10x Research: Stablecoin Economic Game Heats Up, Divergence Between Circle and Coinbase Intensifies

Odaily News 10x Research posted an analysis on the X platform, pointing out that the battle for stablecoin economics is unfolding between Circle and Coinbase. Circle's stock price recently fell by approximately 0% in a single day. Some investors attribute this to the uncertainty brought by the CLARITY Act, while others believe the Act will be structurally beneficial. Circle supports a federal-level stablecoin regulatory framework in exchange for institutional legitimacy and long-term expansion space for USDC, whereas Coinbase focuses more on achieving short-term profits through yield-bearing balances, creating an opposition in their business models. Under the regulatory framework, Circle may relinquish some high-margin distribution models but will gain more sustainable "regulatory certainty," which is expected to drive institutional adoption, global settlement scenarios, and deeper integration with the traditional financial system.

10x Research added that, based on the current market environment, it will re-examine the previously proposed view of "going long on Circle and short on Coinbase" and assess whether this strategy remains effective.