# 稳定币

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JPMorgan analysts indicate that Circle is facing intense competition from Tether, Hyperliquid, and other fintech companies. The analysis points out that unless the crypto market expands significantly, the stablecoin sector may become a zero-sum game. Currently, the stablecoin market is approximately $278 billion, accounting for less than 8% of the total cryptocurrency market capitalization. #稳定币 #Tether #Circle #加密资产

#稳定币 Recently, I've been looking into Multicoin's views on stablecoins, and I increasingly feel that this sector is seriously underestimated by everyone.
Many people are still debating what stablecoins are useful for. Actually, the question is asked backwards — the real question should be, **why is the future of FinTech inseparable from them**. Traditional FinTech aims to grow big and comprehensive, but ends up doing everything poorly. But stablecoins are different; they focus on a core logic: **following the true flow of funds to provide extreme services for specific groups**.
Imagine — cros

#稳定币 Seeing this comment about stablecoins, a few key moments from the past decade come to mind.
I still remember the wave in 2017, when many projects aspired to become "the bank for everyone," but the ones that failed the fastest were often those with overly broad visions. In contrast, those that have survived until today are precisely the ones that recognized their boundaries early on—they abandoned the grand dream of universal financial inclusion and instead excelled in a specific niche. The logic of stablecoins seems to be following the same path.
Over the years, I've seen too many failed

#稳定币 Seeing that the FASB has included stablecoins in its 2026 work plan, my first reaction is: regulatory frameworks are improving, but for retail investors, this is both an opportunity and a watershed of risks.
Ten years ago, I fell into the "stablecoin" trap—back then, various air coins were rampant under the banner of "stability," ending in a complete mess. Now, things are different. With the enactment of the 《Genius Act》, accounting standards are set to be adjusted, and the SEC is also watching closely. It looks like the formal regulatory authorities are about to take over this market.
B

#稳定币 Will stablecoins be officially recognized by FASB as "cash equivalents"? This is the real breakthrough 🚀 Previously, it was all gray areas, and companies didn't dare to hold large quantities. Now, with the policy green light, institutional funds are about to enter in a big way.
In simple terms, stablecoins are officially transforming from "wild assets" to "mainstream financial instruments." This regulatory clarification directly enhances the overall ecosystem's compliance. Coupled with the framework support from the Genius Act taking effect in 2027, risk disclosures for stablecoins will

#稳定币 Recently, I have been delving into Circle's strategic adjustments, and this case has triggered some serious reflections for me.
On the surface, Circle is thriving in issuing USDC—revenue has grown from 435 million to 740 million, which looks impressive. But the real pitfalls are in the details: the growth rate of circulation and distribution costs has nearly caught up with revenue growth, and profit margins are tightly held between 39-42%, leaving no room for upward movement. This phenomenon is very familiar because I often see similar logic when following trades—seemingly high-yield str

#稳定币 Seeing traditional financial giants like Barclays investing in stablecoin settlement infrastructure, my first reaction is not excitement, but a sense of reassurance.
The significance of this is not just another hot concept, but that the underlying logic of stablecoins is finally gaining institutional recognition — they are no longer just fleeting hype but are gradually being solidified as a financial infrastructure within a strict regulatory framework. Barclays collaborating with top banks like Goldman Sachs and UBS to explore compliant issuance, and Ubyx serving as a clearing system to

#稳定币 I recently came across a concept that left me a bit confused—"Crypto-native new banks"? It sounds so advanced, but after looking into it carefully, I actually started to understand! 😅
It turns out these new banks aim to "translate" the complex stuff in DeFi into something we can use easily. For example, I used to have questions about stablecoins—why use them? Now I get it—high-yield stablecoins can let my money "earn passively" on the chain, but before, I had to handle Gas fees, private key management, and all that, which was really overwhelming.
But these new banks are different; they

#稳定币 Stablecoins are about to become popular again, not just my opinion, but the overall FinTech landscape is heading this way. Multicoin's recent perspective is quite interesting——the next generation of financial technology is not about serving everyone, but about providing an exceptional experience for specific groups based on real fund flows. The core idea of this statement is: precise targeting is more valuable than being all-encompassing.
What does this mean for us crypto enthusiasts? It means that the number of stablecoin projects will increase, and each project will be thinking about h