# 稳定币业务

#稳定币业务 Seeing the recent market trend of CRC, I am reminded of those days in 2017. It was the same back then - the financial reports were incredibly good, the rise numbers were shocking, yet the stock price was falling. At that time, we all felt confused, but it now appears that this actually reflects a misunderstanding of the essence of the business model by the market.
The story of CRCL is quite interesting. On the surface, it shows a high rise—Q3 revenue of $740 million, a year-on-year increase of 66%, and USDC circulation doubling to 73.7 billion. But digging deeper, you will find that th

#稳定币业务 This is really a big event! The collaboration between Sei and Xiaomi has just been announced, and I can't wait to share it with everyone — this could be a turning point for Web3 towards large-scale applications.
Imagine this: in the past, we had to actively search for Web3 applications, like digging for treasure in the vast sea of the internet. But now it's different; stablecoin payments will be directly pre-installed on every new Xiaomi phone sold worldwide. Xiaomi sold 168 million phones in 2024, which means Web3 is shifting from "users actively searching" to "automatically r

#稳定币业务 CRCL financial report 66% rise yet 20% fall? This is ridiculous 🤦‍♂️
After carefully analyzing the data, the problem lies here – 71% of the profit comes from fluctuations in investment income, while the actual operating profit has been eaten away by channel fees and Coinbase's share. In other words, it's taking advantage of the interest spread under the bonus of U.S. Treasury bond rates; once the rate-cutting cycle arrives, this model could collapse in no time. Moreover, now entering the lock-up period, executives and employees are all selling, and the downward pressure on the

#稳定币业务 The acquisition of the Valora team by Stripe is quite interesting. Major companies are starting to seriously plan for stablecoins, what does this indicate? It indicates that the stablecoin market is indeed lucrative and not just a small game.
Stripe has always intended to venture into cryptocurrency payments, and now it directly acquires teams and experience, saving itself the trouble of starting from scratch. Although Valora is not large, it still has some presence in the Celo ecosystem, and the accumulated assets are valuable. The key is that Stripe's move is clever—while they ne

#稳定币业务 Wow, I just saw the news about the collaboration between Sei and Xiaomi, and I was completely stunned🤯 Does this mean that Xiaomi phones will come pre-installed with a Web3 wallet? Does this mean that we can use stablecoins directly to pay when buying a new phone in the future?
I used to think that crypto payments were far from everyday life, and that I had to actively seek them out and research them. But now it feels like "I’m just lying flat and waiting for applications to find me" (laughs). Xiaomi sold 168 million phones in 2024; if this share comes pre-installed, doesn’t that mean

#稳定币业务 Seeing these predictions about stablecoin businesses, I have to say a few honest words. The number of stablecoins exceeding Layer2 hit my pain point—over the past two years, I've seen too many project parties using the name of "innovation" to actually drop the issuance thresholds and create stablecoins everywhere. The lower the threshold, the higher the risk; this is an unbreakable truth.
I remember a pit I once fell into, a "revolutionary" stablecoin project that was initially promoted with grand claims, asserting it would disrupt the existing landscape. What happened? Less than h

#稳定币业务 Seeing the collaboration between Sei and Xiaomi reminds me of an important observation: the shift of Web3 applications from "users actively seeking" to "automatically reaching out" actually reflects a signal of the entire ecosystem maturing.
But I have to honestly say that this enhancement of convenience is both an opportunity and a test for investors. The coverage of 168 million Xiaomi phones and a 36.9% market share in Europe, these figures look very tempting and can easily lead one to feel that "the big windfall is coming." I have seen too many friends increase their positions after

#稳定币业务 In this 2026 forecast, there is a detail worth noting - the number of stablecoins will exceed Layer 2. This is a new opportunity for us coin enthusiasts.
Why do you say that? The issuance threshold for stablecoins is much lower, which means that a large number of new stablecoin projects will be launched next. The initial phase of new projects is often accompanied by interactive incentives, community guidance, and other aspects, which is the golden period for harvesting.
In fact, the interaction logic of stablecoin projects is relatively standardized—identity verification, cross-chain i

#稳定币业务 The number of stablecoins surpassing L2 may seem like a simple prediction, but it carries profound meaning. What does a low threshold mean? It means that stablecoins will become the new "infrastructure arms race" in the upcoming wave of coin issuance.
From a copy trading perspective, this greatly affects our choice of strategy. Instead of tracking the operators fighting in the L2 ecosystem, it is better to pay attention to who can layout multi-chain stablecoin liquidity earlier. Why? Because the monetization path for stablecoins is clearer—exchanges need them, users need them for cross

#稳定币业务 The CRCL financial report looks impressive (Q3 revenue of $740 million, a 66% year-on-year increase), but the stock price has fallen by 20%. The logic behind this is worth analyzing.
There are three core pain points: First, distribution costs erode profit margins—60% of the revenue is taken by channels, and this cost structure will be infinitely amplified during a rate cut cycle; second, 71% of profits come from changes in the fair value of investments, which belong to non-recurring income, raising doubts about sustainability; third, the lock-up window has opened, and major shareholder