Arthur Hayes 博文：为什么银行摧毁 Tether 轻而易举？ 作者 ｜ Arthur Hayes编译 ｜ Kate, 火星财经原文链接：网页链接中文链接：网页链接注：本文是上述中文版...
资讯 2024-06-19 阅读:29 评论:0
作者 | Arthur Hayes
by Arthur Hayes
编译 | Kate, 火星财经
Kate, Mars Finance
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中文链接： Link to Chinese: 注：本文是上述中文版本的基础上进行节选编译，可能有些细节或信息被删除。我们建议读者在阅读本文时同时参考原文，以获取更全面的信息。本文不构成任何财务建议、不代表吴说观点，加密市场波动巨大，请读者谨慎参与投资，严格遵守所在地法律法规。 Note: This paper is an excerpted version based on the above-mentioned Chinese version, and some details or information may have been deleted. We suggest that readers read this document with reference to the original text in order to obtain more comprehensive information. does not constitute any financial recommendation, does not represent Wu's point of view, the encryption market is highly volatile, and readers are carefully invited to participate in investments and strictly observe the laws and regulations of their location. 我去年发布了一篇文章，提出了如何创建一个合成支持的法定稳定币，不依赖于 TradFi 银行系统。我的想法是将比特币现货多头与永续空头头寸结合起来，创建一个合成的法定货币单位，我将其命名为 Nakaddollar。在那篇文章的结尾，我承诺支持一个可信的团队，尽我所能将这个想法变为现实。 Last year, I published an article on how to create a synthesical and stable legal currency that is not dependent on the TRADFI banking system. My idea was to combine bitcoins with permanent empty positions and create a synthesic legal currency unit, which I named Nakaddollar. At the end of the article, I pledged to support a credible team and to do everything I could to translate this idea into reality. 一年的变化太大了。Guy 是 Ethena 的创始人。在参与 Ethena 项目之前，Guy 曾在一家规模 600 亿美元的对冲基金工作，主要投资信贷、私募股权和房地产等领域的特殊情况。这家伙在 2020 年开始的 DeFi Summer 期间就迷上了垃圾币，再也没有回头。在阅读了那篇文章后，他受到启发，推出了自己的合成美元。但就像所有伟大的企业家一样，他想要改进我最初的想法。他不使用比特币，而是使用以太坊创建一种合成的美元稳定币。至少一开始是这样。 Guy was the founder of Ethena. Prior to participating in the Ethena project, Guy worked on a $60 billion hedge fund, mainly investment credit, private equity and Guy 选择了以太坊，因为以太坊网络提供了原生收益。为了提供安全性和处理交易，以太坊网络验证者可以通过协议直接为每个区块支付少量 ETH。这就是我所说的以太坊质押收益率。此外，由于以太坊现在是一种通货紧缩货币，因此 ETH/USD 远期、期货和永续交易持续溢价于现货是有根本原因的。永续空投持有者可以获得这一溢价。将实物质押的ETH加上 ETH的永续空头头寸相结合，创造了高收益的合成美元。 Guy chose Ether because Ether’s network provides raw benefits. In order to provide security and deal with transactions, Ethernet certifiers can pay a small amount of Ether directly for each block. That is what I call the Etherm pledge rate. Moreover, because Ether is now a deflationary currency, there is a fundamental reason for the ongoing premium on currents for ETH/USD long-term, futures and permanent transactions. 没有一个能够执行的团队，一个伟大的想法就什么都不是。Guy 将他的合成美元命名为 Ethena，并组建了一个明星团队，迅速安全地启动了协议。Maelstrom 于 2023 年 5 月成为创始顾问，作为交换，我们收到了治理代币。我过去曾与许多高质量的团队合作过，而 Ethena 的人也从不偷工减料。12 个月后，Ethena 的稳定币 USDe 上线仅 3 周，发行量就接近 10 亿单位(TVL 为 10 亿美元；1 USDe=1 美元)。 Without a team that can be implemented, a great idea is nothing. Guy named his synthetic dollar Ethena and set up a team of stars to quickly and safely launch the agreement. Maelström became a founding consultant in May 2023, and we received the governing token in exchange. I worked with many high-quality teams in the past, and Ethena's people never lost their jobs. Twelve months later, Ethena's stable dollar USde went online only three weeks later, and the circulation was close to 1 billion units (TVL $1 billion; USDE = $1). 我相信 Ethena 可以超越 Tether 成为最大的稳定币。这个预言将需要许多年才能实现。然而，我想解释为什么 Tether 是加密领域最好和最差的业务。它是最好的，因为它可能是 TradFi 和加密行业中每个员工最赚钱的金融中介。之所以说它是最糟糕的，是因为 Tether 的存在是为了取悦其较贫穷的 TradFi 银行合作伙伴。银行的嫉妒和 Tether 给美国金融体系的守护者带来的问题，可能会立即导致 Tether 的终结。 I believe that Ethena can go beyond Tether as the biggest stabilizer. This prophecy will take many years to achieve. However, I want to explain why Tether is the best and worst business in the field of encryption. It is the best, because it may be the most profitable financial intermediary for every employee in the TradFi and encryption industries. 对于那些被误导的 Tether FUDsters，我想澄清一下。Tether 不是金融欺诈，Tether 也没有对其储备撒谎。同时，我对那些创建和运营 Tether 的人致以崇高的敬意。但恕我直言，Ethena 将撼动 Tether。 For those who were misled, Tether FUDsters, I would like to clarify. Tether is not a financial fraud, neither did Tether lie about his stock. At the same time, I salute those who created and operated Tether. But with all due respect, Ethena will shake Tether. 本文将分为两部分。首先，我将解释为什么美联储、美国财政部和有政治关系的大型美国银行希望摧毁 Tether。第二，我将深入研究 Ethena。我将简要概述一下 Ethena 是如何构建的，它是如何保持与美元挂钩的，以及它的风险因素。最后，我将为 Ethena 的治理代币提供一个估值模型。 First, I will explain why the Fed, the U.S. Treasury Department and the big politically related 读完这篇文章，你就会明白为什么我认为 Ethena 是加密生态系统中提供基于公链的合成美元的最佳选择。 When you read this article, you'll see why I think Ethena is the best option in an encrypted ecosystem to provide a public-chain-based synthetic dollar. 妒火中烧 "b" in the fire of jealousy Tether（USDT）按流通代币量来算是最大的稳定币。1 USDT=1 美元。USDT 在各种公链的钱包之间进行转账。为了维持挂钩，Tether 在银行账户中持有每单位流通的 USDT 1 美元。 Tether (USDT) is the largest stable currency in terms of the currency in circulation. 1 USDT = $1. USDT transfers between wallets in various public chains. To maintain the link, Tether holds USD 1 per unit in the bank account. 没有美元银行账户，Tether 就无法履行创建 USDT、托管支持 USDT 的美元、赎回 USDT 的功能。 Without a dollar bank account, Tether will not be able to perform the functions of creating USDT, hosting the US dollar that supports USDT, and redeeming USDT. 创建：没有银行账户，就没有办法创建 USDT，因为交易者没有地方可以发送他们的美元。 Create : Without bank accounts, there is no way to create USDT because traders have no place to send their dollars. 美元的托管：没有银行账户，就没有地方可以持有锚定美元的 USDT。 United States dollar hosting : Without a bank account, there is no place to hold an anchored USDT. USDT 赎回：没有银行账户，就没有办法赎回 USDT，因为没有银行账户可以向赎回方发送美元。 USDT Foreclosure : Without a bank account, there is no way to redeem USD because there is no bank account to send the United States dollar to the redeemer. 拥有银行账户并不足以确保成功，因为并非所有银行都是平等的。世界上有成千上万的银行可以接受美元存款，但只有某些银行在美联储有一个主账户。任何希望通过美联储清算美元以履行其作为美元代理银行的义务的银行必须持有一个主账户。美联储对授予哪些银行主账户拥有完全的自由裁量权。 Having a bank account is not enough to ensure success, because not all banks are equal. There are thousands of banks in the world that can accept deposits in dollars, but only some banks have one main account in the Federal Reserve. Any bank that wishes to settle the dollar through the Federal Reserve in order to fulfil its obligations as an agent of the United States dollar must hold one main account. 我将快速解释代理银行是如何工作的。 I'll explain quickly how the correspondent bank works. 有三家银行：A、B 和 C。A 和 B 银行位于两个非美国司法管辖区。银行 C 是一家拥有主账户的美国银行。银行 A 和银行 B 希望能够在法定金融体系中转移美元。他们各自申请使用 C 银行作为他们的代理行。银行C评估银行的客户群并批准它们。 There are three banks: A, B, and C. Banks A and B are located in two non-United States jurisdictions. Bank C is A 银行需要向 B 银行汇 1000 美元。资金流向是 1000 美元从 A 银行在 C 银行的账户转到 B 银行在 C 银行的账户。 A Bank is required to transfer $1,000 to Bank B. The flow of funds is $1,000 from Bank A in Bank C to Bank B in Bank C. 让我们稍微改变一下示例，并添加银行 D，它也是一家拥有主账户的美国银行。A 银行使用 C 银行作为代理银行，而 B 银行使用 D 银行作为代理银行。现在，如果 A 银行想把 1000 美元汇给 B 银行呢？资金流是，银行 C 将 1000 美元从它在美联储的账户转到银行 D 在美联储的账户上。银行 D 最后将 1000 美元记入到银行 B 的账户上。 Let's change the example a little bit, and add Bank D, which is also a bank that owns the main account . A bank uses Bank C as a correspondent bank, while Bank B uses Bank D as a correspondent bank. Now, what if Bank A wants to remit $1,000 to Bank B? Bank C transfers $1,000 from its account in the Fed to Bank D. Bank D ultimately charges $1,000 to Bank B account. 通常，美国以外的银行使用代理银行向全球电汇美元。这是因为美元一旦在司法管辖区之间流动，就必须直接通过美联储进行清算。 Typically, banks outside the United States use correspondent banks to wire the United States dollar to the world. This is because once the dollar moves between jurisdictions, it has to be liquidated directly through the Federal Reserve. 自 2013 年以来，我一直从事加密货币行业，通常情况下，你存入法币的加密货币交易所的银行不是一家在美国注册的银行，这意味着它依赖于一家拥有主账户的美国银行来处理法币的存取款。这些规模较小的非美国银行渴望存款和银行加密公司，因为它们可以收取高额费用，而无需为存款支付任何费用。在全球范围内，银行通常迫切需要廉价的美元资金，因为美元是全球储备货币。然而，这些规模较小的外国银行必须与其代理银行进行互动，才能在其注册地以外处理美元的存取款。虽然代理银行容忍这些与加密业务相关的法币流动，但无论出于何种原因，有时在代理银行的要求下，某些加密客户会从较小的银行退出。如果较小的银行不遵守，它们就会失去代理银行关系，同时失去在国际上转移美元的能力。一家失去美元流通能力的银行无异于行尸走肉。因此，如果代理银行要求，较小的银行总是会放弃加密客户。 Since 2013, I have been engaged in the cryptographic money business, and normally your bank in the French currency is not a bank registered in the United States, which means that these smaller non-United States banks are dependent on a bank with an encrypted currency exchange, 当我们分析 Tether 银行合作伙伴的实力时，了解这些银行关系建立和发展的过程是必不可少的。 When we analyse the strengths of Tether's banking partners, it is essential to understand the process of establishing and developing these banking relationships. Tether 银行合作伙伴： Teth Bank Partners : ● Britannia Bank & Trust ● Cantor Fitzgerald ● Capital Union ● Ansbacher ● Deltec Bank and Trust 在上市的 5 家银行中，只有 Cantor Fitzgerald 一家是在美国注册的银行。然而，这五家银行中没有一家拥有美联储的主账户。坎托·菲茨杰拉德(Cantor Fitzgerald)是一名初级交易商，他帮助美联储实施公开市场操作，比如买卖债券。Tether 转移和持有美元的能力完全取决于变化无常的代理银行的心血来潮。考虑到 Tether 美国国债投资组合的规模，我认为他们与 Cantor 的合作对于继续进入美国市场至关重要。 Of the five banks listed, only Cantor Fitzgerald is a bank registered in the United States. However, none of the five banks has a major account with the Fed. 如果这些银行的首席执行官没有通过谈判获得 Tether 的股权，以换取提供银行服务，那他们就是傻瓜。当我稍后展示 Tether 的每位员工收入指标时，你就会明白其中的原因。 If the CEOs of these banks don't negotiate Tether's shares in exchange for the provision of banking services, they're fools. When I show each employee's income index for Tether later, you'll see why. 这就解释了为什么 Tether 的银行合作伙伴不是最优的。接下来，我想解释为什么美联储不喜欢 Tether 的商业模式，以及为什么从根本上讲，它与加密货币无关，而与美元货币市场的运作方式有关。 This explains why Tether’s banking partners are not the best. Next, I want to explain why the Fed doesn’t like Tether’s business model, and why it essentially has nothing to do with encrypted money, but with how the dollar money market works. 完全储备银行 Full Reserve Bank 当通过 TradFi 镜头观察时，Tether 是一个完全储备的银行，也称为窄银行。一个完全储备的银行只接受存款而不借出。它提供的唯一服务是来回汇款。由于存款人不面临任何风险，它几乎不支付存款利息。如果所有存款人同时要求退款，银行可以立即满足这一要求。因此，叫为完全储备。与此形成对比的是部分准备金银行，其贷款规模大于存款基数。如果所有存款人同时要求从部分准备金银行取回他们的钱，这家银行就会倒闭。部分准备金银行支付利息以吸引存款，但存款人面临风险。 When seen through the TradFi lens, Tether is a completely reserve bank, also known as a narrow bank. A fully reserve bank accepts deposits without lending them. The only service it provides is an incoming and outgoing remittance. Since depositors are not exposed to any risk, they rarely pay interest on deposits. If all depositors simultaneously demand a refund, the bank can meet this requirement immediately. Thus, it is called a full reserve. Tether 本质上是一个完全储备的美元银行，提供由公链驱动的美元交易服务。就是这样。没有贷款，没有有趣的东西。 Tether is essentially a fully stocked dollar bank that provides a public-chain-driven dollar trading service. That's it. No loans, no interesting stuff. 美联储不喜欢完全储备的银行，不是因为他们的客户是谁，而是因为这些银行如何处理他们的存款。为了理解美联储为何厌恶完全准备金银行模式，我必须讨论量化宽松的机制及其影响。 The Fed does not like banks with full reserves, not because of who their clients are, but how they handle their deposits. To understand why the Fed hates the full reserve banking model, I have to discuss quantitative easing mechanisms and their implications. 银行在 2008 年金融危机期间倒闭，因为它们没有足够的准备金来弥补不良抵押贷款的损失。准备金是银行存放在美联储的资金。美联储监控银行准备金与未偿贷款总额的比例。2008 年之后，美联储确保银行永远不会缺乏准备金。美联储通过实施量化宽松做到了这一点。 The banks collapsed during the 2008 financial crisis because they did not have enough reserves to cover the losses of non-performing mortgages. Reserves are funds held by banks in the Fed. The Fed monitors the ratio of bank reserves to total outstanding loans. 量化宽松是指美联储从银行购买债券，并将美联储持有的准备金贷给银行的过程。美联储实施了价值数万亿美元的量化宽松债券购买，扩大了银行准备金余额。万岁！ QEL refers to the process by which the Fed purchases bonds from banks and lends to banks the reserves held by the Fed. The Fed has implemented a trillion-dollar QELC purchase, which expands the bank’s reserve balance. 量化宽松并不像新冠疫情刺激措施那样明显地造成疯狂的通货膨胀，因为银行准备金留在美联储。新冠疫情刺激直接交给了民众，让他们随心所欲地消费。如果银行把这些准备金贷出去，2008 年后的通货膨胀就会立即上升，因为这些钱将掌握在企业和个人手中。 QEs are not as obvious as the new crown’s stimulus to inflation, because bank reserves remain in the Fed. The new crown stimulus is given directly to the people, allowing them to consume as much as they want. 小银行的存在是为了发放贷款；如果他们不贷款，他们就赚不到钱。因此，在其他条件相同的情况下，部分准备金银行更愿意把它们的准备金借给付费客户，而不是留在美联储。美联储遇到了问题。他们如何确保银行体系拥有近乎无限的准备金，而不会造成通胀？美联储选择向银行业“行贿”，而不是放贷。 Small banks exist to lend loans; if they do not, they will not make money. Thus, in other cases, under the same conditions, some reserve banks are more willing to lend their reserves to paying customers than to remain in the Fed. The Fed has encountered problems. How do they ensure that the banking system has almost unlimited reserves, without causing inflation? 贿赂银行需要美联储支付银行系统超额准备金的利息。为了计算贿赂的规模，将美联储持有的银行准备金总额乘以准备金余额利息(IORB)。IORB 必须徘徊在联邦基金利率的下限和上限之间。 To calculate the size of the bribe, the total bank reserve held by the Fed is multiplied by the interest on the reserve balance (IORB). IORB must hover between the lower and upper federal fund interest rates. 贷款是有风险的。借款人违约。银行宁愿从美联储获得无风险的利息收入，也不愿贷款给私人部门，以免遭受可能的损失。因此，随着量化宽松的推进，银行体系的未偿贷款并没有以美联储资产负债表的速度增长。然而，成功并不便宜。当联邦基金利率为 0% 至 0.25% 时，贿赂成本并不高。但现在，由于联邦基金利率在 5.25% 到 5.50% 之间，IORB 的贿赂使美联储每年损失数十亿美元。 Loans are risky. Borrowers default. Banks prefer risk-free interest earnings from the Fed to the private sector to avoid potential losses. 美联储维持“高”政策利率以抑制通胀；然而，由于 IORB 的成本较高，美联储变得无利可图。美国财政部，乃至美国公众，正通过 IORB 计划直接为美联储贿赂银行提供资金。当美联储赚钱时，它会把这些钱汇给美国财政部。当美联储亏损时，美国财政部借钱并将其输送给美联储，以弥补其损失。 The Fed maintains “high” policy interest rates to curb inflation; however, because of the high cost of IORB, the Fed becomes unprofitable. The US Treasury Department, and even the US public, is financing the Fed directly through the IORB scheme to bribe banks. When the Fed makes money, it remits the money to the US Treasury Department. 量化宽松解决了银行准备金不足的问题。美联储现在希望通过减少银行准备金来抑制通货膨胀。进入量化紧缩(QT)。 QE addresses the problem of inadequate bank reserves. The Fed now hopes to contain inflation by reducing bank reserves. QT 是指美联储向银行系统出售债券，并在美联储持有准备金。QE 增加了银行准备金，QT 则减少了银行准备金。随着银行准备金的下降，IORB 贿赂的成本也随之下降。显然，如果银行准备金上升的同时，美联储因 IORB 而支付高利率，美联储不会高兴的。 QT means that the Fed sells bonds to the banking system and holds reserves in the Fed. QE increases bank reserves, while QT reduces bank reserves. 完全储备的银行模式与美联储的既定目标背道而驰。完全准备金银行不发放贷款，这意味着 100% 的存款作为准备金存在美联储。如果美联储开始向从事类似 Tether 业务的银行发放全储备银行牌照，将加剧美联储的损失。 Full reserve banking models run counter to the Fed’s stated objectives. Full reserve banks do not issue loans, which means that 100% of the deposits are held in the Fed as reserves. Tether 不是一家美国许可的银行，因此它不能直接在美联储存款并赚取 IORB。但 Tether 可以将现金存入货币市场基金，这些基金可以参与逆回购计划(RRP)。RRP 与 IORB 的相似之处在于，美联储必须在联邦基金的下限和上限之间支付利率，以便准确地决定短期利率的走势。国库券(T-bills)是一种期限小于一年的零息债券，其收益率略高于存款准备金率。因此，尽管 Tether 不是一家银行，但它的存款投资于需要美联储和美国财政部支付利息的工具。Tether 在货币市场基金和国库券上投资了近 810 亿美元。 Tether is not a United States-licensed bank, so it cannot directly save money in the United States and earn IORB. But Tether can deposit cash into the money market fund, which can be involved in Tether 对美联储进行套利，因为 Tether 对 USDT 余额支付 0% 的利息，但其收益大约是联邦基金利率的上限。这是 Tether 的净息差(NIM)。正如你可以想象的那样，Tether 对美联储加息非常高兴，因为 NIM 在不到 18 个月的时间里(2022 年 3 月至 2023 年 9 月)从基本上为 0% 升至接近6%。 Tether arbitrage to the Fed because Tether pays 0% interest on the USDT balance, but its earnings are about the upper limit of the federal fund interest rate. This is Tether’s net interest margin (NIM). As you can imagine, Tether is very pleased with the Fed’s interest increase, because NIM rose from essentially 0% to almost 6% in less than 18 months (2022 March to September 2023). Tether 并不是唯一一家为美联储套利的稳定币发行商。Circle（USDC）和所有其他接受美元并发行代币的稳定币都在做同样的事情。 Tether is not the only stable currency issuer for the Fed’s arbitrage. Circle (USDC) and all the other stable currencies that accept and issue the dollar are doing the same thing. 如果银行因某种原因放弃了与 Tether 的关系，美联储将不会采取任何措施来提供帮助。 If, for some reason, the bank gave up its relationship with Tether, the Fed would not take any measures to help. 那坏女孩耶伦呢？她的财政部对 Tether 有意见吗？ What about the bad girl, Ellen? Does her Treasury have a problem with Tether? Tether 太大了 Teher is too big 美国财长珍妮特?耶伦(Janet Yellen)需要一个运转良好的美国国债市场。这使她能够借到必要的钱来支付每年数万亿美元的政府赤字。2008 年后，美国国债市场的规模与财政赤字一道急剧膨胀。它长得越大，就越脆弱。 US Treasury Secretary Janet Yellen needs a well-functioning US public debt market. This allows her to borrow the money necessary to cover trillions of dollars in government deficits each year. 这张来自美国政府证券流动性指数的图表清楚地显示了自新冠疫情以来美国国债市场流动性的下降（数字越高意味着流动性状况越差）。只需少量的抛售就能扰乱市场。我所说的扰乱市场是指债券价格的迅速下跌或收益率的上升。 This chart from the US Government's Securities Liquidity Index clearly shows the decline in liquidity in the US Treasury market since the new crown outbreak (the higher the number means the worse the liquidity situation). A small amount of sales can disrupt the market. What I call market disruption is a rapid fall in bond prices or a rise in yields. Tether 目前是美国国债的 22 大持有者之一。如果 Tether 出于某种原因不得不迅速减持，可能会给全球债券市场带来混乱。我说全球是因为所有法定债务工具在某种程度上、形状上或形式上都是由美国国债曲线定价的。 Tether is currently one of the 22 major holders of US public debt. If, for some reason, Tether had to cut rapidly, it could cause confusion in the global bond market. 如果 Tether 的银行业合作伙伴退出 Tether，耶伦可能会通过以下方式进行干预： If Tether's banking partner withdraws, Ellen may intervene by: 1. 也许她会规定，给 Tether 一个合理的时间来保持客户身份，这样它就不会被迫出售资产，以满足迅速赎回的要求。 1. Perhaps she would provide Tether with a reasonable time to maintain her client status so that it would not be forced to sell its assets to meet the requirement of prompt redemption. 2. 也许她会冻结 Tether 的资产，这样它就不能出售任何东西，直到她觉得市场可以吸收 Tether 的资产。 2. Perhaps she would freeze Tether's assets so that it could not sell anything until she felt that the market could absorb Tether's assets. 但耶伦肯定不会帮助 Tether 找到另一个长期的银行合作伙伴。为加密市场服务的 Tether 和类似稳定币的增长给美国国债市场带来了风险。 But Yale will certainly not help Tether find another long-term banking partner. The growth of Tether and similar stable currencies that serve the encryption market poses a risk to the US public debt market. 如果 Tether 决定购买没有人想要的债券，即 10 年期以上的长期债券，而不是所有人都想要的短期债券，耶伦可能会站在他们一边。但是为什么 Tether 要冒这样的期限风险来赚取比短期国库券更少的钱呢？这是由于收益率曲线的反转(长期利率低于短期利率)。 If Tether decides to buy the bonds that no one wants, that is, long-term bonds older than 10 years, rather than short-term bonds that everyone wants, Ellen may be on their side. But why does Tether take the risk of a period of time to earn less than short-term treasury bills? This is because of the reversal of the yield curve (long-term interest rates are lower than short-term rates). 美国财政部宁愿 Tether 不存在。这些都和加密没有任何关系。 The U.S. Treasury prefers that Tether doesn't exist. None of this has anything to do with encryption. Tether 太有钱了 Teher's too rich. Maelstrom 的天才分析师为 Tether 创建了以下投机性资产负债表和损益表。他们结合了 Tether 的公开披露和他们的判断来创造这个。 Maelstrom's genius analysts created the following speculative balance sheets and profit-and-loss statements for Tether. They created this together with Teth's public disclosure and their judgment. 下表列出了在美国经济和政治体系中运营的八家“太大而不能倒”(TBTF)银行及其 2023 财年净利润。 The following table shows the eight “too big” (TBTF) banks operating in the United States economic and political system and their net profits for the 2023 fiscal year. Cantor Fitzgerald 不是一家银行，而是一家一级交易商和贸易公司。一级交易商银行只有 23 家。因此，在 Total Deposits 列中，Cantor 的数字表示其资产负债表上的资产价值。我从 Zippia 那里得到了 Cantor 的净收入和总劳动力的估计。 Cantor Fitzgerald is not a bank, but a first-tier dealer and trading company. There are only 23 first-tier traders. So, in the Total Deposits column, Cantor's numbers represent the value of the assets on its balance sheet. I got an estimate from Zippia of Cantor's net income and total labour force. Tether 每位员工的收入为 6200 万美元。名单上没有其他银行能与之相提并论。Tether 的盈利能力是加密货币将如何影响人类文明史上最大的财富转移的另一个例子。 There are no banks on the list that can be compared to that. The profitability of Tether is another example of how encrypted money will affect the greatest transfer of wealth in the history of human civilization. 为什么这些 TBTF 银行不提供一种与法币挂钩的稳定币？Tether 每位员工的收入高于所有这些银行，但如果没有这些银行和其他类似的银行，Tether 就不可能存在。 Why do these TBTF banks not provide a stable currency tied to French currency? Tether earns more per employee than all these banks, but without these and other similar banks, Tether cannot exist. 也许这些银行中的一家可以购买 Tether，而不是要求 Tether 去银行化。但他们为什么要这么做呢？当然不会是技术。由于公共区块链的透明度，部署智能合约 Tether 克隆的代码已经在互联网上了。 Maybe one of these banks could buy Tether, not ask him to go to bank. Why would they do that? Of course not technology. Because of the transparency of the public block chain, the code for deploying Tether clones is already on the Internet. 如果我是一家美国银行的首席执行官，让 Tether 得以存在，我会立即让他们脱离银行，并提供一种与之竞争的产品。第一家提供稳定币的美国银行将迅速占领市场。作为用户，持有摩根大通代币的风险低于 Tether。前者是“太大而不能倒”银行的负债，而后者本质上是整个帝国的负债。后者是整个美国银行体系及其监管机构所鄙视的一家私营公司的责任。 If I were the CEO of 我没有理由相信一家美国银行正在密谋推翻 Tether。但这样做是微不足道的。Tether 由在巴哈马群岛的加密货币提线木偶所有，其存在 100% 取决于美国银行系统的准入，为什么允许它在几个交易日内赚得比杰米?戴蒙(Jamie Dimon)还多？让你走的东西，嗯..... I have no reason to believe that a 随着加密牛市的推进，任何与加密业务线相关的股票都将上涨。由于市场对不良商业房地产贷款感到恐慌，一家美国银行的股价正在下跌，该银行可能会通过进入加密稳定币市场来提高估值。这可能是美国银行最终与 Tether、Circle 等直接竞争所需的全部动机。 As the city moves forward with encryption cattle, any stock associated with encryption lines will rise. Since market prices for bad business 如果 Circle 的 IPO 进展顺利，预计将面临来自银行体系的挑战。像 Circle 和 Tether 这样的稳定币企业应该以低于收益的价格进行交易，因为它们没有竞争的护城河。Circle 可以接受 IPO 这一事实本身就是一出喜剧。 If Circle's IPO is going well, it is expected to face challenges from the banking system. Stable money firms like Circle and Tether should do business at lower prices than earnings, because they have no competitive moat. The fact that Circle can accept IPO is a comedy in itself. 没有什么是无法逾越的 Nothing is insurmountable 我刚刚解释了为什么美国银行体系摧毁 Tether 比在奥林匹克数学竞赛中击败卡罗琳?埃里森(Caroline Ellison)更容易。但是，作为加密生态系统，我们为什么要创造一种不同类型的与法币挂钩的稳定币呢？ I have just explained why 由于 Tether，我们知道加密资本市场需要一个与法币挂钩的稳定币。问题在于，银行提供的服务很差，因为没有竞争让它们变得更好。使用 Tether，任何有互联网连接的人都可以全天候使用美元支付。 Because Tether, we know that encryption capital markets require a stable currency tied to French currency. The problem is that banks provide poor services because there is no competition to make them better. With Tether, anyone with Internet connections can pay in dollars around the clock. Tether 存在两个主要问题： There are two main problems, Tether: 1. 用户不会从 Tether 的 NIM 中获得任何分成。 1. Users will not receive any share of Tether's NIM. 2. Tether 可以在一夜之间被美国银行系统关闭，即使它一切照章办事。
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