1.Circle IPO: The complex financial operations and profit truth behind the second largest stablecoin USDC

Circle's highly anticipated IPO document has just been released, providing the outside world with a rare window to see the financial operations behind the world's second largest stablecoin USDC. It can be said that Circle is an income monster, with its stablecoin reserves generating US$1.7 billion in interest in 2024. But the data also reveals a business model that stands above many tradeoffs—the profitability of Circle is far less than what competitor Tether claims to have earned after paying billions of dollars in cooperation share sharing, incentive fees and compliance costs. Click to read

2.FDUSD 20% off flash crash "Yuchen Sun, FDUSD and TUSD Rashomon" Truth Tracking

On April 2, 2025, Justin Sun posted on social media that FDUSD publisher First Digital Trust (FDT) has actually gone bankrupt and cannot fulfill its client fund redemption obligations. Users are strongly advised to take immediate action to protect their assets. There are significant loopholes in Hong Kong's trust licensing process and internal risk management of the financial system. Regulators and law enforcement agencies have been urged to act quickly to address these issues and prevent further significant losses. Hong Kong's reputation as a global financial center is at stake, and similar financial fraud incidents must not happen again. Click to read

3. How to choose stablecoin after USDC issuer Circle goes public?

Stablecoin USDC issuer Circle is sprinting for an IPO again. The market may have various interpretations from the perspective of supervision, crypto ecosystem, and financial innovation, which will inevitably affect the competitive landscape of stablecoins and even the development of the entire crypto business. Click to read

4. The dispute between GENIUS Bill and STABLE Bill: Will Congress stifle or boost the development of stablecoins?

Stablecoin supply doubled to $215 billion in 18 months since the FTX crash bottomed, and this figure has not yet included the contributions of emerging crypto players such as Ondo, Usual, Frax and Maker. The current interest rate remains at 4-5%, and the profits of the stablecoin industry are extremely considerable. Tether achieved a staggering profit of $14 billion (!) last year with just under 50 employees. Circle also plans to submit an IPO application in 2025. Stablecoins are sweeping everything. Click to read

5. CICC: Trump's "peer-to-peer tariff" impact exceeded expectations

Trump on April 2Japan announced "reciprocal tariffs", which exceeded market expectations. Reciprocal tariffs adopt a combination of "carpet" tariffs and "one country, one tax rate" to cover more than 60 major economies. Our calculations show that if these tariffs are fully implemented, the effective tariff rate in the United States may rise by 22.7 percentage points to 25.1% from 2.4% in 2024, which will exceed the tariff levels after the implementation of the Smut-Holly Tariff Act of 1930. We believe that reciprocal tariffs may increase uncertainty and market concerns, and exacerbate the risk of "stagflation" in the US economy. Our calculations show that tariffs may push up U.S. PCE inflation by 1.9 percentage points and reduce real GDP growth by 1.3 percentage points, although it may also bring more than $700 billion in fiscal revenue. Faced with the risk of "stagflation", the Federal Reserve can only choose to wait and see, and it may be difficult to cut interest rates in the short term. This will further increase the downward risks of the economy and increase the pressure on the market to adjust downward. Click to read