截至2020年8月28日，USDT总量流通数量突破130亿枚，其130亿美元的总市值，仅次于比特币和以太坊，稳居加密货币市场第三位。
As of 28 August 2020, the total circulation of USDT reached 13 billion, with a total market value of $13 billion, after Bitcoin and Etheria, which is the third most secure market for encrypted currency.
与此前USDT主要作为一种加密资产交易媒介不同，如今的USDT，正在不断“出圈”，在跨国资产转移、灰产、洗钱等领域发挥着日益重要的作用。正如此前区块律动的一篇文章所描述的：USDT正在日益扮演“点对点电子现金系统”的角色。
Unlike the USDT, which was used mainly as an encrypt asset trading medium, today’s USDT is “circumstanced,” playing an increasingly important role in areas such as transnational asset transfers, ash production, and money-laundering. As described in an article on block dynamics, USDT is increasingly playing the role of a “point-to-point electronic cash system.”
USDT是Tether（泰达）公司于2015年前后推出的，一种基于稳定价值货币美元（USD）的代币Tether USD（简称称USDT）。按照Tether公司的承诺，1USDT恒定=1美元，用户可以随时使用USDT与USD进行1:1兑换。同时，Tether公司宣称其将严格遵守1：1的准备金保证，即每发行1个 USDT 代币，其银行账户都会有1美元的资金保障。
USDT was introduced by Tether (Teda) around 2015, a token based on a stable value United States dollar (USD) currency, Tether USD (USDT). In accordance with Tether’s commitment, 1USDT constant = US$ 1, users can use USDT at any time to make 1:1 conversions with USD. Meanwhile, Tether claims that it will strictly adhere to the 1:1 reserve guarantee, that is, that for each USDT token issued, its bank account will have a $1 financial guarantee.
USDT一经推出，即获得了当时最大的交易所Bitfinex的全面支持，实际上，Bitfinex本身与泰达公司有着非常紧密的关联。随后，竞争币交易平台Poloniex交易所也宣布支持USDT，从而确定了USDT的稳定币龙头地位。
As soon as the USDT was launched, it gained the full support of the then largest exchange, Bitfinex, which was in fact very closely linked to Tedda itself. Subsequently, the Exchange Polonix, a competitive currency exchange, announced its support for the USDT, thereby establishing the USDT’s status as a stable currency.
2017年，随着我国“94”禁令的推出，通过人民币直接交易比特币等数字货币的通道被堵住，各大交易所纷纷出海，并使得所谓“币币交易”成为市场主流。人民币等法币通常需要通过OTC兑换成USDT，然后用来买卖比特币、以太坊等数字货币。这样一来，USDT的地位愈发巩固，规模也在不断扩大。
In 2017, with the introduction of our “94” ban, channels for direct trading of digital currencies, such as bitcoin, were blocked, major exchanges went to the sea, and so-called “currency transactions” became the mainstream of the market. The renminbi, for example, usually needed to be converted into USDT through OTC and then used to buy and sell bitcoins, tatais, and so forth.
然而，伴随着USDT规模的飞速增长，其危险也在不断累积。
However, with the rapid increase in the size of the USDT, the risks are accumulating.
USDT宣称严格遵守1:1准备金保证制度，即每发行1个USDT代币，其银行账户都会有1美元的资金保障。随着USDT市值超过130亿美元，从理论上来讲，Tether公司应当提供130亿美元的银行存款证明。然而，事实上，迄今为止，Tether公司从来没有拿出过一份正规的资产审计报告。
USDT claims strict compliance with the 1:1 reserve guarantee system, that is, there is a $1 guarantee in its bank account for every USDT token issued. With the USDT market value exceeding $13 billion, Tether should theoretically provide a $13 billion certificate of bank deposits. In fact, however, Tether has never produced a formal asset audit report to date.
2019年3月，Tether官网将其与美元一比一锚定的说法改成了由美元和等价物等准备金支持。随后，Tether首席法务官又在一份供述中说明，Tether发行的全部USDT仅有74%可以获得货币或等价物的支持。
In March 2019, Tether’s network changed its argument to a dollar-to-dollar anchor to be supported by reserves such as United States dollars and equivalents. Subsequently, Tether’s Chief Legal Officer stated in a statement that only 74% of all USDTs issued by Tether could be supported by monetary or equivalents.
更为严重的是，2019年4月份，纽约州总检察长办公室认为Tether公司曾经挪用8.5亿美金给Bitfinex公司用于弥补亏损，从而对其发起了指控。2019年7月30日，美国纽约州总检察长办公室将Tether公司及其关联机构Bitfinex交易所起诉至纽约市法院，引发圈内震动。
To make matters worse, in April 2019, the New York State Attorney General’s Office opened charges against Tether for misappropriation of $850 million to Bitfinex. On 30 July 2019, the United States State Attorney’s Office sued Tether and its associates, Bitfinex Exchange, to the New York City Court of Justice, triggering a concussion.
实际上，近年来作为“稳定币”的USDT多次表现出“不稳定”。2017年11月20日，Tether出现保证金不足的情况，USDT/美元瞬间下跌10%至0.9附近；2018年10月15，因信任危机再次导致USDT急速下滑，最高跌幅达到近20%。这样的波动性，在市场上已经多次出现。
In fact, the USDT, which is a “stabilized currency” in recent years, has shown a number of “stabilities”: on 20 November 2017, Tether experienced a shortage of guarantees, with the USDT/US dollar falling immediately between 10 and 0.9; again, on 15 October 2018, the crisis of trust led to a sharp decline in the USDT, with a peak of nearly 20 per cent. This volatility has already occurred on several occasions in the market.
更耐人寻味的是，在华人市场普遍被接受的USDT，在美国、欧洲等市场却遭遇了一致的冷遇。数据显示，2019年以来流入交易所的USDT主要是为中文交易商提供服务，而流向美国的USDT却只占其发行量的3%。
More interesting is the fact that USDT, which is widely accepted in the Chinese market, has experienced a consistent response in such markets as the United States and Europe. The data show that USDTs that have entered the exchange since 2019 mainly serve Chinese traders, while USDTs to the United States account for only 3% of their circulation.
今天的USDT，其用途已经大规模“出圈”了。
Today's USDT, it's used on a massive scale.
在洗钱和转移资产等方面，USDT相对于传统的地下钱庄，有着无可比拟的巨大“优势”，不少传统的地下钱庄，已经用上了USDT这一“神器”。目前，一些国外的在线博彩、直播打赏等互联网业务，都已接受 USDT 作为一种重要的支付方式。众所周知的是，全球最大在线成人网站 Pornhub 也支持 USDT。
In terms of money-laundering and the transfer of assets, the USDT has an incomparable “advantage” over traditional underground money dealers, many of which already use the USDT as a “ghost.” Currently, a number of overseas Internet operations, such as online games, live broadcasts, etc., have been accepted as an important method of payment. As we all know, the largest online adult web site in the world, Pornhub, also supports USDT.
根据我国外汇管理制度，对个人结汇和境内个人购汇实行年度总额管理，年度总额为每人每年等值5万美元。也就是说，个人每年最大外汇额度为5万美元，这一额度对于正常的过旅游和商务活动来说，是完全足够的。
Under our foreign exchange management system, annual aggregates are managed for the transfer of funds by individuals and for the purchase of money by individuals in the country, amounting to an annual equivalent of $50,000 per person per year, that is to say, the maximum annual foreign exchange of an individual is $50,000, which is entirely sufficient for normal tourism and commercial activities.
然而，对于一些需要将大额资产转移至国外的人来说，USDT成为了“最佳选择”。通过一些OTC渠道，可以在国内将大额资产兑换为USDT，然后在国外将USDT兑换成美元，从而实现极低成本和低风险的资本转移。
However, for some who need to transfer large amounts of assets abroad, USDT has become the “best option.” Through some OTC channels, large amounts of assets can be converted into USDT domestically and USDT abroad into United States dollars, leading to very low-cost and low-risk capital transfers.
今年6月左右以来，国家加大了对非法使用USDT的打击，“币圈”一度出现所谓的“冻卡潮”，支付宝、微信支付的风控规格也在不断提升。此后，火币、OKEx等大型交易所纷纷提高了风控水平，大量与黑产、灰产有关联的USDT地址被标记，相关交易账号需要提供严格的认证，从而使得“黑U”很难在这些主流平台上实现与法币的兑换。因此，近期在一些“币圈”的社群，出现了大量私下出售USDT的信息，这些“黑U”通常以低于市价2-5毛的价格被抛售。
Since about June, the country has stepped up its fight against the illegal use of USDT, with the so-called “frozen-card wave” in the currency ring, and the upswing of wind-controlled specifications for payment of treasures and micro-trust payments. Since then, large exchanges such as coins, OKEx, etc., have increased wind-control levels, with a large number of USDT addresses associated with black and grey products marked, and the related transaction number has required strict authentication, making it difficult for the “black U” to convert to French on these mainstream platforms.
不断“出圈”的USDT，不仅给犯罪分子提供了新的洗钱工具，也对我国金融安全构成了严重威胁，同时可能造成资产非法出逃与税收的严重流失。特别是由于USDT锚定美元资产，一旦规模不断扩大，将很有可能成为美元恶意增发的重要“帮凶”，以数字货币的形式对全球进行金融掠夺。
The ongoing “circumstance” of USDT not only provides criminals with new money-laundering tools, but also poses a serious threat to our financial security, while at the same time creating a serious risk of illegal flight of assets and a serious loss of tax revenues. Given the USDT anchorage of dollar assets, in particular, there is a real risk that, once growing in size, it will become an important “collaborator” of the dollar’s malicious growth, with global financial plunder in the form of a digital currency.
当前，在中国境内，以制定法规的形式全面禁止一切USDT交易，禁止通过银行账户、现金、支付宝、微信支付等任何第三方工具买卖USDT，已经势在必行。
At present, in China, it is imperative that there be a complete ban on all transactions involving USDT in the form of legislation and a ban on the sale and sale of USDT through any third-party instrument such as bank accounts, cash, payment treasures and micro-mail payments.
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