Tether does not consider IPO, each employee earns 130 million magnesium, the highest per capita profit in the world "bank"

Here is the English translation: The world's largest stablecoin issuer Tether's CEO Paolo Ardoino was interviewed by Anthony Pompliano, discussing Circle's hot IPO. Ardoino stated that Tether is not short of money and does not need to realize value through stocks, completely ruling out going public. Tether is also the world's most profitable "bank" per capita, with fewer than 100 global employees, each earning $130 million for the company in 2024. [Rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English]

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USDC Deep Dive into Traditional Finance: Will Become U.S. Futures Collateral

Coinbase Derivatives announcement indicates that it is collaborating with the derivatives clearing institution Nodal Clear, and USDC will officially become a compliant collateral in the U.S. futures trading market after obtaining approval from the Commodity Futures Trading Commission (CFTC). It is expected to go online in 2026 and will be custodied through Coinbase Custody.

This will be the first time USDC enters the federally regulated derivatives system, symbolizing that the product is gradually being viewed as a true cash equivalent by TradFi, applicable to leveraged trading, risk hedging, and fund allocation. This is not only a small step forward in the crypto field but also a big step towards stablecoins becoming the backbone of traditional finance.

(Spread across DeFi and heading towards traditional finance, is the stablecoin issuer Circle's IPO a kind of crypto scumbag?)

U.S. Stock Trading Medium? Coinbase and Circle's Deep Alliance

The rise of USDC is not just about the product, but also reflects the "distribution cooperation strategy" between Circle and Coinbase. Market observer AB Kuai.Dong says that Coinbase currently owns about 3.5% of Circle's shares and may receive 50% of USDC reserve interest, with a large amount of circulating USDC already stored on the Coinbase platform.

He cites rumors that Coinbase is also exploring using USDC as a stock market trading medium, realizing a scenario of "on-chain U.S. stocks": buying tokenized stocks with USDC, instant settlement, and even cross-border transactions.

If true, this would completely reshape the settlement method of global financial markets and make USDC an extension of the U.S. dollar on the chain.

(U.S. dollar depreciation causes concern! Crypto market calls for stablecoin diversification: Non-USD options become a new DeFi trend)

Trump Embraces Crypto: Stablecoin Bill and USD1's Dual Strategy

U.S. President Trump prominently embraced cryptocurrencies and Non-Fungible Tokens during his campaign and presidency, and promoted the DeFi project WLFI and stablecoin USD1 through his family. This is not just a personal profit operation, but may be a strategic layout for the United States to build a "Digital U.S. Dollar Hegemony 2.0".

Stablecoins like USDC and USD1, with the stability of legal tender and on-chain circulation efficiency, can play a key role in global trade, cross-border payments, and international capital movement. When they become mainstream, the United States can obtain potential U.S. Treasury and U.S. stock demand through more channels, consolidating U.S. financial hegemony.

(Stablecoin settlement network Ubyx raises $10 million, with Galaxy, Coinbase, and VanEck participating)

Trojan Horse: Will Stablecoin Development Marginalize Bit?

However, some voices point out that this stablecoin wave may be a carefully designed "crypto version of a Trojan horse". Crypto KOL @yuyue_chris believes that the current stablecoin narrative, while bringing fund efficiency and regulatory compliance, has subtly weakened Bitcoin's role as a "value storage tool".

The essence of Bitcoin is to fight inflation and the legal tender system. If the overall crypto funds are massively shifted to stablecoin financial management, $WLFI, and $XPL, highlighting funds' pursuit of returns and safety, this would be contrary to Bitcoin's concepts of fighting inflation and value storage, and people would return to the U.S. dollar system.

Alpha and Beta's Choice, Crypto Spirit Gradually Fading

Yuyue finally emphasized that when the crypto community always focuses on meme coins or DeFi arbitrage and other alpha, it might miss opportunities like CRCL and USDC that can support an entire financial narrative (beta). Stablecoin bills, USDC's leading position, WLFI, and USD1 will all affect mainstream fund direction and future market narratives.

While the crypto community cheers the passage of multiple crypto bills, the seemingly expanded adoption may actually make the crypto market more dependent on the traditional financial system.