2025 Q3 -tulosraportti
93 päivää sitten
‧1 t 14 min
Tarjoustasot
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
58,75VWAP
Alin
55,31VaihtoMäärä
213,8 7 241 407
VWAP
Ylin
58,75Alin
55,31VaihtoMäärä
213,8 7 241 407
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2025 Q4 -tulosraportti 25.2. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 12.8.2025 |
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
1 päivä sitten1 päivä sitten“The road to the future passes over heaps of scrap.”
·1 päivä sittenCircle Internet Group: The infrastructure play stuck between two worlds. Circle is not a crypto company playing bank – it's a financial company that has become dependent on crypto's network effects. And therein lies both the opportunity and the trap. The Business Model: Simple but fragile Circle's revenue engine is brutal in its simplicity: - 96 percent of revenues come from interest on reserves (government bonds backing USDC) - The formula: Interest rate × USDC in circulation = revenue - Distribution: 50–60 percent of this revenue goes to partners like Coinbase and Binance This is not a software business – it's a money market fund business packaged as blockchain technology. Every percentage point the Federal Reserve lowers the interest rate directly eats into the margin. Circle's profit margin of 57 percent (adjusted EBITDA margin Q3 2025) looks strong, but it stands and falls with the interest rate curve. Why USDC wins (right now) Regulatory timing as a weapon The GENIUS Act was adopted in July 2025, forcing all stablecoin issuers to comply with federal standards. Circle already had that infrastructure: monthly audits, reserve accounting through BlackRock, full coverage in government bonds. Tether must build all of this from scratch – and therefore launches a separate US stablecoin (USAT) instead of trying to make existing USDT compatible. The result: USDC grows 73 percent in 2025 (to 75 billion dollars) while USDT only grows 36 percent. Market share has gone from 21 percent to 25 percent while Tether has fallen from 67 percent to 60 percent. Institutional trust capital Visa, Mastercard, and Stripe integrate USDC – not USDT. Deutsche Börse, BlackRock, and HSBC build on Circle, not Tether. When major banks consider their own stablecoins, they use Circle's model as a template. But the moat is fragile Three structural weaknesses: 1. Revenue concentration = interest rate curve risk If the Federal Reserve lowers the interest rate from 4.5 percent to 2 percent, Circle's revenue is halved – even if USDC growth continues. The company tries to diversify through Circle Payments Network (payment network for banks) and Arc (proprietary blockchain), but these still constitute less than 4 percent of revenues. 2. Distribution cost = 50 percent goes out the door Coinbase received 12 billion dollars in USDC on its platform out of a total of 61 billion in circulation (Q2 2025) – and takes 100 percent of the interest on these. Binance received 60 million dollars in advance plus monthly incentives to hold at least 1.5 billion dollars USDC. Circle grows by paying for distribution, not through its own network effects. 3. Competition from above and below From above: JPMorgan, Bank of America, Citigroup, and Wells Fargo are considering a common stablecoin. These have unlimited capital and existing distribution. From below: Hyperliquid (decentralized exchange) launched its own stablecoin USDH because they had 6 billion dollars USDC on the platform – and Circle took all the interest. At 4 percent interest, that's 240 million dollars annually that Hyperliquid left on the table. Who wins the stablecoin war? Tether vs. Circle is not the question – it's "do stablecoins become infrastructure (like SWIFT) or a commodity (like mortgages)?" The scenario where Circle wins: - The stablecoin market grows to 1000 billion dollars (from 300 billion today) - USDC takes 30–35 percent market share (from 25 percent) - Circle Payments Network succeeds in taking payment traffic from SWIFT and traditional corridors - Arc becomes the standard for securitization and programmable assets - Result: Circle becomes financial infrastructure that banks "must" use The scenario where Circle loses: - Interest rates fall to 2 percent and stay there (halves revenues) - Major banks launch their own stablecoins with better terms (no distribution cost) - Regulators require Circle to share interest with users (as banks do with deposits) - Tether retains global dominance by being "neutral" (no US jurisdiction) - Result: Circle becomes a small bank with a blockchain interface The critical question Is USDC a standard rail or a temporary hybrid? Circle has three to five years to prove that stablecoins are fundamentally better than traditional payments – not just cheaper during high interest rates. Circle Payments Network is that test: if banks actually start using USDC for settlement (not just experimenting), then the standard is set. But if banks launch their own stablecoins that are directly linked to central bank money, Circle just becomes an intermediary with higher costs. And then it doesn't matter how fast USDC grows – value will look at distribution and cost of capital, which big banks win. Conclusion Circle has built the best regulated stablecoin factory in the world. But the question is whether the world needs a stablecoin factory, or if banks will build their own. And that is not decided by technology – it is decided by who controls distribution when stablecoins become mainstream.
·5.2.If BTC stagnated at $16,000 from its then ATH of $69,000 2022, then it still has a long way down from its current ATH of $120,000 - especially if a solution to the Clarity Act is not found - it doesn't seem like Trump can push the banks in crypto's favor unfortunately, so it can drag on for a long time, if it even comes to anything at all🙈- 4.2.More and more points to the conclusion that stablecoinization of banks and finance is inevitable. Now Eu goes big! https://sg.finance.yahoo.com/news/spanish-lender-bbva-joins-eu-154502619.html
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2025 Q3 -tulosraportti
93 päivää sitten
‧1 t 14 min
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- 1 päivä sitten1 päivä sitten“The road to the future passes over heaps of scrap.”
- ·1 päivä sittenCircle Internet Group: The infrastructure play stuck between two worlds. Circle is not a crypto company playing bank – it's a financial company that has become dependent on crypto's network effects. And therein lies both the opportunity and the trap. The Business Model: Simple but fragile Circle's revenue engine is brutal in its simplicity: - 96 percent of revenues come from interest on reserves (government bonds backing USDC) - The formula: Interest rate × USDC in circulation = revenue - Distribution: 50–60 percent of this revenue goes to partners like Coinbase and Binance This is not a software business – it's a money market fund business packaged as blockchain technology. Every percentage point the Federal Reserve lowers the interest rate directly eats into the margin. Circle's profit margin of 57 percent (adjusted EBITDA margin Q3 2025) looks strong, but it stands and falls with the interest rate curve. Why USDC wins (right now) Regulatory timing as a weapon The GENIUS Act was adopted in July 2025, forcing all stablecoin issuers to comply with federal standards. Circle already had that infrastructure: monthly audits, reserve accounting through BlackRock, full coverage in government bonds. Tether must build all of this from scratch – and therefore launches a separate US stablecoin (USAT) instead of trying to make existing USDT compatible. The result: USDC grows 73 percent in 2025 (to 75 billion dollars) while USDT only grows 36 percent. Market share has gone from 21 percent to 25 percent while Tether has fallen from 67 percent to 60 percent. Institutional trust capital Visa, Mastercard, and Stripe integrate USDC – not USDT. Deutsche Börse, BlackRock, and HSBC build on Circle, not Tether. When major banks consider their own stablecoins, they use Circle's model as a template. But the moat is fragile Three structural weaknesses: 1. Revenue concentration = interest rate curve risk If the Federal Reserve lowers the interest rate from 4.5 percent to 2 percent, Circle's revenue is halved – even if USDC growth continues. The company tries to diversify through Circle Payments Network (payment network for banks) and Arc (proprietary blockchain), but these still constitute less than 4 percent of revenues. 2. Distribution cost = 50 percent goes out the door Coinbase received 12 billion dollars in USDC on its platform out of a total of 61 billion in circulation (Q2 2025) – and takes 100 percent of the interest on these. Binance received 60 million dollars in advance plus monthly incentives to hold at least 1.5 billion dollars USDC. Circle grows by paying for distribution, not through its own network effects. 3. Competition from above and below From above: JPMorgan, Bank of America, Citigroup, and Wells Fargo are considering a common stablecoin. These have unlimited capital and existing distribution. From below: Hyperliquid (decentralized exchange) launched its own stablecoin USDH because they had 6 billion dollars USDC on the platform – and Circle took all the interest. At 4 percent interest, that's 240 million dollars annually that Hyperliquid left on the table. Who wins the stablecoin war? Tether vs. Circle is not the question – it's "do stablecoins become infrastructure (like SWIFT) or a commodity (like mortgages)?" The scenario where Circle wins: - The stablecoin market grows to 1000 billion dollars (from 300 billion today) - USDC takes 30–35 percent market share (from 25 percent) - Circle Payments Network succeeds in taking payment traffic from SWIFT and traditional corridors - Arc becomes the standard for securitization and programmable assets - Result: Circle becomes financial infrastructure that banks "must" use The scenario where Circle loses: - Interest rates fall to 2 percent and stay there (halves revenues) - Major banks launch their own stablecoins with better terms (no distribution cost) - Regulators require Circle to share interest with users (as banks do with deposits) - Tether retains global dominance by being "neutral" (no US jurisdiction) - Result: Circle becomes a small bank with a blockchain interface The critical question Is USDC a standard rail or a temporary hybrid? Circle has three to five years to prove that stablecoins are fundamentally better than traditional payments – not just cheaper during high interest rates. Circle Payments Network is that test: if banks actually start using USDC for settlement (not just experimenting), then the standard is set. But if banks launch their own stablecoins that are directly linked to central bank money, Circle just becomes an intermediary with higher costs. And then it doesn't matter how fast USDC grows – value will look at distribution and cost of capital, which big banks win. Conclusion Circle has built the best regulated stablecoin factory in the world. But the question is whether the world needs a stablecoin factory, or if banks will build their own. And that is not decided by technology – it is decided by who controls distribution when stablecoins become mainstream.
- ·5.2.If BTC stagnated at $16,000 from its then ATH of $69,000 2022, then it still has a long way down from its current ATH of $120,000 - especially if a solution to the Clarity Act is not found - it doesn't seem like Trump can push the banks in crypto's favor unfortunately, so it can drag on for a long time, if it even comes to anything at all🙈
- 4.2.More and more points to the conclusion that stablecoinization of banks and finance is inevitable. Now Eu goes big! https://sg.finance.yahoo.com/news/spanish-lender-bbva-joins-eu-154502619.html
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
58,75VWAP
Alin
55,31VaihtoMäärä
213,8 7 241 407
VWAP
Ylin
58,75Alin
55,31VaihtoMäärä
213,8 7 241 407
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2025 Q4 -tulosraportti 25.2. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 12.8.2025 |
2025 Q3 -tulosraportti
93 päivää sitten
‧1 t 14 min
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2025 Q4 -tulosraportti 25.2. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 12.8.2025 |
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- 1 päivä sitten1 päivä sitten“The road to the future passes over heaps of scrap.”
- ·1 päivä sittenCircle Internet Group: The infrastructure play stuck between two worlds. Circle is not a crypto company playing bank – it's a financial company that has become dependent on crypto's network effects. And therein lies both the opportunity and the trap. The Business Model: Simple but fragile Circle's revenue engine is brutal in its simplicity: - 96 percent of revenues come from interest on reserves (government bonds backing USDC) - The formula: Interest rate × USDC in circulation = revenue - Distribution: 50–60 percent of this revenue goes to partners like Coinbase and Binance This is not a software business – it's a money market fund business packaged as blockchain technology. Every percentage point the Federal Reserve lowers the interest rate directly eats into the margin. Circle's profit margin of 57 percent (adjusted EBITDA margin Q3 2025) looks strong, but it stands and falls with the interest rate curve. Why USDC wins (right now) Regulatory timing as a weapon The GENIUS Act was adopted in July 2025, forcing all stablecoin issuers to comply with federal standards. Circle already had that infrastructure: monthly audits, reserve accounting through BlackRock, full coverage in government bonds. Tether must build all of this from scratch – and therefore launches a separate US stablecoin (USAT) instead of trying to make existing USDT compatible. The result: USDC grows 73 percent in 2025 (to 75 billion dollars) while USDT only grows 36 percent. Market share has gone from 21 percent to 25 percent while Tether has fallen from 67 percent to 60 percent. Institutional trust capital Visa, Mastercard, and Stripe integrate USDC – not USDT. Deutsche Börse, BlackRock, and HSBC build on Circle, not Tether. When major banks consider their own stablecoins, they use Circle's model as a template. But the moat is fragile Three structural weaknesses: 1. Revenue concentration = interest rate curve risk If the Federal Reserve lowers the interest rate from 4.5 percent to 2 percent, Circle's revenue is halved – even if USDC growth continues. The company tries to diversify through Circle Payments Network (payment network for banks) and Arc (proprietary blockchain), but these still constitute less than 4 percent of revenues. 2. Distribution cost = 50 percent goes out the door Coinbase received 12 billion dollars in USDC on its platform out of a total of 61 billion in circulation (Q2 2025) – and takes 100 percent of the interest on these. Binance received 60 million dollars in advance plus monthly incentives to hold at least 1.5 billion dollars USDC. Circle grows by paying for distribution, not through its own network effects. 3. Competition from above and below From above: JPMorgan, Bank of America, Citigroup, and Wells Fargo are considering a common stablecoin. These have unlimited capital and existing distribution. From below: Hyperliquid (decentralized exchange) launched its own stablecoin USDH because they had 6 billion dollars USDC on the platform – and Circle took all the interest. At 4 percent interest, that's 240 million dollars annually that Hyperliquid left on the table. Who wins the stablecoin war? Tether vs. Circle is not the question – it's "do stablecoins become infrastructure (like SWIFT) or a commodity (like mortgages)?" The scenario where Circle wins: - The stablecoin market grows to 1000 billion dollars (from 300 billion today) - USDC takes 30–35 percent market share (from 25 percent) - Circle Payments Network succeeds in taking payment traffic from SWIFT and traditional corridors - Arc becomes the standard for securitization and programmable assets - Result: Circle becomes financial infrastructure that banks "must" use The scenario where Circle loses: - Interest rates fall to 2 percent and stay there (halves revenues) - Major banks launch their own stablecoins with better terms (no distribution cost) - Regulators require Circle to share interest with users (as banks do with deposits) - Tether retains global dominance by being "neutral" (no US jurisdiction) - Result: Circle becomes a small bank with a blockchain interface The critical question Is USDC a standard rail or a temporary hybrid? Circle has three to five years to prove that stablecoins are fundamentally better than traditional payments – not just cheaper during high interest rates. Circle Payments Network is that test: if banks actually start using USDC for settlement (not just experimenting), then the standard is set. But if banks launch their own stablecoins that are directly linked to central bank money, Circle just becomes an intermediary with higher costs. And then it doesn't matter how fast USDC grows – value will look at distribution and cost of capital, which big banks win. Conclusion Circle has built the best regulated stablecoin factory in the world. But the question is whether the world needs a stablecoin factory, or if banks will build their own. And that is not decided by technology – it is decided by who controls distribution when stablecoins become mainstream.
- ·5.2.If BTC stagnated at $16,000 from its then ATH of $69,000 2022, then it still has a long way down from its current ATH of $120,000 - especially if a solution to the Clarity Act is not found - it doesn't seem like Trump can push the banks in crypto's favor unfortunately, so it can drag on for a long time, if it even comes to anything at all🙈
- 4.2.More and more points to the conclusion that stablecoinization of banks and finance is inevitable. Now Eu goes big! https://sg.finance.yahoo.com/news/spanish-lender-bbva-joins-eu-154502619.html
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
58,75VWAP
Alin
55,31VaihtoMäärä
213,8 7 241 407
VWAP
Ylin
58,75Alin
55,31VaihtoMäärä
213,8 7 241 407
Välittäjätilasto
Dataa ei löytynyt