花旗:稳定币奖励限制或影响 USDC 扩张节奏,但不改 Circle 长期逻辑

Gate News 消息,3 月 26 日,花旗银行表示,美国《CLARITY 法案》草案中对稳定币奖励机制的限制,可能对 Circle(CRCL)构成阶段性阻力,但不会动摇其长期投资逻辑。花旗分析师指出,该政策更可能影响规模扩张节奏,而非根本性威胁。

法案拟限制类似存款利息的稳定币收益,但允许与交易或支付相关的激励机制。由于 Circle 本身并不直接向 USDC 持有者支付收益,而是将储备收益分配给某 CEX 等渠道合作方,因此其核心收入模式不会受到直接冲击。花旗认为,奖励减少可能削弱用户持有 USDC 的短期动力,从而影响流通规模及二级市场流动性,但稳定币采用的关键指标仍在于交易与支付量,而非流通量本身。

此前,受政策不确定性影响,Circle 股价一度下跌约 20%。不过包括 Bernstein 在内的机构认为,市场可能误读了政策影响,监管重点在于限制向用户分配收益的平台(如某 CEX),而非 Circle 的储备收益模式。

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