Circle：2026放眼稳定币之外：互联网金融体系的崛起研究报告（英文版）（19页）.pdf

1、Beyond Stablecoins The Rise of the Internet Financial SystemCIRCLE.COM2026What seemed audacious a decade ago a world where money could move freely as a software object on the public internet is now reality.The global regulatory apparatus has converged on the legitimacy of full-reserve digital dollar

2、s.Enterprises,governments,and financial institutions are embracing the idea that open protocols for money and value exchange will power the next era of global economic coordination.This is the beginning of what I see as the economic operating system for the internet.Public blockchains are evolving f

3、rom experimental compute environments into trusted platforms for tamper-resistant data,verifiable transactions,programmable contracts,and globally distributed governance.They are becoming the substrate on which trillions of dollars in value,and ultimately trillions of transactions,will run.Today,Cir

4、cle stands at the center of this shift.Yes,this is a stablecoin moment,but it signals something bigger.The worlds leading banks,enterprises,fintechs,and developers are executing strategies centered on stablecoins.USDC has become the largest regulated digital dollar in the world,with 108%year-over-ye

5、ar circulation growth1 and Circle Mint support spanning more than 185 countries.Onchain USDC transaction volume grew 680%year-over-year to nearly$10 trillion in the third quarter of 20252 alone,demonstrating the raw velocity and reach of the always-on internet economy.Issuing a stablecoin is a privi

6、lege;redemption is a right,one we have executed with unwavering discipline.Nearly$217 billion in USDC was redeemed during the past year,3 reflecting the deep trust and tight connectivity we maintain with the global banking system.Circles evolution reflects this shift.What began with stablecoins is g