PYUSD获SEC传票，PayPal稳定币胎死腹中？

Odaily星球日报Опубліковано о 2023-11-02Востаннє оновлено о 2023-11-02

Анотація

Libra、BUSD，这次轮到PYUSD了

原创 | Odaily星球日报

作者 | Loopy

PYUSD获SEC传票，PayPal稳定币胎死腹中？

今日，稳定币市场再度迎来重大变故。

PayPal 披露的文件表示，PayPal 已于今日收到了来自 SEC 执法部门关于 PayPal 美元稳定币（即 PYUSD）的传票，传票要求 PayPal 出示一系列文件。PayPal 方面表示，该公司正与 SEC 就此请求展开合作。

2023 年 8 月， PayPal 正式推出了以美元计价的稳定币 PayPal USD (PYUSD)，这也是大型金融公司首次发行自己的稳定币。PayPal USD 基于以太坊（ERC 20）、由 Paxos Trust Company 发行，并获得美元、短期美国国债和类似现金等价物提供 100% 支持，可以 1: 1 兑换美元。

而本次稳定币业务的拓展不仅对 PayPal 的加密布局至关重要，对 Paxos 更是如此。此前，由于 Paxos 的王牌产品 BUSD 被监管部门叫停，Paxos 的稳定币业务走入下行。借助本次合作发行 PYUSD，Paxos 或将也可迎来复苏的机会。

CoinMarketCap 数据显示，截至目前，PYUSD 流通市值 1.58 亿美元。尽管与主流稳定币相较这一数据极小，但这仍是一个不错的开始。

在发行之初，PayPal 总裁兼 CEO Dan Schulman 表示：“向数字货币的转变需要一种稳定的工具，既要数字化原生，又要易于与美元等法定货币连接。我们对创新和合规性做出负责任的承诺，以及为客户提供新体验的过往成绩，都为通过 PayPal USD 推动数字支付的增长提供了必要的基础。”

PYUSD 风险在何处？

2023 年 9 月，PayPal 为 Venmo 客户推出了 PYUSD。Venmo 是 PayPal 旗下的一个移动支付服务。

巨头涉足稳定币，这并不罕见。而 PayPal 的一个令人欣喜之处在于，这一稳定币首先为美国客户。鉴于美国加密监管的严苛，这也在一定程度上代表着 PYUSD 所具有的合规性。

PayPal 总裁指出，PYUSD 是“完全支持、受监管的稳定币，有希望改变 web 3 和数字原生环境中的支付方式”。

但如今，这一项目却面临着潜在的巨大打击。我们不禁要问，PYUSD 究竟发生了什么？

PayPal 在披露的文件中表示，该公司选择的托管合作伙伴和 PYUSD 发行人受监管监督、满足资本要求、符合审计和合规行业认证、网络安全政策的约束。

然而，他们也诚实的表示，若任何托管人（或发行人）的运营中断、托管人（或发行人）未能很好的保护持仓加密货币（或储备资产）可能会导致客户资产损失。这会使 PayPal 面临客户索赔、降低消费者信心，并对其经营业绩和加密货币产品产生重大影响。

此外，还有更多来自于托管人的风险，例如不当访问、盗窃、破坏、保险金额不足等等。

托管人的破产也被视为一种不确定性的风险。PayPal 披露到，虽然存在各种监管制度，但加密资产的托管仍涉及独特的不确定性。有时，托管的加密资产可能会被视为不属于托管人破产财产的一部分。目前，破产法院尚未明确在破产程序中对数字资产托管持有的适当处理。若托管人破产，由于缺乏先例，结果会充满不确定性。

但需要明确的是，本次 SEC 仅是要求 PYUSD 提供文件配合调查。

尚未有公开文件显示 SEC 的具体诉求（如类似 BUSD 直接将其定性为证券）。目前，PYUSD 披露的文件显示了这一稳定币的潜在风险，但无论是 PayPal 方面还是 SEC 方面，都仍处于细节信息缺失的状态。这一事件势必将持续更久，仍有待更多的信息披露。

下一个 Libra，还是下一个 BUSD？

2019 年，Facebook 正式公布数字货币 Libra，这一事件震惊了整个行业。尽管 Libra 出于种种原因，最终胎死腹中。但这款拥有 30 亿月活用户的全球性巨头企业的加密探索，仍然为“主流世界”和“加密世界”的融合谱写了最宏大的一场精彩叙事。

而在各种推测和研究中，相当多一部分人均认为 Libra 最大的困境在于监管。其稳定机制让 Libra 和传统世界产生了巨大的碰撞和裂隙。

PayPal 的稳定币已经拓展至 Venmo，而且结合 PayPal 的业务场景，无疑将产生丰富的应用场景。这会极大的提高其反洗钱难度。随着监管力度在各个领域的加强，反洗钱和合规要求始终是加密企业挥之不去的一股阴霾。

稳定币的监管处理方式正在不断发展，并引起了包括美国证券交易委员会在内的全球立法和监管机构的极大关注。在实践中，联邦、州和国际法律法规的持续变化将如何适用于稳定币存在不确定性， PYUSD 可能面临大量成本来运营和遵守任何额外或更改的要求。

而当 Libra 的故事结束之后，BUSD 又一次为我们上演了稳定币在监管面前的脆弱性。曾经市值高达 150 亿、位列市场前三的稳定币巨头，几乎是一夜之间就宣告了结束自己的统治。

当下，PYUSD 市值仅仅过亿，尚处于萌芽状态，就遇到了 SEC 的调查要求。未来的 PYUSD，是否会重蹈它前辈的覆辙呢？

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