FSB предупреждает: криптовалюты приближаются к «переломному моменту» по мере углубления связей с TradFi

cryptonews.ruPubblicato 2024-03-13Pubblicato ultima volta 2025-06-13

Уходящий председатель Совета по финансовой стабильности (FSB) Клаас Кнот заявил, что интеграция крипторынка с традиционными финансами ускоряется, особенно за счёт стейблкоинов и биткоин-ETF, что создаёт новые системные риски.

Выступая в Мадриде в четверг, Кнот отметил, что криптовалюты пока не представляют серьёзной угрозы для глобальной финансовой системы, но предупредил: «Мы, возможно, приближаемся к переломному моменту». По его словам, связи между цифровыми активами и традиционными финансовыми рынками становятся всё плотнее.

Кнот подчеркнул, что доступ розничных инвесторов к криптовалютам «значительно облегчён», особенно благодаря появлению криптовалютных ETF. Эти фонды позволяют гражданам участвовать в рынке без необходимости управления закрытыми ключами, использования кошельков или регистрации на криптобиржах.

Ещё одной областью роста рисков он назвал рынок стейблкоинов. Их эмитенты теперь владеют крупными объёмами казначейских облигаций США, что усиливает взаимосвязанность криптоиндустрии и традиционного банковского сектора.

«Это сегмент, за которым мы должны внимательно следить», — добавил он.

Председатель FSB Клаас Кнот выступает в Мадриде. Источник: YouTube

Стейблкоины всё глубже встроены в традиционные финансы

Стейблкоины — это цифровые активы, привязанные к фиатным валютам, например, к доллару США. Сегодня их общая рыночная капитализация составляет более $251 млрд, согласно данным DefiLlama.

Недавняя статья Банка международных расчетов (BIS) также указала на растущее влияние стейблкоинов на традиционные финансы, особенно на краткосрочные ставки доходности казначейских облигаций США.

Согласно исследованию, основанному на ежедневных данных с 2021 по 2025 год и использовании метода инструментальных переменных, приток средств в стейблкоины снижает доходность трёхмесячных казначейских облигаций на 2–2,5 базисных пункта в течение 10 дней, тогда как отток повышает её на 6–8 базисных пунктов.

Эти эффекты наблюдаются в основном на коротких сроках погашения и имеют минимальное влияние на долгосрочные облигации. Наибольший эффект демонстрирует Tether (USDT), за ним следует USD Coin (USDC) от Circle, что говорит о реальном влиянии стейблкоинов на традиционные финансовые рынки.

Кнот покидает должность председателя FSB и поста президента центрального банка Нидерландов De Nederlandsche Bank 30 июня. Его сменит глава Банка Англии Эндрю Бейли, хотя преемник национального уровня ещё не определён.

Сенат США продвигает Закон GENIUS

В среду Сенат США проголосовал 68 против 30 голосов за законопроект GENIUS Act — полное название которого звучит как Guidance and Establishing National Innovation for U.S. Stablecoins (GENIUS). Это ключевой шаг к установлению единой регуляторной базы для стейблкоинов, обеспеченных долларами США.

Голосование открыло путь к дебатам в полной палате и окончательному решению, после чего документ будет направлен в Палату представителей.

Если закон будет принят, он создаст национальную структуру для выпуска стейблкоинов, повысив глобальную конкурентоспособность американской криптоиндустрии.

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