美债最大"接盘侠"诞生，大举买走1.6万亿，但偏偏不是英国、日本 先看看老牌买家。日本手里还有约11510亿美元，英国握着8990亿美元，中国大陆大概7300亿美元。可 今年事儿多：特朗普刚把关税又往前拱了拱；巴以火线不断；俄乌僵着。三面夹击，拍卖会里的老客户 明显兴致不高。 美国国债越堆越高，最新读数已经冲过35万亿美元，光是2025年要到期的就有9.2万亿。如果没人捡盘 子，利率说蹿就蹿，华尔街都得打冷颤。结果，一个谁都没太当回事儿的群体突然顶了上来——稳定币 发行商。 这时，锚定美元的数字代币火了。按GENIUS法案规定，发行方必须用真美元或短期国债做 1:1 储备， 还得每月公开审计。法案在2025年7月过关，18号总统签字，稳定币一下子从灰色角落被请到联邦灯光 下。 监管牌照落袋，支付场景迎来春天。跨境转账份额已经冲到37%：菲律宾工人发工资，印度程序员收外 包，甚至战火中的乌克兰家人汇款，都靠它零手续费、秒到账。通胀飘红的阿根廷街头，人们掏手机就 扫码换币，能扛一扛本国钱的跳水。 造币节奏也跟着疯跑。Circle在二季度新铸了422亿美元USDC，同比高出21%；USDT独占59%市场份 额，市值 ...

Core Viewpoint - Tether is seeking significant external funding, potentially reaching a valuation of $500 billion, which would solidify its position as one of the most valuable private companies globally [3][4]. Group 1: Investment Details - SoftBank and Ark Investment Management are in early discussions to invest in Tether, marking Tether's largest external financing attempt to date [3][4]. - Tether plans to raise between $15 billion to $20 billion by selling approximately 3% of its shares through a private placement [3][4]. Group 2: Company Background - Tether's primary product is USDT, a digital asset pegged to the US dollar, allowing users to transfer funds outside traditional banking systems [4]. - Tether has accumulated significant wealth by investing its reserve funds in cash-like assets, such as US Treasury bonds, and earning interest [4]. Group 3: Leadership and Valuation Impact - Tether is led by CEO Paolo Ardoino and co-founder Giancarlo Devasini, who is also the largest shareholder [5]. - If Tether's valuation reaches $500 billion, Devasini's stake could be valued at approximately $224 billion [5]. Group 4: Competitive Landscape - Ark Investment Management has previously invested in stablecoins, including Tether's main competitor, Circle Internet Group, which has a market cap of around $74 billion [5]. - Tether's market cap for user-held tokens is approximately $173.5 billion, significantly higher than Circle's [5].

据该公司7月份的一篇博客文章所述，第二季度该公司盈利达49亿美元。其首席执行官Paolo Ardoino近 期声称，Tether公司的利润率高达99%。 据两位业内人士透露，这家公司希望通过私募融资的方式，出让3%的股权以换取150亿至200亿美元的 资金。 全球最大的稳定币发行商Tether Holdings据称正在与投资者进行谈判，计划筹资高达200亿美元。这一交 易若成功，将使这家加密货币公司跻身全球最具价值私营企业的前列。 不过，参与该进程的另一名人士警告称，这些目标值是最高预期值，最终的实际金额可能会大幅降低。 稳定币巨头 Tether公司处于稳定币领域的前沿，这是一种将价值与法定货币挂钩的数字资产。其 USDT 代币与美元 挂钩，市值达1720亿美元，它是目前规模最大的，而Circle排名紧随其后，其USDC稳定币的市值约为 740亿美元。 作为USDT的发行方，Tether通过将用户资金投资于美国国债等资产获得收益，同时保持稳定币与美元 的1:1锚定。 此次融资将通过发行新股进行，而非现有股东出售股份。据悉美国知名金融服务公司康托·菲茨杰拉德 （Cantor Fitzgerald）将担任此次交易 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 全球最大的稳定币发行商Tether宣布任命Benjamin Habbel为新任首席商务官，领导公司发展、财 务、投资和投资组合扩张。Habbel还将专注于与Tether的投资组合公司和投资项目紧密合作，进一步扩 大投资组合管理团队，并赋能创始人和团队实现其愿景。 （责任编辑：王治强 HF013） ...

Group 1 - The IPO market is experiencing a cautious recovery in 2025, contrasting with the frenzy of 2021 and the stagnation from 2022 to 2024 [22][24] - In the first half of 2025, 103 companies completed IPOs, surpassing the 78 from the same period last year, indicating a potential market revival [5] - Companies going public in 2025 are generally larger, have more stable growth foundations, and many are already profitable or close to profitability, marking a shift from the speculative listings of 2021 [7][9] Group 2 - The successful IPO of Circle, which saw its stock price rise from $69 to $263, exemplifies the potential for significant returns in the current market [6][24] - Venture Global raised $1.75 billion in January 2025, signaling renewed interest in the IPO market [3] - The market is closely watching major players like Klarna, Figma, Stripe, and StubHub for their listing timing, which will reflect overall market confidence [19] Group 3 - The current market sentiment is influenced by geopolitical tensions and economic policies, particularly Trump's tariff policies, which could impact IPO plans [11][13] - Investors are advised to focus on fundamental aspects such as stable revenue sources, validated business models, and experienced management teams when evaluating IPO opportunities [15][17] - The industry landscape is diversifying, with sectors like technology, healthcare, fintech, energy, and defense showing activity, suggesting a broader range of investment opportunities [15][21]

来源：市场资讯 （来源：吴说） 作者 | Jiawei @IOSG 一、引言 过去两年中，市场的关注点始终被一个问题牵引：山寨季还会不会到来？ 相对于比特币的强势与机构化进程的推进，绝大多数山寨币的表现都乏善可陈，大部分现存的山寨币市值较上个周期缩水 95%，笼罩着诸多光环的新币 也深陷泥沼。而以太坊也经历了长时间的情绪低迷，直到近期在"币股模式"等交易结构推动下才出现修复。 即便在比特币连创新高、以太坊补涨并相对企稳的背景下，市场对山寨币的整体情绪依然低迷。每一个市场参与者都在期待市场能重演 2021 年那场波澜 壮阔的史诗级牛市。 笔者在此提出一个核心论断：2021 年那样的"大水漫灌"式且长达数月的普涨行情，其宏观环境与市场结构已不复存在—— 这并不是说山寨季一定不会到 来，而是它更有可能在一个慢牛格局中、以更具分化特征的形态展开。 二、昙花一现的 2021 年 2021 年的外部市场环境是十分独特的。在新冠疫情下，各国央行正在以空前的速度印钞，并将这些廉价的资本注入金融系统，传统资产的收益率被压 制，大家手中突然多出了大量现金。 在寻求高收益的驱动下，资金开始大量流向风险资产，而加密市场成为了重要的承 ...

稳定币发行人Figure Technology Solutions Inc.（FIGR）美国IPO首日开盘上涨44%，报36美元，此前给 出的IPO发行价为每股25美元。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - Circle, the issuer of the second-largest USD stablecoin USDC, reported a significant revenue increase driven by the growth in USDC circulation, despite facing substantial net losses due to non-cash expenses related to its IPO [2][4][5]. Financial Performance - Circle's total revenue and reserve income grew by 53% year-over-year to $658 million, exceeding analyst expectations of $647.3 million [3]. - The company recorded a net loss of $482 million in Q2, with an adjusted loss per share of $4.48 [4]. - The majority of Circle's revenue comes from interest income, particularly from short-term U.S. Treasury securities backing USDC, with revenue from reserves increasing from $735.9 million in 2022 to $1.4 billion in 2023 [4]. Market Position and Growth - As of June 30, USDC's circulation increased by 90% year-over-year to $61.3 billion, capturing a 28% market share in the fiat-backed stablecoin market [7]. - Circle's market capitalization for USDC surpassed $65 billion, ranking second globally after Tether's USDT [7]. - The passage of the "GENIUS Act" by President Trump is seen as a significant regulatory advantage for Circle, enhancing its competitive position in the stablecoin market [7]. Stock Performance and Investor Sentiment - Following the earnings report, Circle's stock surged over 10% in pre-market trading, reaching a peak of $190 before dropping 6% in after-hours trading due to shareholder sell-off concerns [5]. - The company plans to issue 2 million new shares while existing shareholders will sell 8 million shares, raising concerns about potential dilution [5]. Strategic Initiatives - Circle plans to launch its own blockchain, Arc, by the end of the year, which will utilize USDC as a native asset for transaction fees [8]. - This move aligns with broader industry trends, as other payment giants like Stripe and Robinhood are also developing their own blockchain solutions [8]. Revenue and Cost Structure - Circle's revenue is heavily reliant on U.S. Treasury securities, with a projected increase in stablecoin issuance leading to additional demand for short-term U.S. debt [9]. - Distribution costs have risen by 64% to $407 million, primarily due to increased USDC circulation and payments to Coinbase, which accounts for 60% of Circle's revenue [10]. - Analysts have raised concerns about Circle's reliance on a single revenue stream, with 99% of income derived from reserve assets, indicating a potential valuation ceiling [10].

Core Insights - Circle reported a complex financial performance with a net loss of $482 million due to non-cash factors, despite a 53% year-over-year revenue growth to $658 million and a 52% increase in adjusted EBITDA to $126 million [1][4][5] - The USDC circulation reached $61.3 billion, capturing a 28% market share, indicating strong demand and growth potential in the stablecoin market [1][6] - The competitive landscape is evolving with the introduction of the GENIUS Act, which delineates the boundaries between bank-issued and non-bank issued stablecoins, suggesting that true competition is just beginning [1][20] Financial Performance - Total revenue and reserve income for Q2 was $658 million, a 53% increase year-over-year [1] - Adjusted EBITDA for the quarter was $126 million, reflecting a 52% year-over-year growth [1] - The company recorded a net loss of $482 million, primarily due to $591 million in non-cash expenses related to stock compensation and convertible debt valuation changes [1] Market Position and Growth - USDC's circulation increased to $61.3 billion, with a year-to-date growth of 49% and a year-over-year increase of 90% [6] - The company aims to expand its market share in the stablecoin sector, targeting a significant increase in USDC's adoption across various financial services [4][6] - Circle is focusing on diversifying its revenue streams by introducing subscription fees, service fees, and transaction fees, which are expected to contribute significantly to future revenues [5][11] Strategic Partnerships - Circle is deepening collaborations with major exchanges like Binance and OKX, as well as payment networks such as Stripe, Visa, and Mastercard [2][15] - The company is also working with banks and financial infrastructure providers to enhance USDC's distribution and utility [2][22] - The partnership with OKX is expected to improve USDC liquidity for institutional clients, while the collaboration with Binance aims to integrate USDC into their trading ecosystem [15][16] Technological Developments - Circle announced the launch of its proprietary blockchain, Arc, designed specifically for stablecoin financial applications, which will use USDC as its native gas [24][26] - Arc aims to provide high settlement speeds and low volatility fees, catering to institutional needs for privacy and compliance [26][29] - The integration of Arc with Circle Payments Network (CPN) is expected to enhance payment and settlement infrastructure for financial institutions [30][31] Regulatory Environment - The GENIUS Act has created a more favorable regulatory environment for stablecoins, increasing interest from major financial institutions [20][21] - Circle views banks as potential partners rather than competitors, and is actively engaging with various banking institutions to foster collaboration [22] - The company is considering applying for a stablecoin license in Hong Kong, recognizing the region as a key market for USDC [23]

Core Viewpoint - Circle, the issuer of the USDC stablecoin, reported a significant increase in revenue driven by the growth in USDC circulation, despite a net loss attributed to non-cash expenses related to its IPO [1][2]. Group 1: Financial Performance - Circle's total revenue and reserve income grew by 53% year-over-year to $658 million, exceeding analyst expectations of $647.3 million [1]. - The company reported a net loss of $482 million in Q2, primarily due to non-cash expenses including employee stock awards and convertible bond valuation increases [1]. - Interest income from short-term government bonds backing USDC constitutes the majority of Circle's revenue, with reserve-related income projected to grow from $735.9 million in 2022 to $1.7 billion in 2024 [1]. Group 2: Market Position and Growth - As of June 30, USDC's circulation increased by 90% year-over-year to $61.3 billion, capturing a 28% market share in the fiat-backed stablecoin sector [2]. - USDC's market capitalization surpassed $65 billion as of August 13, ranking second globally among stablecoins, following Tether's USDT [2]. - The passage of the "GENIUS Act" by President Trump is expected to enhance Circle's competitive advantage in the regulatory landscape [2]. Group 3: Analyst Insights - Analyst Jeff Cantwell highlighted Circle's leadership in the stablecoin market, predicting further stock price increases and maintaining a "buy" rating with a target price of $280 [3].