计算机行业从Circle和Coinbase看稳定币产业链：稳定币+RWA，迈向Finternet的关键

Investment Rating - The report maintains a recommendation for the TMT and small-cap/computer sectors [3]. Core Insights - The stablecoin industry is poised for accelerated growth as regulatory frameworks advance, serving as a bridge between traditional finance and Web3, particularly in conjunction with Real World Assets (RWA) [7][8]. - The total market capitalization of global stablecoins reached $251.1 billion as of June 3, 2025, with USDT and USDC holding market shares of 61% and 24% respectively [7][12]. - The report highlights the significant growth potential of stablecoins, particularly in high-inflation countries where they serve as alternative currencies [18]. Summary by Sections 1. Overview of Stablecoins - Stablecoins are cryptocurrencies pegged to traditional assets, designed to mitigate the volatility of native cryptocurrencies like Bitcoin [12][13]. - The primary types of stablecoins include fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed [13]. 2. Stablecoin Industry Chain - Circle and Coinbase are key players in the stablecoin ecosystem, with Circle issuing USDC and Coinbase providing distribution and operational support [7][30]. - Circle's revenue has grown from $772 million in 2022 to $1.676 billion in 2024, with net profits of $156 million in 2024 [27][29]. - Coinbase's revenue for 2024 is projected at $656.4 million, with stablecoin income being a significant growth driver [34]. 3. RWA Definition and Case Studies - RWA refers to the tokenization of real-world assets, facilitating low-cost global trading and enhancing liquidity [49][52]. - The integration of stablecoins and RWA is expected to create a synergistic ecosystem, enhancing the functionality and appeal of both [7][49]. 4. Investment Recommendations - The report suggests focusing on companies with strong business models in the stablecoin space, such as Circle and Coinbase, as well as cross-border payment service providers and custodial banks [7][8].