《IOSG: Circle's Moat and Long-Term Value》 (Author: Frank) Against the backdrop of promoting compliant digital dollars in the US and Europe and compressing offshore opaque systems, Circle has built a more robust institutional moat compared to Tether through licenses, audits, and institutional partnerships. Although profitability is still constrained by interest rate cycles and channel revenue sharing, USDC continues to strengthen its network effects by “laying pipelines” through crypto cards, cross-chain CCTP, and traditional networks like Visa. In the medium to long term, Circle is transitioning from a single stablecoin issuer to an ecosystem layout encompassing payments, settlements, and RWA, with its compliance advantage likely to translate into long-term value within the digital dollar system. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=55960