Artículos Relacionados con Issuance

El Centro de Noticias de HTX ofrece los artículos más recientes y un análisis profundo sobre "Issuance", cubriendo tendencias del mercado, actualizaciones de proyectos, desarrollos tecnológicos y políticas regulatorias en la industria de cripto.

From Issuance to Yield: Decoding the Hidden Gold Mine in the Trillion-Dollar Stablecoin Race

From Issuance to Yield: Decoding the Hidden Goldmine in the Trillion-Dollar Stablecoin Arena This report shifts focus from the stablecoin issuance duopoly (Tether and Circle) to explore the broader value chain, identifying greater opportunities downstream. It systematically outlines five key stages: Issuance, On-Ramp, Transfer, Payment, and Yield Generation. While issuance is dominated by scale and trust, other layers offer diverse business models. The prevailing strategy isn't rebuilding systems from scratch but integrating stablecoin efficiencies—like instant settlement and low-cost transfers—with existing traditional finance (TradFi) infrastructure, as seen in acquisitions like Stripe's purchase of Bridge. The Yield layer, however, requires specialized, independent capabilities. **Key Stages & Insights:** * **Issuance:** An oligopoly with high barriers; newcomers should focus on specialized functions like licensing or distribution rather than direct competition. * **On-Ramp:** A competitive, commoditized space where providers are expanding into issuance and infrastructure or being acquired to secure recurring revenue. * **Transfer:** Showcases stablecoin's cost advantage for cross-border payments. Winners control end-point exchanges, licenses, and customer relationships (e.g., payroll platforms like Rise). * **Payment:** Core revenue lies not in consumer-facing cards but in underlying issuance infrastructure and the capital efficiency gained from T+0 on-chain settlement. * **Yield:** Evolving into a full-scale on-chain asset management industry. Risk curators design vaults on lending protocols, charging management and performance fees. Demand is shifting toward predictable, treasury-backed yields over high-risk synthetic products. The future lies in controlling specific customer segments and integrating stablecoin technology with TradFi rails. Trends like regional currency adoption and deeper regulatory integration will further expand opportunities in infrastructure layers like card issuance, custody, and asset management. The market is converging, with major players seeking to dominate this fusion of efficiency and established systems.

Foresight NewsAyer 12:31

From Issuance to Yield: Decoding the Hidden Gold Mine in the Trillion-Dollar Stablecoin Race

Foresight NewsAyer 12:31

Understanding the Stablecoin Industry Chain in One Article: The Real Profits Are Not in the Issuance

Understanding the Stablecoin Industry Value Chain: The Real Profits Are Not in Issuance The article argues that while industry discussion focuses on stablecoin issuers like Tether and Circle, the real profit opportunities lie further down the value chain. It breaks the stablecoin ecosystem into five key segments: issuance, on/off-ramps, on-chain transfers, payments, and yield generation/asset growth. Issuance is dominated by a few giants with massive scale and trust advantages, making direct competition difficult. New entrants are advised to focus on specialized infrastructure roles within this segment instead. The on/off-ramp sector faces intense competition and margin pressure on basic transaction fees, pushing service providers to expand into adjacent services for recurring revenue. The on-chain transfer segment, particularly for cross-border payments and payroll, offers significant cost advantages over traditional systems. Profits are not in the transfer itself but in the surrounding compliance, FX services, and leveraging idle funds. In payments, the core profitability lies not in consumer-facing card brands but in the backend infrastructure for issuing, clearing, and settlement. This allows players to capture reserve interest and improve capital efficiency through real-time, on-chain clearing. Finally, the asset growth/yield segment has evolved into a full-fledged on-chain asset management industry. It features layered models with specialized risk managers and offers products ranging from tokenized treasuries (RWA) to yield-bearing synthetic dollars. The future direction points towards integrating stablecoin advantages (24/7 clearing, low-cost transfers, programmable yield) into existing traditional financial infrastructure, as seen in recent acquisitions. Value is shifting downstream to the clearing/payments layer and towards compliant integration with traditional finance, including the rise of regional non-USD stablecoins.

Foresight News07/17 03:37

Understanding the Stablecoin Industry Chain in One Article: The Real Profits Are Not in the Issuance

Foresight News07/17 03:37

Tiger Research: Take RWA Tokenization Overseas First

This article discusses the strategic choices facing financial institutions in jurisdictions lacking mature regulatory frameworks for Real-World Asset (RWA) tokenization. With the market growing rapidly, institutions must choose between waiting for local legislation, using regulatory sandboxes, or—the recommended priority—expanding into overseas markets to gain early experience. Successfully launching cross-border RWA tokenization requires meticulous preparation across six key areas: establishing an overseas base (e.g., Hong Kong, Singapore, the U.S.), securing necessary licenses, defining the tokenized asset (with bonds being simpler than non-standard assets), defining the target investor scope, deciding on settlement currencies/payment flows, and designing operational requirements like custody and on-chain governance. The article outlines two primary strategic paths: a direct "onshore" path and a "native on-chain" path. The direct path involves setting up a legal entity and obtaining licenses in a mature jurisdiction like Hong Kong, Singapore, or the U.S., leveraging existing platforms (e.g., DigiFT, Securitize) for efficiency. The alternative native on-chain path involves partnering with compliant, decentralized platforms (e.g., Ondo, Plume Nest) that use structures like offshore SPVs to facilitate tokenization and access DeFi liquidity, offering speed and broader reach but with greater structural complexity. The core argument is that institutions should not wait for perfect domestic regulation. A detailed hypothetical case study illustrates the multi-step, 6-12 month process of launching an overseas tokenized bond. The key takeaway is that the essence of a tokenization business lies not in the technology but in successfully executing the entire sales and operational process. The market is moving forward, and the time to act is now.

marsbit07/07 07:52

Tiger Research: Take RWA Tokenization Overseas First

marsbit07/07 07:52

Base's New Token Issuance Gateway B20: What Assets Does It Aim to Accommodate?

Base, a layer-2 blockchain, is developing B20, a native token standard designed to be a foundational tool for asset issuance. It serves as an ERC-20 compatible, pre-compiled system built directly into Base's infrastructure, offering faster speeds and lower costs than standard smart contracts. The core innovation lies in its robust control features for issuers. B20 enables granular role-based access control for functions like minting or pausing, alongside policy registries for whitelists and blacklists to restrict transfers. It also supports transaction memos for linking on-chain actions to off-chain records. These features are particularly targeted at stablecoin providers, Real World Asset (RWA) tokenizers, and other projects needing compliant, controllable, and low-cost token creation. However, its launch on the mainnet was recently delayed following network stability issues, underscoring its critical importance as a core network upgrade. B20 provides the tools for controlled issuance, but the responsibility for implementing specific compliance rules remains with the asset issuers themselves.

Foresight News06/30 02:10

Base's New Token Issuance Gateway B20: What Assets Does It Aim to Accommodate?

Foresight News06/30 02:10

White-Label Stablecoins: More Than Just a Logo Change

"White-Label Stablecoins: Beyond a Logo Change" The article clarifies the often-misunderstood concept of "white-label stablecoins," which refers to businesses leveraging established providers like Circle or Coinbase to offer stablecoin functionality under their own brand. It details four distinct models, emphasizing that this is not a simple branding exercise but involves complex legal and operational responsibilities split across issuance, reserves, custody, and distribution. The four primary models are: 1. **Circle xReserve**: Enables blockchains (L1/L2) to launch their own stablecoin backed 1:1 by USDC locked in a Circle smart contract. The chain deploys and operates the token contract. 2. **Circle Partner Stablecoins**: Connects existing regional stablecoin issuers to Circle's global payment and liquidity network (e.g., StableFX). The local issuer remains responsible for issuance, reserves, and compliance. 3. **Circle Digital Asset Accounts**: Provides businesses with branded digital asset accounts where users hold established stablecoins (like USDC). Circle handles custody, conversion, and compliance; the business manages the front-end user experience. 4. **Coinbase Custom Stablecoins**: The model closest to a true "white-label" stablecoin. Coinbase manages the issuance, reserves, smart contracts, and redemption for a new, custom-branded stablecoin (e.g., Flipcash's USDF), while the partner business handles branding, distribution, and user-facing scenarios. The article stresses that legal and regulatory risks depend heavily on the specific model and the partner's role. Key concerns include clear user disclosure about the issuer and redemption rights, managing consumer perceptions, careful structuring of any revenue-sharing or yield features, and navigating local regulatory frameworks for payments, distribution, and marketing—responsibilities that cannot be outsourced simply by using a "white-label" service.

marsbit06/23 08:38

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手06/15 14:36

USDC Begins Nested Issuance, Coinbase Launches Custom Stablecoin Branding Service

Coinbase has launched its "Custom Stablecoins" platform, enabling businesses to offer branded stablecoins. The first client is Flipcash, a social payments app, which has introduced USDF. USDF is a Solana-based stablecoin, pegged 1:1 to USDC, and is designed to serve as a stable pricing and settlement unit for Flipcash's user-created community currencies. This move shifts the focus of stablecoins from being standalone assets or investment products to becoming embedded payment and settlement components within broader applications. For businesses like Flipcash, the core need is not to become a stablecoin issuer, but to integrate stable, reliable digital cash functionality—handling pricing, payments, and settlements—without managing the complex underlying infrastructure of issuance, reserves, on-chain contracts, fiat on-ramps, and compliance. Coinbase's platform provides this infrastructure as a service, positioning the exchange as a stablecoin infrastructure provider. While USDC remains the foundational reserve asset, the branded token (e.g., USDF) offers applications a tailored, user-facing financial tool. This development highlights a potential path for stablecoins to become ubiquitous backend utilities in social, gaming, and e-commerce applications, though it also brings significant regulatory and operational complexities associated with handling real user funds.

链捕手05/21 15:07

USDC Begins Nested Issuance, Coinbase Launches Custom Stablecoin Branding Service

链捕手05/21 15:07

NYDIG Breaks Down The Bitcoin Flywheel Behind Strategy’s STRC Surge

NYDIG analyzes the surge in Strategy's STRC issuance, framing it not as traditional debt but as a bitcoin-backed liability system dependent on capital markets and investor confidence. The firm notes that Strategy issued $1.2 billion in STRC recently, bringing its total preferred equity stack to over $10 billion. These securities are actively managed to trade near par through dividends and signaling, not serviced by cash flow. The structure creates a "flywheel" where capital raises fund bitcoin purchases, strengthening the balance sheet and sustaining confidence—as long as markets remain open and assets trade above NAV. A decline in bitcoin or loss of confidence could stall the system without triggering insolvency, shifting adjustment to the preferred layer.

bitcoinist03/25 07:01

NYDIG Breaks Down The Bitcoin Flywheel Behind Strategy’s STRC Surge

bitcoinist03/25 07:01

Bitcoin reaches 20M supply milestone as final coins set to take 114 years to mine

Bitcoin has reached the historic milestone of 20 million BTC mined, leaving only one million coins remaining to be issued out of its fixed supply cap of 21 million. It took 6,267 days to reach this point since the genesis block in 2009. The final BTC is expected to be mined around 2140, meaning the last million coins will take approximately 114 years to enter circulation due to Bitcoin’scheduled halving events. On-chain data shows that network adoption—such as transactions and active addresses—grew significantly faster than supply issuance. Meanwhile, miner selling pressure remains low, with the Miners’ Position Index indicating reduced transfers to exchanges. With over 95% of the total supply already mined, Bitcoin’s scarcity narrative continues to strengthen as it approaches its supply limit.

ambcrypto03/09 16:06

Bitcoin reaches 20M supply milestone as final coins set to take 114 years to mine

ambcrypto03/09 16:06

Bank of Korea Urges Bank-Led Won Stablecoin Issuance

The Bank of Korea (BOK) has urged that the issuance of Korean won-pegged stablecoins should be led by commercial banks, warning that private issuance could undermine monetary policy and create foreign exchange and financial stability risks. In a report submitted to the National Assembly, the central bank described stablecoins as "currency-like substitutes" and emphasized that their rollout must consider broader economic impacts, not just industrial profits. The BOK expressed concerns that stablecoins could be used to circumvent foreign exchange regulations and stressed that non-bank issuers might conflict with Korea’s separation of banking and commerce principles. It recommended that banks, which are subject to strict regulatory standards, should be the primary issuers, with any expansion beyond banks proceeding cautiously after risk assessments. The report reflects ongoing debates among policymakers about who should be allowed to issue won stablecoins and echoes the BOK’s previous warnings on the matter. While acknowledging stablecoins' potential role in the digital asset revolution, the bank proposed structural safeguards, including a bank-focused consortium model and a statutory interagency policy body for oversight. The BOK cited the U.S. GENIUS Act as an example of cross-agency supervision. However, this bank-led approach has faced opposition from industry members, including some policymakers, who argue that clearer rules for issuers could sufficiently mitigate risks.

TheNewsCrypto02/23 12:52

Bank of Korea Urges Bank-Led Won Stablecoin Issuance