USDT母公司商票持仓规模巨大 摩根大通最新报告担忧币圈风险外溢

　　财联社（上海，编辑 史正丞）讯，随着规模上万亿美元的加密货币市场在过去一周又一次经历大幅下挫行情后，传统金融领域开始愈发关注币圈风险对常规金融工具的外溢性。 

FSB (Shanghai, ed. & nbsp; Historic) news that, with another major setback over the past week in a trillion-dollar crypto-currency market, the traditional financial sector has become increasingly concerned about the spillover of currency-circle risks to conventional financial instruments. & nbsp;

　　首先需要解释的是，USDT又称泰达币，是泰达（Tether）公司发行的稳定币，承诺与美元1比1绑定，公司也将持有相应的资产作为承兑的保证。根据泰达公司本周早些时候公布的持仓情况，公司资产中有75%为现金与现金等价物，其中占绝对大头的是商业票据。 

First of all, the USDT, also known as Tedar, is a stable currency issued by Tether, committed to bind it to US$ 1, and the company will hold the corresponding assets as a guarantee of acceptance. According to the warehouse holdings announced earlier this week by Tedar, 75% of the company's assets are cash and cash equivalents, which account for an absolute amount of commercial documents.  

　　（来源：摩根大通） 

(Source: Morgan Chase) & nbsp;

　　对这一现象Younger评论道，泰达的储备构成能否代表其他规模更小的稳定币尚不可知。但关键的问题在于这家公司为何将发币的储备更多地压在商业票据，而不是更为简单的银行存款，毕竟商票在流通和相对价值判断上都更复杂。 

Younger commented on this phenomenon, and it is unclear whether Tedda’s reserves represent other smaller, more stable currencies. But the key question is why this company places more of its reserves on commercial paper than on simple bank deposits, after all, which are more complicated in terms of circulation and relative value judgements.

　　此外，Younger也认为以美元稳定币闻名的泰达公司在与美国本土银行建立关系的过程中也将持续面临三大挑战。首先该公司大量的资产均在海外，甚至都不在公司注册地巴哈马；第二，美国货币监理署（OCC）要求本土银行只能接受具有充分储备的稳定币发行商存款，但今年年初泰达公司与纽约地方检察院的和解也显示公司在这方面存在瑕疵。最后，种种疑问也会引发大型银行在声誉方面的担忧，毕竟只有这些大银行才能消化巨额储备中的绝大部分。 

In addition, Younger believes that Tedda, known for stabilizing the United States dollar, will continue to face three major challenges in establishing relations with local banks in the United States. First, the company’s vast assets are overseas, not even in the Bahamas, where the company is registered; and secondly, the United States Monetary Supervisory Authority (OCC) requires local banks to accept only stable money issuer deposits with sufficient reserves.

　　Younger也将这一话题引申到了票据市场，并指出在商票市场中哪一块才是相对温和的领域，现在看起来值得商榷。 

Younger also introduced the subject to the paper market and pointed out which was a relatively mild area in the commercial ticket market, which now seems debatable.

　　对于长期处于动荡的虚拟货币市场而言，参与者都很清楚经常会出现难以预料或解释的大幅下跌。而随着加密货币市场与传统金融市场之间的界限正变得愈加模糊，币价波动的外溢性也使得各国监管愈发采取审慎的态度和立场。

For long-term volatile virtual currency markets, participants are well aware that large declines are often unpredictable or explained. And, as the boundaries between crypto-currency markets and traditional financial markets become more blurred, the spillovers of currency price fluctuations have led to a more cautious approach and stance on the part of countries’ regulation.

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