尽管Circle三季度财报表现强劲，但投资者更担忧其未来盈利前景——成本持续攀升、利率进入下行周期，以及内部人可能抛售股票等多重压力。 然而，这一利好消息并未提振市场情绪，公司股价当日重挫超过12%。此轮下跌使该股较今年6月23日创下的历史高点已回调超过70%。 （周三Circle股价重挫超12%） 财报显示，公司该季度实现营收7.398亿美元，同比增长66%，高于分析师普遍预期的7.067亿美元。每股收益更是达到了64美分，远超华尔街预测 的20美分。 业绩的强劲增长主要得益于其核心产品，美元稳定币USDC的规模扩张。截至9月底，USDC的流通量达到737亿美元，是去年同期的两倍多。 然而，在财报中，一份关于未来成本的指引成为了市场的"绊脚石"。 Circle将其2025年的运营费用预测从此前的4.75亿至4.9亿美元区间，上调至4.95亿至5.1亿美元。 尽管公司同时将订阅和服务等非储备金收入的预期中值从8000万美元上调至9500万美元，但成本预测的增幅显然更大，这直接影响了投资者对未 来利润率的判断。 部分增加的支出或将用于公司计划推出的Arc区块链网络，该网络已吸引了贝莱德、汇丰银行和Visa等合作 ...

稳定币是一类与美元等法定货币挂钩、价格稳定的加密货币。它们通常以现金或美债等高流动性资产为 支撑，因此，稳定币发行规模扩大将直接推升对美债的需求。贝森特称，这一增长得益于今年夏天正式 生效的《天才法案》，该法案鼓励此类加密货币的采用与创新。 贝森特补充说，除了稳定币市场外，规模约7.5万亿美元的货币市场基金同样是美债的重要买家。而监 管机构对银行资本要求的改革，尤其是对低风险资产的风险权重调整，也可能进一步推动机构增加美债 持仓。 他表示："财政部将持续评估这些趋势是结构性还是暂时性的，并据此调整长期发债计划。"财政部在11 月5日公告中提到，正初步考虑未来增加长期债券的发行量，但至少在未来几个季度内，长期债发行规 模将保持稳定。 贝森特关于稳定币的言论时机颇为关键。就在同一天，Circle公司宣布，其稳定币USDC的流通量较去 年翻倍。Circle首席财务官Jeremy Fox-Geen表示，稳定币代表了金融世界的一股"超级趋势"。不过， Circle的股价当日下跌逾12%，部分原因是投资者担心美联储降息后，其持有的美债储备收益将减少， 从而压缩公司稳定币储备利差收入。 智通财经APP获悉，周三，美国财政部 ...

美东时间12日周三，威廉姆斯在纽约联储的2025年美国国债市场会议上表示，美联储正在寻找"充足"的 银行准备金水平，以此确保牢固控制联储的利率目标及正常的货币市场交易状况。他说："基于近期持 续的回购市场压力以及准备金从丰裕转向充足的其他迹象，我预计不久就会达到充足的准备金水 平。"届时，美联储将开始逐步购买资产，以维持充足储备水平。 "美联储三把手"、纽约联储主席威廉姆斯（John Williams）认为，美联储可能很快需要重启债券购买， 作为维持对短期利率控制的技术性措施。威廉姆斯强调，这类购买对货币政策没有影响。 威廉姆斯暗示，美联储需要很快开始逐步直接购买债券，以维持市场流动性与增长经济之间的平衡。 同在周三，特朗普今年"钦点"的美联储理事米兰（Stephen Miran）再次提到稳定币的影响。在上周五表 示稳定币增长可能使美联储基准利率下降0.4个百分点后，这次他说，稳定币的影响可能会达到2000年 至2010年期间多达六成的储蓄。 "展望未来，我们下一步的资产负债表战略将是评估准备金何时达到充足。届时，将开始逐 步购买资产，以便维持充足的准备金水平，因为美联储的其他负债会不断增长，而且对准备 金的 ...

Summary of Mastercard Conference Call Company Overview - **Company**: Mastercard (NYSE: MA) - **Date**: November 12, 2025 - **CEO**: Michael Miebach Key Points Industry Context - Mastercard operates in the global payments industry, focusing on card networks and payment solutions [1][2][3] Settlement Update - Mastercard reached a settlement regarding interchange levels for U.S. merchants, which aims to balance interests among parties and preserve the "Honor All Cards" rule [4][5] Competitive Positioning - The settlement allows merchants more options regarding card acceptance, but the core competitive positioning of Mastercard remains strong due to user experience and cybersecurity features [8][9] Macroeconomic Environment - Mastercard reports solid consumer and business spending, with a balanced labor market and wage increases outpacing inflation [11][12][13] - The company remains optimistic about global spending trends despite macroeconomic uncertainties [13] Artificial Intelligence (AI) Utilization - Mastercard has been using AI for transaction security and efficiency for over a decade, with recent advancements in generative AI to enhance customer experience and internal operations [17][18][19] - Approximately one-third of Mastercard's services are now AI-powered, showing significant growth in AI application [21] Agentic Commerce - Agentic commerce is emerging as a new trend where AI-powered agents assist consumers in making purchases, potentially increasing transaction volumes [29][31] - Mastercard has successfully conducted its first agentic transaction, indicating progress in this area [32] Stablecoins - Mastercard is actively participating in the stablecoin space, enabling merchants to settle transactions in stablecoins following regulatory clarity [34][36] - The company has developed a comprehensive approach to on-ramp and off-ramp services for stablecoins, while acknowledging challenges such as interoperability and security [37] Strategic Priorities 1. **Consumer Payments**: Mastercard continues to focus on expanding digital payment penetration, particularly in markets like Mexico where only 23% of personal consumption is digital [41][42] 2. **Commercial Payments**: The commercial payments sector presents a $63 trillion opportunity, with significant momentum in small and medium enterprises (SMEs) [45][46] 3. **Value-Added Services**: Growth in value-added services is driven by a curated portfolio that addresses customer needs before and after transactions [51][52] New Solutions - **Mastercard Commerce Media**: A new offering that leverages transaction data to provide targeted advertising solutions [60][62] - **Mastercard Threat Intelligence**: A cybersecurity solution that combines payment data with threat intelligence to enhance fraud detection [64][66] M&A Strategy - Mastercard's acquisition strategy focuses on strategic fit and speed to market rather than just valuation, ensuring alignment with consumer and commercial services [69][70] Future Outlook - The company is optimistic about secular growth opportunities in payments, particularly in emerging markets and through differentiated services [81] Additional Insights - The company emphasizes the importance of consumer choice and the need for innovative solutions to stay competitive in the evolving payments landscape [32][34][81]

来源：市场资讯 迪拜数字经济法院已对与 Justin Sun 为稳定币 TrueUSD 发行方 Techteryx 提供救助相关的 4.56 亿美元资 金发出全球资产冻结令。案件焦点在于 TrueUSD 储备资金是否被违规转入总部位于迪拜的贸易融资公 司 Aria Commodities DMCC，用于大宗商品、矿业及其他非流动性项目投资。法院裁定 Techteryx 已提 出可信的信托侵占主张，并指出 Aria 未能提供资金流向及资产归属的证据，存在资产转移风险。 (CoinDesk) （来源：吴说） ...

Circle (CRCL) stock dropped as much as 10% Wednesday as investor concerns over falling interest rates outweighed the company's strong earnings and revenue growth, fueled by rising market share for its stablecoin issuance. Circle reported roughly $740 million in total revenue and reserve income in its third quarter, up 66% year over year, surpassing Wall Street estimates of $707.3 million. As the second-largest stablecoin issuer, Circle posted adjusted earnings of $0.64 per share, well above analysts' exp ...

凤凰网财经讯 11月12日，美股三大股指集体高开，道指涨0.28%，纳指涨0.41%，标普500指数涨 0.32%。 半导体板块领涨，AMD涨近7%，公司表示，未来三至五年公司整体营收预计将以约35%的年均速度增 长；AI芯片业务年增速或达80%。格芯大涨6.8%，该公司第三季度业绩表现强劲，营收、毛利率、营业 利润率和每股收益均达到预期范围的高端。 中概股方面，虎牙涨超3%，名创优品涨超2%；腾讯音乐跌超8%，长安能源跌超4%，百度跌超2%。 【其他市场消息】 【美国石油巨头计划建设大型AI专用供电设施】 在周三投资者日的演示文稿中，美国石油巨头雪佛龙宣布选择西德克萨斯作为其首个数据中心天然气发 电项目的地点。该设施预计于2027年投运，未来发电容量最多可达5000兆瓦。该项目可能会与电网分开 建设。雪佛龙是西得克萨斯二叠纪盆地最大的生产商之一，该地区的天然气产量经常超越管道运输能 力，不得不白白烧掉。 【IBM推出新量子处理器Nighthawk】 IBM周三宣布推出IBM Quantum Nighthawk，这是其迄今为止最先进的量子处理器，预计将于2025年底 交付给IBM用户。公司表示，Nightha ...

Summary of Visa's 2025 Conference Call Company Overview - **Company**: Visa Inc. (NYSE: V) - **Event**: 2025 Conference on November 12, 2025 - **Speaker**: Chris Suh, CFO of Visa Key Industry Insights Merchant Settlement Announcement - Visa announced a proposed settlement with U.S. merchants after over 20 years of litigation, providing significant relief and flexibility for merchants in payment acceptance [4][5] - The settlement includes a **10 basis points reduction** in U.S. average effective credit interchange rates for five years, with a cap of **125 basis points** for standard credit card categories [5] - Merchants will have more options regarding surcharging and can choose to accept U.S. credit cards across distinct categories [5][6] - Visa aims to maintain its competitive position despite potential merchant steering away from premium cards [2][9] Consumer Resilience - Visa described consumer spending as resilient in Q4, with both discretionary and non-discretionary spending increasing from Q3 to Q4 [10][11] - Key categories such as retail services, fuel, and travel showed steady or improved performance [10] - Average ticket sizes improved, indicating a healthy consumer environment [11] Cross-Border Payment Trends - Cross-border payment growth remained strong, with **11% growth** in total cross-border transactions in Q3 and Q4, and **13% growth** in e-commerce cross-border transactions [16] - The upcoming **2026 FIFA World Cup** is expected to drive inbound travel and cross-border payment volumes, with Visa already engaging 70 clients for marketing services related to the event [20][21] Value-Added Services (VAS) - VAS revenue grew to **$10.8 billion**, representing **27%** of total revenues, with strong growth in the low to mid-20s percentage range [40][41] - The VAS business includes portfolios such as issuing solutions, acceptance solutions, risk and security solutions, and advisory services, all growing at double-digit rates [42] - Visa's acquisition of Pismo enhances its capabilities in issuer processing and expands its global reach [35][36] Financial Performance and Strategy Revenue and Pricing - Visa's guidance for FY2026 indicates revenue and expenses will grow in line, with pricing adjustments expected to benefit e-commerce and enhance the overall ecosystem [44][50] - The company is lowering interchange fees for merchants who adopt enhanced data and token services, aiming to reduce overall costs and fraud [53] Investment in Innovation - Visa is investing in emerging technologies such as stablecoins and agentic commerce, with stablecoin settlement transactions increasing to an annualized run rate of **$2.5 billion** [47][54] - The company has enabled **$140 billion** in crypto and stable transactions since 2020, indicating a strong monetization strategy [55] Competitive Positioning - Visa views stablecoins as an opportunity rather than a threat, as they can enhance payment digitization in markets where Visa has limited penetration [58][60] - The company emphasizes its strong network and product leadership as key advantages in the evolving payment landscape [62][64] Additional Insights - Visa's focus on maintaining a high margin profile in its VAS business, which is characterized by high growth and recurring revenue, positions it well for future profitability [40][41] - The company is committed to being a responsible steward of investments while ensuring shareholder interests are prioritized [49] This summary encapsulates the key points discussed during the Visa conference call, highlighting the company's strategic initiatives, financial performance, and market outlook.

Circle Internet Group (NYSE:CRCL) Q3 2025 Earnings Call November 12, 2025 08:00 AM ET Company ParticipantsJeremy Allaire - Co-Founder, CEO, and ChairmanJohn Andrews - VP of Investor Relations and Capital MarketsJoseph Vafi - Managing Director and Equity ResearchJames Yaro - Vice President of Equity ResearchKen Worthington - AnlalystPete Christiansen - Director of Payments, Processors, and IT Services Equity ResearchJeremy Fox-Geen - CFODevin Ryan - Head of Financial Technology ResearchConference Call Partic ...

稳定币龙头Circle(CRCL.US)第三季度营收超出分析师预期，其稳定币USDC的流通量较去年同期增长逾 一倍。财报显示，Circle三季度营收达7.4亿美元，同比增长65.9%，超出市场预期的7.1亿美元；每股收 益为0.64美元，超出预期0.46美元。 该公司第三季度净利润为2.144亿美元，而去年同期净利润为7100万美元。 Circle于6月上市，随着市场对稳定币的热情持续升温——这类数字资产通常被设计为与美元1:1锚定 ——并在7月首个联邦监管框架签署前达到高潮，其股价随之飙升。 Circle的上市使其创始人杰里米.阿莱尔跻身亿万富翁行列，也被视为其他数字资产公司效仿的机遇。 Circle上市后，加密货币交易所Bullish在纽交所挂牌，另一家交易所Gemini也于9月开始交易。 Circle将年度调整后运营支出预期上调至4.95亿美元至5.1亿美元，理由是为建设其平台而不断增加的投 资以及更高的工资税，该股在开盘前下跌超3%，截至发稿，该股盘前跌3.86%，报94.51美元。 尽管Circle股价自上市以来累计上涨超过200%，但目前已较今夏创下的历史高点下跌逾60%。一些分析 师的疑虑开始升 ...