There is a widespread and very foolish misunderstanding about the relationship between COINBASE and CRCL. I can basically say that "everyone who thinks buying CRCL is worse than buying COINBASE is a fool."
Sorry, the above statement is not meant to be offensive; it is just directed at this logic, not at any individual, but rather an expression of attitude.
Let me elaborate on why those who hold this view are fools.
- Premise: First, you need to understand the different business models of the two.
CRCL is a stablecoin. I previously wrote "CRCL is the best business model," so I won't elaborate here.
COINBASE operates on a platform logic, which is easy to understand, whether from the perspective of an exchange or infrastructure; it doesn't need further explanation.
Understanding that they are different entities is crucial to knowing what you are investing in. Investment should start with defining the nature of the asset, rather than just calculating with a calculator; that won't lead to making big money.
If you say you don't like the stablecoin business model or don't have confidence in it, I can understand that. But if you compare the financial reports of these two different business models, that is undoubtedly foolish.
The key point is that many people haven't carefully and seriously compared them; they only have some vague notions, like COINBASE being a shareholder of CRCL, CRCL making money, and COINBASE profiting passively.
So how big is the shareholding? How is the profit shared? If these details are not clarified and you start expressing opinions, that is foolish squared.
Relationship
Minor Shareholder
COINBASE currently holds about 4% of the shares, which does not qualify as a major shareholder.
- Profit Sharing Ratio
The current agreement was signed in 2023 and will expire in 2026, at which point it will be renegotiated.
Under the current agreement, it essentially states that you help me with marketing, and I will pay you.
The payment method is that you take all the interest income within CB, and I take half of the income from outside.
It seems like CRCL is really at a disadvantage, right? But do you know what happened in 2023? Have you researched it as I have? (Jokingly referencing Wu Jing…HAHA)
2023 was the darkest time in CRCL's history. At that time, CRCL had its money in Silicon Valley Bank, and a lot of reserves were there. As a result, everyone was shocked when USDC started to de-peg, dropping to 0.87, and the risk of death began to appear.
COINBASE emerged as the embodiment of justice, coming to the rescue with a halo, signing this agreement with CIRCLE. You signed, I endorse you, I keep the USDC trading within my platform stable, and I guarantee that you are safe.
So the agreement was signed, and everyone felt that the bloodsucking was a bit excessive. However, at that time, even Zhuge Liang specifically commented on this matter, saying, "The world is divided into three parts, and CIRCLE is in a critical moment of survival."
This agreement seems like bloodsucking in hindsight, but at that time, it was a lifesaving remedy.
However, today CIRCLE is growing stronger, backed by the stablecoin legislation, with various developments and layouts becoming increasingly profound in recent years. The euro stablecoin was also secured early on, and it now firmly holds the top position.
I was starving, and you gave me a bite of food, saying that all the money I earn before I turn 18 must be given to you, and I agreed. Later, when I earn $50 billion a year, you say I also have to give you half; I think we can negotiate again. Shouldn't that be considered ungrateful?
- Future
What will drive the growth of stablecoins in the future? Those who haven't thought carefully about this question might think it still depends on the whims of Binance or COINBASE, which is extremely foolish.
These growth factors are very useful during the developmental phase, just like I relied on milk before I turned three, but at 30, I no longer depend on that (the analogy is a bit strange).
The future growth of stablecoins will mainly rely on:
Changes in the underlying U.S. stock market, with spot and contract trading moving on-chain
On-chain foreign exchange trading
On-chain inter-company settlements
On-chain daily consumption and ecosystems (just like how everyone in China now uses WeChat Pay, whereas over a decade ago, cash was the norm)
All of the above will be compliant and take the lion's share, with the strong taking the lion's share. How big is the scale? I asked AI, and in these scenarios, stablecoins could reach over $50 trillion in the future, with annual profit income of $25 billion, and the market value of leading stablecoin companies could reach $3-5 trillion.
As for why it is CIRCLE and why competing stablecoins are not as easy as imagined, I have analyzed that in other articles; just wait and see.
The trends of the world are vast and profound. Understanding the major trends, Cao Cao, while discussing investments with Liu Bei over drinks, remarked, "Among the heroes of the world, only Circle and the Federal Reserve matter. Coinbase and the like are mere bones in the grave, not worth mentioning."
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