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circle与coinbase分配机制
circle与coinbase分配机制
行业数据
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所属报告:
非银行金融行业稳定币系列报告一:扬帆起航香港稳定币产业链生态深度解析-250717(30页).pdf
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2025 年,Circle 共冻结 214个ETH地址上的USDC-ERC20资产。
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行业数据
2026-01-05
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图表1Coinbase衍生品交易所主要产品及合约规模一览
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市场规模
2025-11-21
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Circle储备资产结构(2025年5月)
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行业数据
2025-07-25
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Tether与Circle钱包用户数对比
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行业数据
2025-07-24
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Tether与Circle净利润对比
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行业数据
2025-07-24
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给Coinbase的分发支出占Circle分发及交
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行业数据
2025-07-24
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2025年3月31日Circle资产结构
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行业数据
2025-07-24
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2023年8月之后Circle与Coinbase对于
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行业数据
2025-07-24
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Circle2024年营业收入构成
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行业数据
2025-07-24
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Circle的稳定币市占率
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竞争格局
2025-07-24
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图表3Circle历轮融资情况
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2025-07-21
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图表4Circle的三类普通股
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行业数据
2025-07-21
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图表13Circle与Tether的抗风险能力量化对比
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2025-07-21
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图表14Circle与Tether的生态扩展力对比
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2025-07-21
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图表10Circle与Tether的合规指标对比
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2025-07-21
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2026-07-30
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我们认为,众安银行未来与稳定币相关的盈利模式可能有:1)托管业务:参考海外经验,一般按托管资产规模的 0.1%–0.5%计算。此外,根据 USDC 与 USDT 的发展经验,储备资产中均有一定比例的现金/存款,其中合规程度更高的 USDC 当前现金占比仍高达 15%左右,有望为众安银行贡献低息资产,改善净息差水平。2)分销业务:参考 Circle 与 Coinbase收入分成机制,Circle 发行 USDC 并通过 Coinbase 分销,在扣除不到 1%的基础发行成本后的利息净额,Coinbase 和 Circle 按照自身平台持有+托管的 USDC 份额,分掉相应份额的利息收入,剩余净收入池则按照 5:5 平分,但该案例中分销商的分成比例较为极致,预计众安银行即便从事分销业务,分成比例也将显著低于 coinbase。3)虚拟资产交易服务:稳定币的发展有望吸引更多客户参与。
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