{"id":753228,"date":"2026-03-24T03:12:48","date_gmt":"2026-03-23T19:12:48","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=753228"},"modified":"2026-03-24T03:12:48","modified_gmt":"2026-03-23T19:12:48","slug":"%e6%b7%b1%e5%ba%a6%e6%8b%86%e8%a7%a3circle%ef%bc%9a%e8%a2%ab%e5%88%86%e9%94%80%e4%b8%8e%e5%88%a9%e7%8e%87%e5%8f%8c%e9%87%8d%e7%bb%91%e6%9e%b6%e7%9a%84%e7%a8%b3%e5%ae%9a%e5%b8%81","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=753228","title":{"rendered":"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd"},"content":{"rendered":"

\u6765\u6e90\uff1ainsights4vc<\/span><\/p>\n

\u539f\u6807\u9898\uff1aInside Circle<\/a>\u2019s Stablecoin Economics<\/p>\n

\u7f16\u8bd1\u53ca\u6574\u7406\uff1aBitpushNews<\/p>\n\n

\u76ee\u524d\uff0cCircle \u4ecd\u88ab\u89c6\u4e3a\u4e00\u5bb6\u51c6\u5907\u91d1\u6536\u5165\u578b\uff08reserve-income\uff09\u4e1a\u52a1\u516c\u53f8\uff0c\u800c\u975e\u4e00\u5bb6\u5df2\u6210\u89c4\u6a21\u7684\u8f6f\u4ef6\u6216\u652f\u4ed8\u8d39\u7528\u5e73\u53f0\u3002\u5176\u76c8\u5229\u6a21\u5f0f\u4ecd\u4e0e\u7a33\u5b9a\u5e01<\/a>\u4f59\u989d\u3001\u77ed\u671f\u5229\u7387\u4ee5\u53ca\u5728\u652f\u4ed8\u5de8\u989d\u5206\u9500\u8d39\u7528\u540e\u7559\u5b58\u7684\u51c6\u5907\u91d1\u6536\u5165\u4efd\u989d\u7d27\u5bc6\u6302\u94a9\u3002<\/p>\n

2025 \u8d22\u5e74\u6e05\u6670\u5730\u8bf4\u660e\u4e86\u8fd9\u4e00\u70b9\uff1a\u51c6\u5907\u91d1\u6536\u5165\u5728 27.47 \u4ebf\u7f8e\u5143<\/a>\u7684\u603b\u6536\u5165\u548c\u51c6\u5907\u91d1\u6536\u5165\u4e2d\u5360 26.37 \u4ebf\u7f8e\u5143\uff0c\u800c\u5176\u4ed6\u6536\u5165\u4ec5\u8d21\u732e\u4e86 1.1 \u4ebf\u7f8e\u5143\u3002\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u8fd1\u671f\u7684\u8d22\u52a1\u72b6\u51b5\u4ecd\u4e3b\u8981\u53d7 USDC<\/a> \u5e73\u5747\u6d41\u901a\u91cf\u3001\u5b9e\u73b0\u7684\u51c6\u5907\u91d1\u6536\u76ca\u7387\u4ee5\u53ca\u5408\u4f5c\u4f19\u4f34\u6536\u5165\u5206\u6210\u534f\u8bae\uff08\u7279\u522b\u662f\u4e0e Coinbase<\/a> \u7684\u534f\u8bae\uff09\u7684\u7ecf\u6d4e\u5b66\u9a71\u52a8\u3002<\/p>\n

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\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

2026 \u5e74\u7684\u6838\u5fc3\u8fa9\u8bba\u4e0d\u5728\u4e8e Circle \u662f\u5426\u5728\u8fdb\u884c\u6218\u7565\u6269\u5f20\uff0c\u800c\u5728\u4e8e\u8fd9\u79cd\u6218\u7565\u6269\u5f20\u5728\u8d22\u52a1\u4e0a\u662f\u5426\u5177\u6709\u5b9e\u8d28\u610f\u4e49\u3002\u4e3b\u8981\u53d8\u91cf\u4ecd\u7136\u662f\uff1a<\/p>\n

USDC \u4f59\u989d\u662f\u5426\u6301\u7eed\u589e\u957f\u3001\u51c6\u5907\u91d1\u6536\u76ca\u7387\u5728\u4f4e\u5229\u7387\u73af\u5883\u4e0b\u5982\u4f55\u6f14\u53d8\u3001\u5206\u9500\u6210\u672c\u662f\u5426\u4fdd\u6301\u7ed3\u6784\u6027\u6c89\u91cd\uff0c\u4ee5\u53ca CCTP\u3001CPN \u548c USYC \u76f8\u5173\u6d3b\u52a8\u7b49\u65b0\u5174\u6536\u5165\u6d41\u76f8\u5bf9\u4e8e\u51c6\u5907\u91d1\u6536\u5165\u57fa\u7840\u7684\u6269\u5f20\u901f\u5ea6\u3002<\/p>\n

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Circle \u6982\u89c8<\/h3>\n

Circle \u662f\u4e00\u5bb6\u5728\u7ebd\u7ea6<\/a>\u8bc1\u5238\u4ea4\u6613\u6240\uff08NYSE\uff09\u4e0a\u5e02<\/a>\u7684\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u80a1\u7968\u4ee3\u7801\u4e3a CRCL\u3002\u516c\u53f8\u4e8e 2026 \u5e74 3 \u6708 9 \u65e5\u63d0\u4ea4\u4e86\u622a\u81f3 2025 \u5e74 12 \u6708 31 \u65e5\u6b62\u5e74\u5ea6\u7684 2025 \u8d22\u5e74 10-K \u5e74\u5ea6\u62a5\u544a\u3002Circle \u7684 2025 \u8d22\u5e74\u8d44\u4ea7\u8d1f\u503a\u8868\u663e\u793a\uff0c\u201c\u7a33\u5b9a\u5e01<\/a>\u6301\u6709\u8005\u5b58\u6b3e\u201d\u8fbe 749 \u4ebf\u7f8e\u5143\uff0c\u8fd9\u51f8\u663e\u4e86\u8be5\u516c\u53f8\u7684\u7ecf\u6d4e\u6838\u5fc3\u4ecd\u5728\u4e8e\u51c6\u5907\u91d1\u652f\u6301\u7684\u7a33\u5b9a\u5e01\u89c4\u6a21\u53ca\u5176\u7ba1\u7406\uff0c\u800c\u975e\u4f20\u7edf\u7684\u7eaf\u8f6f\u4ef6\u6a21\u5f0f\u3002<\/p>\n

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\u7136\u800c\uff0c\u62ab\u9732\u7684\u4e1a\u7ee9<\/a>\u663e\u793a\uff0c\u76ee\u524d\u7684\u8d22\u52a1\u5b9e\u8d28\u5f15\u64ce\u4ecd\u662f\u51c6\u5907\u91d1\u6536\u5165\u6a21\u5f0f\uff0c\u800c\u975e\u89c4\u6a21\u5316\u7684\u8f6f\u4ef6\u6216\u4ea4\u6613\u8d39\u4e1a\u52a1\u3002Circle \u62a5\u544a\u7684 2025 \u8d22\u5e74\u603b\u6536\u5165\u548c\u51c6\u5907\u91d1\u6536\u5165\u4e3a 27.47 \u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u51c6\u5907\u91d1\u6536\u5165\u8d21\u732e\u4e86 26.368 \u4ebf\u7f8e\u5143\uff0c\u4ec5\u5269\u76f8\u5bf9\u8f83\u5c0f\u7684\u4e00\u90e8\u5206\u5f52\u529f\u4e8e\u975e\u51c6\u5907\u91d1\u6d3b\u52a8\u3002<\/p>\n

\u8fd9\u79cd\u533a\u5206\u5bf9\u4f30\u503c\u81f3\u5173\u91cd\u8981\u3002Circle \u7684\u6218\u7565\u53d9\u4e8b\u663e\u7136\u5728\u62d3\u5bbd\uff0c\u4f46\u6536\u5165\u7ed3\u6784\u4ecd\u4e0d\u652f\u6301\u5c06\u8be5\u516c\u53f8\u4e3b\u8981\u89c6\u4e3a\u4e00\u4e2a\u8f6f\u4ef6\u5e73\u53f0\u4f30\u503c\u91cd\u5851\u7684\u6545\u4e8b\u3002\u5728 Circle \u8f83\u65e9\u7684\u62ab\u9732\u4e2d\uff0c\u201c\u5176\u4ed6\u4ea7\u54c1\u201d\u5728 2024 \u5e74\u4ec5\u5360\u603b\u6536\u5165\u7684 1%\uff0c\u5c3d\u7ba1\u7ba1\u7406\u5c42\u53e6\u5916\u8868\u793a\u5176\u4ed6\u6536\u5165\u5728 2025 \u5e74\u663e\u8457\u52a0\u901f\uff0c2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\u5176\u4ed6\u6536\u5165\u4e3a 3700 \u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 3400 \u4e07\u7f8e\u5143\u3002\u8fd9\u652f\u6301\u4e86\u65b9\u5411\u4e0a\u79ef\u6781\u7684\u5e73\u53f0\u53d9\u4e8b\uff0c\u4f46\u5c1a\u672a\u53d6\u4ee3\u51c6\u5907\u91d1\u4f59\u989d\u3001\u51c6\u5907\u91d1\u6536\u76ca\u7387\u548c\u5408\u4f5c\u4f19\u4f34\u7ecf\u6d4e\u5b66\u5728\u5851\u9020\u76c8\u5229\u80fd\u529b\u65b9\u9762\u7684\u4e2d\u5fc3\u5730\u4f4d\u3002<\/p>\n

\u53e6\u4e00\u4e2a\u6218\u7565\u652f\u67f1\u662f\u76d1\u7ba1\u67b6\u6784\u3002Circle \u62ab\u9732\u5176\u4e8e 2025 \u5e74 12 \u6708\u83b7\u5f97\u7f8e\u56fd<\/a>\u8d27\u5e01\u76d1\u7406\u7f72\uff08OCC\uff09\u7684\u6761\u4ef6\u6027\u6279\u51c6\uff0c\u4ee5\u5efa\u7acb\u4e00\u5bb6\u540d\u4e3a First National Digital Currency Bank, N.A. \u7684\u56fd\u5bb6\u4fe1\u6258\u94f6\u884c\u3002\u7ba1\u7406\u5c42\u5c06\u5176\u5b9a\u6027\u4e3a\u52a0\u5f3a USDC \u57fa\u7840\u8bbe\u65bd\u5e76\u53ef\u80fd\u6269\u5927\u53d7\u76d1\u7ba1\u7684\u6258\u7ba1\u548c\u51c6\u5907\u91d1\u7ba1\u7406\u80fd\u529b\u7684\u91cd\u8981\u4e00\u6b65\u3002\u4ece\u5206\u6790\u4e0a\u770b\uff0c\u8fd9\u53ef\u80fd\u4f1a\u63d0\u9ad8\u611f\u77e5\u7684\u76d1\u7ba1\u6301\u4e45\u6027\u548c\u673a\u6784\u5bf9\u51c6\u5907\u91d1\u6cbb\u7406\u7684\u4fe1\u5fc3\uff0c\u4f46\u76ee\u524d\u8fd8\u4e0d\u5e94\u5c06\u5176\u89c6\u4e3a\u5df2\u62ab\u9732\u7684\u76c8\u5229\u9a71\u52a8\u56e0\u7d20\u3002<\/p>\n

\u4e1a\u52a1\u6a21\u5f0f\u4e0e\u7ecf\u6d4e\u5b66<\/h3>\n

Circle \u7684\u4e1a\u52a1\u6a21\u5f0f\u4e3b\u8981\u7531\u4e24\u4e2a\u53d8\u91cf\u7684\u76f8\u4e92\u4f5c\u7528\u9a71\u52a8\uff1a\u6d41\u901a\u4e2d\u7684\u7a33\u5b9a\u5e01\u548c\u51c6\u5907\u91d1\u8d44\u4ea7\u8d5a\u53d6\u7684\u6536\u76ca\u3002\u8be5\u516c\u53f8\u660e\u786e\u5c06\u51c6\u5907\u91d1\u6536\u5165\u5b9a\u4e49\u4e3a\u51c6\u5907\u91d1\u4f59\u989d\u548c\u51c6\u5907\u91d1\u56de\u62a5\u7387\u7684\u51fd\u6570\u30022025 \u8d22\u5e74\uff0cCircle \u62a5\u544a\u51c6\u5907\u91d1\u6536\u5165\u4e3a 26.368 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2024 \u8d22\u5e74\u7684 16.611 \u4ebf\u7f8e\u5143\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c2025 \u8d22\u5e74\u7684\u5176\u4ed6\u6536\u5165\u603b\u8ba1 1.098 \u4ebf\u7f8e\u5143\uff0c\u800c 2024 \u8d22\u5e74\u4e3a 1520 \u4e07\u7f8e\u5143\uff0c\u5176\u4e2d 8480 \u4e07\u7f8e\u5143\u7684\u8ba2\u9605\u548c\u670d\u52a1\u6536\u5165\u4ee3\u8868\u4e86 2025 \u8d22\u5e74\u6700\u5927\u7684\u975e\u51c6\u5907\u91d1\u7ec4\u6210\u90e8\u5206\u3002\u8fd9\u8bc1\u5b9e\u4e86 Circle \u7684\u76c8\u5229\u72b6\u51b5\u4ecd\u5bf9\u5229\u7387\u548c\u4f59\u989d\u589e\u957f\u6781\u5176\u654f\u611f\uff0c\u5373\u4f7f\u8f85\u52a9\u6536\u5165\u6d41\u5df2\u5f00\u59cb\u5728\u76f8\u5bf9\u8f83\u5c0f\u7684\u57fa\u7840\u4e0a\u6269\u5927\u3002<\/p>\n

\u51c6\u5907\u91d1\u57fa\u7840\u7684\u8bbe\u8ba1\u521d\u8877\u662f\u4fdd\u5b88\u7ba1\u7406\u3002Circle \u62ab\u9732\uff0c\u622a\u81f3 2025 \u5e74 6 \u6708 30 \u65e5\uff0c\u7ea6 87% \u7684 USDC \u51c6\u5907\u91d1\u6301\u6709\u5728 Circle \u51c6\u5907\u91d1\u57fa\u91d1\u4e2d\uff0c\u8fd9\u662f\u4e00\u5bb6\u53d7 2a-7 \u6761\u4f8b\u76d1\u7ba1\u3001\u7531\u8d1d\u83b1\u5fb7\u7ba1\u7406\u5e76\u7531\u7ebd\u7ea6\u6885\u9686\u94f6\u884c\uff08BNY\uff09\u6258\u7ba1\u7684\u653f\u5e9c\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u3002\u5176\u4f59\u90e8\u5206\u4f5c\u4e3a\u73b0\u91d1\u6301\u6709\u5728\u4e3a USDC \u6301\u6709\u4eba\u7684\u5229\u76ca\u800c\u7ef4\u62a4\u7684\u8d26\u6237\u4e2d\uff0c\u4e3b\u8981\u5b58\u653e\u5728\u5168\u7403\u7cfb\u7edf\u91cd\u8981\u6027\u94f6\u884c\u3002Circle \u8fd8\u8868\u793a\uff0c\u5176\u51c6\u5907\u91d1\u7ba1\u7406\u6846\u67b6\u65e8\u5728\u7b26\u5408\u76f8\u5173\u7684\u76d1\u7ba1\u8981\u6c42\uff0c\u5305\u62ec\u7ebd\u7ea6\u5dde\u91d1\u878d\u670d\u52a1\u7ba1\u7406\u5c40\uff08NYDFS\uff09\u5bf9 USDC \u7684\u6307\u5357\u4ee5\u53ca\u4e0e MiCAR \u76f8\u5173\u7684 EURC \u51c6\u5907\u91d1\u8981\u6c42\u3002\u8fd9\u610f\u5473\u7740\u51c6\u5907\u91d1\u6784\u5efa\u9996\u5148\u9488\u5bf9\u6d41\u52a8\u6027\u3001\u672c\u91d1\u4fdd\u62a4\u3001\u900f\u660e\u5ea6\u548c\u76d1\u7ba1\u5408\u89c4\u8fdb\u884c\u4f18\u5316\uff0c\u800c\u975e\u8ffd\u6c42\u6536\u76ca\u6700\u5927\u5316\u7684\u6295\u8d44\u7ec4\u5408\u98ce\u9669<\/a>\u3002<\/p>\n

Circle \u7684\u7ecf\u6d4e\u6548\u76ca\u4e5f\u6df1\u53d7\u5206\u9500\u5b89\u6392\u7684\u5f71\u54cd\uff0c\u6700\u663e\u8457\u7684\u662f\u4e0e Coinbase \u53ca\u5176\u4ed6\u751f\u6001\u7cfb\u7edf\u4f19\u4f34\u7684\u534f\u8bae\u3002\u867d\u7136\u51c6\u5907\u91d1\u6536\u5165\u6309\u6bdb\u989d\u8bb0\u5f55\uff0c\u4f46\u516c\u53f8\u901a\u8fc7\u5206\u9500\u548c\u4ea4\u6613\u6210\u672c\u652f\u4ed8\u4e86\u5927\u91cf\u7684\u4e0b\u6e38\u6b3e\u9879\u3002\u5148\u524d\u7684\u62ab\u9732\u8868\u660e\uff0c\u8fd9\u4e9b\u6210\u672c\u4e0e\u51c6\u5907\u91d1\u6536\u5165\u7684\u4ea7\u751f\u548c\u5e73\u53f0\u4f59\u989d\u6302\u94a9\uff0c\u8fd9\u610f\u5473\u7740\u6bdb\u989d\u51c6\u5907\u91d1\u7ecf\u6d4e\u6548\u76ca\u4e2d\u6709\u5f88\u5927\u4e00\u90e8\u5206\u662f\u6309\u5408\u540c\u5206\u4eab\u7684\uff0c\u800c\u975e\u5b8c\u5168\u7559\u5b58\u3002\u8fd9\u5728\u6210\u672c\u7ed3\u6784\u4e2d\u6e05\u6670\u53ef\u89c1\uff1a2025 \u8d22\u5e74\uff0cCircle \u62a5\u544a\u5728 27.47 \u4ebf\u7f8e\u5143\u7684\u603b\u6536\u5165\u548c\u51c6\u5907\u91d1\u6536\u5165\u4e2d\uff0c\u6263\u9664\u5206\u9500\u6210\u672c\u540e\u7684\u6536\u5165\uff08RLDC\uff09\u4e3a 10.83 \u4ebf\u7f8e\u5143\uff0c\u8fd9\u610f\u5473\u7740\u5728\u6263\u9664\u8fd0\u8425\u652f\u51fa\u524d\uff0c\u5f88\u5927\u4e00\u90e8\u5206\u6bdb\u989d\u53d8\u73b0\u5df2\u901a\u8fc7\u5206\u9500\u5c42\u652f\u4ed8\u3002<\/p>\n

\u8fd9\u4e00\u70b9\u5bf9\u5efa\u6a21\u81f3\u5173\u91cd\u8981\u3002Circle \u5e76\u4e0d\u53ea\u662f\u5229\u7387\u4e0a\u5347\u6216 USDC \u4f59\u989d\u589e\u52a0\u7684\u7eaf\u7cb9\u53d7\u76ca\u8005\uff0c\u56e0\u4e3a\u51c6\u5907\u91d1\u53d8\u73b0\u7684\u589e\u957f\u5e76\u4e0d\u80fd 1:1 \u5730\u8f6c\u5316\u4e3a\u7559\u5b58\u5229\u6da6\u3002\u5728 Circle \u4e4b\u524d\u7684\u654f\u611f\u6027\u62ab\u9732\u4e2d\uff0c\u4ece\u622a\u81f3 2025 \u5e74 6 \u6708 30 \u65e5\u7684 4.26% \u5e73\u5747\u51c6\u5907\u91d1\u6536\u76ca\u7387\u6539\u53d8 +100 \u4e2a\u57fa\u70b9\uff0c\u610f\u5473\u7740\u9884\u8ba1\u51c6\u5907\u91d1\u6536\u5165\u6539\u53d8 6.18 \u4ebf\u7f8e\u5143\uff0c\u4f46\u4e5f\u610f\u5473\u7740\u5206\u9500\u548c\u4ea4\u6613\u6210\u672c\u6539\u53d8 3.15 \u4ebf\u7f8e\u5143\u3002\u8fd9\u8868\u660e\u6bdb\u989d\u51c6\u5907\u91d1\u6536\u76ca\u7684\u5f88\u5927\u4e00\u90e8\u5206\u88ab\u5206\u4eab\u51fa\u53bb\u4e86\uff0c\u53ea\u6709\u5269\u4f59\u90e8\u5206\u5728\u6263\u9664\u8fd0\u8425\u652f\u51fa\u524d\u6d41\u5411 RLDC\u3002\u5bf9\u4e8e\u673a\u6784\u5206\u6790\u800c\u8a00\uff0cRLDC \u56e0\u6b64\u662f\u6bd4\u5355\u7eaf\u7684\u51c6\u5907\u91d1\u6536\u5165\u66f4\u6709\u7528\u7684\u4e2d\u95f4\u76c8\u5229\u8861\u91cf\u6307\u6807\uff0c\u5c3d\u7ba1\u5b83\u672c\u8d28\u4e0a\u4ecd\u5bf9\u5229\u7387\u548c\u4f59\u989d\u654f\u611f\u3002<\/p>\n

2025 \u8d22\u5e74\u62a5\u544a\u7684\u76c8\u5229\u8d28\u91cf\u4e5f\u53d7\u5230\u975e\u6838\u5fc3\u548c\u975e\u73b0\u91d1\u9879\u76ee\u7684\u91cd\u5927\u5f71\u54cd\u3002Circle \u62ab\u9732 2025 \u8d22\u5e74\u6301\u7eed\u7ecf\u8425\u51c0\u4e8f\u635f\u4e3a 7000 \u4e07\u7f8e\u5143\uff0c\u5c3d\u7ba1\u62a5\u544a\u4e86 5.82 \u4ebf\u7f8e\u5143\u7684\u8c03\u6574\u540e EBITDA\uff0c\u5176\u5dee\u8ddd\u90e8\u5206\u6e90\u4e8e\u4e0e IPO<\/a> \u76f8\u5173\u5f52\u5c5e\u6761\u4ef6\u6302\u94a9\u7684\u5f02\u5e38\u5927\u989d\u80a1\u6743\u6fc0\u52b1\u652f\u51fa\u3002\u5728 2025 \u8d22\u5e74\u8d22\u62a5\u4e2d\uff0cCircle \u8868\u793a\uff0c\u4e1a\u7ee9\u53d7\u5230\u4e0e IPO \u5f52\u5c5e\u76f8\u5173\u7684 4.24 \u4ebf\u7f8e\u5143\u80a1\u6743\u6fc0\u52b1\u652f\u51fa\u7684\u663e\u8457\u5f71\u54cd\u3002\u5728\u7533\u62a5\u6587\u4ef6\u4e2d\uff0cCircle \u8fdb\u4e00\u6b65\u62ab\u9732\uff0c\u7531\u4e8e\u5728\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u5f00\u59cb\u4ea4\u6613\u4f7f\u76f8\u5173\u7684 RSU \u7ee9\u6548\u6761\u4ef6\u53d8\u5f97\u5f88\u6709\u53ef\u80fd\u5b9e\u73b0\uff0c\u56e0\u6b64\u4ea7\u751f\u4e86 4.238 \u4ebf\u7f8e\u5143\u7684\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u3002\u8fd9\u610f\u5473\u7740 GAAP \u51c0\u5229\u6da6\u5e76\u4e0d\u662f\u8bc4\u4f30\u57fa\u7840\u5355\u5143\u7ecf\u6d4e\u6216\u76c8\u5229\u80fd\u529b\u7684\u6700\u4f73\u89c6\u89d2\u3002<\/p>\n

\u6700\u91cd\u8981\u7684\u539f\u56e0\u662f Circle \u4e0e Coinbase \u7684\u534f\u8bae\uff0c\u8fd9\u4ecd\u662f\u5176\u4e1a\u52a1\u6a21\u5f0f\u4e2d\u6700\u663e\u8457\u4e14\u5e38\u88ab\u4f4e\u4f30\u7684\u65b9\u9762\u4e4b\u4e00\u3002<\/p>\n

USDC \u5728 2018 \u5e74\u63a8\u51fa\u65f6\uff0cCircle \u548c Coinbase \u7ec4\u6210\u4e86\u4e00\u4e2a\u8054\u5408\u8d22\u56e2\u6765\u6cbb\u7406\u8be5\u7a33\u5b9a\u5e01\u3002\u8be5\u7ed3\u6784\u4e8e 2023 \u5e74\u89e3\u6563\uff0cCircle \u627f\u62c5\u4e86\u53d1\u884c\u7684\u5168\u90e8\u63a7\u5236\u6743\u3002\u7136\u800c\uff0cCoinbase \u4fdd\u7559\u4e86\u6781\u5177\u5438\u5f15\u529b\u7684\u6536\u5165\u5206\u6210\u5b89\u6392\u3002<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

\u6839\u636e\u8be5\u534f\u8bae\uff0cCoinbase \u83b7\u5f97\u5176\u81ea\u8eab\u5e73\u53f0\u4e0a\u6301\u6709\u7684 USDC \u7684 100% \u51c6\u5907\u91d1\u6536\u5165\uff0c\u4ee5\u53ca\u5728\u5176\u4ed6\u5730\u65b9\u4ea7\u751f\u7684\u51c6\u5907\u91d1\u6536\u5165\u7684 50%\u30022024 \u5e74\uff0cCircle 10.1 \u4ebf\u7f8e\u5143\u7684\u603b\u5206\u9500\u6210\u672c\u4e2d\u6709 9.08 \u4ebf\u7f8e\u5143\u652f\u4ed8\u7ed9\u4e86 Coinbase\u3002\u5b9e\u9645\u4e0a\uff0c\u8fd9\u610f\u5473\u7740 Circle \u8d5a\u53d6\u7684\u6bcf 1 \u7f8e\u5143\u4e2d\uff0c\u7ea6\u6709 0.54 \u7f8e\u5143\u652f\u4ed8\u7ed9\u4e86\u4e00\u5bb6\u65e2\u4e0d\u53d1\u884c USDC \u4e5f\u4e0d\u7ba1\u7406\u5176\u51c6\u5907\u91d1\u7684\u516c\u53f8\u3002\u5230 2025 \u5e74\u521d\uff0cCoinbase \u6301\u6709\u7684 USDC \u603b\u4f9b\u5e94\u91cf\u5360\u6bd4\u4e3a 22%\uff0c\u9ad8\u4e8e 2022 \u5e74\u7684 5%\u3002\u968f\u7740 USDC \u5728 Coinbase \u4e0a\u7684\u96c6\u4e2d\u5ea6\u6301\u7eed\u4e0a\u5347\uff0cCircle \u7684\u652f\u4ed8\u8d1f\u62c5\u4e5f\u76f8\u5e94\u589e\u52a0\u3002<\/p>\n

\u56e0\u6b64\uff0c\u5728\u975e\u51c6\u5907\u91d1\u6536\u5165\u5728\u603b\u6536\u5165\u4e2d\u7684\u5360\u6bd4\u53d8\u5f97\u5177\u6709\u5b9e\u8d28\u6027\u610f\u4e49\u4e4b\u524d\uff0c\u51c6\u5907\u91d1\u6536\u5165\u6a21\u5f0f\u5c06\u4e00\u76f4\u662f Circle \u76c8\u5229\u654f\u611f\u6027\u7684\u4e3b\u8981\u9a71\u52a8\u529b\uff0c\u4e5f\u662f\u5176\u4f30\u503c\u8fa9\u8bba\u7684\u6838\u5fc3\u95ee\u9898\u3002<\/p>\n

USDC \u4e0e EURC \u6df1\u5ea6<\/a>\u89e3\u6790<\/h3>\n

Circle \u65d7\u8230\u7a33\u5b9a\u5e01\u7684\u76d1\u7ba1\u80cc\u666f\u5728 2025 \u5e74\u5927\u5e45\u6539\u5584\u3002\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e<\/a>\u4e8e 2025 \u5e74 7 \u6708 18 \u65e5\u7b7e\u7f72\u4e86 S. 1582\u300a\u5929\u624d\u6cd5\u6848\u300b\uff08GENIUS Act\uff09\uff0c\u4f7f\u5176\u6210\u4e3a\u6cd5\u5f8b\uff0c\u4e3a\u652f\u4ed8\u7a33\u5b9a\u5e01\u5efa\u7acb\u4e86\u8054\u90a6\u6846\u67b6\u3002\u8def\u900f\u793e\u62a5\u9053\u79f0\uff0c\u8be5\u6cd5\u5f8b\u8981\u6c42\u53d1\u884c\u65b9\u7528\u7f8e\u5143\u548c\u56fd\u5e93\u5238\u7b49\u6d41\u52a8\u8d44\u4ea7\u652f\u6301\u7a33\u5b9a\u5e01\uff0c\u5e76\u6bcf\u6708\u62ab\u9732\u51c6\u5907\u91d1\u6784\u6210\u3002Circle \u7684 2025 \u8d22\u5e74 10-K \u63cf\u8ff0\u4e86\u300a\u5929\u624d\u6cd5\u6848\u300b\u5bf9\u51c6\u5907\u91d1\u8d44\u4ea7\u7684\u9884\u671f\uff08\u5305\u62ec\u73b0\u91d1\u3001\u5b58\u6b3e\u3001\u77ed\u671f\u56fd\u503a\u548c\u56de\u8d2d<\/a>\u6216\u9006\u56de\u8d2d<\/a>\uff09\uff0c\u8ba4\u4e3a\u8fd9\u4e0e Circle \u73b0\u6709\u7684 USDC \u51c6\u5907\u91d1\u7ba1\u7406\u60ef\u4f8b\u5927\u81f4\u76f8\u7b26\u3002\u4ece\u5206\u6790\u4e0a\u770b\uff0c\u8fd9\u79cd\u4e00\u81f4\u6027\u5f3a\u5316\u4e86 Circle \u76d1\u7ba1\u4f18\u5148\u7684\u5b9a\u4f4d\uff0c\u5c3d\u7ba1\u8be5\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u4ecd\u66f4\u591a\u5730\u53d7\u5206\u9500\u534f\u8bae\u548c\u5e02\u573a\u7ed3\u6784\u7684\u5f71\u54cd\uff0c\u800c\u975e\u4ec5\u53d7\u76d1\u7ba1\u5f71\u54cd\u3002<\/p>\n

USDC<\/h4>\n

\u8fdb\u5165 2026 \u5e74\uff0cUSDC \u4ecd\u662f Circle \u6a21\u5f0f\u7684\u6838\u5fc3\u7ecf\u6d4e\u5f15\u64ce\u3002Circle \u5728\u5176 2025 \u8d22\u5e74 10-K \u4e2d\u62a5\u544a\uff0c\u622a\u81f3 2025 \u5e74 12 \u6708 31 \u65e5\uff0c\u6d41\u901a\u4e2d\u7684 USDC \u4e3a 752.66 \u4ebf\u7f8e\u5143\u3002Circle \u7684 USDC \u4ea7\u54c1\u9875\u9762\u968f\u540e\u663e\u793a\uff0c\u622a\u81f3 2026 \u5e74 3 \u6708 16 \u65e5\uff0c\u6d41\u901a\u91cf\u4e3a 792 \u4ebf\u7f8e\u5143\u3002\u5728\u6b64\u57fa\u7840\u4e0a\uff0cUSDC \u6d41\u901a\u91cf\u5728 2025 \u5e74\u5e95\u81f3 3 \u6708\u4e2d\u65ec\u671f\u95f4\u589e\u52a0\u4e86\u7ea6 39 \u4ebf\u7f8e\u5143\uff0c\u5373\u7ea6 5.2%\u3002\u8fd9\u867d\u7136\u4e0d\u662f\u7206\u70b8\u6027\u7684\u9636\u8dc3\u5f0f\u53d8\u5316\uff0c\u4f46\u786e\u5b9e\u8868\u660e\u5728\u5df2\u7ecf\u5f88\u5f3a\u5927\u7684 2025 \u5e74\u57fa\u7840\u4e0a\u7ee7\u7eed\u4fdd\u6301\u51c0\u589e\u957f\u3002<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

USDC \u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf (\u6765\u6e90: Allium)<\/span><\/p>\n

Circle \u81ea\u8eab\u62ab\u9732\u7684 2025 \u8d22\u5e74\u6570\u636e\u6307\u51fa\uff0cUSDC \u8fce\u6765\u4e86\u5f3a\u52b2\u589e\u957f\u7684\u4e00\u5e74\u30022025 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u62a5\u544a\u6d41\u901a\u4e2d\u7684 USDC \u540c\u6bd4\u589e\u957f 72% \u81f3 753 \u4ebf\u7f8e\u5143\uff0c\u800c USDC \u94fe\u4e0a\u4ea4\u6613\u91cf\u540c\u6bd4\u589e\u957f 247% \u81f3 11.9 \u4e07\u4ebf\u7f8e\u5143\u3002\u5168\u5e74\u6765\u770b\uff0cCircle \u62a5\u544a USDC \u5e73\u5747\u6d41\u901a\u91cf\u4e3a 648.7 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2024 \u8d22\u5e74\u7684 333.42 \u4ebf\u7f8e\u5143\uff0c\u800c 2025 \u8d22\u5e74\u7684\u51c6\u5907\u91d1\u56de\u62a5\u7387\u4e3a 4.1%\uff0c\u4f4e\u4e8e 2024 \u8d22\u5e74\u7684 5.0%\u3002\u5173\u952e\u7684\u63a8\u8bba\u662f\uff0c\u516c\u53f8 2025 \u5e74\u7684\u6536\u5165\u589e\u957f\u66f4\u591a\u662f\u7531\u4f59\u989d\u589e\u957f\u9a71\u52a8\u7684\uff0c\u800c\u975e\u6536\u76ca\u987a\u98ce\uff0c\u56e0\u4e3a\u51c6\u5907\u91d1\u56de\u62a5\u7387\u540c\u6bd4\u4e0b\u964d\u800c\u975e\u4e0a\u5347\u3002<\/p>\n

Circle \u8fd8\u62ab\u9732\u4e86\u8fd0\u8425\u6307\u6807\uff0c\u8868\u660e USDC \u662f\u4e00\u79cd\u9ad8\u6362\u624b\u7387\u7684\u8d27\u5e01\u5de5\u5177\uff0c\u800c\u975e\u9759\u6001\u7684\u62b5\u62bc\u54c1\u8d44\u4ea7\u3002\u7ba1\u7406\u5c42\u62a5\u544a 2025 \u8d22\u5e74 USDC \u94f8\u9020\u989d\u4e3a 2575 \u4ebf\u7f8e\u5143\uff0c\u8d4e\u56de\u989d\u4e3a 2261 \u4ebf\u7f8e\u5143\uff0c\u6839\u636e\u7b2c\u4e09\u65b9\u5e02\u503c\u6570\u636e\uff0c\u671f\u672b\u7a33\u5b9a\u5e01\u5e02\u573a\u4efd\u989d\u4e3a 28%\uff0c\u6839\u636e Circle \u81ea\u8eab\u7684\u5b9a\u4e49\uff0c\u671f\u672b\u62e5\u6709 680 \u4e07\u4e2a\u72ec\u7acb\u94b1\u5305\u3002\u76f8\u5bf9\u4e8e\u671f\u672b\u4f9b\u5e94\u91cf\u7684\u94f8\u9020\u548c\u8d4e\u56de\u6d3b\u52a8\u89c4\u6a21\u8868\u660e\u5b58\u5728\u663e\u8457\u7684\u4ea4\u6613\u6d41\u8f6c\uff0c\u8fd9\u53ef\u80fd\u4e0e\u4ea4\u6613\u6240\u7ed3\u7b97\u3001\u6d41\u52a8\u6027\u8def\u7531\u3001\u62b5\u62bc\u54c1\u7ba1\u7406\u548c DeFi \u76f8\u5173\u6d41\u91cf\u6709\u5173\uff0c\u800c\u975e\u7b80\u5355\u7684\u4e70\u5165\u5e76\u6301\u6709\u578b\u50a8\u5907\u8d44\u4ea7\u6982\u51b5\u3002\u7136\u800c\uff0cCircle \u5e76\u6ca1\u6709\u516c\u5f00\u63d0\u4f9b USDC \u5728\u8fd9\u4e9b\u7c7b\u522b\u4e2d\u4f7f\u7528\u7684\u6e05\u6670\u7ec6\u5206\uff0c\u8fd9\u9650\u5236\u4e86\u5f52\u56e0\u5206\u6790\u7684\u7cbe\u786e\u5ea6\u3002<\/p>\n

\u56f4\u7ed5 USDC \u7684\u652f\u4ed8\u53d9\u4e8b\u6b63\u53d8\u5f97\u66f4\u5177\u53ef\u4fe1\u5ea6\uff0c\u5c3d\u7ba1\u76f8\u5bf9\u4e8e\u51c6\u5907\u91d1\u6536\u5165\u6a21\u5f0f\u800c\u8a00\u4ecd\u5904\u4e8e\u65e9\u671f\u9636\u6bb5\u3002Visa \u5df2\u5728\u7f8e\u56fd\u9762\u5411\u9009\u5b9a\u7684\u53d1\u884c\u65b9\u548c\u6536\u5355\u65b9\u5408\u4f5c\u4f19\u4f34\u516c\u5f00\u63a8\u51fa\u4e86 USDC \u7ed3\u7b97\u80fd\u529b\uff0c\u5b9e\u73b0\u5728\u652f\u6301\u7684\u533a\u5757\u94fe<\/a>\u4e0a\u3001\u5728\u4f20\u7edf\u94f6\u884c\u8425\u4e1a\u65f6\u95f4\u4e4b\u5916\u4ee5 USDC \u7ed3\u7b97\u67d0\u4e9b VisaNet \u4e49\u52a1\u3002Circle \u5f3a\u8c03\u8fd9\u662f USDC \u53ef\u4ee5\u4f5c\u4e3a\u8fde\u7eed\u7ed3\u7b97\u8d44\u4ea7\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4f5c\u4e3a\u52a0\u5bc6\u539f\u751f\u4ea4\u6613\u5de5\u5177\u8fd0\u4f5c\u7684\u8bc1\u636e\u3002\u5373\u4fbf\u76ee\u524d\u7684\u89c4\u6a21\u76f8\u5bf9\u4e8e Visa \u7684\u603b\u7f51\u7edc\u4ea4\u6613\u91cf\u4ecd\u7136\u8f83\u5c0f\uff0c\u4f46\u5176\u5206\u6790\u610f\u4e49\u91cd\u5927\uff1a\u8fd9\u662f USDC \u88ab\u5b9a\u4f4d\u4e3a\u73b0\u5b9e\u4e16\u754c\u540e\u53f0\u652f\u4ed8\u57fa\u7840\u8bbe\u65bd\u7ec4\u6210\u90e8\u5206\u7684\u6700\u6e05\u6670\u516c\u5f00\u4fe1\u53f7\u4e4b\u4e00\u3002<\/p>\n

\u901a\u8fc7\u5408\u4f5c\u4f19\u4f34\u4e3b\u5bfc\u7684\u3001\u5411\u6d88\u8d39\u8005\u548c\u4e2d\u5c0f\u4f01\u4e1a\u751f\u6001\u7cfb\u7edf\u7684\u5206\u9500\u4e5f\u5728\u62d3\u5bbd\u3002Circle \u4e8e 2025 \u5e74 12 \u6708 18 \u65e5\u5ba3\u5e03\u4e0e Intuit \u5efa\u7acb\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u5728\u5305\u62ec TurboTax\u3001QuickBooks \u548c Credit Karma \u5728\u5185\u7684\u4ea7\u54c1\u4e2d\u542f\u7528 USDC \u529f\u80fd\u3002\u4ece\u6218\u7565\u4e0a\u770b\uff0c\u8fd9\u52a0\u5f3a\u4e86 Circle \u8bd5\u56fe\u5c06 USDC \u63a8\u5411\u4ea4\u6613\u573a\u6240\u548c\u52a0\u5bc6\u539f\u751f\u7528\u6237\u4e4b\u5916\u3001\u8fdb\u5165\u4e3b\u6d41\u91d1\u878d\u5de5\u4f5c\u6d41\u7684\u8bba\u70b9\u3002\u7136\u800c\u5728\u7ecf\u6d4e\u4e0a\uff0c\u53d8\u73b0\u8def\u5f84\u4ecd\u4e0d\u660e\u6717\u3002Circle \u5c1a\u672a\u62ab\u9732\u4e0e\u8be5\u96c6\u6210\u6302\u94a9\u7684\u5b9a\u4ef7\u3001\u5206\u6210\u7387\u6216\u6536\u5165\u5206\u6210\u673a\u5236\uff0c\u56e0\u6b64\u5206\u9500\u8fdb\u5ea6\u7684\u5b58\u5728\u4e0d\u5e94\u4e0e\u9ad8\u5229\u6da6\u652f\u4ed8\u6536\u5165\u7684\u8bc1\u660e\u76f8\u6df7\u6dc6\u3002<\/p>\n

\u53e6\u4e00\u4e2a\u6218\u7565\u95ee\u9898\u662f\u5e02\u573a\u7ed3\u6784\u3002Circle \u548c Polymarket \u4e8e 2026 \u5e74 2 \u6708 5 \u65e5\u5ba3\u5e03\uff0cPolymarket \u5c06\u5728\u672a\u6765\u51e0\u4e2a\u6708\u5185\u4ece Polygon \u4e0a\u7684\u6865\u63a5 USDC\uff08USDC.e\uff09\u8fc7\u6e21\u5230\u539f\u751f USDC\u3002\u8fd9\u4e00\u8fdb\u5c55\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u662f\u56e0\u4e3a\u5b83\u8bf4\u660e\u4e86 Circle \u6b63\u5728\u52aa\u529b\u51cf\u5c11\u5bf9\u6865\u63a5\u6d41\u52a8\u6027\u7684\u4f9d\u8d56\uff0c\u5e76\u589e\u52a0\u539f\u751f\u53d1\u884c\u7684 USDC \u5728\u5404\u94fe\u4e0a\u7684\u8db3\u8ff9\u3002\u539f\u751f\u53d1\u884c\u63d0\u9ad8\u4e86\u8d4e\u56de\u7684\u6e05\u6670\u5ea6\uff0c\u51cf\u5c11\u4e86\u56f4\u7ed5\u5305\u88c5\u6216\u6865\u63a5\u5f62\u5f0f\u7684\u4e00\u4e9b\u64cd\u4f5c\u590d\u6742\u6027\uff0c\u5e76\u66f4\u7b26\u5408\u76d1\u7ba1\u4f18\u5148\u7684\u6a21\u5f0f\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u8fd9\u79cd\u8fc7\u6e21\u7684\u9700\u6c42\u4e5f\u51f8\u663e\u4e86\u7a33\u5b9a\u5e01\u9762\u4e34\u7684\u4e00\u4e2a\u7ed3\u6784\u6027\u6311\u6218\uff1a\u8de8\u6865\u63a5\u548c\u94fe\u7684\u96f6\u6563\u6d41\u52a8\u6027\u4ecd\u7136\u662f\u91c7\u7528\u8fc7\u7a0b\u4e2d\u7684\u6469\u64e6\u70b9\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u6280\u672f\u6ce8\u811a\u3002<\/p>\n

\u7efc\u4e0a\u6240\u8ff0\uff0cUSDC \u7684\u6700\u4f73\u7279\u5f81\u662f\u6df7\u5408\u578b\u5de5\u5177\u3002\u9996\u5148\uff0c\u5b83\u662f\u4e00\u4e2a\u4e3b\u8981\u7684\u4ea4\u6613\u6240\u548c\u573a\u6240\u7ed3\u7b97\u8d44\u4ea7\uff1b\u5176\u6b21\uff0c\u5b83\u662f\u94fe\u4e0a\u9ad8\u6362\u624b\u7387\u7684\u7f8e\u5143\uff0c\u7528\u4e8e\u62b5\u62bc\u3001\u6d41\u52a8\u6027\u8def\u7531\u548c\u52a0\u5bc6\u5e02\u573a\u7ba1\u9053\uff1b\u7b2c\u4e09\uff0c\u5b83\u662f\u9009\u5b9a\u96c6\u6210\u4e2d\u65b0\u5174\u7684\u673a\u6784\u7ed3\u7b97\u8f68\u9053\u3002\u652f\u4ed8\u8f68\u9053\u589e\u957f\u7684\u8bc1\u636e\u6b63\u5728\u6539\u5584\uff0c\u7279\u522b\u662f\u901a\u8fc7 Visa \u7ed3\u7b97\u3001Intuit \u96c6\u6210\u548c Circle \u66f4\u5e7f\u6cdb\u7684\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u3002\u4f46 Circle \u62ab\u9732\u7684\u4e3b\u5bfc\u7ecf\u6d4e\u9a71\u52a8\u56e0\u7d20\u4ecd\u662f USDC \u51c6\u5907\u91d1\u7684\u51c6\u5907\u91d1\u6536\u5165\uff0c\u800c\u975e\u6765\u81ea\u652f\u4ed8\u6d3b\u52a8\u7684\u663e\u6027\u4ea4\u6613\u8d39\u53d8\u73b0\u3002<\/p>\n

EURC<\/h4>\n

\u5373\u4fbf EURC \u5728\u76f4\u63a5\u7ecf\u6d4e\u6761\u6b3e\u4e2d\u89c4\u6a21\u4ecd\u8f83\u5c0f\uff0c\u4f46\u5176\u5728\u6218\u7565\u4e0a\u5177\u6709\u91cd\u8981\u610f\u4e49\u3002\u6b27\u6d32<\/a>\u7684\u76d1\u7ba1\u80cc\u666f\u5728\u6b64\u5c24\u4e3a\u76f8\u5173\u3002MiCA\uff08(EU) 2023\/1114 \u6761\u4f8b\uff09\u4e8e 2023 \u5e74\u751f\u6548\uff0c\u8d44\u4ea7\u53c2\u7167\u4ee3\u5e01\u548c\u7535\u5b50\u8d27\u5e01\u4ee3\u5e01\u7684\u89c4\u5219\u81ea 2024 \u5e74 6 \u6708 30 \u65e5\u8d77\u9002\u7528\uff0c\u66f4\u5e7f\u6cdb\u7684\u5236\u5ea6\u4ece 2024 \u5e74 12 \u6708 30 \u65e5\u8d77\u5168\u9762\u9002\u7528\u3002\u8fd9\u79cd\u987a\u5e8f\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u662f\u56e0\u4e3a\u6b27\u5143\u8ba1\u4ef7\u7684\u7a33\u5b9a\u5e01\u6bd4\u8bb8\u591a\u76f8\u90bb\u7684\u52a0\u5bc6\u8d44\u4ea7\u670d\u52a1\u66f4\u65e9\u53d8\u5f97\u201c\u53ef\u53d7\u76d1\u7ba1\u201d\uff0c\u4ece\u800c\u63d0\u9ad8\u4e86\u53d7\u76d1\u7ba1\u7684\u53d1\u884c\u65b9\u548c\u4ea4\u6613\u6240\u652f\u6301\u7b26\u5408\u8981\u6c42\u7684\u6b27\u5143\u7a33\u5b9a\u5e01\u4ea7\u54c1\u5e76\u589e\u5f3a\u673a\u6784\u4fe1\u5fc3\u7684\u80fd\u529b\u3002<\/p>\n

Circle \u62a5\u544a\u622a\u81f3 2025 \u5e74 12 \u6708 31 \u65e5\uff0c\u6d41\u901a\u4e2d\u7684 EURC \u4e3a 309,608,590\u3002\u5230 2026 \u5e74 3 \u6708 16 \u65e5\uff0cCircle \u7684 EURC \u9875\u9762\u663e\u793a\u6d41\u901a\u91cf\u4e3a 3.828 \u4ebf\u6b27\u5143\u3002\u8fd9\u610f\u5473\u7740\u4ece\u5e74\u5e95\u5230 3 \u6708\u4e2d\u65ec\uff0c\u589e\u957f\u4e86\u7ea6 7300 \u4e07\u6b27\u5143\uff0c\u5373\u7ea6 23.6%\u3002\u4ece\u7edd\u5bf9\u503c\u6765\u770b\uff0c\u76f8\u5bf9\u4e8e USDC \u800c\u8a00\u8fd9\u4ecd\u7136\u5f88\u5c0f\uff0c\u4f46\u589e\u957f\u7387\u5177\u6709\u610f\u4e49\uff0c\u5e76\u8868\u660e EURC \u6b63\u4ece\u4ecd\u8f83\u5c0f\u7684\u57fa\u7840\u4e0a\u83b7\u5f97\u52a8\u529b\u3002<\/p>\n

\u66f4\u5e7f\u6cdb\u7684\u6b27\u5143\u7a33\u5b9a\u5e01\u5e02\u573a\u89c4\u6a21\u4f9d\u7136\u975e\u5e38\u5c0f\u3002\u8def\u900f\u793e 2025 \u5e74 9 \u6708\u63f4\u5f15\u610f\u5927\u5229\u592e\u884c<\/a>\u7684\u6570\u636e\u62a5\u9053\u79f0\uff0c\u6b27\u5143\u8ba1\u4ef7\u7a33\u5b9a\u5e01\u603b\u8ba1\u4ec5\u7ea6 6.2 \u4ebf\u7f8e\u5143\uff0c\u800c\u5f53\u65f6\u5168\u7403\u7a33\u5b9a\u5e01\u53d1\u884c\u989d\u7ea6\u4e3a 3000 \u4ebf\u7f8e\u5143\u3002\u5373\u4f7f\u8003\u8651\u5230\u540e\u7eed\u7684\u589e\u957f\uff0cCircle \u62a5\u544a\u7684\u622a\u81f3 2026 \u5e74 3 \u6708\u7684 3.828 \u4ebf\u6b27\u5143 EURC \u6d41\u901a\u91cf\u8868\u660e\uff0cEURC \u53ef\u80fd\u662f\u4f9b\u5e94\u91cf\u5360\u4e3b\u5bfc\u5730\u4f4d\u7684\u6b27\u5143\u7a33\u5b9a\u5e01\u4e4b\u4e00\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u5728\u6ca1\u6709\u4f7f\u7528\u622a\u81f3 2026 \u5e74 3 \u6708\u7684\u6700\u65b0\u3001\u9ad8\u8d28\u91cf\u5408\u5e76\u5e02\u573a\u6570\u636e\u96c6\u7684\u60c5\u51b5\u4e0b\uff0c\u6211\u4f1a\u907f\u514d\u9648\u8ff0\u7cbe\u786e\u7684\u5e02\u573a\u4efd\u989d\uff0c\u800c\u4ece\u5ba1\u67e5\u7684\u8d44\u6599\u4e2d\u5e76\u672a\u53d1\u73b0\u6b64\u7c7b\u6570\u636e\u3002<\/p>\n

Circle \u5c06 EURC \u5b9a\u4f4d\u4e3a\u7b26\u5408 MiCA \u6807\u51c6\uff0c\u53ef\u5728 Avalanche\u3001Base\u3001Ethereum\u3001Solana \u548c Stellar \u4e0a\u4f7f\u7528\uff0c\u5e76\u8868\u793a\u5176\u6bcf\u6708\u53d1\u5e03\u8ba4\u8bc1\u62a5\u544a\u3002\u4ece\u6218\u7565\u4e0a\u770b\uff0cEURC \u5bf9 Circle \u7684\u4ef7\u503c\u53ef\u80fd\u8d85\u8fc7\u4e86\u5176\u76ee\u524d\u7684\u76f4\u63a5\u8d22\u52a1\u8d21\u732e\u3002\u5b83\u6709\u52a9\u4e8e\u951a\u5b9a Circle \u5728\u6b27\u6d32\u7684\u76d1\u7ba1\u6001\u52bf\uff0c\u652f\u6301\u4e0e USDC \u5e76\u884c\u7684\u94fe\u4e0a\u6b27\u5143-\u7f8e\u5143\u5de5\u4f5c\u6d41\uff0c\u5e76\u5728\u6b27\u6d32\u7a33\u5b9a\u5e01\u653f\u7b56\u4f18\u5148\u7ea7\u8fdb\u4e00\u6b65\u5f3a\u5316\u65f6\u4e3a\u516c\u53f8\u63d0\u4f9b\u9009\u62e9\u6743\u3002\u8def\u900f\u793e\u622a\u81f3 2025 \u5e74\u5e95\u7684\u62a5\u9053\u4e5f\u6307\u51fa\uff0c\u6b27\u6d32\u673a\u6784\u548c\u653f\u7b56\u5236\u5b9a\u8005\u8d8a\u6765\u8d8a\u5173\u6ce8\u5efa\u7acb\u7f8e\u56fd\u4e3b\u5bfc\u7684\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u7684\u66ff\u4ee3\u65b9\u6848\uff0c\u8fd9\u652f\u6301\u4e86\u4e0a\u8ff0\u9009\u62e9\u6743\u8bba\u70b9\u3002<\/p>\n

\u5728\u63a5\u4e0b\u6765\u7684 12 \u5230 24 \u4e2a\u6708\u5185\uff0cEURC \u66f4\u5408\u7406\u5730\u88ab\u89c6\u4e3a\u4e00\u4e2a\u8d4b\u80fd\u5c42\uff0c\u800c\u975e\u4e00\u4e2a\u72ec\u7acb\u7684\u5229\u6da6\u9a71\u52a8\u5668\u3002\u5176\u57fa\u6570\u4ecd\u4f4e\u4e8e 5 \u4ebf\u6b27\u5143\uff0c\u4e14 Circle \u5e76\u672a\u5355\u72ec\u62ab\u9732 EURC \u7279\u6709\u7684\u6536\u5165\u3002\u8981\u4f7f EURC \u5728\u8d22\u52a1\u4e0a\u53d8\u5f97\u6709\u610f\u4e49\uff0c\u53ef\u80fd\u9700\u8981\u4e09\u4ef6\u4e8b\uff1a\u5b9e\u8d28\u4e0a\u66f4\u5927\u7684\u6b27\u5143\u8ba1\u4ef7\u6d6e\u52a8\u91cf\u3001\u52a0\u5bc6\u539f\u751f\u8d44\u672c\u5e02\u573a\u4e4b\u5916\u7684\u652f\u4ed8\u548c\u8d22\u52a1\u91c7\u7528\u8bc1\u636e\uff0c\u4ee5\u53ca\u80fd\u907f\u514d\u91cd\u8e48 USDC \u6a21\u5f0f\u4e2d\u67d0\u4e9b\u6c89\u91cd\u7ecf\u6d4e\u5206\u6210\u8d1f\u62c5\u7684\u5206\u9500\u8def\u5f84\u3002\u6362\u53e5\u8bdd\u8bf4\uff0cEURC \u53ef\u80fd\u5728\u6218\u7565\u4e0a\u5df2\u7ecf\u5f88\u91cd\u8981\uff0c\u4f46\u5728\u8d22\u52a1\u4e0a\u4f3c\u4e4e\u5c1a\u672a\u6210\u4e3a\u6838\u5fc3\u3002<\/p>\n

2025 \u5e74\u8d22\u52a1\u5206\u6790\u4e0e\u5173\u952e\u6307\u6807<\/h3>\n

Circle \u7684 2025 \u8d22\u5e74\u8d22\u52a1\u72b6\u51b5\u5f3a\u5316\u4e86\u8fd9\u4e00\u89c2\u70b9<\/a>\uff1a\u8be5\u516c\u53f8\u9996\u8981\u4e14\u6700\u91cd\u8981\u7684\u662f\u4e00\u5bb6\u51c6\u5907\u91d1\u6536\u5165\u578b\u4e1a\u52a1\u3002\u516c\u53f8\u62a5\u544a 2025 \u8d22\u5e74\u603b\u6536\u5165\u548c\u51c6\u5907\u91d1\u6536\u5165\u4e3a 27.47 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2024 \u8d22\u5e74\u7684 16.76 \u4ebf\u7f8e\u5143\u3002\u8be5 2025 \u8d22\u5e74\u6570\u5b57\u7531 26.37 \u4ebf\u7f8e\u5143\u7684\u51c6\u5907\u91d1\u6536\u5165\u548c 1.1 \u4ebf\u7f8e\u5143\u7684\u5176\u4ed6\u6536\u5165\u7ec4\u6210\uff0c\u800c 2024 \u8d22\u5e74\u5206\u522b\u4e3a 16.61 \u4ebf\u7f8e\u5143\u548c 1500 \u4e07\u7f8e\u5143\u3002\u56e0\u6b64\uff0c\u540c\u6bd4\u9636\u8dc3\u5f0f\u589e\u957f\u7edd\u5927\u90e8\u5206\u662f\u7531\u51c6\u5907\u91d1\u6536\u5165\u7684\u6269\u5f20\u9a71\u52a8\u7684\uff0c\u800c\u975e\u7531\u5411\u8f6f\u4ef6\u6216\u4ea4\u6613\u8d39\u53d8\u73b0\u7684\u5e7f\u6cdb\u7ed3\u6784\u8f6c\u578b\u9a71\u52a8\u3002<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

\u6210\u672c\u7ed3\u6784\u5bf9\u4e8e\u627f\u9500\u6846\u67b6\u540c\u6837\u91cd\u8981\u3002Circle \u62a5\u544a 2025 \u8d22\u5e74\u7684\u5206\u9500\u548c\u4ea4\u6613\u6210\u672c\u4e3a 16.62 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2024 \u8d22\u5e74\u7684 10.11 \u4ebf\u7f8e\u5143\u3002\u8fd0\u8425\u652f\u51fa\u4ece 4.92 \u4ebf\u7f8e\u5143\u589e\u81f3 11.79 \u4ebf\u7f8e\u5143\uff0c\u85aa\u916c\u8d39\u7528\u4e3a 8.45 \u4ebf\u7f8e\u5143\uff0c\u800c\u53bb\u5e74\u540c\u671f\u4e3a 2.63 \u4ebf\u7f8e\u5143\u3002\u8fd9\u8bc1\u5b9e\u4e86\u66f4\u9ad8\u51c6\u5907\u91d1\u6536\u5165\u5e26\u6765\u7684\u603b\u76c8\u5229\u80fd\u529b\u5f88\u5927\u7a0b\u5ea6\u4e0a\u901a\u8fc7\u5408\u4f5c\u4f19\u4f34\u7ecf\u6d4e\u5b66\u5206\u4eab\u51fa\u53bb\u4e86\uff0c\u7136\u540e\u53c8\u88ab\u5927\u5e45\u63d0\u9ad8\u7684\u8fd0\u8425\u6210\u672c\u57fa\u7840\u8fdb\u4e00\u6b65\u5438\u6536\u3002<\/p>\n

\u4e00\u4e2a\u754c\u5b9a\u8fd0\u8425\u6760\u6746\u7684\u6709\u7528\u65b9\u6cd5\u662f\u770b\u6263\u9664\u5206\u9500\u6210\u672c\u540e\u7684\u6536\u5165\uff08RLDC\uff09\uff0c\u800c\u975e\u4ec5\u770b\u5934\u5bf8\u6536\u5165\u3002Circle \u62ab\u9732\u7684 2025 \u8d22\u5e74 RLDC \u4e3a 10.83 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2024 \u8d22\u5e74\u7684 6.59 \u4ebf\u7f8e\u5143\uff0c\u800c\u4e24\u5e74\u7684 RLDC \u5229\u6da6\u7387\u5747\u4fdd\u6301\u5728 39%\u3002\u8fd9\u79cd\u5e73\u7a33\u7684\u5229\u6da6\u7387\u5f88\u91cd\u8981\uff1a\u5b83\u8868\u660e\u5206\u9500\u6210\u672c\u968f\u51c6\u5907\u91d1\u6536\u5165\u6269\u5f20\u800c\u5927\u81f4\u6309\u6bd4\u4f8b\u6269\u5927\uff0c\u9650\u5236\u4e86\u66f4\u9ad8\u5229\u7387\u548c\u66f4\u5927\u4f59\u989d\u8f6c\u5316\u4e3a\u7ed3\u6784\u4e0a\u66f4\u597d\u7684\u7559\u5b58\u7ecf\u6d4e\u6548\u76ca\u7684\u7a0b\u5ea6\u3002\u6362\u53e5\u8bdd\u8bf4\uff0cCircle \u5c55\u793a\u4e86\u589e\u957f\uff0c\u4f46\u5728\u5206\u9500\u540e\u7559\u5b58\u7684\u6838\u5fc3\u7ecf\u6d4e\u4efd\u989d\u65b9\u9762\u5e76\u672a\u8868\u73b0\u51fa\u5b9e\u8d28\u6027\u6539\u5584\u3002<\/p>\n

\u66f4\u6e05\u6670\u7684\u8fd0\u8425\u6760\u6746\u4fe1\u53f7\u51fa\u73b0\u5728\u7ba1\u7406\u5c42\u7684\u8c03\u6574\u540e\u6846\u67b6\u4e2d\uff0c\u800c\u975e GAAP \u6570\u636e\u3002Circle \u62ab\u9732 2025 \u8d22\u5e74\u8c03\u6574\u540e\u8fd0\u8425\u652f\u51fa\u4e3a 5.08 \u4ebf\u7f8e\u5143\uff0c\u5e76\u6307\u5f15 2026 \u8d22\u5e74\u8c03\u6574\u540e\u8fd0\u8425\u652f\u51fa\u4e3a 5.7 \u4ebf\u81f3 5.85 \u4ebf\u7f8e\u5143\uff08\u91c7\u7528\u81ea 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\u7684\u4fee\u8ba2\u5b9a\u4e49\uff09\u3002\u8be5\u6307\u5f15\u6697\u793a Circle \u8ba1\u5212\u7ee7\u7eed\u5411\u589e\u957f\u8ba1\u5212\u6295\u8d44\uff0c\u800c\u975e\u8f6c\u5411\u8fd1\u671f\u7684\u6536\u5272\u6a21\u5f0f\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5373\u4f7f\u51c6\u5907\u91d1\u6536\u5165\u6761\u4ef6\u4fdd\u6301\u6709\u5229\uff0c\u7ba1\u7406\u5c42\u4f3c\u4e4e\u4e5f\u613f\u610f\u7ef4\u6301\u66f4\u9ad8\u7684\u8d39\u7528\u57fa\u6570\uff0c\u4ee5\u6784\u5efa\u4ea7\u54c1\u3001\u57fa\u7840\u8bbe\u65bd\u548c\u5206\u9500\u3002<\/p>\n

\u8d44\u4ea7\u8d1f\u503a\u8868\u4e5f\u652f\u6301\u5bf9\u8be5\u4e1a\u52a1\u6a21\u5f0f\u7684\u4e00\u79cd\u7279\u5b9a\u89e3\u91ca\u3002\u622a\u81f3 2025 \u5e74 12 \u6708 31 \u65e5\uff0cCircle \u62a5\u544a\u4e86 750.68 \u4ebf\u7f8e\u5143\u7684\u4e3a\u7a33\u5b9a\u5e01\u6301\u6709\u8005\u5229\u76ca\u800c\u9694\u79bb\u7684\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\uff0c\u4ee5\u53ca 749.13 \u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u6301\u6709\u8005\u5b58\u6b3e\u3002\u8fd9\u79cd\u7ed3\u6784\u4e0e\u56f4\u7ed5\u9694\u79bb\u4f59\u989d\u6784\u5efa\u7684\u51c6\u5907\u91d1\u652f\u6301\u578b\u53d1\u884c\u6a21\u5f0f\u4e00\u81f4\uff0c\u800c\u975e\u4f20\u7edf\u7684\u57fa\u4e8e\u8d37\u6b3e\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u6a21\u5f0f\u3002\u4ece\u5206\u6790\u4e0a\u770b\uff0c\u8fd9\u4f7f Circle \u5728\u7ed3\u6784\u4e0a\u66f4\u63a5\u8fd1\u4e00\u79cd\u7a84\u5229\u5dee\u4e1a\u52a1\uff0c\u800c\u975e\u9ad8\u5206\u6210\u7387\u7684\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u4e00\u4e2a\u91cd\u8981\u7684\u9650\u5b9a\u6761\u4ef6\u662f\u51c6\u5907\u91d1\u88ab\u63cf\u8ff0\u4e3a\u4e3a\u4ee3\u5e01\u6301\u6709\u8005\u7684\u5229\u76ca\u800c\u6301\u6709\uff0c\u5e76\u5728 Circle \u62ab\u9732\u7684\u7ed3\u6784\u4e0b\u65e8\u5728\u5177\u5907\u7834\u4ea7\u9694\u79bb\u6027\u3002<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u9884\u89c8\u53ca 2026 \u8d22\u5e74\u725b\u5e02\u3001\u57fa\u51c6\u3001\u718a\u5e02\u9884\u6d4b<\/h3>\n

\u8fdb\u5165 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u5229\u7387\u80cc\u666f\u4e0d\u5982 Circle \u5728\u5468\u671f\u65e9\u671f\u4eab\u53d7\u7684\u5cf0\u503c\u6761\u4ef6\u90a3\u4e48\u6709\u5229\u30022026 \u5e74 3 \u6708 16 \u65e5\u548c 17 \u65e5\uff0c\u6709\u6548\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e3a 3.64%\uff0c\u800c 2026 \u5e74 3 \u6708 17 \u65e5\u7684 SOFR \u4e3a 3.65%\u3002Circle \u81ea\u8eab\u7684\u654f\u611f\u6027\u6846\u67b6\u4f7f\u7528 2025 \u5e74 12 \u6708 3.64% \u7684\u5e73\u5747\u6536\u76ca\u7387\u4f5c\u4e3a\u53c2\u8003\u70b9\u3002\u8fd9\u610f\u5473\u7740 2026 \u5e74\u521d\u7684\u51c6\u5907\u91d1\u56de\u62a5\u73af\u5883\u8fdc\u4f4e\u4e8e 2024 \u8d22\u5e74\u62ab\u9732\u7684 5.0% \u51c6\u5907\u91d1\u56de\u62a5\u7387\uff0c\u4e14\u66f4\u63a5\u8fd1 2025 \u5e74\u5e95\u7684\u6c34\u5e73\uff0c\u8fd9\u610f\u5473\u7740\u5982\u679c Circle \u5e0c\u671b\u4fdd\u6301\u51c6\u5907\u91d1\u6536\u5165\u589e\u957f\uff0c\u4f59\u989d\u589e\u957f\u5fc5\u987b\u627f\u62c5\u66f4\u591a\u5de5\u4f5c\u3002<\/p>\n

2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u8d77\u70b9\u81f3\u5c11\u5728\u65b9\u5411\u4e0a\u5bf9\u4f59\u989d\u6709\u5229\u3002Circle \u62ab\u9732\u622a\u81f3 2026 \u5e74 3 \u6708 16 \u65e5\uff0cUSDC \u6d41\u901a\u91cf\u4e3a 792 \u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2025 \u5e74\u5e95\u62a5\u544a\u7684 752.66 \u4ebf\u7f8e\u5143\u3002EURC \u4e5f\u4ece\u5e74\u5e95\u7684 3.096 \u4ebf\u589e\u81f3 2026 \u5e74 3 \u6708 16 \u65e5\u7684 3.828 \u4ebf\u6b27\u5143\u3002\u8fd9\u4e00\u8bbe\u7f6e\u8868\u660e\u7b2c\u4e00\u5b63\u5ea6\u7684\u5e73\u5747\u7a33\u5b9a\u5e01\u4f59\u989d\u53ef\u80fd\u6bd4\u7b2c\u56db\u5b63\u5ea6\u7684\u9000\u51fa\u6c34\u5e73\u6709\u6240\u6539\u5584\uff0c\u90e8\u5206\u62b5\u6d88\u4e86\u8f83\u4f4e\u7684\u6536\u76ca\u673a\u5236\u3002<\/p>\n

\u7ba1\u7406\u5c42\u5bf9 2026 \u8d22\u5e74\u7684\u6307\u5f15\u6307\u51fa\u5c06\u7ee7\u7eed\u5b9e\u73b0\u7ed3\u6784\u591a\u5143\u5316\uff0c\u4f46\u4e0d\u4f1a\u6539\u53d8\u7ecf\u6d4e\u6a21\u5f0f\u7684\u57fa\u7840\u3002Circle \u6307\u5f15\u5176\u4ed6\u6536\u5165\u4e3a 1.5 \u4ebf\u81f3 1.7 \u4ebf\u7f8e\u5143\uff0cRLDC \u5229\u6da6\u7387\u4e3a 38% \u81f3 40%\uff0c\u8c03\u6574\u540e\u8fd0\u8425\u652f\u51fa\u4e3a 5.7 \u4ebf\u81f3 5.85 \u4ebf\u7f8e\u5143\u3002\u6b64\u5904\u7684\u4fe1\u53f7\u662f\u53cc\u91cd\u7684\uff1a\u9996\u5148\uff0c\u7ba1\u7406\u5c42\u9884\u671f\u975e\u51c6\u5907\u91d1\u6536\u5165\u5c06\u589e\u957f\uff1b\u5176\u6b21\uff0c\u5373\u4f7f\u6839\u636e\u5176\u81ea\u8eab\u7684\u6307\u5f15\uff0c\u8fd9\u4e9b\u6536\u5165\u76f8\u5bf9\u4e8e\u51c6\u5907\u91d1\u6536\u5165\u5f15\u64ce\u800c\u8a00\u4ecd\u7136\u5f88\u5c0f\u3002<\/p>\n

\u725b\u5e02\u60c5\u666f\uff08Bull case\uff09<\/strong>\uff1a \u5728\u770b\u6da8\u60c5\u666f\u4e0b\uff0c\u53d7\u673a\u6784\u7ed3\u7b97\u4f7f\u7528\u589e\u957f\u3001\u66f4\u9ad8\u94fe\u4e0a\u6362\u624b\u7387\u548c\u589e\u91cf\u5206\u9500\u80dc\u5229\u7684\u652f\u6301\uff0cUSDC \u6d41\u901a\u91cf\u5728\u7b2c\u4e00\u548c\u7b2c\u4e8c\u5b63\u5ea6\u6301\u7eed\u6269\u5927\u3002\u5728\u8fd9\u79cd\u7ed3\u679c\u4e0b\uff0c\u5373\u4f7f\u5b9e\u73b0\u6536\u76ca\u7387\u4fdd\u6301\u5728 2025 \u5e74\u5e95\u548c 2026 \u5e74\u521d\u7684\u77ed\u7aef\u6c34\u5e73\uff0c\u51c6\u5907\u91d1\u6536\u5165\u4ecd\u80fd\u4fdd\u6301\u5f39\u6027\u3002\u5206\u9500\u6210\u672c\u4e5f\u4f1a\u4e0a\u5347\uff0c\u4f46\u5206\u9500\u540e\u7684\u7559\u5b58\u7ecf\u6d4e\u6548\u76ca\u4ecd\u80fd\u589e\u957f\u5230\u8db3\u4ee5\u5438\u6536\u66f4\u9ad8\u7684\u8fd0\u8425\u652f\u51fa\u8ba1\u5212\uff0c\u540c\u65f6\u5c06\u5229\u6da6\u7387\u7ef4\u6301\u5728\u6307\u5f15\u6c34\u5e73\u6216\u9644\u8fd1\u3002\u8fd9\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\u201c\u4f59\u989d\u589e\u957f\u62b5\u6d88\u5229\u7387\u538b\u7f29\u201d\u7684\u6848\u4f8b\u3002\u53d7\u5f53\u524d\u4f59\u989d\u8d8b\u52bf\u548c\u4ecd\u5728\u6269\u5f20\u7684\u751f\u6001\u7cfb\u7edf\u7684\u652f\u6301\uff0c\u8fd9\u662f\u5408\u7406\u7684\uff0c\u4f46\u4ecd\u53d6\u51b3\u4e8e\u6301\u7eed\u7684\u4ea4\u6613\u91cf\u548c\u91c7\u7528\u52a8\u80fd\u3002<\/p>\n

\u57fa\u51c6\u60c5\u666f\uff08Base case\uff09<\/strong>\uff1a \u5728\u57fa\u51c6\u60c5\u666f\u4e0b\uff0c\u968f\u7740\u4ea4\u6613\u6d3b\u52a8\u548c DeFi \u4f7f\u7528\u5f52\u4e8e\u5e38\u6001\uff0cUSDC \u6d41\u901a\u589e\u957f\u73af\u6bd4\u653e\u7f13\u81f3\u4f4e\u4e2a\u4f4d\u6570\u3002\u51c6\u5907\u91d1\u56de\u62a5\u951a\u5b9a\u5728 3.5% \u5de6\u53f3\u7684\u77ed\u7aef\uff0c\u4e0e EFFR \u548c SOFR \u5927\u81f4\u4e00\u81f4\u3002\u5728\u8fd9\u79cd\u8bbe\u7f6e\u4e0b\uff0c\u51c6\u5907\u91d1\u6536\u5165\u53ef\u80fd\u4fdd\u6301\u7a33\u5b9a\u6216\u968f\u5e73\u5747\u4f59\u989d\u7565\u6709\u589e\u957f\uff0c\u4f46\u5206\u9500\u6210\u672c\u4ecd\u4fdd\u6301\u7ed3\u6784\u6027\u9ad8\u4f4d\uff0c\u56e0\u4e3a\u5408\u4f5c\u4f19\u4f34\u5206\u6210\u6a21\u5f0f\u4e0d\u4f1a\u6d88\u5931\u3002RLDC \u5229\u6da6\u7387\u56e0\u6b64\u7ef4\u6301\u5728\u516c\u53f8\u6307\u5f15\u7684 38% \u81f3 40% \u8303\u56f4\u5185\uff0c\u6536\u5165\u6709\u9002\u5ea6\u8fdb\u5c55\uff0c\u4f46\u7ed3\u6784\u6027\u5229\u6da6\u7387\u6269\u5f20\u6709\u9650\u3002<\/p>\n

\u718a\u5e02\u60c5\u666f\uff08Bear case\uff09<\/strong>\uff1a \u5728\u770b\u8dcc\u60c5\u666f\u4e0b\uff0c\u53d7\u98ce\u9669\u89c4\u907f\u8d44\u91d1\u6d41\u3001\u4ea4\u6613\u6240\u9a71\u52a8\u7684\u6d41\u51fa\u6216\u5e02\u573a\u4efd\u989d\u538b\u529b\u5f71\u54cd\uff0cUSDC \u6d41\u901a\u91cf\u505c\u6ede\u6216\u4e0b\u964d\uff0c\u540c\u65f6\u5229\u7387\u4ece\u5df2\u964d\u4f4e\u7684\u6c34\u5e73\u8fdb\u4e00\u6b65\u4e0b\u6ed1\u3002\u6839\u636e Circle \u81ea\u8eab\u7684\u654f\u611f\u6027\u6846\u67b6\uff0c\u8f83\u4f4e\u7684\u6536\u76ca\u7387\u5c06\u51cf\u5c11\u51c6\u5907\u91d1\u6536\u5165\u5e76\u673a\u68b0\u5730\u51cf\u5c11\u90e8\u5206\u5206\u9500\u6210\u672c\uff0c\u4f46\u51c0\u6548\u5e94\u4ecd\u4f1a\u5bf9 RLDC \u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002\u8fd9\u5c06\u53d8\u5f97\u66f4\u52a0\u91cd\u8981\uff0c\u56e0\u4e3a Circle \u6b63\u5e26\u7740\u66f4\u9ad8\u7684\u8ba1\u5212\u8d39\u7528\u57fa\u6570\u8fdb\u5165 2026 \u8d22\u5e74\uff0c\u8fd9\u610f\u5473\u7740\u75b2\u8f6f\u7684\u4f59\u989d\u548c\u75b2\u8f6f\u7684\u6536\u76ca\u7387\u5c06\u4f7f\u4e1a\u52a1\u66f4\u76f4\u63a5\u5730\u66b4\u9732\u5728\u5408\u4f5c\u4f19\u4f34\u96c6\u4e2d\u5ea6\u548c\u8fd0\u8425\u6210\u672c\u521a\u6027\u9762\u524d\u3002<\/p>\n

\u6218\u7565\u5b9a\u4f4d\u4e0e\u7ade\u4e89<\/h3>\n

Circle \u6700\u9002\u5408\u88ab\u627f\u9500\u4e3a\u4e00\u4e2a\u53d7\u76d1\u7ba1\u7684\u6570\u5b57\u8d27\u5e01\u7f51\u7edc\u8fd0\u8425\u5546\uff0c\u5b83\u6709\u4e24\u4e2a\u5c42\u9762\uff1a\u4e00\u4e2a\u662f\u5728\u4eca\u5929\u5360\u636e\u8d22\u52a1\u4e3b\u5bfc\u5730\u4f4d\u7684\u53d1\u884c\u548c\u51c6\u5907\u91d1\u7ba1\u7406\u6838\u5fc3\uff1b\u4ee5\u53ca\u4e00\u4e2a\u5728\u6218\u7565\u4e0a\u91cd\u8981\u4f46\u5728\u7ecf\u6d4e\u4e0a\u5c1a\u672a\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\u7684\u66f4\u5e7f\u6cdb\u7684\u5e94\u7528\u3001\u4e92\u64cd\u4f5c\u6027\u548c\u5f00\u53d1\u8005\u670d\u52a1\u8fb9\u754c\u3002\u8fd9\u79cd\u533a\u5206\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u5728\u975e\u51c6\u5907\u91d1\u6536\u5165\u53d8\u5f97\u5b9e\u8d28\u6027\u589e\u5927\u4e4b\u524d\uff0cCircle \u7684\u4f30\u503c\u3001\u76c8\u5229\u654f\u611f\u6027\u548c\u98ce\u9669\u6982\u51b5\u4ecd\u4e0e\u8d27\u5e01\u653f\u7b56\u548c\u7a33\u5b9a\u5e01\u5e02\u573a\u7ed3\u6784\u7d27\u5bc6\u76f8\u5173\u3002<\/p>\n

\u76ee\u524d\u6218\u7565\u671f\u6743\u4ef7\u503c\u6700\u91cd\u8981\u7684\u4f8b\u5b50\u662f Circle \u652f\u4ed8\u7f51\u7edc\uff08CPN\uff09\u3002Circle \u4e8e 2025 \u5e74 4 \u6708\u63a8\u51fa\u4e86\u8fd9\u4e00\u6982\u5ff5\uff0c\u5e76\u62ab\u9732\u622a\u81f3 2026 \u5e74 2 \u6708 20 \u65e5\uff0c\u5df2\u6709 55 \u5bb6\u91d1\u878d\u673a\u6784\u52a0\u5165\uff0c74 \u5bb6\u6b63\u5728\u63a5\u53d7\u8d44\u683c\u5ba1\u67e5\uff0c\u8fc7\u53bb 30 \u5929\u7684\u5e74\u5316\u4ea4\u6613\u989d\u5df2\u8fbe\u5230 57 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u662f\u7f51\u7edc\u5f62\u6210\u548c\u673a\u6784\u5174\u8da3\u7684\u610f\u4e49\u91cd\u5927\u7684\u65e9\u671f\u6307\u6807\u3002\u7136\u800c\uff0c\u5728\u6ca1\u6709\u62ab\u9732\u5206\u6210\u7387\u3001\u6536\u5165\u8d21\u732e\u6216\u5229\u6da6\u72b6\u51b5\u7684\u60c5\u51b5\u4e0b\uff0cCPN \u5728\u6218\u7565\u4e0a\u6bd4\u5728\u8d22\u52a1\u4e0a\u66f4\u5bb9\u6613\u8bc1\u660e\u5176\u5408\u7406\u6027\u3002<\/p>\n

\u7b2c\u4e8c\u4e2a\u53ef\u9760\u7684\u975e\u51c6\u5907\u91d1\u77e2\u91cf\u662f\u4e92\u64cd\u4f5c\u6027\u5de5\u5177\u3002Circle \u62ab\u9732\u5176\u4e8e 2025 \u5e74 3 \u6708\u63a8\u51fa\u4e86 CCTP V2\uff0c\u4e14\u5f53\u5ba2\u6237\u9009\u62e9\u5feb\u901f\u4f20\u8f93\u529f\u80fd\u65f6\u53ef\u4ee5\u4ea7\u751f\u4ea4\u6613\u8d39\u3002\u8fd9\u662f\u8f83\u5f3a\u7684\u975e\u51c6\u5907\u91d1\u53d8\u73b0\u8def\u5f84\u4e4b\u4e00\uff0c\u56e0\u4e3a\u5b83\u4e3a\u7279\u5b9a\u7684\u6280\u672f\u80fd\u529b\u5b9a\u4ef7\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5e0c\u671b\u4f7f\u7528\u6700\u7ec8\u8f6c\u5316\u4e3a\u4ef7\u503c\u3002\u5373\u4fbf\u5982\u6b64\uff0cCircle \u62ab\u9732\u7684 2025 \u8d22\u5e74\u4ea4\u6613\u6536\u5165\u7ebf\u4ecd\u7136\u5f88\u5c0f\uff0c\u56e0\u6b64\u76ee\u524d\u7684\u8d21\u732e\u76f8\u5bf9\u4e8e\u51c6\u5907\u91d1\u6536\u5165\u800c\u8a00\u4ecd\u5fae\u4e0d\u8db3\u9053\u3002<\/p>\n

Circle \u901a\u8fc7 Hashnote \u548c USYC \u8fdb\u884c\u7684\u6536\u8d2d<\/a>\u5bfc\u5411\u7684\u76f8\u90bb\u9886\u57df\u6269\u5f20\u5728\u6218\u7565\u4e0a\u4e5f\u503c\u5f97\u6ce8\u610f\u3002Circle \u5c06 USYC \u63cf\u8ff0\u4e3a\u4e3b\u8981\u7528\u4e8e\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u62b5\u62bc\u7528\u9014\u7684\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u4efd\u989d\u7684\u94fe\u4e0a\u4ee3\u8868\uff0c\u5e76\u62ab\u9732\u5176\u8d5a\u53d6\u5305\u62ec\u7ee9\u6548\u8d39\u5728\u5185\u7684\u8d39\u7528\u3002\u8fd9\u662f USDC \u7684\u4e00\u4e2a\u5408\u7406\u76f8\u90bb\u9886\u57df\uff0c\u56e0\u4e3a\u5b83\u6ee1\u8db3\u4e86\u7a33\u5b9a\u5e01\u672c\u8eab\u65e0\u6cd5\u5b8c\u5168\u89e3\u51b3\u7684\u5e26\u606f\u62b5\u62bc\u54c1\u548c\u4fdd\u8bc1\u91d1\u9700\u6c42\u3002\u4f46\u5e02\u573a\u4ecd\u7f3a\u4e4f\u5bf9 USYC \u8d44\u4ea7\u3001\u6536\u5165\u6216\u76c8\u5229\u80fd\u529b\u7684\u5355\u72ec\u516c\u5f00\u62ab\u9732\uff0c\u56e0\u6b64\u5b83\u76ee\u524d\u66f4\u591a\u662f\u4e00\u4e2a\u6218\u7565\u57fa\u77f3\uff0c\u800c\u975e\u4e00\u4e2a\u5b8c\u5168\u53ef\u627f\u9500\u7684\u72ec\u7acb\u9a71\u52a8\u56e0\u7d20\u3002<\/p>\n

\u5728\u7ade\u4e89\u65b9\u9762\uff0cCircle \u6700\u76f4\u63a5\u7684\u7f8e\u5143\u7a33\u5b9a\u5e01\u5bf9\u624b\u4ecd\u662f Tether\u3002\u8def\u900f\u793e 2026 \u5e74 2 \u6708\u62a5\u9053\u79f0\uff0cUSDT<\/a> \u7684\u53d1\u884c\u91cf\u7ea6\u4e3a 1840 \u4ebf\u7f8e\u5143\uff0c\u51f8\u663e\u4e86 Tether \u7684\u5b9e\u8d28\u6027\u89c4\u6a21\u4f18\u52bf\u3002\u4e0d\u8fc7\uff0cCircle \u7684\u5dee\u5f02\u5316\u4f9d\u7136\u6e05\u6670\uff1a\u516c\u4f17\u516c\u53f8\u7684\u62ab\u9732\u900f\u660e\u5ea6\u3001\u4e0e\u65b0\u5174\u76d1\u7ba1\u66f4\u7d27\u5bc6\u5951\u5408\u7684\u51c6\u5907\u91d1\u8d44\u4ea7\u7ea6\u675f\uff0c\u4ee5\u53ca\u5728\u53d7\u76d1\u7ba1\u673a\u6784\u548c\u652f\u4ed8\u7f51\u7edc\u4e2d\u66f4\u5f3a\u7684\u5b9a\u4f4d\u3002\u4ece\u8fd9\u4e2a\u610f\u4e49\u4e0a\u8bf4\uff0cCircle \u7684\u7ade\u4e89\u4f18\u52bf\u4e0e\u5176\u8bf4\u662f\u7edd\u5bf9\u89c4\u6a21\uff0c\u4e0d\u5982\u8bf4\u662f\u673a\u6784\u4fe1\u8a89\u548c\u76d1\u7ba1\u900f\u660e\u5ea6\u3002<\/p>\n

\u53e6\u4e00\u4e2a\u7ade\u4e89\u5bf9\u624b\u662f PayPal \u7684 PYUSD\uff0cPayPal \u4e8e 2026 \u5e74 3 \u6708 17 \u65e5\u5ba3\u5e03\u5c06\u5728\u5168\u7403 70 \u4e2a\u5e02\u573a\u63d0\u4f9b\u8be5\u4ea7\u54c1\u3002PYUSD \u5728\u6218\u7565\u4e0a\u5177\u6709\u76f8\u5173\u6027\uff0c\u56e0\u4e3a\u5b83\u5d4c\u5165\u5728\u5168\u7403\u6d88\u8d39\u8005\u548c\u5546\u5bb6\u652f\u4ed8\u5206\u9500\u7f51\u7edc\u4e2d\uff0c\u8fd9\u4e0e Circle \u4ee5\u4ea4\u6613\u6240\u548c\u57fa\u7840\u8bbe\u65bd\u4e3a\u4e3b\u7684\u8db3\u8ff9\u6709\u7740\u975e\u5e38\u4e0d\u540c\u7684\u8fdb\u5165\u5e02\u573a\u4f18\u52bf\u3002Circle \u76ee\u524d\u7684\u4f18\u52bf\u4ecd\u5728\u4e8e\u66f4\u6df1\u7684 USDC \u6d41\u52a8\u6027\u3001\u66f4\u5927\u7684\u89c4\u6a21\u548c\u66f4\u5f3a\u7684\u52a0\u5bc6\u5e02\u573a\u96c6\u6210\uff1bPYUSD \u7684\u5dee\u5f02\u5316\u5728\u4e8e\u4e3b\u6d41\u652f\u4ed8\u5e73\u53f0\u5185\u7684\u539f\u751f\u94b1\u5305\u548c\u5546\u5bb6\u5206\u9500\u3002<\/p>\n

\u5728\u6b27\u6d32\uff0c\u7ade\u4e89\u683c\u5c40\u53ef\u80fd\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u53d8\u5f97\u66f4\u5177\u6311\u6218\u6027\u3002\u8def\u900f\u793e\u62a5\u9053\uff0c\u5305\u62ec ING\u3001UniCredit \u4ee5\u53ca\u540e\u6765\u7684\u6cd5\u56fd\u5df4\u9ece\u94f6\u884c\uff08BNP Paribas\uff09\u5728\u5185\u7684\u4e00\u6279\u6b27\u6d32\u4e3b\u8981\u94f6\u884c\u7ec4\u5efa\u4e86\u4e00\u5bb6\u516c\u53f8\uff0c\u8ba1\u5212\u5728 2026 \u5e74\u4e0b\u534a\u5e74\u63a8\u51fa\u6b27\u5143\u7a33\u5b9a\u5e01\uff0c\u540c\u65f6\u653f\u7b56\u5236\u5b9a\u8005\u4e5f\u516c\u5f00\u8ba8\u8bba\u4e86\u52a0\u5f3a\u6b27\u5143\u8ba1\u4ef7\u6570\u5b57\u8d27\u5e01\u4ee5\u5bf9\u6297\u7f8e\u5143\u4e3b\u5bfc\u5730\u4f4d\u3002\u8fd9\u5bf9 EURC \u6784\u6210\u4e86\u4e00\u4e2a\u5b9e\u8d28\u6027\u7684\u4e2d\u671f\u7ade\u4e89\u5a01\u80c1\uff0c\u56e0\u4e3a\u94f6\u884c\u4e3b\u5bfc\u7684\u6b27\u5143\u7a33\u5b9a\u5e01\u53ef\u4ee5\u5c06\u76d1\u7ba1\u4fe1\u8a89\u4e0e\u5d4c\u5165\u5f0f\u7684\u4f01\u4e1a\u53ca\u94f6\u884c\u5206\u9500\u76f8\u7ed3\u5408\u3002\u7136\u800c\uff0c\u622a\u81f3 2026 \u5e74 3 \u6708\uff0c\u8fd9\u4ecd\u66f4\u591a\u662f\u4e00\u4e2a\u672a\u6765\u7684\u7ade\u4e89\u98ce\u9669\uff0c\u800c\u975e\u773c\u4e0b\u7684\u4f9b\u5e94\u4fa7\u53d6\u4ee3\u3002<\/p>\n

\u7ed3\u8bba<\/h3>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

\"\u6df1\u5ea6\u62c6\u89e3Circle\uff1a\u88ab\u5206\u9500\u4e0e\u5229\u7387\u201c\u53cc\u91cd\u7ed1\u67b6\u201d\u7684\u7a33\u5b9a\u5e01\u5e1d\u56fd\"<\/p>\n

Circle \u7684 2025 \u8d22\u5e74\u4e1a\u7ee9\u518d\u6b21\u8bc1\u5b9e\u4e86\u5176\u51c6\u5907\u91d1\u6536\u5165\u6a21\u5f0f\u7684\u5e95\u8272\u3002\u867d\u7136 USDC \u4ea4\u6613\u91cf\u548c\u65b0\u9879\u76ee\uff08\u5982 CPN\uff09\u6539\u5584\u4e86\u6218\u7565\u53d9\u4e8b\uff0c\u4f46\u5b83\u4eec\u5728\u8d22\u52a1\u4e0a\u7684\u91cd\u8981\u6027\u5c1a\u65e0\u6cd5\u4e0e\u51c6\u5907\u91d1\u6536\u5165\u76f8\u63d0\u5e76\u8bba\u3002\u56e0\u6b64\uff0c\u6838\u5fc3\u8bc4\u4f30\u6846\u67b6\u4ecd\u5e94\u805a\u7126\u4e8e\uff1a\u4f59\u989d\u589e\u957f\u3001\u5229\u7387\u654f\u611f\u6027\u4ee5\u53ca\u4e0e Coinbase \u6302\u94a9\u7684\u5206\u9500\u6210\u672c\u7ed3\u6784<\/strong>\u3002<\/p>\n\n

Twitter\uff1ahttps:\/\/twitter.com\/BitpushNewsCN<\/a><\/p>\n

\u6bd4\u63a8 TG \u4ea4\u6d41\u7fa4\uff1ahttps:\/\/t.me\/BitPushCommunity<\/a><\/p>\n

\u6bd4\u63a8 TG \u8ba2\u9605\uff1a https:\/\/t.me\/bitpush<\/a><\/p>\n

(\u6765\u6e90:\u6bd4\u63a8) <\/ins> <\/p>\n

\n
\u539f\u6587\u94fe\u63a5:https:\/\/substack.com\/home\/post\/p-191473018<\/a><\/h5>\n<\/p><\/div>\n
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\u8bf4\u660e: \u6bd4\u63a8\u6240\u6709\u6587\u7ae0\u53ea\u4ee3\u8868\u4f5c\u8005\u89c2\u70b9\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae<\/h5>\n<\/p><\/div>\n
Circle<\/a><\/span>Coinbase<\/a><\/span>USDC<\/a><\/span>\u6df1\u5ea6<\/a><\/span>\u7a33\u5b9a\u5e01<\/a><\/span>\u7f8e\u5143<\/a><\/span>\u89c2\u70b9<\/a><\/span> <\/div>\n
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