Group 1 - The US and China have agreed to suspend certain tariffs for 90 days, with the US pausing a 24% tariff on Chinese goods and China suspending a 24% tariff on US goods starting August 12 [1] - A new personal consumption loan subsidy policy has been introduced, allowing eligible loans to receive financial subsidies from September 1, 2025, to August 31, 2026, with a maximum subsidy of 3,000 yuan per person [1] - A loan subsidy policy for service industry operators has been issued, providing financial support for loans up to 1 million yuan in specific sectors such as catering, health, and tourism [1] Group 2 - The US July CPI remained at 2.7% year-on-year, lower than the expected 2.8%, while the core CPI rose to 3.1%, exceeding expectations and marking a new high since February [2] - The US Treasury reported a record high in tariff revenue for July at 28 billion USD, a 273% increase year-on-year, but the budget deficit also widened to 291 billion USD [10] - The Chinese stock market continues to show strength, with the A-share financing balance surpassing 2 trillion yuan for the first time in ten years, indicating increased leverage in various sectors [3][4] Group 3 - Tencent Music reported a 17.9% year-on-year revenue growth in Q2, reaching 8.44 billion yuan, with a 33% increase in adjusted net profit [5] - The commercial factoring industry in China is expected to see new regulations aimed at guiding companies to focus on accounts receivable and avoid risky lending practices [7] - The Chinese logistics and procurement association reported a rise in the e-commerce logistics index to 112 points in July, indicating a recovery in the sector [7]

周二，"稳定币第一股"Circle(CRCL.US)开盘涨超11%，报179.31美元。消息面上，该公司Q2业绩显示， 总收入和储备收入同比增长53%至6.58亿美元，主要受USDC流通量大幅增长推动;净亏损4.82亿美元， 主要受IPO相关非现金费用5.91亿美元影响，包括4.24亿美元股权激励费用;业绩指引方面，管理层预计 USDC流通量多年复合增长率40%。 本文源自：智通财经网 ...

Group 1 - The core viewpoint of the article highlights Circle's strong Q2 performance, with total revenue and reserve revenue increasing by 53% year-over-year to $658 million, driven by significant growth in USDC circulation [1] - The company reported a net loss of $482 million, primarily due to non-cash expenses related to its IPO, which included $591 million in total expenses and $424 million in stock-based compensation [1] - Management expects a compound annual growth rate of 40% for USDC circulation over the coming years, indicating strong future growth potential [1] Group 2 - Circle's stock opened with an increase of over 11%, reaching $179.31 [1] - The substantial growth in revenue is attributed to the increased circulation of USDC, reflecting a positive trend in the stablecoin market [1] - The company's financial performance and optimistic guidance suggest a robust outlook for the stablecoin sector [1]

美国消费者价格指数(CPI)7月环比上涨0.2%，符合预期，低于6月的0.3%；同比上涨2.7%，低于预期， 与6月持平。美股开盘，三大指数集体上涨，纳指涨0.58%，标普500指数涨0.48%，道指涨0.49%。 英特尔涨超2%，特朗普会见英特尔CEO陈立武后，发文称"他的成功崛起堪称传奇"。 特斯拉涨1.2%，中国官网上线续航830公里的Model 3车型，起售价26.95万。 "稳定币第一股"Circle大涨超15%，Q2调整后EBITDA同比增长52%至1.26亿美元，超预期。 (格隆汇) ...

当地时间周二，"稳定币第一股"Circle发布了上市后的首份财报。 二季度，Circle的营收同比大增53%，调整后EBITDA同比增长52%，二者均超预期。 受此利好刺激，Circle在美股盘前交易中上涨超14%。 盈利能力优秀 具体来看，Circle二季度的营收达到6.58亿美元，同比增长53%，高于分析师预期的6.47亿美元。 这主要得益于USDC的流通量达到613亿美元，同比增长90%。 当季净亏损扩大为4.82亿美元，去年同期为-3290万美元，每股净亏损4.48美元。 如此大幅的亏损主要受IPO相关费用影响，包括4.24亿美元的IPO股权激励费用、1.67亿美元因股价上涨带来的可转换债券公允价值调整。 Circle的调整后息税折旧摊销前利润（EBITDA）表现良好，同比增长52%至1.26亿美元，超过预期的1.21亿美元。 据悉，Circle的大部分收入来自美国国债和其他收益型工具，这些工具支撑着其稳定币USDC的价值。 此外，Circle还需要将很大一部分收益返还给Coinbase等分销合作伙伴。 展望未来，Circle计划继续实现收入多元化，目标是在2025年实现7500万-8500万美元的其 ...

Financial Data and Key Metrics Changes - USDC in circulation grew to $61.3 billion at June 30, representing a 90% year-over-year increase, and reached $65.2 billion by August 10, marking a 6.4% increase since quarter-end [7][28] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [28][29] - Adjusted EBITDA was $126 million in the quarter, up 52% year-over-year, resulting in a 50% adjusted EBITDA margin [30] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with $2.4 trillion in transactions recorded in July alone [7][27] - CCTP volume also showed significant growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [27] - Other revenue increased to $24 million in Q2, up 3.5 times year-over-year, primarily driven by a $13 million increase in subscription and services revenue [29] Market Data and Key Metrics Changes - The total addressable market for stablecoins is considered massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [11][22] Company Strategy and Development Direction - The company aims to build the largest stablecoin network, leveraging its platform to support developers, enterprises, and institutions [24] - The launch of the Circle Payments Network (CPN) is a key initiative to transform international money movement, with active payment corridors already established in several countries [13][58] - The introduction of ARC, a new Layer 1 blockchain, is designed to support stablecoin finance and enhance transaction efficiency [15][93] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid expansion of commercial opportunities post-IPO and the positive impact of the Genius Act on stablecoin adoption [12][99] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, reflecting the increasing demand for stablecoins across various sectors [31][108] - Management emphasized the importance of building strong partnerships and the need for financial institutions to integrate new technologies, which may take time [100] Other Important Information - The company has committed to corporate impact by reserving shares for future donations to its foundation [9] - The regulatory environment is seen as a significant tailwind for the company's growth, particularly with the passage of the Genius Act [12][100] Q&A Session Summary Question: Thoughts on ARC and its revenue model - Management expressed excitement about ARC and its potential to underpin stablecoin finance, with gas fees in USDC expected to become a revenue source [35][39] Question: Details on USYC and partnership with Binance - The expanded partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [40][44] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions reflects improvements in blockchain technology and growing payment utility [50][53] Question: Milestones for CPN and its relationship with ARC - The focus is on activating more payment corridors and developing self-service tools for institutions to integrate with CPN [58][60] Question: Payment networks and competition - Management views USDC as a market-neutral infrastructure that supports various payment networks, emphasizing the importance of growing utility and distribution [64][66] Question: Adoption of USDC in remittance - The company is seeing increasing demand for USDC in remittance, with partnerships expanding in both consumer and B2B segments [78][80] Question: Partnership with OKX - The partnership with OKX aims to enhance liquidity and promote USDC to a large user base, contributing to the growth of the network [82][86] Question: Distribution and gas fees for ARC - Management discussed the goal of having a distributed network of professional validators for ARC, ensuring low and predictable transaction costs [90][92] Question: Impact of the Genius Act on growth - Management noted a significant increase in institutional interest post-Genius Act, which is expected to drive further adoption of USDC [95][100]

Core Viewpoint - Circle reported a net loss of $482 million in Q2, primarily due to significant non-cash IPO expenses, while USDC circulation experienced rapid growth, reaching $61.3 billion, a year-on-year increase of 90% [1][5][8]. Financial Performance - Total revenue and reserve income increased by 53% year-on-year to $658 million, driven by the substantial growth in USDC circulation [5][7]. - Net loss of $482 million was heavily influenced by $591 million in non-cash expenses, including $424 million in stock-based compensation [8][10]. - Adjusted EBITDA rose by 52% to $126 million, exceeding market expectations, indicating stable core business profitability [5][10]. Core Business Progress - USDC circulation reached $61.3 billion at the end of the quarter, with an average circulation of $61 billion, marking an 86% year-on-year increase [7][11]. - The number of meaningful wallets increased by 68% to 5.7 million, reflecting a growing user base [11]. - Reserve income grew by 50% to $634 million, although the reserve return rate decreased by 103 basis points to 4.1%, indicating the impact of changing interest rates on profitability [11]. Distribution Costs - Distribution costs surged by 64% year-on-year to $407 million, outpacing revenue growth and leading to a decline in RLDC margin from 42% to 38% [9][12]. - Management attributed this increase to the growth in USDC circulation and new distribution agreements with strategic partners like Coinbase [13]. Market Share and Competitive Landscape - Circle's stablecoin market share reached 28%, an increase of 595 basis points year-on-year [9][11]. - The company faces intensified competition in the yield-bearing digital asset space and acknowledges potential risks such as stablecoin runs and regulatory changes [15]. Regulatory Environment - The signing of the GENIUS Act establishes a federal regulatory framework for payment stablecoins, which is a significant advantage for Circle's long-term compliance status [15]. - Management remains optimistic about future growth, projecting a compound annual growth rate of 40% for USDC circulation and providing guidance for other revenues in FY2025 of $7.5 to $8.5 million [6][15].

智通财经APP获悉，在完成近年来最引人注目的公开上市仅两个月后，稳定币发行商Circle(CRCL.US) 第二季度出现亏损，同时营收超出预期。截至发稿，该公司股价在盘前交易中上涨约7%，涨至约172美 元，其IPO发行价为31美元。 公司表示，总分销、交易和其他成本同比增长64%至4.07亿美元，主要源于USDC流通余额增加和 Coinbase平台持有USDC增长带来的分销支付增加，以及新战略合作伙伴关系产生的分销费用。 为促进增长，Circle于6月宣布计划在美国创建全国性信托银行。若获批，由联合创始人兼首席执行官杰 里米·阿莱尔领导的Circle将能够自行管理储备金，并可能通过备受追捧的美联储主账户直接接入美国支 付系统。 Circle表示，4.82亿美元的净亏损(合每股4.48美元)主要受到IPO相关非现金费用的重大影响。去年同期 公司实现净利润约3200万美元。营收增长53%至6.58亿美元，超过彭博调查分析师平均预期的6.473亿美 元。 该公司还宣布推出Arc——专为稳定币金融打造的开源Layer 1区块链，从而构建自主的全栈平台。 这家稳定币发行商第二季度经调整的息税折旧摊销前利润为1.26亿 ...

（编辑 王雪儿） 证券日报网讯 四方精创8月12日在互动平台回答投资者提问时表示，公司关注到香港《稳定币条例》及 相关细则逐步落地，将积极争取相关的业务机会。市场股价变动受多方面因素影响，敬请注意投资风 险。 ...

Group 1 - Major index futures show mixed performance with Dow futures up 0.11%, S&P 500 futures down 0.26%, and Nasdaq futures up 0.03% [1] - Lithium stocks are experiencing pre-market gains, with Lithium Americas up nearly 9%, SQM up 6%, and SIGMA LITHIUM up 14% [1] - Tesla has launched the Model 3 long-range rear-wheel drive version with a range of 830 kilometers (CLTC) and a 0-100 km/h acceleration time of 5.2 seconds [1] Group 2 - Elon Musk announced that his company xAI will take legal action against Apple, alleging anti-competitive behavior that restricts other AI companies from ranking high in the app store [1] - An Australian Federal Court ruled that Apple and Google have engaged in illegal conduct by abusing their market dominance in operating app stores, potentially allowing consumers and app developers to seek compensation [1] Group 3 - Circle, a stablecoin issuer, is set to release its first earnings report since its IPO in June, with its stock price rising over 400% from the IPO price of $31 to $161.17 [2] - The U.S. spot Ethereum ETF saw a record single-day net inflow of $10.1 billion, with BlackRock's ETF leading at $6.4 billion and Fidelity's ETF following with $2.77 billion [2] - The U.S. Consumer Price Index (CPI) report for July will be released, marking the first report since the dismissal of the BLS director [2]