- Isikhulu esiphezulu seTether uPaolo Ardoino uphikisa ukukhetha kwe-BIS ngamadiphozithi asebhange athokheniwe, ethi ama-stablecoin agciniwe ngokugcwele aphephile kunebhange eligciniwe elingama-fractional.
- Umphathi Jikelele we-BIS uPablo Hernández de Cos ugxeka ama-stablecoins ngezinkinga ezifana nokuhlengwa, ukusebenzisana, kanye nobuqotho bezezimali eJackson Hole.
- Impikiswano iyaqina njengoba abenzi bomthetho base-US becabangela uMthetho we-CLARITY, lapho amabhange esaba ukudiliva imali eya kuma-stablecoins enikeza imiklomelo.
- Umkhawulo wemakethe we-USDT udlula amaRandi ayizigidigidi eziyi-183, kanye nokwamukelwa okukhulu ezimakethe ezisafufusa, okudala ukukhathazeka ngokuzimela kwezezimali kanye nezindleko zokuxhaswa ngamabhange.
Ukungqubuzana okuqhubekayo phakathi kwabakhiphi be-stablecoin kanye neziphathimandla zamabhange omhlaba wonke kuthathe inguquko ebukhali. UPaolo Ardoino, i-CEO ekhuluma ngokukhululekile ye-Tether, uphonsele inselelo ngqo i-Bank for International Settlements (BIS) mayelana nokwamukelwa kwayo kwakamuva kwezimali ezifakwe amathokheni ebhange. U-Ardoino uthi ama-stablecoin, ikakhulukazi lawo asekelwa ngokugcwele yizimpahla eziwuketshezi njenge-US Treasuries, anikeza enye indlela ephephile ngokwesakhiwo kunemodeli yokugcina imali eyisisekelo esekela ukubhenka kwendabuko. Amazwana akhe aphendula inkulumo kaMphathi Jikelele we-BIS uPablo Hernández de Cos eJackson Hole Economic Symposium, lapho lawa mazwe alahla khona ama-stablecoin njengokungenakwanele esikhundleni semali ye-fiat.
Enhliziyweni yale mpikiswano kukhona umbuzo oyisisekelo mayelana nekusasa lemali. UHernández de Cos wabeka icala eliningiliziwe lokuthi kungani amadiphozithi athokheniwe—ngokuyisisekelo izikweletu zasebhange eziqoshwe ku-blockchain—kufanele abe umgogodla wesistimu yezimali. Ukhulume ngokukhathazeka mayelana nokuhlengwa kwama-stablecoins, ukusebenzisana, kanye nekhono lawo lokwenza imisebenzi engekho emthethweni. Nokho, u-Ardoino washintsha umbhalo, ephakamisa ukuthi i-BIS “ikhathazekile ngokufanele” ngoba ama-stablecoins adalula lokho akubiza ngokuthi “umbusi ongenazingubo”—ubuthaka obungokwemvelo besistimu yasebhange egcina ingxenye encane yamadiphozithi isesimweni soketshezi.
Ama-Stablecoins vs. Amadiphozithi Anezimpawu: Impikiswano Yokugcina
Impikiswano eyinhloko ka-Ardoino ukuqhathanisa ukusekelwa kwempahla. Uveza ukuthi ama-stablecoin afana ne-USDT “agodliwe ngo-100% yizimpahla eziwuketshezi (okungukuthi, izimpahla ezigciniwe),” kanti ama-tokenized bank deposits, ngamazwi akhe, “ama-pinky swear uninsured bank deposits (ngokuvamile angu-10% kuphela agodliwe yizimpahla eziwuketshezi).” Uthi lo mehluko omkhulu wenza ama-stablecoins abe yisitolo senani esithembekile. I -CEO ye-Tether ibuze ukuthi kungani noma ubani angabeka ngokuzithandela imali yakhe egciniwe kumkhiqizo ogciniwe kancane kancane uma kukhona enye indlela egciniwe ngokugcwele, enezela ngokuthi uhlelo lwezezimali manje “lusesigabeni sokuthola” njengoba abafaki bezimali beqala ukubona umehluko.
Nokho, uHernández de Cos akakaqiniseki. Enkulumweni yakhe kaJackson Hole, waphikisana ngokuthi ama-stablecoin awanakho “ukungashadi,” okusho ukuthi ukuhlengwa ngesilinganiso akuqinisekisiwe njengoba amanani angahluka ezimakethe zesibili. Uphinde wagcizelela izinkinga “zokusebenzisana”, ephawula ukuthi ama-stablecoin ahlukene phakathi kwama-blockchain angahambisani, futhi waphakamisa ukukhathazeka “ngobuqotho bezezimali”, ecaphuna ubufakazi bokuthi iningi lamabhalansi e-stablecoin lihlala ezikhwameni ezizinakekelayo ngaphandle kokuqapha okuvamile. Inhloko ye-BIS iphinde yaxwayisa ngezingozi zezinga elikhulu, okuhlanganisa nethuba lokuthi abakhiphi be-stablecoin babhekane “nengozi yokugijima” uma igagasi lokuhlengwa libaphoqa ukuthi bathengise izimpahla ezigciniwe ngokushesha, okwenza izimakethe ezibanzi zingasebenzi kahle.
Impi Yokulawula: Umthetho we-CLARITY kanye nokwesaba kweBhange
Impikiswano idlulela ngale kwezomnotho wemfundiso iye ezweni eliyinkimbinkimbi lomthethonqubo we-crypto wase-US. UMthetho we-GENIUS, owasayinwa ngonyaka odlule, unikeze uhlaka lukahulumeni lwezinkokhelo ze-stablecoin, kodwa uMthetho we-CLARITY olindelwe kakhulu ungasungula umthethonqubo ofanele kahulumeni wezimpahla zedijithali. Lo mthethosivivinywa udonsele ukugxekwa okukhulu emaqenjini amabhange, athi ukuvumela amapulatifomu e-crypto ukuthi anikeze imivuzo kumabhalansi e-stablecoin kungabangela ukufuduka okukhulu kwamadiphozithi kude namabhange endabuko. I-American Bankers Association, kanye nezinhlangano zamabhange zikahulumeni ezingu-76, inxuse abaholi beSenate ukuthi babuyekeze iSigaba 404 somthethosivivinywa, besaba ukuthi ukulahlekelwa yidiphozithi kungashiya amabhange omphakathi enemali encane yokuboleka imali.
Isikhulu esiphezulu seCitigroup uJane Fraser uphinde waphawula lokhu kukhathazeka ngo-Agasti, exwayisa ngokuthi imivuzo ye-stablecoin ingadonsa amadiphozithi emabhange futhi ithinte ikhono lawo lokukhulisa isikweletu. Lena yingoba kanye uHernández de Cos ayiqokomisile, ephawula ukuthi imali ephuma kumadiphozithi asebhange lezentengiselwano ingakhuphula izindleko zokuxhaswa ngamabhange futhi ekugcineni inyuse izindleko zokuboleka emindenini nasezinkampanini. Nokho, u-Ardoino ubona lokhu njengokulungiswa kwemvelo kwemakethe. Uthi uma abantu beqala ukuqaphela ukuthi ama-stablecoin alawulwayo aphephile , bazohambisa imali yabo eyongiwe esigabeni sempahla esingcono, futhi uhlelo lwezezimali kuzodingeka luvumelane nezimo.
Ukukhula Kwezinyathelo ze-USDT Ezimakethe Ezisafufusa
Okwamanje, i-USDT kaTether iyaqhubeka nokubusa imakethe ye-stablecoin, ngenzuzo yemakethe edlula amaRandi ayizigidi eziyizinkulungwane eziyi-183. U-Ardoino ugcizelele ngokuphindaphindiwe ukuthi i-USDT iyithuluzi elibalulekile kwezomnotho ezinokufinyelela okulinganiselwe kumaRandi ase-US noma izinsizakalo zebhange ezivamile. Uveze ukuthi eminye iminotho manje ithembele kakhulu ku-USDT kokubili kwezentengiselwano zasekhaya nezangaphandle, iqiniso elingakaze libonwe yi-BIS. Inhlangano yebhange eliphakathi ixwayise ngokuthi ukusetshenziswa okwandayo kwama-stablecoin angaphandle kwe-United States kungenza buthaka ukudluliselwa kwenqubomgomo yemali futhi kwandise ukuncika ezimweni zezimali zangaphandle.
Naphezu kokugxekwa, u-Ardoino usalokhu ephikisana. Uthi ubuchwepheshe bukaTether benze ama-US Treasury aphephile kunanini ngaphambili ngokudala ubunikazi obungaphelele bezikweletu zase-US, ikhambi elenziwe yizimali zendabuko. Impikiswano ayisekho, izinhlangothi zombili zizama ukuvimba. I-BIS iyaqhubeka nokukhuthaza amadiphozithi athokheniwe, kuyilapho iTether iqhubeka nokulandisa ngezimali ezigciniwe ezigcwele kanye nobukhosi bezezimali. Njengoba uMthetho we-CLARITY udlula eCongress, umphumela walokhu kungqubuzana ungabumba ikusasa lemali yedijithali iminyaka ezayo.
Ekugcineni, lokhu kungaphezu kokungavumelani kwezobuchwepheshe; kuyimpi yefilosofi mayelana nokuthembana, ukucaca, kanye nohlobo lwemali. Isifaniso sika-Ardoino esithi “umbusi akanazingubo” sifinyelela emnyombweni wendaba: ingabe uhlelo olwakhelwe phezu kwezimali ezigciniwe ezingaphelele lungancintisana ngempela nolunikeza ukusekelwa okugcwele? Impendulo, njengoba izinhlangothi zombili zibhekene nemiphumela, cishe izonquma ukuthi isizukulwane esilandelayo sengqalasizinda yezezimali sakhiwe kanjani. Okwamanje, okuwukuphela kwento eqinisekile ukuthi impikiswano ayikaxazululwa, futhi izinkinga azikwazi ukuba phezulu.
