标普将泰达币资产评级降至最低等级

S&P downgrades Tether’s assets to lowest level 标普将泰达币资产评级降⾄最低等级 Rating agency cites rising exposure to high-risk assets and lack of disclosures 评级机构指出该平台对⾼⻛险资产的敞⼝增加且缺乏信息披露 George Steerin New York andNikou Asgariin London纽约乔治·斯蒂尔、伦敦尼库·阿斯加⾥联合报道Published已发布14 HOURS AGO Get ahead with daily markets updates.Join the FT's WhatsApp channel 每⽇获取市场动态，领先⼀步。加⼊英国《⾦融时报》WhatsApp频道 Tether’s ability to maintain its peg to the US dollar has been called into question by S&P GlobalRatings, which downgraded the stablecoin operator’s reserves to its lowest measure due to risingexposure to high-risk assets. 标普全球评级下调这家稳定币运营商的储备评级⾄最低等级，因其对⾼⻛险资产的敞⼝不断扩⼤，该机构对泰达币维持与美元挂钩的能⼒提出了质疑。 In a note on Wednesday, the rating agency downgraded its assessment of Tether’s assets to “weak”from “constrained”. It also flagged “an increase in high-risk assets” backing the stablecoin, withcorporate bonds, precious metals, bitcoin and secured loans accounting for 24 per cent of totalreserves at the end of September, up from 17 per cent a year ago.微信公众号 404K微信公众号 404K 评级机构标普全球（S&P Global）周三发布报告，将泰达币（Tether）的资产评级从"受限"下调⾄"薄弱"。报告同时指出，⽀撑这款稳定币的"⾼⻛险资产有所增加"——截⾄9⽉底，公司债券、贵⾦属、⽐特币和担保贷款占储备总额的⽐例从⼀年前的17%升⾄24%。 Tetherruns USDT — by far the world’s biggest stablecoin with about $184bn in circulation — aform of digital cash outside the banking system that is pegged to the dollar and mostly backed byhigh-quality securities such as US Treasuries. 泰达公司运营着USDT稳定币，这是⽬前全球最⼤规模的稳定币，流通量约为1840亿美元。这种数字现⾦形式独⽴于银⾏体系之外，与美元1:1挂钩，主要依托美国国债等⾼安全性证券作为储备⽀撑。 The rating agency warned that the company has “limited transparency on reserve management andrisk appetite, lack of a robust regulatory framework [and] no asset segregation to protect againstthe issuer’s insolvency”. 评级机构警告称，该公司"在储备管理和⻛险偏好⽅⾯透明度有限，缺乏健全的监管框架，且没有资产隔离机制来防范发⾏⼈破产⻛险"。 It also cited Tether’s lack of disclosures regarding its custodians, bank account providers andcounterparties, as well as how it decides which risky assets to buy and what to do if the value ofsome assets drops significantly.微信公众号 404K微信公众号 404K 报告还指出，Tether未披露其托管机构、银⾏账户服务提供商及交易对⼿⽅信息，也未说明其⾼⻛险资产配置决策机制以及应对资产⼤幅贬值的预案。 “A decline in the price of bitcoin or the value of other higher-risk assets, could therefore reducecollateral coverage and result in USDT becoming under-collateralised,” S&P analysts wrote. Theyadded that the rising share of risky assets exposed the token’s reserves “to greater marketfluctuations”. 标准普尔分析师写道："⽐特币价格下跌或其他⾼⻛险资产贬值，可能导致抵押品覆盖率下降，最终使USDT⾯临抵押不⾜⻛险。"他们补充称，⻛险资产占⽐上升使代币储备"⾯临更⼤的市场波动冲击"。 US commerce secretary Howard Lutnick has previously said Cantor Fitzgerald, of which he wasformerly chief executive, custodies Tether’s Treasuries, but S&P said “reports on the reserve still donot disclose information on the custodians, counterparties or bank account providers of theassets.” 美国商务部⻓霍华德·卢特尼克曾透露他此前担任⾸席执⾏官的Cantor Fitzgerald负责托管Tether的美国国债，但标普指出"储备报告仍未披露资产托管⽅、交易对⼿⽅或银⾏账户服务商信息"。 Tether said it “strongly disagrees with the characterisation presented in the report” and said thestablecoin “has consistently maintained full resilience through banking crises, exchange failures,liquidity shocks and extreme market volatility.”微信公众号 404K微信公众号 404K 泰特公司表示"坚决不同意报告中的描述"，并称这款稳定币"在银⾏危机、交易所倒闭、流动性冲击和极端市场波动中始终保持完全抗压能⼒。" Tether added that it “leads the industry in transparent reserve reporting, publishing real-time dataand quarterly independent attestations since 2021 — standards that exceed those of manyregulated financial institutions”. 泰特补充说，其"在储备⾦透明报告⽅⾯处于⾏业领先地位，⾃2021年以来持续发布实时数据和季度独⽴审计报告——这些标准超越了许多受监管⾦融机构的要求。" In 2022 Tetherfailed to maintain its pegwith the dollar after coming under heavy selling pressure.In an interview at the time, Paolo Ardoino, now the company’s CEO, declined to provide detailsabout the hoard of government bonds kept in reserve, as he did not “want to give our secret sauce”. 2022年泰特币在遭遇巨⼤抛售压⼒时曾⼀度失守与美元的锚定汇率。当时任公司⾸席技术官、现为CEO的Paolo Ardoino在接受采访时，拒绝透露储备政府债券的具体细节，称不愿"透露我们的秘制配⽅"。 The broadercryptomarket has tumbled in recent weeks as investors concerned about tech stockvaluations and the trajectory of US interest rates have trimmed their positions in risky assets.微信公众号 404K微信公众号 404K 随着担忧科技股估值和美国利率⾛势的投资者削减⻛险资产头⼨，更⼴泛的加密货币市场最近⼏周出现暴跌。 Bitcoin has fallen about 30 per cent since its latest peak in early October, leaving the value of thedigital token down 6 per cent since the start of the year, despite the Trump administration’s crypto-friendly policies. ⽐特币⾃10⽉初达到近期峰值以来已下跌约30%，尽管特朗普政府实施了对加密货币友好的政策，但这⼀数字货币年初⾄今仍下跌了6%。 Tether is one of the world’s biggest buyers of US Treasuries, which comprise 75 per cent of itscollateral, a decrease from 81 per cent, according to the rating agency’s last review. It made $10.1bnin net profits this year to September. The company largely makes money by pocketing the interestthat it earns from holding Treasuries. 据评级机构最新审查，泰达币是美国国债的最⼤买家之⼀，其抵押品中美国国债占⽐从81%降⾄75%。截⾄今年9⽉，该公司实现净利润101亿美元，主要通过持有美国国债赚取利息盈利。 In September the company entered into talks to raise as much as $20bn in a private funding roundthat would va