# Issuers İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Issuers" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

The Hidden War Behind Stablecoins: Issuers, Applications, and Users—Who Will Be the 'Biggest Winner'?

The article explores the intense competition among stablecoin issuers, applications, and users over the lucrative profits generated by stablecoins. Issuers like Tether and Circle earn significant risk-free returns by investing user funds in cash equivalents, creating a highly profitable business model. However, applications (wallets, exchanges, DeFi protocols) that control user relationships demand a share of these profits, leveraging their distribution power to negotiate revenue-sharing agreements or even launch their own branded stablecoins (e.g., Aave’s GHO or PayPal’s PYUSD via white-label services). Users, especially in developed markets, increasingly expect yield on their stablecoin holdings, pressuring applications to offer returns. This dynamic creates a three-way tug-of-war, with applications caught between profit-retentive issuers and yield-seeking users. The author suggests that users may ultimately benefit the most from this competition, gaining a larger share of the profits as the ecosystem evolves.

marsbit02/17 13:09

The Hidden War Behind Stablecoins: Issuers, Applications, and Users—Who Will Be the 'Biggest Winner'?

marsbit02/17 13:09

Hong Kong Targets March for First Stablecoin Licenses, Few Expected

Hong Kong's banking regulator, the HKMA, expects to issue its first batch of stablecoin licenses in March, with only a "very small number" of issuers approved initially. This marks a shift from consultation and sandbox testing to a regulated market. The licensing assessments focus on use cases, risk controls, anti-money laundering safeguards, and reserve backing models. The move follows the passage of Hong Kong's stablecoin bill in May 2025, which established a licensing regime for fiat-referenced stablecoin issuers. Early licensed issuers may include entities like Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications. The limited initial approvals could quickly shape market structure and integration with regulated financial partners.

ccn.com02/02 09:05

Hong Kong Targets March for First Stablecoin Licenses, Few Expected

ccn.com02/02 09:05

Artemis Crypto Payment Card Report: $18 Billion Market Size, The Silent Explosion of Crypto Payments

Artemis Research reveals that the crypto payments card market has grown into a $18 billion industry, with monthly transaction volumes increasing 15-fold since early 2023. The report breaks down the crypto card stack into three layers: Networks (Visa and Mastercard), Issuers & Program Managers (e.g., Baanx, Bridge), and Consumer Apps (wallets and exchanges like MetaMask and Phantom). Visa dominates with over 90% of on-chain card transaction volume, largely due to early infrastructure partnerships. A key structural shift is the rise of full-stack issuers like Rain and Reap, which now issue cards and settle directly as Visa Principal Members—bypassing sponsor banks for greater control and better economics. Geographic usage varies: In India, crypto cards serve as collateralized credit solutions, while in Argentina, they function as inflation-hedged stablecoin debit cards. In developed markets, crypto cards target high-value users who hold significant stablecoin balances and seek to spend them. The report concludes that as stablecoin adoption grows, crypto cards will scale accordingly, acting as essential infrastructure for bringing digital dollars into the real economy.

marsbit01/21 06:29

Artemis Crypto Payment Card Report: $18 Billion Market Size, The Silent Explosion of Crypto Payments

marsbit01/21 06:29

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