Reports say Circle disclosed that in the first half of this year, it retained just 7 cents in net profit for every dollar of USDC revenue. Revenue and reserve income totaled about $1.4 billion, of which $819 million went to distribution partners and transaction costs—meaning it had to give up 59 cents for every dollar. Circle’s argument is that this low retention rate is precisely what shows the model works, with lower underlying costs. My take is that this actually reveals how the stablecoin sector is turning into a battle for position, where companies compete over who can spend more on revenue sharing. It has bought market share: USDC’s global share rose to 77% in June, up from just 60% a year earlier, and its on-chain transaction volume exceeded $36 trillion in the first half of the year. But profit margins have been squeezed thin, which suggests the moat isn’t in fees, but in licenses and distribution channels. Circle’s more than 55 licenses, 25-plus banking relationships, and over 150 revenue-sharing partners are the moat itself. The industry implication is that models like free minting will become increasingly common—for example, Open USD, which launched in June with free minting as its main selling point. Low fees could become the industry standard rather than a competitive advantage. Where might my view be wrong? If regulatory approval, registration, or filing processes tighten, the advantage of having a dense network of licenses could be repriced—or even become a cost burden. And market-share figures are only a snapshot in time; they don’t mean the trend will continue indefinitely.
Turning back to the market, as of 07:00, $ADA is trading at 0.2194, at the 12% mark of its 30-day range. Its daily RSI14 is only 40, and the price is still below MA7 and MA25, indicating short-term weakness. $SOL is trading at 103.8, at the 14% mark of its 30-day range, with an RSI14 of 38—similarly weak. Both coins illustrate the same point: when liquidity is tight, even a compelling narrative can’t overcome technical weakness. It’s the same logic as USDC gaining share while its profit margins get squeezed—scale doesn’t equal pricing power. Just my personal opinion, not investment advice.
#USDC零费率竞争 #Stablecoin
Turning back to the market, as of 07:00, $ADA is trading at 0.2194, at the 12% mark of its 30-day range. Its daily RSI14 is only 40, and the price is still below MA7 and MA25, indicating short-term weakness. $SOL is trading at 103.8, at the 14% mark of its 30-day range, with an RSI14 of 38—similarly weak. Both coins illustrate the same point: when liquidity is tight, even a compelling narrative can’t overcome technical weakness. It’s the same logic as USDC gaining share while its profit margins get squeezed—scale doesn’t equal pricing power. Just my personal opinion, not investment advice.
#USDC零费率竞争 #Stablecoin