加密研究员SMQKE评论了最近的彭博社报告，该报告声称Ripple已获得4B至5B美元的报价，以获取Circle

加密研究员Smqke在最近的一份彭博社报告中发表了评论，该报告声称，Ripple已提交了40亿至50亿美元的报价，以收购Circle，这是USDC Stablecoin背后的公司。

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.

加密研究员Smqke对最近的彭博社报告发表了一些有趣的评论，该报告声称，Ripple的报价为40亿至50亿美元，以获取Circle，这是USDC Stablecoin背后的公司。

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.

作为回应，SMQKE将潜在的收购描述为“ Stablecoin Superplay”，为为什么这种交易对Ripple和更广泛的数字资产生态系统具有变革性构成了详细的理由。

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论证的核心是Circle最近的IPO申请，该文件揭示了先前未公开的结构弱点。尽管Circle在2024年产生了16.8亿美元的收入，但其净收入仅为1.56亿美元。

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.

根据SMQKE提供的文件，这种盈利能力差距的主要原因之一是Coinbase继续获得USDC储备金的50％。但是，据说即使在Circle支付了2.1亿美元的股票以收购Coinbase在Center（管理USDC的财团）中的股份之后，这种安排仍然存在。

“A MASSIVE PROFIT LEAK.”

“大量利润泄漏。”

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

Smqke将其描述为“巨大的利润泄漏”，负担负担的利润和操作灵活性。

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.

这与Ripple的多流收入模型形成鲜明对比，后者包括向机构投资者，跨境交易费用，贷款利息收入和投资回报的XRP销售。

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.

根据SMQKE的说法，潜在的收购将使波纹可以吸收Circle的收入基础，同时使用其自己的基础设施来优化运营效率。通过重新谈判或消除共同基础收入分享协议，Ripple可以大大提高Circle的利润率。

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，将USDC集成到Ripple的现有服务（特别是Ripplenet和流动性中心），将使加长的稳定稳定功能使Ripple的付款和流动性生态系统。

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

这次合并还将使连锁反应直接获得超过600亿美元的流传，从而大大提高了它们在全球市场的规模和存在。

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强调了XRP的速度与流动性实用程序与USDC的监管接受之间的协同作用，这将创造出他们所谓的“两句剑圣”​​。

A Strategic Fit in a New Regulatory Era

在新的监管时代的战略性拟合

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在很大程度上可以实现这样的交易，已经面临并克服了SEC的重大法律挑战。在监管合规性在数字资产领域变得越来越重要的时候，该记录使公司增加了信誉。

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.

同时，尽管市场地位很强，但Circle似乎受到了昂贵的遗产伙伴关系的压力，并且在准备公开公开时面临重新审查。

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.

如果要进行收购，Circle将不仅获得资本。 Smqke认为，Circle将受益于Ripple的运营成熟度，法律实力，并将直接融合到分散的财务中。这些优势可以抵消圈子的脆弱性，并加速其从Stablecoin发行人到更大付款和流动性生态系统的组成部分的演变。