（原标题：财报前瞻 | 稳定币龙头Circle(CRCL.US)Q3业绩亮相在即，能否应对PayPal、Coinbase强势围 剿？） 智通财经APP获悉，稳定币龙头Circle(CRCL.US)将于11月12日公布2025年第三季度业绩。市场对该公 司第三季度营收的普遍预期目前为7.1亿美元，每股收益的普遍预期目前为0.17美元。 监管环境的改善和市场对USDC等稳定币需求的增长，对公司的长期发展前景十分有利。此外，公司不 断扩大的合作伙伴基础预计将在未来几个季度推动营收增长。 稳定币增长稳健 Circle 第三季度的业绩可能受益于其主要稳定币USDC的稳定增长。该公司第二季度末 USDC 流通量为 613 亿美元，截至 2025 年 8 月 10 日增至 652 亿美元。第二季度 USDC链上交易量接近 6 万亿美元，是 去年同期的 5.4 倍。7 月份交易活动进一步活跃，交易量达到 2.4 万亿美元。持有超过 10 美元 USDC 的 有效钱包数量同比增长 68%。 Circle 的机构客户使用量也在不断增长。越来越多的交易所、交易公司、钱包和银行正在集成 Circle 的 钱包和流动性工具。随着USD ...

预计过去一年推出的新产品将推动即将公布的季度业绩增长。Circle支付网络目前已在香港、巴西、尼 日利亚和墨西哥投入运营，超过100家金融机构表示有意加入，反映出其用户群体正在不断扩大。此 外，该公司还于2025年7月推出了Circle Gateway，帮助用户更便捷地在不同区块链之间转移USDC。 Circle还发布了Arc，这是一个专为支付、外汇和其他金融应用场景打造的全新Layer-1区块链。 稳定币龙头Circle(CRCL.US)将于11月12日公布2025年第三季度业绩。市场对该公司第三季度营收的普 遍预期目前为7.1亿美元，每股收益的普遍预期目前为0.17美元。 监管环境的改善和市场对USDC等稳定币需求的增长，对公司的长期发展前景十分有利。此外，公司不 断扩大的合作伙伴基础预计将在未来几个季度推动营收增长。 稳定币增长稳健 Circle 第三季度的业绩可能受益于其主要稳定币USDC的稳定增长。该公司第二季度末 USDC 流通量为 613 亿美元，截至 2025 年 8 月 10 日增至 652 亿美元。第二季度 USDC链上交易量接近 6 万亿美元，是 去年同期的 5.4 倍。7 月份交易活动 ...

Core Insights - PayPal Holdings (PYPL) has positioned itself as a leader in digital payments, enhancing its platform with a comprehensive suite of crypto offerings integrated into its app and website, allowing users to buy, sell, transfer, and hold various cryptocurrencies [1][9] Product Offerings - PYUSD, PayPal's US dollar stablecoin, is pegged 1:1 to USD and is now available on multiple blockchains including Ethereum, Solana, Arbitrum Layer-2, and Stellar, facilitating faster and lower-cost transactions [2][9] - In April 2025, PayPal expanded its crypto offerings by adding Chainlink (LINK) and Solana (SOL) to its platforms, providing users with greater flexibility and access to digital currencies [3] - The "Pay with Crypto" feature, launched in July 2025, allows U.S. merchants to accept over 100 cryptocurrencies with instant conversion to fiat or PYUSD, streamlining the payment process [4][9] User Experience and Market Position - PayPal's platform offers seamless usability and transparency, empowering users to navigate the digital currency landscape securely and effortlessly [5] - Despite a year-to-date decline of 21.6% in share price, PayPal's valuation appears attractive with a forward 12-month P/E ratio of 11.88X compared to the industry average of 21.43X [8][10] Financial Performance and Estimates - The Zacks Consensus Estimate for PayPal's full-year 2025 EPS has been revised upward, indicating a positive trend with a projected growth of 12.5% year over year [11] - Current estimates for EPS in the upcoming quarters and years show stability, with the current quarter estimate at 1.21 and the next year estimate at 5.79 [14]

Web3 行业动态 - Ethereum 迎来 10 周年 [1] - Christie's (佳士得) 进入房地产领域 [1] - Coinbase 与 Chase 合作 [1] - PayPal 推出 Pay with Crypto (加密支付) [1] - MetaMask 推出 Stablecoin Earn (稳定币赚取) [1]

Core Insights - PayPal is strategically innovating in the crypto space and expanding its global payment solutions, positioning itself for long-term growth in the $3 trillion crypto market [2][3][4][6] Group 1: Strategic Innovations - The launch of "Pay with Crypto" allows merchants to accept over 100 cryptocurrencies, converting them to stablecoins or fiat instantly, reducing international transaction fees by up to 90% [2] - PayPal World connects major digital wallets, facilitating seamless international transactions and enhancing the shopping experience for consumers while simplifying operations for merchants [3] - The expansion of PayPal's stablecoin, PYUSD, to Arbitrum enhances its utility in the DeFi space and supports developers with efficient tools for dApps and smart contracts [4] - Integration with Wix Payments provides US merchants with a streamlined experience for managing PayPal transactions [5] Group 2: Financial Performance and Outlook - PayPal raised its full-year 2025 earnings guidance, expecting GAAP EPS between $4.90 and $5.05 and non-GAAP EPS between $5.15 and $5.30, indicating strong profitability and business acceleration [6] - The stock is trading near long-term support levels, forming bullish patterns that suggest potential recovery, with a breakout above $120 likely to trigger significant upward movement [10][11] Group 3: Market Position and Competitive Landscape - PayPal's broader ecosystem strategy, combined with innovations in digital currencies and payment solutions, is driving renewed optimism around its growth outlook [6] - Despite strong Q2 2025 results, there are concerns about moderate growth in total payment volume (TPV) at 6%, indicating potential saturation in core markets [7] - Competitive pressures from other digital wallets like Apple Pay and Block may impact PayPal's market share and transaction volumes [8]

Crypto Payment Solution - PayPal introduces "Pay with Crypto", a new payment method targeting over 650 million crypto users [2] - The solution supports payments using 100+ cryptocurrencies and eligible wallets [2] - Merchants gain immediate access to funds through this payment method [2] Cost Reduction - PayPal aims to reduce international transaction fees by up to 90% by offering pay with crypto [1][2] Target Audience - The new payment method allows merchants to reach more than 650 million crypto users [2]

Financial Data and Key Metrics Changes - PayPal delivered a strong quarter with transaction margin dollars growing 8% excluding interest on customer balances, marking the sixth consecutive quarter of profitable growth [5][43] - Non-GAAP earnings per share increased by 18% year over year, reflecting a solid financial performance [6][44] - Adjusted free cash flow was reported at $656 million, with expectations of full-year free cash flow between $6 billion and $7 billion [46][60] Business Line Data and Key Metrics Changes - Venmo revenue grew by more than 20%, with total payment volume (TPV) increasing by 12%, the highest growth rate in three years [14][47] - Branded Experiences TPV grew by 8% currency neutral, driven by improvements in online and offline checkout experiences [7][21] - Buy Now Pay Later (BNPL) volume grew over 20%, with monthly active accounts climbing 18% [12][47] Market Data and Key Metrics Changes - Total payment volume grew 6% at spot and 5% on a currency neutral basis to nearly $444 billion [47] - Monthly active accounts increased by 2% year over year to 226 million, indicating healthy engagement trends [46] - Debit card TPV across PayPal and Venmo grew more than 60%, with monthly active accounts increasing over 65% [17][47] Company Strategy and Development Direction - The company is focused on transforming from a payments company into a dynamic commerce platform, leveraging its scale and trusted brand [4][5] - PayPal World aims to connect various digital wallets globally, enhancing interoperability and expanding the total addressable market (TAM) [22][25] - The strategy includes significant investments in AI, ads, and crypto to drive future growth [33][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining and accelerating growth despite macroeconomic uncertainties, with a focus on execution of strategic initiatives [57][62] - The company anticipates a slight softening in retail spending, particularly in areas affected by tariffs, but remains optimistic about long-term growth [49][57] - Future guidance includes expectations for transaction margin dollars to grow between 6% to 7% and non-GAAP earnings per share to increase by 11% to 14% [59][60] Other Important Information - The company completed $1.5 billion in share repurchases, bringing total repurchases over the past four quarters to $6 billion [56] - The launch of a new physical card for PayPal Credit aims to enhance customer access to credit both online and in physical stores [18][56] - The company is actively working on tech transformation initiatives to streamline operations and improve scalability [55][56] Q&A Session Summary Question: Impact of tariffs on branded online checkout TPV - Management acknowledged that tariffs have created a slight headwind, but they expect stabilization and continued growth in branded checkout [65][66][67] Question: Revenue and profit impact of PayPal World and Pay with Crypto - Management expressed confidence that both initiatives will expand the TAM while maintaining attractive economics [70][75] Question: Prominent placement of branded checkout button in merchant negotiations - Management highlighted the importance of understanding merchant needs and providing a comprehensive suite of offerings to enhance conversion rates [77][82] Question: European rollout of modern checkout initiatives - Management confirmed that the rollout is progressing well, with expectations for accelerated adoption in Europe [86][88] Question: Expansion of branded experiences and financial services - Management emphasized the strategy of meeting customers where they are, with plans for continued global rollout of branded experiences [94][100]

Cryptocurrency Payment Adoption - PayPal enables U_S_ merchants to accept cryptocurrency payments via "Pay with Crypto" service [1] - The service supports over 100 cryptocurrencies and connects with wallets like Coinbase and MetaMask [1] - "Pay with Crypto" is set to cover 90% of the $3+ trillion crypto market cap [3] Transaction Efficiency & Cost Reduction - Aims to simplify cross-border commerce by reducing transaction fees by up to 90% [2] - Provides near-instant settlement for transactions [2] Revenue & Market Expansion - Expands merchant revenue opportunities by tapping into a global market of over 650 million crypto users [2] - Enables seamless international transactions for businesses of all sizes [3] Stablecoin & Reward Program - Converts crypto payments instantly into stablecoins or fiat to avoid volatility [2] - PayPal USD (PYUSD) offers a 4% reward rate when held on the platform [2] Platform & Partnership Expansion - Supports wallets such as OKX, Binance, Kraken, Phantom, and Exodus [4] - PayPal launched PayPal World, uniting five major digital wallets on a single platform [5]

Cryptocurrency Market Trends - Bitcoin and altcoin treasuries are experiencing a surge [1] Payment Solutions - PayPal is rolling out a 'Pay with Crypto' feature [1] Regulatory Developments - SEC delays Truth Social bitcoin ETF [1]

Cryptocurrency Adoption - PayPal enables U S merchants to accept cryptocurrency payments via "Pay with Crypto" service [1] - The service supports over 100 cryptocurrencies and connects with popular wallets [1]