稳定币+RWA，迈向 Finternet 的关键 - 从 Circle 和 Coinbase 看稳定币产业链 20250610 摘要 稳定币作为一种新兴的支付工具，通过区块链技术优化了跨境贸易中的 支付效率，将交易成本显著降低至不到一美元，交易时间缩短至几分钟， 对传统 Swift 系统构成潜在替代。 在高通胀地区，稳定币为居民提供了一种获取相对稳定价值的途径，类 似于持有美元，尤其是在本国货币受到限制的情况下，稳定币在新兴市 场国家作为 M0 的持有方式具有重要用途。 Circle 公司通过储备金利息和 API 接口费获取收入，其商业模式依赖于 USDC 的流通量和铸造赎回机制，但同时也面临较高的分销和交易成本， 其中大部分被 Coinbase 分走。 Coinbase 在 Circle 的商业模式中扮演关键角色，通过托管 USDC 获取 收益分成，其托管量从 2022 年的 5%快速提升至 2024 年的 20%，硅 谷银行破产事件后，Coinbase 的分成比例超过 50%。 稳定币产业链包括发行方、交易所、公链基础设施和应用层，其中发行 方和交易所是主要商业化潜力所在环节，而交易所为稳定币提供流动性 ...

Price Trends - Ethereum (ETH) is currently priced at approximately $2,521, reflecting a 5.11% increase from the previous day, with a monthly gain of 40.48%, although it remains down 24.63% year-to-date compared to its all-time high in November 2021 [3] - Bitcoin (BTC) is trading around $105,614, up 0.75% from the previous day, with a daily trading range of $103,100 to $106,200. It is currently testing the significant psychological resistance level of $106,600, which coincides with a supply cluster of approximately 31,000 BTC [4] Market Catalysts and On-Chain Data - The SEC's regulatory stance is shifting towards supporting innovation in the crypto space, as indicated by SEC Chairman Paul Atkins' recent comments. This is expected to positively impact the overall cryptocurrency market [4] - Institutional buying remains strong, with Strategy increasing its Bitcoin holdings by 7,390 BTC at an average price of $103,498, totaling approximately $764.9 million, indicating robust interest from large institutional investors [4] - The correlation between Bitcoin and gold has decreased to -0.54 over the past 30 days, suggesting Bitcoin is developing an independent price trajectory [4] Operational Strategies - For Bitcoin, a light long position can be considered if the price effectively breaks through the $106,600 resistance and stabilizes above it for at least 4 hours, with a target price of $110,000 and a stop-loss set below $105,000 [4] - For Ethereum, a buy zone is identified below $2,400, with a mid-term target of $3,000 and a long-term target of $4,000. A stop-loss is recommended below $2,300, which is a significant technical support level [8] - The macroeconomic environment is supportive, with indications from the New York Fed suggesting potential interest rate cuts, which could benefit risk assets including cryptocurrencies [8] Key Events and Indicators - The market is closely monitoring Bitcoin's ability to break the $106,600 resistance and upcoming statements from Federal Reserve officials regarding interest rate policies, which could influence market sentiment [10] - The recent performance of the S&P 500 index, which rose by 1.2%, reflects improved risk appetite, providing a positive external environment for the cryptocurrency market [8] - Significant trading volume for ETH/USDT has surged to $12.3 billion in the past 24 hours, indicating heightened market interest and buying intent [8]