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2021-07-19
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Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密稳定币的风险引起耶伦、美联储和SEC的关注</blockquote>
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The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特·耶伦定于周一召开总统金融市场工作组会议，讨论稳定币。该小组包括美联储、证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>耶伦在一份声明中表示：“将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。”</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所流动性的关键来源，加密货币交易所是其最大的用户，需要每天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三个最大的稳定币——泰达币、美元币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行人Circle Internet Financial Inc.的首席执行官杰里米·阿莱尔（Jeremy Allaire）表示，总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“我认为这是个好消息，”他说。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行人泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官Samuel Lim表示，监管机构的参与将为稳定币带来更多的合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行它们的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>波士顿联储主席Eric Rosengren在6月份的一次演讲中表示：“有很多理由认为稳定币——至少是许多稳定币——实际上并不是特别稳定。”</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然发行这些稳定币的初创公司（包括Circle和泰达币）负责的资产使它们成为传统资本市场上的重要参与者，但对于如何监管这些资产以确保稳定性，并没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳实践将包括1：1的准备金率，并表示发行人应持有“高质量的美元计价资产”，并将其存放在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备具有流动性且易于赎回。从表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备金额应该等于流通金额：目前泰达币为640亿美元，美元硬币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备不仅仅存在于银行账户中收取利息。Circle和泰达币管理储备以提供一定水平的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle和泰达币都没有提供其储备投资地点以及代币用户承担的风险的详细细分。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。币安表示，其稳定币的储备由总部位于纽约的加密服务公司Paxos托管的美元1比1支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle和泰达币都分别为他们与市场共享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳(Stuart Hoegner)表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采取规避风险的方法来管理其储备，并以确保维持与美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“我们的透明度使人们能够决定他们是否乐意持有该代币，”他说。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据今年早些时候发布的一份报告，泰达币大约一半的储备是商业票据——公司用来支付开支的短期贷款。该商业票据的信用评级以及它是来自美国还是海外无法确定。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019年，纽约总检察长Letitia James在一项调查中透露，同时拥有并运营Bitfinex交易所的泰达币高管从泰达币储备中提取了至少7亿美元，以支撑Bitfinex的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案于二月份和解。作为和解协议的一部分，泰达币同意发布有关其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构不必寻找金融界可能出现问题的例子。去年，在疫情引发的抛售期间，货币市场基金面临压力，需要美联储的支持。在2008-09年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们“破位”，或跌破每股1美元净资产的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是Circle决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“这是关于成为一家上市公司，成为一家公开透明的公司，”他在本月早些时候接受采访时表示。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Risks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密稳定币的风险引起耶伦、美联储和SEC的关注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRisks of Crypto Stablecoins Attract Attention of Yellen, Fed and SEC<blockquote>加密稳定币的风险引起耶伦、美联储和SEC的关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.</p><p><blockquote>稳定币是与美元等国家货币挂钩的数字货币，越来越被视为不仅对加密货币市场，而且对资本市场都是潜在风险。</blockquote></p><p> Treasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p><p><blockquote>美国财政部周五表示，财政部长珍妮特·耶伦定于周一召开总统金融市场工作组会议，讨论稳定币。该小组包括美联储、证券交易委员会和商品期货交易委员会的负责人。</blockquote></p><p> “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.</p><p><blockquote>耶伦在一份声明中表示：“将监管机构聚集在一起将使我们能够评估稳定币的潜在好处，同时减轻它们可能给用户、市场或金融体系带来的风险。”</blockquote></p><p> Stablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.</p><p><blockquote>稳定币是加密货币交易所流动性的关键来源，加密货币交易所是其最大的用户，需要每天24小时处理交易。在衍生品和去中心化金融市场中，稳定币被交易者和投机者用作抵押品，许多合约以稳定币支付。</blockquote></p><p> Stablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.</p><p><blockquote>随着加密货币交易的起飞，稳定币在过去一年中呈爆炸式增长。三个最大的稳定币——泰达币、美元币和币安美元——的价值约为1000亿美元，高于一年前的约110亿美元。</blockquote></p><p> Jeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.</p><p><blockquote>美元硬币发行人Circle Internet Financial Inc.的首席执行官杰里米·阿莱尔（Jeremy Allaire）表示，总统工作组的会议对稳定币来说是一件好事，他支持制定明确的标准。“我认为这是个好消息，”他说。</blockquote></p><p> Tether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.</p><p><blockquote>泰达币稳定币的发行人泰达币有限公司表示，期待与官员合作，支持透明度和合规性。币安美元发行人币安控股有限公司表示，它认为这次会议是一个积极的举措。币安首席合规官Samuel Lim表示，监管机构的参与将为稳定币带来更多的合法性和清晰度。</blockquote></p><p> Stablecoins and the companies that issue them have been criticized as not being trustworthy.</p><p><blockquote>稳定币和发行它们的公司被批评为不值得信赖。</blockquote></p><p> “There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.</p><p><blockquote>波士顿联储主席Eric Rosengren在6月份的一次演讲中表示：“有很多理由认为稳定币——至少是许多稳定币——实际上并不是特别稳定。”</blockquote></p><p> While the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.</p><p><blockquote>虽然发行这些稳定币的初创公司（包括Circle和泰达币）负责的资产使它们成为传统资本市场上的重要参与者，但对于如何监管这些资产以确保稳定性，并没有明确的规则。</blockquote></p><p> In December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.</p><p><blockquote>12月，总统工作组发布了一份关于稳定币监管问题的声明。除其他外，它建议最佳实践将包括1：1的准备金率，并表示发行人应持有“高质量的美元计价资产”，并将其存放在美国监管的实体中。</blockquote></p><p> Stablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.</p><p><blockquote>稳定币的运作假设其储备具有流动性且易于赎回。从表面上看，稳定币应该在任何时候都可以兑换成本国货币，储备金额应该等于流通金额：目前泰达币为640亿美元，美元硬币为260亿美元，币安美元为110亿美元。</blockquote></p><p> Stablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.</p><p><blockquote>然而，稳定币储备不仅仅存在于银行账户中收取利息。Circle和泰达币管理储备以提供一定水平的收入。</blockquote></p><p> Neither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.</p><p><blockquote>Circle和泰达币都没有提供其储备投资地点以及代币用户承担的风险的详细细分。这种信息的缺乏让美国和海外的央行行长和立法者感到震惊。币安表示，其稳定币的储备由总部位于纽约的加密服务公司Paxos托管的美元1比1支持。</blockquote></p><p> Both Circle and Tether have separately defended the level of information they share with the markets.</p><p><blockquote>Circle和泰达币都分别为他们与市场共享的信息水平进行了辩护。</blockquote></p><p> Stuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.</p><p><blockquote>泰达币总法律顾问斯图尔特·霍格纳(Stuart Hoegner)表示，该公司拥有经过压力测试的高流动性投资组合。他表示，该公司采取规避风险的方法来管理其储备，并以确保维持与美元挂钩的方式运营。</blockquote></p><p> “Our transparency allows people to decide whether they are happy holding that token or not,” he said.</p><p><blockquote>“我们的透明度使人们能够决定他们是否乐意持有该代币，”他说。</blockquote></p><p> What the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.</p><p><blockquote>这些公司披露的是，他们已将储备投资于公司债务、商业票据和其他通常被认为具有流动性的市场以及现金等价物。</blockquote></p><p> Tether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.</p><p><blockquote>根据今年早些时候发布的一份报告，泰达币大约一半的储备是商业票据——公司用来支付开支的短期贷款。该商业票据的信用评级以及它是来自美国还是海外无法确定。</blockquote></p><p> In 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.</p><p><blockquote>2019年，纽约总检察长Letitia James在一项调查中透露，同时拥有并运营Bitfinex交易所的泰达币高管从泰达币储备中提取了至少7亿美元，以支撑Bitfinex的资产负债表。</blockquote></p><p> The case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.</p><p><blockquote>此案于二月份和解。作为和解协议的一部分，泰达币同意发布有关其储备构成的季度报告。</blockquote></p><p></p><p> Regulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.</p><p><blockquote>监管机构不必寻找金融界可能出现问题的例子。去年，在疫情引发的抛售期间，货币市场基金面临压力，需要美联储的支持。在2008-09年金融危机期间，数十只货币市场基金需要得到支撑，以防止它们“破位”，或跌破每股1美元净资产的标准。</blockquote></p><p> Building trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.</p><p><blockquote>阿莱尔表示，建立信任是Circle决定上市的最大原因之一。</blockquote></p><p> “It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.</p><p><blockquote>“这是关于成为一家上市公司，成为一家公开透明的公司，”他在本月早些时候接受采访时表示。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.wsj.com/articles/risks-of-crypto-stablecoins-attract-attention-of-yellen-fed-and-sec-11626537601?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179956883","content_text":"Stablecoins, digital currencies pegged to national currencies like the U.S. dollar, are increasingly seen as a potential risknot just to crypto markets, but to the capital markets as well.\nTreasury Secretary Janet Yellen is scheduled Mondayto hold a meetingof the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.\n“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Ms. Yellen said in a statement.\nStablecoins are a key source of liquidity for cryptocurrency exchanges, their largest users, which need to process trades 24 hours a day. In the derivatives and decentralized finance markets, stablecoins are used by traders and speculators as collateral, and many contracts pay out in stablecoins.\nStablecoins have exploded over the past year as cryptocurrency trading has taken off. The value of the three largest stablecoins—tether, USD Coin and Binance USD—is about $100 billion, up from about $11 billion a year ago.\nJeremy Allaire, chief executive of the USD Coin issuer, Circle Internet Financial Inc., said the meeting of the president’s working group is a good thing for stablecoins and that he supports developing clear standards. “I think it’s good news,” he said.\nTether Ltd., the issuer of the tether stablecoin, said it looked forward to working with officials to support transparency and compliance. Binance Holdings Ltd., issuer of Binance USD, said it sees the meeting as a positive move. Having regulators involved will bring more legitimacy and clarity to stablecoins, Binance Chief Compliance Officer Samuel Lim said.\nStablecoins and the companies that issue them have been criticized as not being trustworthy.\n“There are many reasons to think that stablecoins—at least, many of the stablecoins—are not actually particularly stable,” Boston Federal Reserve President Eric Rosengren said in a June speech.\nWhile the startups issuing these stablecoins including Circle and Tether are responsible for assets that make them sizable players in the traditional capital markets, there are no clear rules about how the assets should be regulated to ensure stability.\nIn December, the president’s working group released a statement on the regulatory issues concerning stablecoins. Among other things, it suggested that best practices would include a 1:1 reserve ratio and said issuers should hold “high-quality, U.S.-dollar denominated assets” and hold them at U.S.-regulated entities.\nStablecoins operate on the assumption that their reserves are liquid and easily redeemable. Ostensibly, a stablecoin should at all times be redeemable for national currencies, and the amount held in reserve should equal the amount in circulation: currently $64 billion for Tether, $26 billion for USD Coin and $11 billion for Binance USD.\nStablecoin reserves, however, don’t just sit in bank accounts collecting interest. Circle and Tether manage the reserves to provide some level of income.\nNeither Circle nor Tether provides a detailed breakdown of where their reserves are invested and the risks users of the tokens are taking. This lack of information has alarmed central bankers and lawmakers in the U.S. and overseas. Binance has said its stablecoin’s reserves are backed 1-1 by U.S. dollars held in custody by the New York-based crypto services company Paxos.\nBoth Circle and Tether have separately defended the level of information they share with the markets.\nStuart Hoegner, general counsel at Tether, said the company has a highly liquid portfolio that has been stress-tested. He said the company has a risk-averse approach to managing its reserves and operates in a way to ensure that its dollar peg is maintained.\n“Our transparency allows people to decide whether they are happy holding that token or not,” he said.\nWhat the companies have disclosed is that they have invested the reserves in corporate debt, commercial paper and other markets that are generally considered liquid, and in cash equivalents.\nTether, according to a report it released earlier this year, held about half of its reserves in commercial paper—short-term loans used by companies to cover expenses. The credit ratings of the commercial paper and whether it came from the U.S. or overseas couldn’t be determined.\nIn 2019, New York Attorney General Letitia James revealed as part of an investigation that executives of Tether, who also own and operate the exchange Bitfinex, took at least $700 million out of the tether reserve to shore up the balance sheet of Bitfinex.\nThe case was settled in February. As part of that settlement, Tether agreed to release quarterly reports on the composition of its reserves.\nRegulators don’t have to look far for examples of what can go wrong in the world of finance. Money-market funds came under pressure last year during the pandemic-driven selloff and required support from the Fed. Dozens of money-market funds needed to be propped up during the 2008-09 financial crisis to prevent them from “breaking the buck,” or falling under their standard of a $1-a-share net asset value.\nBuilding trust was one of the biggest reasons that Circle decidedit would go public, according Mr. Allaire.\n“It is about being a public company and being an open and transparent company,” he said in an interview earlier this month.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/173653524"}
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