瑞穗证券最新研报指出，Circle 公司面临三大中期风险：USDC 稳定币增长速度低于预期、分销成本上升及美联储可能降息。尽管 Circle 最新季报显示 USDC 流通量同比增长 90% 至 613 亿美元，季度营收增长 53% 至 6.58 亿美元，但其分销成本占储备池比例已从 2022 年的 39% 升至目前的 64%。（TheBlock）

<div>瑞穗证券最新研报指出，Circle 公司面临三大中期风险：USDC 稳定币增长速度低于预期、分销成本上升及美联储可能降息。尽管 Circle 最新季报显示 USDC 流通量同比增长 90% 至 613 亿美元，季度营收增长 53% 至 6.58 亿美元，但其分销成本占储备池比例已从 2022 年的 39% 升至目前的 64%。（TheBlock）<br><br></div>

瑞穗证券：USDC 增长放缓等因素或致 Circle 面临中期风险

Mizuho Securities' latest research report points out that Circle faces three medium-term risks: USDC stablecoin growth is lower than expected, rising distribution costs, and potential interest rate cuts by the Federal Reserve. Although Circle's latest quarterly report shows that USDC circulation grew 90% year-on-year to $61.3 billion, with quarterly revenue increasing 53% to $658 million, its distribution costs as a proportion of the reserve pool have risen from 39% in 2022 to 64% currently. (<TheBlock>)

<div>Mizuho Securities' latest research report points out that Circle faces three medium-term risks: USDC stablecoin growth is lower than expected, rising distribution costs, and potential Federal Reserve interest rate cuts. Although Circle's latest quarterly report shows that USDC circulation grew 90% year-on-year to $61.3 billion, with quarterly revenue increasing 53% to $658 million, its distribution costs as a proportion of the reserve pool have risen from 39% in 2022 to 64% currently. (TheBlock)<br><br></div>

Mizuho Securities: USDC growth slowdown and other factors may lead to Circle facing medium-term risks

After its first earnings report since going public, Circle presented a complex report card of "accounting losses and operational growth": second-quarter total revenue and reserve earnings were $658 million, a 53% year-on-year increase, with adjusted EBITDA at $126 million, a 52% year-on-year increase. Meanwhile, USDC continued to expand in circulation, with end-of-period outstanding circulation reaching $61.3 billion and a 28% market share in the stablecoin market. However, due to two non-cash factors triggered by the IPO, including stock-based compensation and fair value changes in convertible debt, totaling $591 million, the company recorded a 4...

How will Circle make money next? CEO discusses profit model, banking competition, and Arc Chain strategy.

Table of Contents
- Subscription fees, service fees, and transaction fees, management plans to increase revenue sources
- Actively connecting with "To Bank" partners, gradually moving away from "exchange dependence"
- After the Genius Bill, competition with major banks has just begun
- Launching Arc Chain, Circle builds its own technology stack

On the first financial report night after going public, Circle submitted a complex answer of "accounting losses, operational growth".
The total revenue and reserve revenue for the second quarter were $658 million, a year-on-year increase of 53%, with an adjusted EBITDA of $126 million, ...

A Conversation with Circle CEO: Profit Model, Banking Competition, and Arc Blockchain Strategy

Regulation & Macro
U.S. Treasury Secretary Besent: Federal Reserve Should Consider 50 Basis Point Rate Cut in September
U.S. National Debt Exceeds $37 Trillion for the First Time
Politico: Trump Officials Consider Jefferson, Fed Vice Chair, as Fed Chair
Vietnam to Pilot Digital Asset Exchange in International Financial Center

Vietnamese government announced piloting a digital asset exchange in the international financial center. Three legal measures have laid the foundation for the digital asset sector, including the parliament's resolution on financial center development, the Ministry of Finance's submission of a digital asset exchange pilot proposal, and new laws clarifying asset category definitions. The Ministry of Finance is perfecting related pilot policies, expected to be submitted to the government in August, covering issuance, trading, and management. Service institutions can independently choose listed assets, prioritizing high-liquidity varieties. Officials emphasize blockchain as core infrastructure and will strengthen network security and risk management. The central bank is studying the national digital currency (CBDC) model.

Grayscale Cardano Trust ETF Registered in Delaware
U.S. Delaware company registration information shows that Grayscale Cardano Trust ETF was officially registered on August 12, 2025, with registration number 10293424. The entity type is a Statutory Trust, with registered agent CSC Delaware Trust Company, located at 251 Little Falls Drive, Wilmington, DE 19808.

Do Kwon Intends to Plead Guilty to Conspiracy and Telecommunications Fraud Charges
According to Reuters, at a U.S. court hearing, the judge stated that Do Kwon will plead guilty to conspiracy and telecommunications fraud charges related to the over $40 billion cryptocurrency collapse. Kwon was accused of misleading investors by claiming TerraUSD stablecoin would algorithmically restore its peg, secretly instructing high-frequency trading companies to buy and raise prices. This action drove TerraUSD and Luna's market value to $50 billion in spring 2022. Kwon previously settled with the U.S. SEC, paying an $80 million fine and being banned from crypto trading. Since being extradited from Montenegro in 2024, Kwon has been in custody.

Project Updates:
Qubic Claims Team Experiments Verify PoW Protocol, Emphasizes No Monero Network Damage
Circle to Issue 10 Million Shares, Including 8 Million Sold by Existing Shareholders
Stripe Appoints Paradigm Co-founder Matt Huang as Tempo Blockchain's First CEO
According to Fortune, payment giant Stripe will have Paradigm co-founder and managing partner Matt Huang serve as the first CEO of its new blockchain project Tempo. Huang will simultaneously retain his Paradigm position. Tempo is positioned as a high-performance Layer-1 blockchain focused on the payment sector and supporting Ethereum-compatible code.