Coinbase，Circle和Partnership的力量：加密貨幣的新時代？

Coinbase和Circle的合作夥伴關係正在重塑加密環境。從創收到戰略定位，探索關鍵的見解和未來趨勢。

Coinbase, Circle, and the Power of Partnership: A New Era for Crypto?

Coinbase，Circle和Partnership的力量：加密貨幣的新時代？

The dynamic between Coinbase and Circle continues to evolve, shaping the crypto landscape in surprising ways. From revenue generation to strategic positioning, their collaboration is a key trend to watch.

Coinbase和Circle之間的動態不斷發展，以令人驚訝的方式塑造了加密景觀。從創收到戰略定位，他們的合作是觀看的關鍵趨勢。

The $300 Million Partnership: Coinbase and Circle's Q1 2025 Triumph

這筆3億美元的合作夥伴關係：Coinbase和Circle的Q1 2025 Triumph

A JPMorgan report revealed that Coinbase's partnership with Circle generated a whopping $300 million in revenue during the first quarter of 2025. That's more than Circle's own net revenue! This highlights Coinbase's growing influence within the USDC ecosystem. A significant portion of Coinbase's profit comes from high-margin streams tied to USDC balances and distribution agreements. On-platform earnings reached $125 million amidst $13 billion in user-held balances. Off-platform revenue, split 50/50 with Circle’s Reserve Fund, added another $170 million.

摩根大通的一份報告顯示，Coinbase與Circle的合作夥伴關係在2025年第一季度的收入高達3億美元。這不僅僅是Circle自己的淨收入！這突出了Coinbase在USDC生態系統中的影響力日益增長。 Coinbase利潤的很大一部分來自與USDC餘額和分銷協議相關的高利潤流。在130億美元的用戶控制餘額中，平台收益達到1.25億美元。離平台收入與Circle的儲備基金分配50/50，另外增加了1.7億美元。

Strategic Moves and Market Dominance

戰略舉動和市場優勢

USDC incentives, funded by Circle, have reduced Coinbase's customer acquisition costs, enabling the exchange to expand its user base at minimal expense. Coinbase also holds 8.5 million shares in Circle, valued at approximately $1.6 billion as of July 25, 2025. While JPMorgan maintains a neutral rating on Coinbase shares with a $404 price target, the firm acknowledged the potential for further undervaluation of Coinbase’s role in the USDC ecosystem.

由Circle資助的USDC激勵措施降低了Coinbase的客戶獲取成本，從而使交易所以最小的費用擴大其用戶群。截至2025年7月25日，Coinbase還持有850萬股圈子，價值約為16億美元。而摩根大通（JPMorgan）維持具有404美元價格目標的Coinbase股票的中性評級，該公司承認有可能進一步低估了Coinbase在USDC EcoSosystem中的作用。

Circle's Expansion and Regulatory Tailwinds

Circle的擴展和監管尾風

Circle is solidifying its market position, including recent efforts to establish a national trust bank in the U.S. The Senate’s passage of the GENIUS Act, which aims to provide legal clarity for stablecoin issuers, further supports this growth.

Circle正在鞏固其市場地位，包括最近在美國建立國家信託銀行的努力，參議院通過《天才法》的通過，該法案旨在為Stablecoin發行人提供法律清晰度，進一步支持這一增長。

FIS and Circle: Bringing USDC to Traditional Banking

FIS和Circle：將USDC帶到傳統銀行業務

Circle has partnered with FIS to integrate USDC into traditional banking systems. This collaboration will enable U.S. banks to offer customers domestic and cross-border payments using USDC via FIS’ “Money Movement Hub.” With the GENIUS Act legalizing stablecoins, this move paves the way for broader adoption.

Circle已與FIS合作，將USDC整合到傳統的銀行系統中。這項合作將使美國銀行能夠通過FIS的“貨幣運動中心”使用USDC向客戶提供國內和跨境付款。隨著《天才法案》使穩定劑合法化，此舉為更廣泛的採用鋪平了道路。

The Future of Finance: Hybrid Models and Stablecoin Dominance

金融的未來：混合模型和Stablecoin優勢

The partnership’s success underscores the broader trend of stablecoins becoming central to digital asset infrastructure. By leveraging its distribution network and user base, Coinbase has positioned itself as a key player in the flow of USDC. This creates a symbiotic relationship, where Circle benefits from Coinbase’s liquidity and scale, while Coinbase gains recurring revenue and access to a globally recognized reserve asset. I think we're witnessing the dawn of hybrid financial models, blending the best of traditional and digital systems. The long-term implications remain tied to regulatory developments and market adoption.

該合作夥伴關係的成功強調了穩定菌成為數字資產基礎設施核心的更廣泛趨勢。通過利用其分銷網絡和用戶群，Coinbase將自己定位為USDC流程中的關鍵參與者。這建立了共生關係，其中圓圈從Coinbase的流動性和規模中受益，而Coinbase則獲得了經常出現的收入，並獲得了全球公認的儲備資產。我認為我們正在見證混合金融模型的曙光，融合了傳統和數字系統的最好的曙光。長期影響與監管發展和採用市場有關。

Rumors and Realities: Coinbase and India's Crypto Market

謠言與現實：Coinbase和印度的加密市場

Amidst all the strategic moves, rumors swirled about Coinbase acquiring CoinDCX, India’s largest crypto exchange. However, CoinDCX's CEO, Sumit Gupta, dismissed these rumors, stating that the exchange is focused on building for India’s crypto story and is not up for sale. While Coinbase did not publicly dismiss the claims, the company’s representative reportedly said they don’t comment on rumors or speculation.

在所有戰略舉動中，關於Coinbase收購印度最大的加密交易所Coindcx的謠言。但是，CoindCX的首席執行官Sumit Gupta駁回了這些謠言，並指出該交易所的重點是建立印度的加密故事，而不願出售。雖然Coinbase並未公開駁回索賠，但據報導，該公司的代表說他們不對謠言或猜測發表評論。

VeChain and BitGo: A Different Kind of Partnership

Vechain和Bitgo：另一種夥伴關係

While Coinbase and Circle dominate the stablecoin conversation, other partnerships are also noteworthy. VeChain has announced a key partnership with BitGo, one of the leading digital asset custody and staking providers. This aims to bolster real-world adoption on the VeChain network and capitalize on BitGo’s expertise in decentralized finance, tokenized assets, and real-world utility.

儘管Coinbase和Circle主導了Stablecoin的對話，但其他夥伴關係也值得注意。 Vechain宣布與BitGo建立關鍵合作夥伴關係，BitGo是領先的數字資產監護和Staging提供商之一。這旨在在Vechain網絡上加強現實世界中的採用，並利用Bitgo在分散財務，代幣資產和現實世界實用程序方面的專業知識。

Final Thoughts: The Crypto World Keeps Turning

最終想法：加密世界不斷轉向

From generating millions in revenue to exploring new markets and integrating with traditional finance, the partnerships between Coinbase, Circle, and other players are reshaping the crypto landscape. One thing's for sure: it's gonna be a wild ride! So buckle up, crypto enthusiasts, because the future of finance is being written right now, and it's looking pretty darn interesting.

從創收數百萬美元的收入到探索新市場並與傳統金融融合，Coinbase，Circle和其他參與者之間的合作夥伴關係正在重塑加密貨幣景觀。可以肯定的是：這將是一個瘋狂的旅程！因此，加密愛好者搭扣，因為現在的財務未來正在寫作，而且看起來很有趣。