<p>在 6 月中旬，美联储提出了针对稳定币的新规则。该提案要求稳定币发行人在开设新账户或赎回代币之前验证客户身份，实际上将银行式的反洗钱标准应用于稳定币。</p>
<p>乍一看，这似乎对 Circle( CRCL +6.92%)，<strong>美元币</strong>( USDC 0.01%) 的发行者来说是个坏消息。然而，这些更严格的限制实际上可能会增强美元币的地位，使 Circle 成为一个更具吸引力的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMDUvYS1ibG9jay1sYWJlbGVkLWNyeXB0by1vbi1hLWRpZ2l0YWwtc2NyZWVuLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMDUvYS1ibG9jay1sYWJlbGVkLWNyeXB0by1vbi1hLWRpZ2l0YWwtc2NyZWVuLmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么更严格的监管会帮助 Circle？</h2>
<p>Circle 将美元币宣传为一个严格监管的、以美国为中心的稳定币。它也得到了美国美元和 国债 的坚实支持。其主要竞争对手 <strong>Tether</strong>( USDT +0.01%) 由总部位于香港的 iFinex 发行，支持的资产包括现金、商业票据和其他不透明的资产组合。虽然 Tether 在海外市场占主导地位，但美元币在美国市场领先。</p>
<p>Circle 的合规性使美元币成为零售和机构投资者可信赖的替代选择。但在许多海外市场，投资者将稳定币视为对抗通货膨胀和货币贬值的工具，Tether 由于不受美国监管的影响，以及其更高的全球流动性，使其成为比美元币更好的选择。</p>
<p>因此，美联储提议的针对稳定币的反洗钱规则将使 Tether 在美国市场挑战美元币变得更加困难。这也将进一步扩大美元币的护城河——这一护城河已经因严格的限制而得到巩固——抵御较小的稳定币。Circle 申请美国银行特许经营的申请在去年 12 月获得有条件批准，而更清晰的稳定币监管框架可能会支持其演变为一家联邦特许银行。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0NSQ0wucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Circle 互联网集团股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0NSQ0wucG5nJnc9MTI4"/></p>
<h2>NYSE: CRCL</h2>
<p>Circle 互联网集团</p>
<p>今日变动</p>
<p>(6.92%) $4.76</p>
<p>当前价格</p>
<p>$73.57</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$170 亿</p>
<p>日内区间</p>
<p>$67.36 - $74.45</p>
<p>52 周区间</p>
<p>$49.90 - $262.97</p>
<p>成交量</p>
<p>1440 万</p>
<p>平均成交量</p>
<p>1410 万</p>
<p>毛利率</p>
<p>4.98%</p>
<p>Circle 的大部分利润来自于储备利息收入，即其持有的银行存款和短期国债所产生的利息。为了继续增加这些储备，它需要发行更多的美元币。因此，如果市场需要更多的美元币，Circle 的收入和利润将继续增长。更高的利率——在美联储 最近的评论 之后成为可能——将放大这些收益。</p>
<h2>Circle 的未来光明吗？</h2>
<p>从 2025 年到 2028 年，分析师预计 Circle 的收入将几乎翻倍，而其调整后的息税折旧摊销前利润（EBITDA）将翻倍以上。</p>
<p>以 159 亿美元的企业价值计算，Circle 在今年调整后的 EBITDA 为 24 倍的估值仍然显得合理。一旦所有针对稳定币的提议法规（根据 CLARITY 法案和 GENIUS 法案）确定下来，Circle 的美元币可能会变得和美国美元一样可靠——而该公司将扩展为一家更为多元化的数字银行公司。</p>

CRCL

CRCA

CRCG

CRCD

CCUP

CRCO

<p>美联储提议的稳定币规则要求身份验证和反洗钱合规，这可能对 Circle（CRCL）有利。虽然这些规定最初看起来有些限制，但通过增强对美国市场的信任，它们实际上巩固了美元硬币在与竞争对手如 Tether 的竞争中的地位。这一监管明确性支持了 Circle 的银行特许经营申请和增长前景，分析师预计到 2028 年，Circle 的收入和息税折旧及摊销前利润（EBITDA）将翻倍</p>

<p>In mid-June, the Federal Reserve proposed new rules for stablecoins. The proposal calls for stablecoin issuers to verify customer identities before opening new accounts or redeeming tokens, effectively applying bank-style anti-money laundering standards to stablecoins.</p>
<div class="lb-trans"><p>在 6 月中旬，美联储提出了针对稳定币的新规则。该提案要求稳定币发行人在开设新账户或赎回代币之前验证客户身份，实际上将银行式的反洗钱标准应用于稳定币。</p>
</div><p>At first glance, this seems like bad news for Circle( CRCL +6.92%), the issuer of the <strong>USD Coin</strong>( USDC 0.01%) stablecoin. However, those tighter restrictions could actually strengthen USD Coin and make Circle a more compelling investment.</p>
<div class="lb-trans"><p>乍一看，这似乎对 Circle( CRCL +6.92%)，<strong>美元币</strong>( USDC 0.01%) 的发行者来说是个坏消息。然而，这些更严格的限制实际上可能会增强美元币的地位，使 Circle 成为一个更具吸引力的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMDUvYS1ibG9jay1sYWJlbGVkLWNyeXB0by1vbi1hLWRpZ2l0YWwtc2NyZWVuLmpwZyZ3PTM4NDA" alt="A digital visualization of a cryptocurrency on a blockchain." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F876105%2Fa-block-labeled-crypto-on-a-digital-screen.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Why would tighter regulations help Circle?</h2>
<div class="lb-trans"><h2>为什么更严格的监管会帮助 Circle？</h2>
</div><p>Circle promotes USD Coin as a tightly regulated, US-centric stablecoin. It's also firmly backed by U.S. dollars and Treasuries. Its main competitor, <strong>Tether</strong>( USDT +0.01%), is issued by Hong Kong-based iFinex and backed by an opaque mix of cash, commercial paper, and other assets. While Tether dominates the overseas market, USD Coin leads the U.S. market.</p>
<div class="lb-trans"><p>Circle 将美元币宣传为一个严格监管的、以美国为中心的稳定币。它也得到了美国美元和 国债 的坚实支持。其主要竞争对手 <strong>Tether</strong>( USDT +0.01%) 由总部位于香港的 iFinex 发行，支持的资产包括现金、商业票据和其他不透明的资产组合。虽然 Tether 在海外市场占主导地位，但美元币在美国市场领先。</p>
</div><p>Circle's regulatory compliance makes USD Coin a trustworthy alternative to U.S. dollars for retail and institutional investors. But in many overseas markets, where investors consider stablecoins a hedge against inflation and currency devaluation, Tether's immunity from U.S. regulations -- along with its higher global liquidity -- makes it a better choice than USD Coin.</p>
<div class="lb-trans"><p>Circle 的合规性使美元币成为零售和机构投资者可信赖的替代选择。但在许多海外市场，投资者将稳定币视为对抗通货膨胀和货币贬值的工具，Tether 由于不受美国监管的影响，以及其更高的全球流动性，使其成为比美元币更好的选择。</p>
</div><p>Therefore, the Fed's proposed anti-money laundering rules for stablecoins will make it even harder for Tether to challenge USD Coin in the U.S. market. They'll also widen USD Coin's moat -- which is already fortified with tight restrictions -- against smaller stablecoins. Circle's application for a U.S. bank charter was conditionally approved last December, and a clearer regulatory framework for stablecoins could support its evolution into a federally chartered bank.</p>
<div class="lb-trans"><p>因此，美联储提议的针对稳定币的反洗钱规则将使 Tether 在美国市场挑战美元币变得更加困难。这也将进一步扩大美元币的护城河——这一护城河已经因严格的限制而得到巩固——抵御较小的稳定币。Circle 申请美国银行特许经营的申请在去年 12 月获得有条件批准，而更清晰的稳定币监管框架可能会支持其演变为一家联邦特许银行。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0NSQ0wucG5nJnc9MTI4" alt="Circle Internet Group Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FCRCL.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: CRCL</h2>
<div class="lb-trans"><h2>NYSE: CRCL</h2>
</div><p>Circle Internet Group</p>
<div class="lb-trans"><p>Circle 互联网集团</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(6.92%) $4.76</p>
<div class="lb-trans"><p>(6.92%) $4.76</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$73.57</p>
<div class="lb-trans"><p>$73.57</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$17B</p>
<div class="lb-trans"><p>$170 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$67.36 - $74.45</p>
<div class="lb-trans"><p>$67.36 - $74.45</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$49.90 - $262.97</p>
<div class="lb-trans"><p>$49.90 - $262.97</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>14.4M</p>
<div class="lb-trans"><p>1440 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>14.1M</p>
<div class="lb-trans"><p>1410 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>4.98%</p>
<div class="lb-trans"><p>4.98%</p>
</div><p>Circle generates most of its profits from reserve interest income, or the interest it earns on the bank deposits and short-term Treasuries it holds to back USD Coin. To keep growing those reserves, it needs to issue more USD Coins. Therefore, if the market wants more USD Coins, Circle's revenues and profits will continue to rise. Higher interest rates -- which are now on the table after the Fed's most recent comments -- will amplify those gains.</p>
<div class="lb-trans"><p>Circle 的大部分利润来自于储备利息收入，即其持有的银行存款和短期国债所产生的利息。为了继续增加这些储备，它需要发行更多的美元币。因此，如果市场需要更多的美元币，Circle 的收入和利润将继续增长。更高的利率——在美联储 最近的评论 之后成为可能——将放大这些收益。</p>
</div><h2>Does Circle have a bright future?</h2>
<div class="lb-trans"><h2>Circle 的未来光明吗？</h2>
</div><p>From 2025 to 2028, analysts expect Circle's revenue to nearly double, while its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA) more than doubles.</p>
<div class="lb-trans"><p>从 2025 年到 2028 年，分析师预计 Circle 的收入将几乎翻倍，而其调整后的息税折旧摊销前利润（EBITDA）将翻倍以上。</p>
</div><p>With an enterprise value of $15.9 billion, Circle still looks reasonably valued at 24 times this year's adjusted EBITDA. Once all of the proposed regulations for stablecoins (under the CLARITY Act and GENIUS Act) are set in stone, Circle's USD Coin will likely become just as reliable as U.S. dollars -- and the company will expand into a more diversified digital banking company.</p>
<div class="lb-trans"><p>以 159 亿美元的企业价值计算，Circle 在今年调整后的 EBITDA 为 24 倍的估值仍然显得合理。一旦所有针对稳定币的提议法规（根据 CLARITY 法案和 GENIUS 法案）确定下来，Circle 的美元币可能会变得和美国美元一样可靠——而该公司将扩展为一家更为多元化的数字银行公司。</p>
</div>

The Federal Reserve Has New Rules for Stablecoins. Circle Could Be The Biggest Winner

- 美联储提出稳定币新规，要求发行商核实客户身份。
- 此政策有助于 Circle 增强 USD Coin 的市场地位，提升投资吸引力。
- 分析师预计 Circle 营收将大幅增长，前景看好。

美联储为稳定币制定了新规则，Circle 可能成为最大的赢家