财经外刊精读 · 互动版 · B1 深读

Stablecoin issuers have quietly become America's newest big lender

稳定币发行商，悄悄成了美国最新的一个大债主
2026 年 10 月 31 日 · 星期六 本期：稳定币 · 短期国债 · 铸币税（CEFR B1）
The United States Capitol seen from a wide avenue
Washington. The buyer it now needs does not ask what the yield is.
Photo: Unsplash (royalty-free library image; not the original article's photography)

30 秒速读

先建立框架，再进原文。默认只给英文，点摘要段落（或右上角「译」）出中文对译，点数字卡展开中文。

Stablecoin issuers now hold about $300 billion of tokens, backed mostly by short-term US Treasury bills. They keep the interest, pay holders nothing, and have become a quiet new buyer of government debt.

稳定币发行商如今持有约 3,000 亿美元的代币，背后主要是美国短期国债。利息归发行商，持有人一分拿不到——它们就这样成了美国政府债务一个安静的新买家。

$300bn
The whole dollar stablecoin market — each token is a claim on one dollar of reserves.
整个美元稳定币市场——每一枚代币，都是对一美元储备的索取权。
$182bn
USDT alone, about 61% of the market. Circle's USDC is second, at about $72bn.
仅 USDT 一家，约占全市场 61%。Circle 的 USDC 排第二，约 720 亿美元。
$132bn
Tether's Treasury and repo holdings at the end of September, against $184bn of tokens.
Tether 持有的美国国债与逆回购，截至 9 月底；对应流通中的 1,840 亿美元代币。
4.1%
What a one-month Treasury bill paid on 27 October. The holder of the token earns 0%.
10 月 27 日一个月期美国国债的收益率。而代币持有人拿到的是 0%。
$40tn
America's total debt, passed in August — months earlier than forecast.
美国的国债总额，8 月突破——比预期早了好几个月。
$827bn
Net interest paid in nine months of the fiscal year, more than defence spending.
本财年前九个月支付的净利息，比国防开支还多。

原文精读 · Full Text

25 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Stablecoin issuers have quietly become America's newest big lender
稳定币发行商，已悄悄成为美国最新的一个大债主。
PARA 01
A stablecoin1 is a digital token, designed to be worth exactly one dollar at all times.
稳定币是一种数字代币，设计成任何时候都正好值一美元。
PARA 02
You send a dollar to the company behind it, and that fixed price is called the peg.2
你把一美元交给它背后的公司，而这个固定价格叫做「锚定」（peg）。
PARA 03
The company is called an issuer.3 Tether, which runs USDT, is the biggest; Circle, which runs USDC, is second.
这家公司叫做「发行商」（issuer）。运营 USDT 的 Tether 是最大的一家；运营 USDC 的 Circle 排第二。
PARA 04
Dollar stablecoins are worth about $300 billion in total, and USDT alone accounts for about $182 billion.
美元稳定币总值约 3,000 亿美元，其中仅 USDT 一家就占约 1,820 亿美元。
The dollar stablecoin market, October 2026 Market value of tokens in circulation, $ billion USDT (Tether) $182bn USDC (Circle) $72bn All others $46bn
Chart 1 | Two issuers, about 85% of a $300 billion market. Every bar is also a pile of reserves that has to be invested. Source: DeFiLlama data for 25 October 2026, as reported by Crypto Coin Show. Total market $300.4bn.
PARA 05
Here is the part most holders never think about: the issuer does not leave your dollar in a bank account.
这里有一个部分是大多数持有人从来不会想到的：发行商不会把你的美元留在银行账户里。
PARA 06
It uses the money to buy Treasury bills.4 These are short loans to the government that mature within a year. The new federal rules point the same way.
它用这笔钱去买短期国债。这是借给政府的短期贷款，一年内到期。新的联邦规则指的也是同一个方向。
A pile of dollar notes. Behind every dollar stablecoin there should be a dollar sitting in reserve.
A pile of dollar notes. Behind every dollar stablecoin there should be a dollar sitting in reserve. 一叠美元纸币。每一枚美元稳定币背后，都应该有同样的一美元躺在储备里。 Photo: Unsplash (royalty-free library image; not the original article's photography)
PARA 07
A Treasury bill pays interest, and on 27 October a one-month bill paid about 4.1%.
短期国债是付利息的，而 10 月 27 日一个月期的国债付约 4.1%。
PARA 08
The holder of the token gets none of it. Under the new rules, an issuer may not pay interest just because you hold its coin.
代币持有人一分也拿不到。按新规，发行商不得仅仅因为你持有它的币就付利息。
PARA 09
So the issuer keeps the difference. This old profit has an old name: seigniorage,5 the money made by issuing money, and by holding other people's dollars.
于是发行商留下这个差价。这笔古老的利润有个古老的名字：铸币税（seigniorage），靠发行货币、以及持有别人的美元赚到的钱。
Where your dollar goesOne dollar in, one token out, one Treasury bill bought1You send $1to the issuer2One tokenworth $1, paid 0%3A T-bill is bought93 days or less4Issuer keeps it4.1% a year, about $4
Chart 2 | The pipeline behind the peg: the dollar you deposit becomes a short government bill, and the interest stays with the issuer. Editor's schematic. The 4.1% is the one-month bill yield on 27 October 2026; the holder's return is zero.
PARA 10
In the third quarter, Tether earned $1.5 billion, and $4.5 billion in nine months.
第三季度，Tether 赚了 15 亿美元，九个月合计 45 亿美元。
PARA 11
In six months, Circle, the second issuer, earned $1.4 billion. It paid $819 million to its distributors.
半年里，第二大发行商 Circle 赚了 14 亿美元。它把 8.19 亿美元付给了分销商。
PARA 12
So why hold a token that pays nothing at all? A Kansas City Fed study found that 48.8% sit in trading accounts, and only 0.7% are used for payments.
那为什么要持有一枚完全不给利息的代币？堪萨斯城联储的一项研究发现 48.8% 的稳定币放在交易账户里，只有 0.7% 用于支付。
A markets screen on a phone. Most stablecoins are not used to pay for things; they wait in trading accounts.
A markets screen on a phone. Most stablecoins are not used to pay for things; they wait in trading accounts. 一部手机上的行情页。多数稳定币并不用来付款，而是停在交易账户里等机会。 Photo: Unsplash (royalty-free library image; not the original article's photography)
PARA 13
In 2025, these issuers bought about $35 billion of Treasury bills. That is roughly what a very large money-market fund buys in a year. That is a lot for a young industry.
2025 年，这些发行商买下约 350 亿美元的短期国债。这大致相当于一只超大型货币市场基金一年的购买量。对一个年轻行业来说，这已经很多了。
PARA 14
Washington has noticed, and America needs the money.
华盛顿已经注意到了，而美国需要这笔钱。
PARA 15
In August, its debt passed $40 trillion. Net interest alone cost $827 billion in nine months, more than defence.
8 月，美国国债突破了 40 万亿美元。仅净利息一项九个月就花了 8,270 亿美元，比国防还多。
PARA 16
The government needs buyers who do not ask about the price. Stablecoins supply exactly that: the money must be held whatever the yield is, because the law says so.6
政府需要的买家是不问价格的那种。稳定币提供的正是这个：不管收益率是多少，这笔钱都必须被持有，因为法律就是这么规定的。
PARA 17
On 27 October, Treasury Secretary Scott Bessent called these issuers an important new source of demand for US debt. Every token created creates a purchase of a Treasury security, almost automatically.
10 月 27 日，美国财政部长贝森特把这些发行商称为美国国债需求的一个重要新来源。每创造一枚代币就几乎自动带来一笔对美国国债的购买。
PARA 18
A week earlier, a bank regulator called the OCC published its final rules. The date was 21 October, and they take effect on 18 January 2027.
一周前，银行监管机构 OCC 发布了最终规则。发布日期是 10 月 21 日，，这些规则在 2027 年 1 月 18 日生效。
PARA 19
The rules are strict about what counts. Reserves7 must be cash, bank deposits or bills maturing in 93 days or less. The issuer chooses which, and that choice is where the risk starts.
这些规则对「什么算合格」要求很严。储备资产必须是现金、银行存款，或 93 天内到期的国债。具体选哪一种由发行商决定，而风险正是从这里开始的。
PARA 20
Bills this short barely move in price, which is exactly why the rules allow them. A run8 is a different problem.
这么短期限的国债，价格几乎不动，这正是规则允许它们的原因。「挤兑」（run）是另一回事。
PARA 21
If holders rush to redeem, the issuer must sell bills fast. The Bank of England and the FSB have warned about this. A big sale could push short-term yields up, not down.
如果持有人争相赎回，发行商就必须快速卖出这些国债。英国央行和金融稳定理事会（FSB）都警告过这件事。大笔抛售可能推高短期收益率，而不是压低它。
PARA 22
These issuers hold less than 1% of all Treasury debt. The BIS found that a $3.5 billion inflow cut three-month yields by at most four basis points.
这些发行商持有不到全部美国国债的 1%。国际清算银行（BIS）发现，35 亿美元的资金流入最多只把三个月期收益率压低了 4 个基点。
PARA 23
Growth has cooled too, and the market has sat between $300 billion and $320 billion for a year. Standard Chartered now expects $2 trillion only by 2030.
增长也降温了，而市场规模已经在 3,000 亿至 3,200 亿美元之间待了一年。渣打银行现在预计 2 万亿美元要到 2030 年才实现。
PARA 24
The token in your wallet is a small claim on a very large debt, and a quiet source of profit. The question is not whether it is safe, but who earns the interest while it sits there.
你钱包里的那枚代币是一笔巨大债务上的一小份索取权，也是一处安静的利润来源。问题不是它安不安全，而是它放在那里的时候，利息归谁。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1Stablecoin/ˈsteɪblkɔɪn/ 点击看中文解释 ↓

A digital token designed to stay at one dollar, backed by reserves the issuer holds.

Why it matters here ▸ About $300bn of them exist, and each one is a claim on a dollar of reserves.

稳定币：设计成始终值一美元的数字代币，背后由发行商持有的储备支撑。

拓展知识：稳定币靠两件事维持一美元：一是有储备（真的有钱），二是能赎回（随时换回美元）。任何一件出问题，价格就会脱锚。2022 年 Terra 的 UST 崩掉，就是因为它的「储备」是另一种自家代币。
Extended note: A stablecoin is a promise, not a coin. The promise is only as good as the reserves behind it.
2Peg/peɡ/ 点击看中文解释 ↓

The fixed price a stablecoin promises to keep, usually one dollar.

Why it matters here ▸ The peg is what makes the token usable for payments and for trading.

锚定（peg）：稳定币承诺维持的固定价格，通常是一美元。

拓展知识：「脱锚」（depeg）是稳定币最危险的状态：一旦市场价跌到 0.95 美元，所有人都会想先跑，跑的人越多，价格越低。所以发行商宁可暂停赎回，也不愿让价格离开一美元。
Extended note: A peg survives only while holders believe redemption will work.
3Issuer/ˈɪʃuə/ 点击看中文解释 ↓

The company that creates the tokens and holds the reserves behind them.

Why it matters here ▸ Tether and Circle issue about 85% of all dollar stablecoins.

发行商：创造代币、并持有其背后储备的公司。

拓展知识：发行商不是银行：它不收存款、不放贷款，也不受存款保险保护。它更像一只「只买超短期国债的货币基金」，外加一台印代币的机器。
Extended note: Issuers look like money-market funds with a printing press attached.
4Treasury bill/ˈtreʒəri bɪl/ 点击看中文解释 ↓

A short loan to the US government that matures in a year or less.

Why it matters here ▸ Reserve rules allow only bills maturing in 93 days or less.

短期国债（T-bill）：借给美国政府的短期贷款，一年以内到期。

拓展知识：短期国债是金融体系里最接近现金的资产：期限短、价格波动小、随时能卖。所以监管把稳定币储备限定在这里，而不是公司债或股票。期限越长，收益越高，但挤兑时越难卖。
Extended note: T-bills are cash with a small interest payment attached.
5Seigniorage/ˈseɪnjərɪdʒ/ 点击看中文解释 ↓

The profit made by issuing money, or a money-like token.

Why it matters here ▸ Tether's version: pay holders 0%, earn about 4.1% on the reserves.

铸币税：发行货币（或类货币代币）所赚取的利润。

$100 held for one year, at a 4.1% bill yieldToken holder$0.00Issuer$4.10The reserve earns the interest. The holder owns the token, not the reserve.
拓展知识：政府的铸币税来自「铸造成本」与「面值」的差额；稳定币发行商的铸币税来自「付给持有人 0%」与「储备赚 4%」的差额。利率越高，这门生意越赚钱——所以降息会直接压缩它们的利润。
Extended note: When rates fall, seigniorage shrinks. That is the hidden interest-rate risk in this business.
6Yield/jiːld/ 点击看中文解释 ↓

The income an investment pays each year, shown as a percentage.

Why it matters here ▸ A one-month bill yielded about 4.1% on 27 October; the token yielded zero.

收益率：一项投资每年带来的收入，用百分比表示。

拓展知识：债券价格与收益率反向：收益率涨，手里旧债的价格就跌。稳定币储备全是超短债，价格风险极小——这正是它敢承诺一比一兑付的技术原因。
Extended note: Short maturities keep the price stable. That is why the peg can hold.
7Reserve/rɪˈzɜːv/ 点击看中文解释 ↓

The assets an issuer holds to back every token it has issued.

Why it matters here ▸ Tether held $132bn of Treasuries and repos at the end of September.

储备：发行商为每一枚已发行代币所持有的资产。

拓展知识：看一家发行商，先看三件事：储备里有多少现金和短债、由谁托管、有没有独立审计（「鉴证」attestation 不等于审计）。储备的质量，决定挤兑时能不能真的兑付。
Extended note: Reserves answer 'is it backed?'. They do not answer 'is it liquid in a panic?'.
8Run/rʌn/ 点击看中文解释 ↓

A rush of holders trying to take their money out at the same time.

Why it matters here ▸ The Bank of England and the FSB have warned that a run could force fast bill sales.

挤兑：持有人同时涌来取钱。

拓展知识：银行挤兑靠存款保险和央行「最后贷款人」止住；稳定币两者都没有。它能靠的只有：储备足够短、足够多，以及赎回不被暂停。
Extended note: A run tests liquidity, not solvency. Most failures happen at the first test.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 8 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
at all times/ət ɔːl taɪmz/

always, without any exception

One token is meant to be worth exactly one dollar at all times.

任何时候、始终：没有例外

一枚代币的设计目标，是任何时候都正好值一美元。
account for/əˈkaʊnt fɔː/

to make up a particular share or amount of a total

USDT alone accounts for about $182 billion.

占（某个比例）：构成总量的一部分

仅 USDT 一家就占约 1,820 亿美元。
keep the difference/kiːp ðə ˈdɪfrəns/

to keep the money left over between what you receive and what you pay

So the issuer keeps the difference.

留下差价：收进来的和付出去的之间那部分归自己

于是发行商留下这个差价。
ask about the price/ɑːsk əˈbaʊt ðə praɪs/

to care how much something costs before agreeing to it

The government needs buyers who do not ask about the price.

问价格：在意要付多少才肯买

政府需要的是不问价格的买家。
take effect/teɪk ɪˈfekt/

to start to apply officially, as a law or rule does

They take effect on 18 January 2027.

生效：法律或规则开始正式适用

这些规则在 2027 年 1 月 18 日生效。
push up/pʊʃ ʌp/

to make a price or rate rise

A big sale could push short-term yields up, not down.

推高：使价格或利率上涨

大笔抛售可能推高短期收益率，而不是压低。
sit between/sɪt bɪˈtwiːn/

to stay within a range, without moving much

The market has sat between $300 billion and $320 billion for a year.

停留在（某个区间）：一直在两个数之间，没怎么动

市场规模已经停留在 3,000 亿至 3,200 亿美元之间一年了。
a claim on/ə kleɪm ɒn/

a legal right to ask for something, such as money or assets

The token in your wallet is a small claim on a very large debt.

对……的索取权：有权要求拿到某笔钱或资产

你钱包里的那枚代币，是一笔巨大债务上的一小份索取权。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1Who receives the interest that the Treasury bills earn?
正确答案：B
原文说得很直接：「代币持有人一分也拿不到。」利息留在发行商手里，这正是它的收入来源。A 与原文相反；C 把「付利息的人」当成了「收利息的人」；D 文中没有提到银行分这笔钱。B1 第一题考事实定位：谁付、谁收，要分清。
The holder of the token gets none of it. Follow the interest, and you find the business model.
Q2Why does the US government like stablecoin demand for its debt?
正确答案：B
关键在「不问价格」：普通买家收益率低了就不买，而合规发行商的储备必须持有短债，收益率高低都得买。第 16 段说「不管收益率是多少，这笔钱都必须被持有」。A 文中没有这项税；C 是贝森特提到的另一个好处，但题目问的是「为什么需要这种需求」；D 与原文相反，钱是借给政府的，不是借给银行的。
Stablecoins supply exactly that: the money must be held whatever the yield is. The value of this buyer is not its size. It is that it cannot walk away.
Q3What does the last sentence mean by "a small claim on a very large debt"?
正确答案：A
「索取权」（claim）指的是：你拿着这枚币，就有权要回一美元，而那一美元背后是美国政府的一小段债务。「small」说的是体量——发行商持有的美债不到全部的 1%。B 把「索取权」读成了「看跌押注」；C 把金融索取权与投票权混为一谈；D 与全文相反，稳定币的设计目标就是值一美元。
These issuers hold less than 1% of all Treasury debt. Small does not mean unimportant. It means the link is young.
财经外刊精读 · 互动版 · 2026-10-31 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
Adapted for B1 readers from the sources below. 英文正文：OCC; US Treasury; Tether Q3 attestation; DeFiLlama; BIS。正文按精读节奏切分为 25 段（含标题），B1 改写稿：长句已拆短、抽象名词已改成动词，数字、人名、机构与日期一律照原文；贝森特的表态按间接引语处理，未加引号冒充原话。
转载源与交叉核对：监管口径：美国货币监理署（OCC）新闻稿《OCC Advances U.S. Digital Asset Leadership with Final Rule to Implement GENIUS Act》与 Bulletin 2026-50（2026-10-21，最终规则 2027-01-18 生效）；政策表态：PANews / 深潮 TechFlow《US Treasury Secretary Stumps for Crypto》（2026-10-28，记录贝森特 10 月 27 日在 Ripple Swell 的完整发言）；市场数据与利率：CoinPost（10 月 27 日一个月期美债 4.1%、十年期 4.99%）、Crypto Coin Show 与 DeFiLlama（10 月 25 日全市场 3,003.6 亿美元、USDT 1,823 亿、USDC 717 亿、渣打把 2 万亿美元预测由 2028 推至 2030）；Tether 财务：Phemex 转载的 Q3 鉴证（净营业利润 15 亿美元、九个月 45 亿、美债与逆回购 1,324 亿美元、BDO 出具鉴证）；风险提示：The Coin Park / CryptoSlate 整理的 FSB 2026-10-12 报告；体量与传导：MyCryptoMania 汇总的 BIS 研究与 TBAC 口径（不到全部美债的 1%、2025 年购债约 350 亿美元）；财政数字：新华社 / 人民日报（2026-08-19，国债破 40 万亿美元；2026 财年前九个月净利息 8,270 亿美元）。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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