Recently, Circle's IPO and the subsequent surge not only attracted many traditional finance investors to pay attention to stocks of related companies in the crypto ecosystem, but also led many crypto ecosystem investors to focus on such companies in the US stock market.

The most notable among them are Circle and Coinbase.

Although both are crypto companies, their businesses and points of interest are quite different.

For Circle, what people value is its stablecoin issuance business and the revenue generated from this business.

I saw a piece of data online stating that using stablecoins for payments and settlements can save up to 85% in fees compared to traditional Visa and Mastercard.

In fact, the use of stablecoins in traditional financial institutions has been around for a long time. In my recollection, JP Morgan attempted to use its own defined "stablecoin" for settlements within its internal network several years ago, utilizing Ethereum technology. According to reports at the time, this settlement system was highly efficient.

However, although that settlement system also used Ethereum technology, it was a private chain, fundamentally different from the public blockchains that are being discussed today. Additionally, their "stablecoin" was not a true token but more like an accounting symbol.

Since institutions like JP Morgan conducted experiments so early and recognized its efficiency, why have they almost never attempted to promote the development of stablecoins over the years, nor have they invested in early financing of companies like Circle? Instead, asset management companies like BlackRock are vigorously promoting and negotiating with the SEC?

The potential "benefits" brought by stablecoin payments have led to a sharp rise in Circle's value, while Visa and Mastercard have seen significant declines.

It seems that many investors believe the latter could be disrupted by the former.

However, in reality, Circle's main business is currently just stablecoin issuance and does not involve much in stablecoin payment services, while Visa and Mastercard's main business is payments and does not involve currency issuance.

I believe that the direct conflict with Visa/Mastercard's payment business is not Circle but Coinbase. This is because Coinbase has launched its payment application and is actively working with both offline and online companies to facilitate stablecoin payment integration.

Looking at it from a longer-term perspective, I believe that stablecoin payments only build payment channels for future application scenarios, but what truly opens up the imagination is not the payment channels but the business scenarios and business models that can utilize these channels.

So what are the business scenarios and business models that can utilize this channel?

It is payment based on AI Agents.

In the future, even if humans use stablecoin payments, the possible scenario may only involve humans triggering specific needs, while the realization, execution, and payment of those needs will still be completed by AI Agents.

AI Agents are the true users of stablecoin payments. And this is precisely a direction that Coinbase is developing.

Of course, most of the above ideas are still largely in the conceptual stage. How far they will be realized in the future and what actual effects can be achieved, I think we will have to wait for the next Coinbase quarterly report, which is the one from August this year.

I hope to see Coinbase disclose specific profit situations based on stablecoin payments in that quarterly report, so that we can truly see its actual effects and returns.

From this perspective, there is a significant benefit to focusing on crypto companies listed in the US stock market:

We can see the real revenue generated from the applications of the crypto ecosystem in their financial reports—this is something that the vast majority of current crypto companies/projects severely lack.

The revenue situation of many crypto companies/projects is basically a black box for investors, completely opaque, so in the end, they can only rely on storytelling and grand promises to attract investors and support their market value.

In the future, when crypto companies listed in the US stock market present real financial reports to unveil this mysterious veil, it is likely that a large number of projects in this ecosystem that can only rely on storytelling without real revenue will be eliminated in bulk.

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