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稳定币+RWA,迈向Finternet的关键 - 从Circle和Coinbase看稳定币产业链
CircleCircle(US:CRCL)2025-06-10 15:26

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the stablecoin industry, focusing on the roles of Circle and Coinbase in the ecosystem [1][2][3]. Core Insights and Arguments - Stablecoins optimize cross-border trade payment efficiency, reducing transaction costs to less than one dollar and transaction times to minutes, posing a potential alternative to traditional SWIFT systems [1][4]. - In high-inflation regions, stablecoins provide residents with a means to hold relatively stable value, similar to holding US dollars, especially when local currency is restricted [1][5]. - Circle's Business Model: Circle generates revenue through reserve interest and API fees, relying on the circulation of USDC and its minting/redemption mechanism. However, it faces high distribution and transaction costs, with over half of these costs going to Coinbase [1][12][13]. - Coinbase's Role: Coinbase plays a crucial role in Circle's business model by providing custody services for USDC, with its share of revenue increasing from about 33% to over 50% following the Silicon Valley Bank collapse [1][13]. - The stablecoin industry chain includes issuers, exchanges, public chain infrastructure, and application layers, with issuers and exchanges being the primary commercial potential areas [1][14]. Important but Overlooked Content - The global stablecoin market size reached $251.1 billion as of 2023, with Tether (USDT) and Circle's USDC accounting for $153.3 billion and $61.4 billion, respectively [2]. - The tokenization of real-world assets (RWA) requires stablecoins as a key connector, significantly reducing intermediary costs and enhancing market efficiency [3][18]. - The importance of global payment licenses for stablecoin transactions is emphasized, as they enable the conversion of virtual assets into real goods, enhancing practical application value [21][22]. - Regulatory measures in regions like the EU, US, and Hong Kong are being implemented to promote the stablecoin industry, indicating a move towards formalization and compliance [16][25]. - The potential for A-share companies like Newland and New Guodu to participate in overseas business layouts for RMB or HKD stablecoins is noted, given their existing overseas payment acquisition operations [24]. Future Outlook - The future of RWA development is promising, with the potential for significant reductions in intermediary costs if stablecoins achieve widespread usage [19]. - The stablecoin industry is currently facing regulatory challenges, with policies still in development, making regulatory progress a critical factor for industry growth [25][26].