# Сопутствующие статьи по теме Stablecoin

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Stablecoin", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Bull vs. Bear Debate: Is the Profit Moat of Stablecoin Leader CRCL Solid?

The article presents a heated debate surrounding Circle (NYSE: CRCL), the issuer of the stablecoin USDC, focusing on the sustainability of its business model following its IPO and Q3 2025 earnings report. Key bearish points, led by figures like Jiang Zhuo'er, argue that CRCL's profits are unsustainable. They compare it to a bank reliant on an interest rate spread, which is highly vulnerable to Federal Reserve rate cuts. Critics highlight that over 60% of profits are paid to distributor Coinbase, leaving CRCL with a thin margin. They warn that competition from traditional financial giants like JPMorgan could easily disrupt its model, and that its regulatory advantage is a temporary benefit, not a permanent moat. Bullish commentators, including @BTCdayu and @qinbafrank, counter that CRCL is a long-term infrastructure play, not a simple bank. They believe current profit-sharing is a strategic cost to achieve market dominance and network effects, similar to companies like Amazon in their early days. They argue that future growth from massive USDC adoption (potentially reaching trillions) will far outweigh the impact of falling interest rates. They see compliance as a powerful, long-term moat that will eliminate smaller competitors. Additional short-term concerns include a significant sell-off pressure from the post-IPO lockup expiration and a structural barrier to USDC's use in U.S. retail payments due to its classification as a taxable asset. In summary, the debate pits short-term cyclical risks (interest rates, high costs, sell pressure) against a long-term structural opportunity (market growth, network effects, compliance as a barrier to entry). The core question remains whether CRCL's current model is a fragile interest-rate play or a foundational bet on the future of digital currency.

比推12/09 20:19

Bull vs. Bear Debate: Is the Profit Moat of Stablecoin Leader CRCL Solid?

比推12/09 20:19

When Tether No Longer Clings to the Dollar...

Tether, the issuer of the world's largest stablecoin USDT, is shifting its reserve strategy in anticipation of lower interest rates. While its business model thrived during high-rate periods—earning billions from U.S. Treasury holdings—future Fed rate cuts could reduce its interest income significantly. To adapt, Tether has diversified into gold (over 100 tons) and Bitcoin (over 90,000 BTC), which together make up 12-13% of its reserves. These assets historically perform well in low-rate, high-liquidity environments, potentially offsetting lost Treasury yield. However, rating agencies like S&P have expressed concern, downgrading Tether’s stability rating due to increased exposure to volatile assets like Bitcoin and reduced transparency. The key challenge remains maintaining USDT’s dollar peg while navigating this new macroeconomic phase.

比推12/09 19:55

When Tether No Longer Clings to the Dollar...

比推12/09 19:55

From Hydra to A7A5: Russia's $376.3 Billion On-Chain Undercurrent Is Reshaping the Global Financial Map

From Hydra to A7A5: Russia’s $376.3 Billion On-Chain Underground Reshapes Global Finance Amid Western financial sanctions, Russia has developed a massive underground crypto economy. In 2024-2025, Russia received $376.3 billion in crypto assets, the highest in Europe. Stablecoins like USDT have become essential for daily transactions, trade settlements, and capital flight. The ecosystem includes OTC dealers in Telegram groups, local exchanges like Garantex—which continues operating despite sanctions—and a growing Bitcoin mining sector that accounts for 16% of global hash rate. A new “ruble-backed” stablecoin, A7A5, issued via Kyrgyzstan with ties to a sanctioned Russian bank, has also emerged as a tool for evasion. Crypto in Russia is not a speculative asset but a critical infrastructure: it enables import payments, protects savings from ruble volatility, facilitates gray/black market activities, and acts as a form of digital energy export through mining. This parallel system highlights how geopolitical isolation has accelerated the adoption of crypto as a pragmatic, albeit inefficient, financial lifeline.

marsbit12/09 18:59

From Hydra to A7A5: Russia's $376.3 Billion On-Chain Undercurrent Is Reshaping the Global Financial Map

marsbit12/09 18:59

Tether's "Favorite Son" STABLE Crashes? Plunges 60% on First Day, Whale Jumping the Queue + No CEX Listing Sparks Trust Panic

Stable, a new Layer 1 blockchain heavily backed by Tether and Bitfinex, launched its mainnet and STABLE token on December 8. Despite significant pre-launch deposits totalling over $1.3 billion and strong market interest, the token’s first-day performance was highly disappointing. It opened around $0.036, briefly rose to nearly $0.046, then plummeted over 60% to a low of $0.015. Its fully diluted valuation (FDV) fell to $1.7 billion amid thin liquidity. The token’s not yet listed on major centralized exchanges like Binance or Coinbase, limiting its accessibility. The launch wass marred by controversy after a whale deposited hundreds of millions of USDT before the official start time, raising concerns about fairness and possible insider trading. This damaged trust in a project whose core narrative is transparency and reliability. Stable is designed as a stablecoin-focused chain with USDT as the native gas fee, aiming for a near gas-less user experience. It uses a custom DPoS consensus mechanism and is EVM-compatible. However, its tokenomics have raised concerns: STABLE tokens are used only for governance and staking, not fee payment, and 50% of the total 100 billion supply is allocated to the team, investors, and advisors with a one-year cliff. The project faces intense competition from established chains like Polygon, Tron, and Solana, as well as emerging stablecoin-specific L1s like Circle’s Arc and Paradigm-backed Tempo. Its success hinges on rapid execution, ecosystem development, and enterprise adoption planned for late 2025 to mid-2026. Early missteps and a lack of trust have cast doubt on its ability to compete.

marsbit12/09 18:11

Tether's "Favorite Son" STABLE Crashes? Plunges 60% on First Day, Whale Jumping the Queue + No CEX Listing Sparks Trust Panic

marsbit12/09 18:11

Bull vs. Bear Debate: Is Stablecoin Leader CRCL Worth Buying? Why Can't High-Growth Earnings Drive the Stock Price?

"Circle (NYSE: CRCL), the issuer of USDC, has sparked intense debate in the crypto community following its Q3 2025 earnings report. Despite reporting strong growth—revenue up 66% YoY to $740 million and net income of $214 million, driven by a 108% increase in USDC circulation—its stock price fell significantly post-earnings and remains near its IPO price of $64. The core disagreement revolves around Circle’s business model and sustainability. Critics, including Jiang Zhuorer, argue that Circle operates like a bank, earning primarily through interest on reserve assets (mainly U.S. Treasuries), but is highly vulnerable to interest rate cuts. They highlight that ~60% of revenue is paid to distributors like Coinbase, leaving thin margins that could turn negative in a low-rate environment. They also warn of competition from traditional financial giants like JPMorgan and potential policy changes. Proponents, such as BTCdayu and qinbafrank, counter that Circle is building a long-term, network-driven infrastructure play. They compare it to Amazon or JD.com, arguing that current profit-sharing is a strategic cost to achieve scale, compliance advantage, and eventual market dominance in a winner-take-all industry. They believe USDC’s合规 (compliance) edge and institutional trust will drive adoption to multi-trillion dollars, outweighing interest rate risks. Short-term concerns include significant post-IPO lockup expirations adding selling pressure, and structural barriers like U.S. tax treatment of USDC as a property (not cash), hindering retail payment adoption. The debate encapsulates a clash between cyclical concerns (rates, costs, competition) and structural optimism (scale, compliance, network effects)."

Odaily星球日报12/09 13:20

Bull vs. Bear Debate: Is Stablecoin Leader CRCL Worth Buying? Why Can't High-Growth Earnings Drive the Stock Price?

Odaily星球日报12/09 13:20

RWA Weekly Report | US CFTC Launches Digital Asset Collateral Pilot Program, Spot Cryptocurrency Now Trading on CFTC-Registered Exchanges (12.3-12.9)

RWA Market Weekly Summary (Dec 3–9, 2025) The RWA market stabilized this week, with total on-chain Distributed Asset Value rising slightly to $18.44 billion. The number of asset holders increased by 6,130 to 561,558. Stablecoin market capitalization grew to $301.92 billion, with holders surging by 2.06 million to 207.75 million. U.S. Treasury tokenization slightly to $88 billion, while private credit rebounded to $22 billion. Key developments include the U.S. CFTC launching a digital asset collateral pilot program, allowing BTC, ETH, and USDC to be used as margin in regulated derivatives markets. The CFTC also approved spot cryptocurrency trading on its registered exchanges. U.S. lawmakers urged regulators to implement stablecoin rules under the GENIUS Act by July 2026. Meanwhile, former PBOC deputy governor Wang Yongli reiterated China's firm opposition to stablecoins, emphasizing the development of the digital yuan. In Europe, a consortium of banks plans to launch a euro stablecoin in 2026. South Korea's ruling party proposed a stablecoin bill requiring commercial banks to hold at least 51% ownership in issuers. The IMF warned that widespread stablecoin adoption could weaken central banks' monetary control. In project news, the SEC closed its investigation into Ondo Finance without action, and MSX (STONKS) reached a record $2 billion in daily trading volume.

Odaily星球日报12/09 07:55

RWA Weekly Report | US CFTC Launches Digital Asset Collateral Pilot Program, Spot Cryptocurrency Now Trading on CFTC-Registered Exchanges (12.3-12.9)

Odaily星球日报12/09 07:55

Bitcoin (BTC) Gains Buying Support, But Data Shows Professional Traders Are Skeptical of a Rally Above $92,000

Based on the provided article, here is a concise English summary: Bitcoin (BTC) is facing resistance after failing to break above $92,250, leading to a pullback. The article attributes this to macroeconomic uncertainty, including a delayed U.S. jobs report, a softening housing market, and a pause in spot Bitcoin ETF inflows. Data shows professional traders remain skeptical of a sustained rally above $92,000. The monthly futures premium (basis rate) has remained low, and the demand for protective put options is high, with market makers demanding a 13% premium to sell downside protection on Deribit. This indicates traders are willing to pay a significant cost to hedge against potential price declines. Furthermore, a bearish signal is emerging from China, where Tether (USDT) is trading at a discount to the official USD/CNY rate. This suggests strong selling pressure and capital flight from the crypto market, a pattern often seen during bearish phases. The article concludes that while the $90,000 level is providing support, a rapid return to $100,000 is unlikely. It hinges on improved visibility regarding the U.S. job market and real estate sector, which may take longer to materialize than the upcoming Fed policy decision.

cointelegraph_中文12/09 06:20

Bitcoin (BTC) Gains Buying Support, But Data Shows Professional Traders Are Skeptical of a Rally Above $92,000

cointelegraph_中文12/09 06:20

China's Stablecoin Window Closes: A Regulatory Drama Long Written

China's regulatory crackdown on stablecoins marks a definitive shift from targeting speculative trading to safeguarding national financial sovereignty. The recent coordinated ban, emphasized by former central bank officials, underscores that private stablecoins—even those pegged to the yuan—are seen as threats to state-controlled currency issuance and financial stability. Authorities argue that dollar-dominated stablecoins like USDT and USDC facilitate capital flight and expose China to external risks, while domestic alternatives are deemed redundant given the advanced digital yuan (e-CNY) infrastructure. The policy aims to isolate China’s financial system from global crypto influence, preventing "digital dollar colonization" and curbing underground activities like money laundering. However, potential downsides include technological isolation from blockchain innovation, increased opacity in illicit transactions, and reduced influence in global digital currency developments. For industry participants, the message is clear: abandon gray-area operations, avoid RWA tokenization of Chinese assets, and focus either on offshore hubs like Hong Kong or compliant domestic channels like e-CNY integration. The era of ambiguity is over, forcing a choice between exiting entirely or operating within strict regulatory boundaries.

比推12/09 05:57

China's Stablecoin Window Closes: A Regulatory Drama Long Written

比推12/09 05:57

Interpreting the True Turning Point of Crypto Regulation: BTC, ETH, and USDC Gain Access to the U.S. Derivatives Market

The U.S. Commodity Futures Trading Commission (CFTC), under Acting Chair Caroline D. Pham, has launched a Digital Asset Collateral Pilot Program. This initiative allows regulated derivatives market participants to use Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC as compliant margin. The program is a significant regulatory shift, marking the first time digital assets are formally recognized as collateral in mainstream U.S. finance. Key details of the pilot include: - **Participants:** Licensed Futures Commission Merchants (FCMs) are the eligible entities. - **Assets:** Initially limited to BTC, ETH, and USDC for a three-month period, with strict weekly reporting requirements to the CFTC. - **Safeguards:** Stringent rules are in place, including holding assets in segregated accounts, conservative haircuts to mitigate volatility risk, and immediate reporting of any issues. - **Framework:** The CFTC also issued new guidance for tokenized collateral and provided "No-Action Relief" to give institutions regulatory clarity for operating within the rules. Industry leaders from Coinbase, Crypto.com, Circle, and Ripple hailed the move. They see it as a milestone that unlocks capital efficiency, reduces settlement risk, legitimizes stablecoins for payments, and paves the way for 24/7 trading, ultimately signaling deeper integration between crypto and traditional finance. While the pilot's immediate impact on retail investors is limited, it is a major long-term signal of institutional adoption. It represents a structural shift in U.S. regulatory approach—from restriction to institutionalization—and is a crucial step toward a future where tokenized assets are fundamental to the financial system.

Odaily星球日报12/09 03:44

Interpreting the True Turning Point of Crypto Regulation: BTC, ETH, and USDC Gain Access to the U.S. Derivatives Market