cd5\u5b9a\u8ca8\u5e63\u300d\u3002<\/p>\n<h2 id=\"global-experiments-point-to-the-future\">\u5168\u7403\u5be6\u9a57\u6307\u5411\u672a\u4f86<\/h2>\n<p>\u4e2d\u592e\u9280\u884c\u548c\u91d1\u878d\u6a5f\u69cb\u6b63\u5728\u9032\u884c\u7a81\u7834\u6027\u7684\u8a66\u9ede\uff1a<\/p>\n<ul>\n<li><strong>\u5c08\u6848 mBridge<\/strong>:\u7528\u65bc\u8de8\u5883\u7d50\u7b97\u7684\u4e2d\u592e\u9280\u884c\u4ee3\u5e63\uff08\u4e2d\u570b\u3001\u9999\u6e2f\u3001\u6cf0\u570b\u3001\u963f\u806f\u914b\uff09<\/li>\n<li><strong>Helvetia \u8a08\u5283<\/strong>:\u4ee5\u4e2d\u592e\u9280\u884c\u8ca8\u5e63\u7d50\u7b97\u4ee3\u5e63\u5316\u8cc7\u7522\uff08\u745e\u58eb\u570b\u5bb6\u9280\u884c\u3001\u570b\u969b\u6e05\u7b97\u9280\u884c\uff09<\/li>\n<li><strong>\u8a08\u756b\u76e3\u8b77\u4eba<\/strong>:\u8de8\u5883\u5916\u532f\u548c\u8b49\u5238\u7d50\u7b97\uff08\u65b0\u52a0\u5761\u8207\u661f\u5c55\u9280\u884c\u3001\u6ed9\u8c50\u9280\u884c\u3001\u6e23\u6253\u9280\u884c\u5408\u4f5c\uff09<\/li>\n<\/ul>\n<p>\u9019\u4e9b\u8209\u63aa\u986f\u793a\u4e86\u7a69\u5b9a\u5e63\u7684\u9769\u547d\u6f5b\u529b\uff1a<\/p>\n<ul>\n<li><strong>\u8de8\u5883\u652f\u4ed8<\/strong>:\u76ee\u524d $200 \u5146\u5e02\u5834\u7684 3%<\/li>\n<li><strong>\u8cc7\u672c\u5e02\u5834<\/strong>:\u5168\u7403\u4ea4\u6613\u91cf\u63a5\u8fd1 1%<\/li>\n<li><strong>\u8ca1\u52d9\u7ba1\u7406<\/strong>:\u5373\u6642\u6d41\u52d5\u6027\u5b9a\u4f4d<\/li>\n<\/ul>\n<h2 id=\"the-fraud-and-sanctions-minefield\">\u6b3a\u8a50\u8207\u5236\u88c1\u7684\u96f7\u5340<\/h2>\n<p>\u96a8\u8457\u63a1\u7528\u7684\u589e\u52a0\uff0c\u98a8\u96aa\u4e5f\u96a8\u4e4b\u589e\u52a0\uff1a<\/p>\n<ul>\n<li><strong>\u8a50\u6b3a\u6f0f\u6d1e<\/strong>:2024\u5e74\u52a0\u5bc6\u8ca8\u5e63\u8a50\u9a19\u91d1\u984d\u70ba$12.4\u5104 (Chainalysis)<\/li>\n<li><strong>\u4e0d\u53ef\u64a4\u92b7\u4ea4\u6613<\/strong>:\u5c0d\u932f\u8aa4\u6216\u76dc\u7aca\u7684\u6709\u9650\u8ffd\u7d22\u6b0a<\/li>\n<li><strong>\u9003\u907f\u5236\u88c1<\/strong>:Tether \u6d89\u5acc\u555f\u7528\u6578\u5341\u5104\u9055\u7981\u4ea4\u6613<\/li>\n<li><strong>\u7f8e\u5143\u5316\u98a8\u96aa<\/strong>:\u65b0\u8208\u5e02\u5834\u7684\u8ca8\u5e63\u4e3b\u6b0a\u53d7\u5230\u5a01\u8105<\/li>\n<\/ul>\n<p>\u76ee\u524d\u7684\u6cd5\u898f\u5c0d\u6d88\u8cbb\u8005\u7684\u4fdd\u8b77\u5fae\u4e4e\u5176\u5fae\u3002GENIUS \u6cd5\u6848\u7f3a\u4e4f\u5065\u5168\u7684\u6b3a\u8a50\u4fdd\u969c\u63aa\u65bd\uff0c\u800c MiCA \u5247\u4f7f\u6b50\u76df\u7576\u5c40\u80fd\u5920\u9650\u5236\u5a01\u8105\u91d1\u878d\u7a69\u5b9a\u7684\u975e\u6b50\u5143\u7a69\u5b9a\u5e63\u3002<\/p>\n<h2 id=\"the-2025-inflection-point\">2025 \u5e74\u7684\u62d0\u9ede<\/h2>\n<p>\u516d\u500b\u6a19\u8a18\u5c07\u5b9a\u7fa9\u7a69\u5b9a\u5e63\u7684\u767c\u5c55\u8ecc\u8de1\uff1a<\/p>\n<ol>\n<li><strong>\u6d88\u8cbb\u8005\u671f\u671b<\/strong>:\u5168\u7403\u5373\u6642\u652f\u4ed8\u9700\u6c42<\/li>\n<li><strong>\u6cd5\u898f\u660e\u78ba<\/strong>:\u901a\u904e GENIUS \u6cd5\u6848\u548c\u76f8\u61c9\u6846\u67b6<\/li>\n<li><strong>\u516c\u53f8\u642c\u9077<\/strong>:IPO (Circle)\u3001\u6536\u8cfc (Stripe \u8cfc\u8cb7 Bridge)\u3001\u9280\u884c\u57f7\u7167<\/li>\n<li><strong>\u5728\u8077\u8005\u56de\u61c9<\/strong>:\u7f8e\u570b\u9280\u884c\u63a2\u7d22\u806f\u5408\u767c\u884c\u7a69\u5b9a\u5e63<\/li>\n<li><strong>\u57fa\u790e\u5efa\u8a2d\u6210\u719f\u5ea6<\/strong>:\u9322\u5305\u3001\u4fdd\u7ba1\u89e3\u6c7a\u65b9\u6848\u3001\u4e0a\/\u4e0b\u5761\u9053<\/li>\n<li><strong>\u4ea4\u6613\u91cf<\/strong>:\u5f9e\u52a0\u5bc6\u4ea4\u6613\u8f49\u5411\u4e3b\u6d41\u5546\u696d<\/li>\n<\/ol>\n<p>\u91d1\u878d\u6a5f\u69cb\u9762\u81e8\u8457\u8feb\u5207\u7684\u8981\u52d9\uff1a<\/p>\n<ul>\n<li>\u5728\u4eba\u624d\u56b4\u91cd\u77ed\u7f3a\u7684\u60c5\u6cc1\u4e0b\u7372\u53d6\u5340\u584a\u93c8\u4eba\u624d<\/li>\n<li>\u900f\u904e\u5408\u4f5c\u5925\u4f34\u95dc\u4fc2\u5efa\u7acb\u6280\u8853\u80fd\u529b<\/li>\n<li>\u6559\u80b2\u9818\u5c0e\u968e\u5c64\u8a8d\u8b58\u4e0d\u65b7\u6f14\u9032\u7684\u666f\u89c0<\/li>\n<li>\u4e3b\u52d5\u8207\u76e3\u7ba1\u6a5f\u69cb\u63a5\u6d3d<\/li>\n<li>\u958b\u767c\u4ee4\u4eba\u4fe1\u670d\u7684\u5e02\u5834\u85cd\u5716<\/li>\n<\/ul>\n<h2 id=\"the-unstable-future\">\u4e0d\u7a69\u5b9a\u7684\u672a\u4f86<\/h2>\n<p>\u7a69\u5b9a\u5e63\u9769\u547d\u5e36\u4f86\u4e86\u4e00\u500b\u6096\u8ad6\uff1a\u5728\u89e3\u6c7a\u73fe\u5be6\u4e16\u754c\u652f\u4ed8\u6548\u7387\u4f4e\u4e0b\u554f\u984c\u7684\u540c\u6642\uff0c\u4e5f\u5f15\u5165\u4e86\u65b0\u7684\u98a8\u96aa\u548c\u4e0d\u78ba\u5b9a\u56e0\u7d20\u3002\u6b63\u5982\u9ea5\u80af\u932b\u6240\u8b66\u544a\u7684\u300c\u73fe\u6709\u7684\u91d1\u878d\u6a5f\u69cb\u5982\u4f55\u56de\u61c9\u548c\u5275\u65b0\uff0c\u5c07\u6c7a\u5b9a\u4ed6\u5011\u5728\u5168\u7403\u5316\u5373\u6642\u50f9\u503c\u4ea4\u63db\u4e2d\u7684\u5730\u4f4d\u300d\u3002<\/p>\n<p>\u5c0d\u65bc Tether \u548c Circle \u4f86\u8aaa\uff0c\u524d\u9032\u7684\u9053\u8def\u5145\u6eff\u6311\u6230\uff1a<\/p>\n<ul>\n<li>\u4ed6\u5011\u80fd\u5426\u5728\u7522\u91cf\u6311\u6230\u8005\u9762\u524d\u4fdd\u6301\u512a\u52e2\uff1f<\/li>\n<li>\u9280\u884c\u724c\u7167\u6703\u63d0\u4f9b\u5e87\u8b77\u9084\u662f\u589e\u52a0\u5be9\u67e5\uff1f<\/li>\n<li>\u5132\u5099\u91d1\u8981\u6c42\u5c07\u5982\u4f55\u5f71\u97ff\u7372\u5229\u80fd\u529b\uff1f<\/li>\n<li>\u5b83\u5011\u80fd\u514b\u670d\u6280\u8853\u5206\u6563\u548c\u4f7f\u7528\u8005\u6469\u64e6\u7684\u554f\u984c\u55ce\uff1f<\/li>\n<\/ul>\n<p>\u9810\u8a08\u5230 2028 \u5e74\uff0c\u5c07\u6709 $2.5 \u5146\u7f8e\u5143\u7684\u50f9\u503c\u61f8\u800c\u672a\u6c7a\uff0c\u56e0\u6b64\u6709\u4e00\u500b\u771f\u76f8\u6d6e\u51fa\u6c34\u9762\uff1a\u7a69\u5b9a\u5e63\u4e0d\u6703\u53d6\u4ee3\u50b3\u7d71\u91d1\u878d\uff0c\u4f46\u537b\u6703\u4e0d\u53ef\u9006\u8f6c\u5730\u6539\u8b8a\u50b3\u7d71\u91d1\u878d\u3002\u628a\u63e1\u9019\u500b\u8f49\u578b\u7684\u6a5f\u69cb--\u5e73\u8861\u5275\u65b0\u8207\u5be9\u614e\u3001\u7af6\u722d\u8207\u5408\u4f5c--\u5c07\u5851\u9020\u4e0b\u4e00\u4ee3\u7684\u5168\u7403\u652f\u4ed8\u3002\u90a3\u4e9b\u5c07\u5176\u8996\u70ba\u52a0\u5bc6\u8ca8\u5e63\u7684\u5947\u8e5f\u7684\u6a5f\u69cb\uff0c\u5247\u6709\u53ef\u80fd\u6210\u70ba\u4ee3\u5e63\u5316\u4e4b\u524d\u7684\u907a\u7269\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>Stablecoins at the Crossroads: Tether and Circle Face Regulatory Storm as $2.5 Trillion Market Hangs in Balance The global payments landscape is undergoing a seismic shift, driven by the explosive growth of stablecoins\u2014digital currencies pegged to traditional assets like the US dollar. With transaction volumes doubling to $27 trillion annually and total issuance hitting $250 [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=3820"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3819"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}