稳定币发行方Circle如何赚钱？

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Stablecoins are positioned as the cornerstone of a new financial system centered around blockchain technology, addressing limitations of traditional financial services such as high costs, inefficiencies, and lack of inclusivity [11][12] - Circle is the second-largest stablecoin issuer globally, with a circulating supply of nearly $60 billion for USDC, capturing a market share of 29% as of March 31, 2025 [2][17] - The future applications of stablecoins are primarily in two areas: payment scenarios focusing on cross-border payments and trading scenarios centered on decentralized finance (DeFi) and real-world asset (RWA) tokenization [16][39] Summary by Sections Industry Overview - Traditional financial systems face challenges including high transaction costs, inefficiencies in fund transfers, regulatory constraints, and limited access for underserved populations [11] - Blockchain technology offers a decentralized, transparent, and efficient alternative, enabling rapid transactions and significantly lower costs [12] Circle's Position - Circle's USDC has seen substantial growth, with the number of active wallets increasing from 1.3 million in Q1 2022 to 4.883 million in Q1 2025 [2][20] - The company maintains a strong compliance framework, with its stablecoin redeemable 1:1 with USD and backed by reserve assets [21][22] Revenue Generation - Circle's primary revenue source is derived from reserve income, which accounted for 95%-99% of total revenue from 2022 to 2024, closely tied to the size of reserve assets and macro interest rates [2][24] - The company is diversifying its revenue streams through on-chain developer services, tokenized funds, and other innovative financial products [3][25] Future Growth Opportunities - Circle is expanding its product offerings, including Circle Wallets, Circle Contracts, and Circle Paymaster, to enhance user experience and facilitate seamless transactions across different blockchain networks [26][29][32] - The acquisition of Hashnote and the launch of the USYC tokenized multi-asset fund represent strategic moves to enhance interoperability and liquidity in the digital asset space [33] Market Trends - The report highlights the potential for stablecoins to disrupt traditional financial systems and emphasizes the importance of partnerships with entities like Coinbase to drive growth and market penetration [36][39] - The overall performance of the computer industry, including segments like fintech and AI, has shown resilience and growth, indicating a favorable environment for companies like Circle [40][44]