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沈建光:为什么稳定币第一股股价能成倍上涨
Di Yi Cai Jing·2025-06-30 12:14

Core Insights - Circle's business model shows significant profit potential, and the role of stablecoins in daily financial activities is indispensable [1] - Circle's stock price surged dramatically after its NASDAQ listing, reflecting strong market confidence in stablecoins and regulatory support [2][3] Group 1: Stock Performance and Market Position - Circle's stock price increased from an initial listing price of $31 to a peak of $290, resulting in a market capitalization nearly eight times Ripple's previous valuation of $50 billion [1][2] - The surge in Circle's stock is attributed to a broad consensus among lawmakers and the market regarding the future application and adoption of stablecoins, reinforced by bipartisan support for the GENIUS Act [2] Group 2: Competitive Landscape - Circle's profitability is significantly lower than that of its competitor Tether, with Circle earning $156 million compared to Tether's $13.1 billion in profits last year [2][3] - Circle's focus on institutional clients and its transparent corporate structure have made it more appealing to U.S. cryptocurrency traders compared to Tether, which operates in less regulated environments [3][4] Group 3: Operational Strategies - Circle has opted to manage its reserves through BlackRock and pays Coinbase to maintain USDC reserves, sacrificing potential profits from reserve management [4] - The operational model of Circle, which emphasizes transparency and regulatory compliance, contrasts with Tether's offshore operations, which have faced governance challenges [4] Group 4: Future Applications of Stablecoins - Stablecoins have the potential to replace traditional payment systems, commercial banking needs, brokerage services, remittance services, and trade financing, offering lower costs and increased efficiency [7][8][9][10][11] - The introduction of stablecoins could fundamentally reshape the financial system, providing innovative solutions and enhancing user experience in various financial transactions [11] Group 5: Limitations of Stablecoins - Stablecoins are not suitable for consumer loans due to the need for credit risk assessment and the complexity of traditional lending processes [12] - In certain economies with established payment systems, such as China and India, stablecoins may struggle to gain traction despite their advantages in cross-border transactions [13] Group 6: Valuation and Market Potential - Circle's valuation is not solely based on its current performance but also on its potential to disrupt traditional payment and consumer finance sectors, with a market opportunity in the trillion-dollar range [14] - While Circle may not surpass Tether's market share, it stands out as the only stablecoin company attracting investor interest in the U.S. stock market [14]