Workflow
代币化金融
icon
Search documents
白宫发布数字资产报告 比特币储备计划无实质更新
Sou Hu Cai Jing· 2025-07-30 19:59
白宫发布了期待已久的数字资产报告,其中制定了一项国家战略,旨在让美国在区块链、加密货币市场 和代币化金融领域占据全球领先地位。尽管该报告涵盖了广泛的数字资产政策领域,但并未就政府计划 中的比特币储备提供实质性更新,只是重申了特朗普总统1月行政令中的表述,未列出后续步骤或实施 时间表。此报告的出台源于特朗普总统1月签署的一项行政令,该行政令成立了一个关于数字资产及 人 工智能等新兴技术的跨部门工作组。这份长达166页的文件由白宫加密货币与人工智能事务负责人David Sacks和执行董事Bo Hines牵头编写,整合了财政部、商务部、美国 证券交易委员会(SEC)和美国商 品 期货交易委员会(CFTC)的意见,其中列出了关于简化监管、支持创新和实现监管现代化的多项提 议。(格隆汇) ...
国际清算银行警告:稳定币不稳定 存多重系统性风险
Bei Ke Cai Jing· 2025-06-26 07:42
近期,稳定币的热潮仍在持续,但一份来自国际清算银行(BIS)的报告给该概念泼了一盆冷水。BIS 在报告中指出,稳定币作为可靠货币形式存在不足,若缺乏监管,会对金融稳定和货币主权构成风险。 BIS成立于1930年,被誉为"央行的央行"。BIS旨在促进国际货币合作和金融稳定,其成员包括几乎所有 的中央银行。 在这份报告中,BIS指出,虽然稳定币的未来角色尚不明朗,但它们在三项重要测试中表现糟糕,这表 明它们充其量只能扮演辅助角色。任何此类角色的指导原则都是,将合法用例引入受监管的货币体系, 且不得损害金融稳定或现有体系已证实的优势。非法使用将不受监管。 稳定币不稳定 未达到成为货币体系支柱的要求 作为数字不记名工具,BIS指出,稳定币可以跨境自由流通,进入不同的交易所和自托管钱包。 这使得 它们容易在了解你的客户(KYC)合规方面存在漏洞。源自托管钱包的交易在公链上可追踪。 "个人在将稳定币兑换成法定货币时,在遇到KYC要求之前,可以保持匿名。但稳定币的持有者可能并 非其发行机构的客户,发行机构可能不知道持有者是否已进行身份验证。"BIS指出,更令人担忧的是, 稳定币可能会被发送给那些确实没有进行身份验证的个人。 ...
How Circle Can 3x Its Revenues
Forbes· 2025-06-11 15:05
Core Insights - Circle Internet Group Inc. has emerged as a significant player in the digital finance sector, reporting revenues exceeding $1.5 billion in 2024, primarily from interest income on reserves backing its stablecoin USDC [2] - The company aims to increase revenues to over $4.5 billion in the coming years, driven by reserve yield and software/API monetization [2][4] - The potential for revenue growth is substantial, with projections indicating that gross revenue from reserves could reach $6 to $8 billion annually if USDC circulation rises to $150 to $200 billion [4] Reserve Yield: The Scalable Core - Circle's primary revenue source is the yield from reserves backing USDC, with nearly $60 billion in circulating USDC as of 2024, generating around $3 billion in gross interest income annually at a 5% interest rate [3] - After operational expenses and partner revenue sharing, Circle retains approximately $1.5 to $1.8 billion as net revenue [3] - A conservative estimate suggests that Circle could earn $4 to $5 billion annually from yield alone if USDC circulation increases significantly [4] Infrastructure APIs: The Growth Catalyst - Circle is developing a software-like infrastructure for programmable finance, offering API-based services for businesses engaging with blockchain [5] - Attracting 10,000 mid-sized to large companies could yield $500 million to $1 billion in recurring annual revenue, with additional revenue from smart contract wallet infrastructure and treasury SDKs [6] - Overall, modest adoption across various sectors could elevate Circle's platform revenue to between $2 billion and $3 billion within five years [6] Revenue Quality and Growth Potential - The revenue from API-driven business lines is expected to be sticky, recurring, and insulated from macroeconomic volatility, enhancing long-term margins [7] - Combining reserve yield and software revenue, Circle could achieve annual revenues of $6 to $7.5 billion, indicating a 3x to 5x increase from the current baseline [8] - Growth is contingent on the expansion of USDC circulation and the establishment of APIs as critical infrastructure for institutions [9] Conclusion: Not Just a Stablecoin Company - Circle's trajectory suggests that tripling revenue is a logical progression, with USDC yield providing scale and predictability while APIs offer growth and diversification [10] - The company is positioned to develop a new layer of financial infrastructure beyond just stablecoin issuance [10]