系绳，圈子，二十个：stablecoin泰坦在华尔街发生冲突

带有系绳，圆圈和共插的stablecoins世界。探索趋势，见解和潜在风险，塑造数字融资的未来。

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

系绳，圈子，二十个：stablecoin泰坦在华尔街发生冲突

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.

稳定的景观正在加热，系绳，圆圈和共插曲处于最前沿。随着Circle最近的IPO和监管审查的日益增加，比赛比以往任何时候都更加激烈。本文打破了关键发展及其对投资者和数字融资的未来的意义。

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

Circle的爆炸性IPO：Stablecoins的新时代？

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本月早些时候在市场上发动了冲击波，股票飙升，并短暂地使其市值与USDC Stablecoin的循环供应几乎相当。这次激增反映了对稳定的投资者的需求不断增长，并且在该领域的公开交易纯粹的播放数量有限。美国参议院的《天才法》的去世，该法案推进了对稳定的法规，这进一步加剧了集会，其中一些人认为资产类别可能会在未来几年的价值上达到万亿美元。

Tether's Dominance and the Decentralization Stance

系绳的主导地位和权力下放立场

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.

尽管Circle的增长令人印象深刻，但系绳仍然是无可争议的Stablecoins国王，拥有占主导地位的市场份额。与Circle不同，Tether的首席执行官一再表示没有IPO的计划，强调了对权力下放的承诺。华尔街分析师将其解释为在持有比特币和黄金时坚持权力下放的策略。

Coinbase's Role: Riding the USDC Wave

Coinbase的角色：骑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从USDC的可用性提高可显着受益。该平台反映了通过存入或经营USDC作为利润产生的利息收入。 Coinbase还推出了一种新的商户支付解决方案，该解决方案促进了使用Stablecoins的电子商务付款，进一步巩固了其在Stablecoin生态系统中的地位。

Valuation Concerns and Regulatory Uncertainties

估值问题和监管不确定性

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.

尽管Stablecoin市场表现出巨大的潜力，但估值问题仍在出现。 Circle的股票价格净资产比率（PBR）明显高于Coinbase和其他金融科技公司，这引发了关于集会是否领先基本面的问题。法规不确定性也迫在眉睫，因为据报道，美国众议院正在准备一项单独的法案，该法案可能会影响承担息息股的增长。

Shiba Inu's Ambitious Dream: Overtaking Tether

Shiba Inu的雄心勃勃的梦：超越绳索

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.

在加密货币世界的一个更具投机性的角落中，志愿INU的目标是成为前5名加密货币，甚至超过了Tether的市值。尽管这种情况将需要大量速度的价格上涨，但一些分析师认为，在未来几年中，它可以触及。但是，重要的是要注意，这仍然是高度投机性的，并带有很大的风险。

The US vs China Stablecoin Battle?

美国与中国稳定战斗？

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.

由于系托特（Tether）是一家位于香港的公司，在中国之后拥有中国资本，而Circle专注于美国首都，Stablecoin市场正塑造成为美国和中国之间的战场。

Final Thoughts

最后的想法

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市场是一个动态且迅速发展的空间，束缚，圆圈和共同依次争夺优势。尽管机会充裕，但投资者应谨慎行事，仔细考虑估值问题，监管不确定性以及与加密货币市场相关的固有风险。这就像观看高风险扑克游戏一样 - 令人兴奋，但是您不想在不做功课的情况下赌房子！