加密研究員SMQKE評論了最近的彭博社報告，該報告聲稱Ripple已獲得4B至5B美元的報價，以獲取Circle

加密研究員Smqke在最近的一份彭博社報告中發表了評論，該報告聲稱，Ripple已提交了40億至50億美元的報價，以收購Circle，這是USDC Stablecoin背後的公司。

Crypto researcher SMQKE has made some interesting comments about a recent Bloomberg report that claims that Ripple is making a $4 billion to $5 billion offer to acquire Circle, the company behind the USDC stablecoin.

加密研究員Smqke對最近的彭博社報告發表了一些有趣的評論，該報告聲稱，Ripple的報價為40億至50億美元，以獲取Circle，這是USDC Stablecoin背後的公司。

In response, SMQKE characterized the potential acquisition as a “stablecoin superplay,” laying out a detailed rationale for why such a deal could be transformative for Ripple and the broader digital asset ecosystem.

作為回應，SMQKE將潛在的收購描述為“ Stablecoin Superplay”，為為什麼這種交易對Ripple和更廣泛的數字資產生態系統具有變革性構成了詳細的理由。

At the heart of SMQKE’s argument is Circle’s recent IPO filing, which revealed previously undisclosed structural weaknesses. Despite Circle generating $1.68 billion in revenue in 2024, its net income was only $156 million.

SMQKE論證的核心是Circle最近的IPO申請，該文件揭示了先前未公開的結構弱點。儘管Circle在2024年產生了16.8億美元的收入，但其淨收入僅為1.56億美元。

According to the documents provided by SMQKE, one of the primary reasons for this profitability gap is that Coinbase continues to receive 50% of USDC’s reserve revenue. This arrangement, however, is said to remain in place even after Circle paid $210 million in stock to acquire Coinbase’s stake in Centre, the consortium that governs USDC.

根據SMQKE提供的文件，這種盈利能力差距的主要原因之一是Coinbase繼續獲得USDC儲備金的50％。但是，據說即使在Circle支付了2.1億美元的股票以收購Coinbase在Center（管理USDC的財團）中的股份之後，這種安排仍然存在。

“A MASSIVE PROFIT LEAK.”

“大量利潤洩漏。”

SMQKE described this as a “massive profit leak” that burdens Circle’s margins and operational flexibility.

Smqke將其描述為“巨大的利潤洩漏”，負擔負擔的利潤和操作靈活性。

This contrasts with Ripple’s multi-stream revenue model, which includes XRP sales to institutional investors, cross-border transaction fees, interest income from loans, and investment returns.

這與Ripple的多流收入模型形成鮮明對比，後者包括向機構投資者，跨境交易費用，貸款利息收入和投資回報的XRP銷售。

According to SMQKE, the potential acquisition would allow Ripple to absorb Circle’s revenue base while using its own infrastructure to optimize operational efficiency. By renegotiating or eliminating the Coinbase revenue-sharing deal, Ripple could substantially enhance Circle’s profit margins.

根據SMQKE的說法，潛在的收購將使波紋可以吸收Circle的收入基礎，同時使用其自己的基礎設施來優化運營效率。通過重新談判或消除共同基礎收入分享協議，Ripple可以大大提高Circle的利潤率。

Additionally, integrating USDC into Ripple’s existing services — specifically RippleNet and Liquidity Hub — would bring regulatory-strengthened stablecoin functionality into Ripple’s payment and liquidity ecosystem.

此外，將USDC集成到Ripple的現有服務（特別是Ripplenet和流動性中心），將使加長的穩定穩定功能使Ripple的付款和流動性生態系統。

This merger would also give Ripple direct access to over $60 billion in circulating USDC, significantly boosting their scale and presence across global markets.

這次合併還將使連鎖反應直接獲得超過600億美元的流傳，從而大大提高了它們在全球市場的規模和存在。

SMQKE highlighted the synergy between XRP’s speed and liquidity utility and USDC’s regulatory acceptance, which would create what they termed a “two-token juggernaut.”

SMQKE強調了XRP的速度與流動性實用程序與USDC的監管接受之間的協同作用，這將創造出他們所謂的“兩句劍聖”​​。

A Strategic Fit in a New Regulatory Era

在新的監管時代的戰略性擬合

SMQKE noted that Ripple is in a strong position to carry out a deal like this, having already faced and overcome major legal challenges with the SEC. This track record gives the company added credibility at a time when regulatory compliance is becoming more important in the digital asset space.

SMQKE指出，Ripple在很大程度上可以實現這樣的交易，已經面臨並克服了SEC的重大法律挑戰。在監管合規性在數字資產領域變得越來越重要的時候，該記錄使公司增加了信譽。

Meanwhile, Circle — despite its strong market position — appears to be weighed down by costly legacy partnerships and is facing renewed scrutiny as it prepares to go public.

同時，儘管市場地位很強，但Circle似乎受到了昂貴的遺產夥伴關係的壓力，並且在準備公開公開時面臨重新審查。

If the acquisition were to proceed, Circle would gain more than just capital. SMQKE argued that Circle would benefit from Ripple’s operational maturity, legal strength, and direct integration into decentralized finance. These advantages could offset Circle’s vulnerabilities and accelerate its evolution from a stablecoin issuer to a component of a larger payments and liquidity ecosystem.

如果要進行收購，Circle將不僅獲得資本。 Smqke認為，Circle將受益於Ripple的運營成熟度，法律實力，並將直接融合到分散的財務中。這些優勢可以抵消圈子的脆弱性，並加速其從Stablecoin發行人到更大付款和流動性生態系統的組成部分的演變。