全球最大稳定币发行商Tether推出黄金新计量单位，试图促进黄金在支付领域的应用。 周二，Tether发表博文宣布推出Scudo一词，这是Tether"黄金稳定币"XAUT的一种新计量单位，旨在让黄金重新成为人人都能使用的支付 手段。 根据Tether的定义，一个Scudo等于千分之一金衡盎司黄金，也相当于该公司发行的黄金支持代币XAUT的千分之一。按当前价格计算，一 个Scudo价值约4.48美元。 Tether表示，全球范围内持续的通胀担忧、利率不确定性、央行创纪录的黄金购买量以及避险资产需求增长，这为恢复黄金作为人类历史 上普遍存在、值得信赖且透明的支付方式创造了机会。 据CoinGecko数据显示，Tether的XAUT代币市值已达23亿美元，过去一年增长近三倍。公司宣称实际持有的黄金总量远超其代币价值，截 至2025年第三季度末，Tether持有116吨黄金，按周二价格计算价值近170亿美元。 黄金再次证明了它与比特币并驾齐驱，成为终极价值储存手段。XAUT将黄金数字化，而现在通过Scudo，我们降低了准入门 槛，让任何人都能拥有、轻松定价和交易哪怕是世界上最值得信赖的资产的一小部分。 Tether ...

Core Viewpoint - Tether, a major stablecoin issuer, has made a €1.1 billion acquisition offer for Juventus, which was promptly rejected by Exor, the holding company of the Agnelli family, who control the club [1][5]. Group 1: Acquisition Offer Details - Tether proposed to acquire Exor's 65.4% stake in Juventus at €2.66 per share, valuing the club at €1.1 billion, which represents a significant premium over the market price of €2.19 per share at the close of the Milan market [2][5]. - This acquisition attempt marks Tether's shift from financial investment to strategic control, as the company already holds 11.5% of Juventus shares acquired in the secondary market [5]. Group 2: Response from Exor - Exor firmly rejected Tether's unsolicited proposal, stating that it has no intention of selling any shares in Juventus [1][6]. - The Agnelli family has a long-standing connection with Juventus, having controlled the club since 1923, and is committed to reversing the club's fortunes despite recent challenges [6]. Group 3: Tether's Financial Strength - Tether, the largest stablecoin issuer, has issued USDT tokens worth approximately $185 billion, with its primary revenue coming from interest on U.S. Treasury bonds [7]. - The company reported a profit of $10 billion in the first nine months of 2025, with an expected annual profit of around $15 billion, and is actively investing in early-stage tech startups and media companies [7]. - Tether is also seeking to raise $15 to $20 billion at a valuation of $500 billion, with plans for expansion in the U.S. market [7].

Core Insights - Tether has made a $1.1 billion all-cash bid to acquire a 65.4% controlling stake in Juventus Football Club, which was quickly rejected by Exor, the holding company of the Agnelli family [2][3][7] - Despite the rejection, Tether is positioning itself as a long-term investor, expressing willingness to invest €1 billion to strengthen the club if a deal is reached [3][4][7] Financial Position - Tether is in a strong financial position, with the potential to generate approximately $15 billion in revenue this year, positioning itself as a contender to become the world's most profitable company [4][6] Strategic Moves - Tether has gradually increased its influence in Juventus, having acquired over 10% of the club's shares and nominated members to its board [5] - The company has been diversifying its investments into various sectors, including artificial intelligence, robotics, and health-tech, alongside its interest in sports [4][5]

Core Insights - The global financial system is witnessing a shift where non-state entities are competing with central banks in building gold reserves, with Tether emerging as one of the largest gold buyers [2][3][4] - In Q3 2025, Tether increased its gold holdings by 26 tons, surpassing the gold purchases of many central banks during the same period, making it the largest single buyer of gold for that quarter [3][4] - Tether's total gold holdings reached approximately 116 tons by the end of September 2025, positioning it among the top 30 gold holders globally, ahead of countries like Greece, Qatar, and Australia [2][4] Tether's Gold Purchases - Tether's gold purchases are funded by profits rather than reserves meant to back Tether's stablecoin, indicating a strategy of diversifying assets to enhance long-term resilience [3][4] - The company emphasizes that its gold accumulation does not signify liquidity issues or bankruptcy risks, as independent audits confirm the relationship between its assets and liabilities [10] Market Trends - The rise of private participants, including stablecoin issuers, sovereign wealth funds, and multinational corporations, is reshaping the gold market, which was traditionally dominated by central banks [3][4][7] - The World Gold Council reports an increase in demand for gold from non-sovereign entities, reflecting a structural shift in the market dynamics [3][4][7] Central Bank Activity - In Q3 2025, central banks collectively added 220 tons of gold, a 28% increase from the previous quarter, indicating that despite high prices, they continue to strategically increase their gold reserves [4][6][9] - Notable central bank purchases included Kazakhstan's increase of 18 tons, Brazil's first purchase since July 2021 with an addition of 15 tons, and Turkey's ongoing accumulation of 7 tons [9] Tether's Reserve Composition - As of September 30, 2025, gold and precious metals accounted for approximately 7% of Tether's total consolidated reserves, which includes gold supporting Tether's stablecoin and other investments [8] - The market capitalization of Tether's tokenized gold product, XAUT, is around $1.6 billion, corresponding to less than 12 tons of gold, while over 100 tons of gold are part of Tether's broader corporate reserves [8]

Group 1: Circle Internet Group - Circle Internet Group has seen a significant decline in its stock price, falling 73% from its highs, but analysts believe it is deeply undervalued with a potential 300% upside [1][6] - The company issues stablecoins USDC and EURC, which are tied to the U.S. dollar and the European euro, respectively, and is the second-largest stablecoin by market value [3] - Circle generates most of its revenue from interest on reserve assets, which are backed by fiat currency reserves, making it sensitive to Federal Reserve monetary policy [4] - The company is expanding into payments through the Circle Payments Network, which has attracted 29 financial institutions and a pipeline of 500 companies interested in joining [5] - Analysts expect the volume of circulating USDC to grow at 40% annually, leading to a projected revenue increase of 33% annually through 2027, making its current valuation of 6.5 times sales reasonable [6] - Jeff Cantwell from Seaport Research set a target price of $280 per share for Circle, indicating a 300% upside from its current price of $70 [7][8] Group 2: The Trade Desk - The Trade Desk has also experienced a significant stock decline of 71% from its highs, but analysts see a potential 125% upside with a target price of $90 per share [1][7] - The Trade Desk is a leading demand-side platform for the open internet, focusing on connected TV advertising, a rapidly growing market [8][9] - Concerns about increased competition from Amazon, which has made deals to access advertising inventory from Roku and Netflix, have contributed to the stock's decline [9] - The Trade Desk's independence from owning media content or advertising inventory allows it to avoid conflicts of interest, making it more appealing to publishers [10] - The ad tech spending is expected to grow at 14% annually through 2030, with The Trade Desk's adjusted earnings projected to increase at 15% annually over the next three years, making its current valuation of 22 times earnings reasonable [11]

Group 1 - The core viewpoint of the article is that Mizuho has downgraded Circle's target price due to concerns over its revenue being affected by interest rates and growth [1] - Circle's majority of revenue comes from interest on USDC reserves, which are primarily invested in short-term U.S. Treasury securities, repurchase agreements, and cash [1] - A decline in interest rates or underperformance in USDC growth could negatively impact the company's revenue [1] Group 2 - Mizuho has reiterated a "underperform" rating for Circle, lowering the target price from $84 to $70 [1] - The future consensus expectations for Circle's market may be adjusted downward due to lower interest rates, poor USDC promotion, and rising issuance costs [1]

Group 1 - The core viewpoint of the article is that Mizuho has downgraded Circle's target price due to concerns over interest rates and market risks [1] - Circle's majority of revenue comes from interest on USDC reserves, which are primarily invested in short-term U.S. Treasury bonds, repurchase agreements, and cash [1] - A decline in interest rates or underperformance in USDC growth could negatively impact the company's revenue [1] Group 2 - Mizuho has reiterated a "underperform" rating for Circle and lowered the target price from $84 to $70 [1] - The market consensus for Circle is expected to be adjusted downward in the coming years due to lower interest rates, poor USDC promotion, and rising issuance costs [1]

Core Viewpoint - Mizuho indicates that Circle, the issuer of the stablecoin USDC, derives most of its revenue from interest generated by USDC reserves, which are primarily invested in short-term U.S. Treasury securities, repurchase agreements, and cash [1] Group 1 - If interest rates decline or USDC growth does not meet expectations, the company's revenue may be impacted [1] - With decreasing interest rates, slower USDC adoption, and rising issuance costs, market consensus expectations for Circle are likely to be revised downward in the coming years [1] - Mizuho reaffirms a "underperform" rating for Circle and lowers its target price from $84 to $70 [1]

Core Viewpoint - Circle's strong Q3 earnings report did not alleviate market concerns about future profitability due to rising costs, a declining interest rate environment, and potential insider stock sales [3][5][12] Financial Performance - Circle reported Q3 revenue of $739.8 million, a 66% year-over-year increase, surpassing analyst expectations of $706.7 million [9] - Earnings per share reached $0.64, significantly exceeding Wall Street's forecast of $0.20 [9] - The growth was primarily driven by the expansion of its core product, the USDC stablecoin, which had a circulation of $73.7 billion by the end of September, more than double the amount from the previous year [10] Cost Outlook - The company raised its 2025 operating expense forecast to between $495 million and $510 million, up from a previous range of $475 million to $490 million, raising investor concerns about cost control and future profitability [7][12] - Although the company increased its revenue expectations for subscription and service income from $80 million to $95 million, the larger increase in cost forecasts overshadowed this positive news [12] Market Concerns - The Federal Reserve's interest rate cuts are expected to pressure Circle's core revenue sources, as the company's interest income from USDC reserves, primarily invested in money market funds, is likely to decline [8][14] - The return rate on the company's reserves dropped by 96 basis points to 4.15% in the latest quarter [14] - Concerns were also raised about the potential early expiration of the lock-up period for insider stock sales, which could lead to increased selling pressure on the stock [16][17]

Core Viewpoint - Despite Circle's strong Q3 financial performance, investor concerns about future profitability have led to a significant drop in stock price, primarily due to rising costs, a declining interest rate environment, and potential insider stock sales [1][2]. Financial Performance - Circle reported Q3 revenue of $739.8 million, a 66% year-over-year increase, surpassing analyst expectations of $706.7 million [4]. - Earnings per share reached $0.64, significantly exceeding Wall Street's forecast of $0.20 [4]. - The growth was largely driven by the expansion of its core product, the USDC stablecoin, which had a circulation of $73.7 billion by the end of September, more than double the amount from the previous year [4]. Cost Outlook - The company raised its 2025 operating expense forecast to between $495 million and $510 million, up from a previous range of $475 million to $490 million, raising investor concerns about cost control and future profitability [3][5]. - Although the company increased its revenue expectations for subscriptions and services from $80 million to $95 million, the larger increase in cost forecasts overshadowed this positive news [5]. Market Concerns - The anticipated interest rate cuts by the Federal Reserve are expected to pressure Circle's core revenue sources, as the company primarily earns interest from its USDC reserves invested in money market funds [7]. - The return rate on the company's reserves has already decreased by 96 basis points to 4.15% in the latest quarter [7]. - Circle's CFO argued that lower interest rates could stimulate economic activity and investment, potentially benefiting the business in the short term [7]. Insider Selling Pressure - Concerns about a potential early end to the stock lock-up period for insiders have added to the downward pressure on the stock price. The lock-up period, typically lasting 180 days post-IPO, may conclude as early as the second trading day after the release of the Q3 financial results [8].