繫繩，圈子，二十個：stablecoin泰坦在華爾街發生衝突

帶有繫繩，圓圈和共插的stablecoins世界。探索趨勢，見解和潛在風險，塑造數字融資的未來。

Tether, Circle, Coinbase: Stablecoin Titans Clash on Wall Street

繫繩，圈子，二十個：stablecoin泰坦在華爾街發生衝突

The stablecoin landscape is heating up, and Tether, Circle, and Coinbase are at the forefront. With Circle's recent IPO and increasing regulatory scrutiny, the competition is fiercer than ever. This article breaks down the key developments and what they mean for investors and the future of digital finance.

穩定的景觀正在加熱，繫繩，圓圈和共插曲處於最前沿。隨著Circle最近的IPO和監管審查的日益增加，比賽比以往任何時候都更加激烈。本文打破了關鍵發展及其對投資者和數字融資的未來的意義。

Circle's Explosive IPO: A New Era for Stablecoins?

Circle的爆炸性IPO：Stablecoins的新時代？

Circle's IPO earlier this month sent shockwaves through the market, with shares skyrocketing and briefly putting its market capitalization nearly on par with the circulating supply of its USDC stablecoin. This surge reflects a growing investor appetite for stablecoins and the limited number of publicly traded pure plays in this sector. The U.S. Senate's passing of the GENIUS Act, which advances regulation for stablecoins, has further fueled the rally, with some believing the asset class could reach trillions in value over the next years.

Circle的IPO本月早些時候在市場上發動了衝擊波，股票飆升，並短暫地使其市值與USDC Stablecoin的循環供應幾乎相當。這次激增反映了對穩定的投資者的需求不斷增長，並且在該領域的公開交易純粹的播放數量有限。美國參議院的《天才法》的去世，該法案推進了對穩定的法規，這進一步加劇了集會，其中一些人認為資產類別可能會在未來幾年的價值上達到萬億美元。

Tether's Dominance and the Decentralization Stance

繫繩的主導地位和權力下放立場

Despite Circle's impressive growth, Tether remains the undisputed king of stablecoins, holding a dominant market share. Unlike Circle, Tether's CEO has repeatedly stated that there are no plans for an IPO, emphasizing a commitment to decentralization. Wall Street analysts interpret this as a strategy to stick to decentralization while holding Bitcoin and gold.

儘管Circle的增長令人印象深刻，但係繩仍然是無可爭議的Stablecoins國王，擁有占主導地位的市場份額。與Circle不同，Tether的首席執行官一再表示沒有IPO的計劃，強調了對權力下放的承諾。華爾街分析師將其解釋為在持有比特幣和黃金時堅持權力下放的策略。

Coinbase's Role: Riding the USDC Wave

Coinbase的角色：騎USDC Wave

Coinbase benefits significantly from the increased usability of USDC. The platform reflects interest income generated by depositing or operating USDCs as profits. Coinbase has also introduced a new merchant payment solution that facilitates e-commerce payments with stablecoins, further solidifying its position in the stablecoin ecosystem.

Coinbase從USDC的可用性提高可顯著受益。該平台反映了通過存入或經營USDC作為利潤產生的利息收入。 Coinbase還推出了一種新的商戶支付解決方案，該解決方案促進了使用Stablecoins的電子商務付款，進一步鞏固了其在Stablecoin生態系統中的地位。

Valuation Concerns and Regulatory Uncertainties

估值問題和監管不確定性

While the stablecoin market shows immense potential, valuation concerns are emerging. Circle's stock price net asset ratio (PBR) is significantly higher than Coinbase and other fintech companies, raising questions about whether the rally is running ahead of fundamentals. Regulatory uncertainties also loom large, as the U.S. House of Representatives is reportedly preparing a separate bill that could impact the growth of interest-bearing stablecoins.

儘管Stablecoin市場表現出巨大的潛力，但估值問題仍在出現。 Circle的股票價格淨資產比率（PBR）明顯高於Coinbase和其他金融科技公司，這引發了關於集會是否領先基本面的問題。法規不確定性也迫在眉睫，因為據報導，美國眾議院正在準備一項單獨的法案，該法案可能會影響承擔息息股的增長。

Shiba Inu's Ambitious Dream: Overtaking Tether

Shiba Inu的雄心勃勃的夢：超越繩索

In a more speculative corner of the crypto world, Shiba Inu aims to become a top 5 cryptocurrency, and even surpass Tether's market cap. While such a scenario would require a massive surge in SHIB's price, some analysts believe it's within reach in the coming years. However, it's important to note that this remains highly speculative and carries significant risk.

在加密貨幣世界的一個更具投機性的角落中，志願INU的目標是成為前5名加密貨幣，甚至超過了Tether的市值。儘管這種情況將需要大量速度的價格上漲，但一些分析師認為，在未來幾年中，它可以觸及。但是，重要的是要注意，這仍然是高度投機性的，並帶有很大的風險。

The US vs China Stablecoin Battle?

美國與中國穩定戰鬥？

With Tether being a Hong Kong-based company with Chinese capital behind it, and Circle focused on U.S. capital, the stablecoin market is shaping up to be a battleground between the U.S. and China.

由於系托特（Tether）是一家位於香港的公司，在中國之後擁有中國資本，而Circle專注於美國首都，Stablecoin市場正塑造成為美國和中國之間的戰場。

Final Thoughts

最後的想法

The stablecoin market is a dynamic and rapidly evolving space, with Tether, Circle, and Coinbase vying for dominance. While opportunities abound, investors should proceed with caution, carefully considering valuation concerns, regulatory uncertainties, and the inherent risks associated with the crypto market. It's like watching a high-stakes poker game – exciting, but you wouldn't want to bet the house without doing your homework!

Stablecoin市場是一個動態且迅速發展的空間，束縛，圓圈和共同依次爭奪優勢。儘管機會充裕，但投資者應謹慎行事，仔細考慮估值問題，監管不確定性以及與加密貨幣市場相關的固有風險。這就像觀看高風險撲克遊戲一樣 - 令人興奮，但是您不想在不做功課的情況下賭房子！