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

SmartContractAuditor · 2026-03-25T13:54:37+00:00

The stablecoin competition between Circle and Coinbase is intensifying, with Circle supporting federal stablecoin regulation to ensure USDC legitimacy, while Coinbase focuses on short-term profits. This competition may reshape both companies' business models, requiring a reassessment of investment strategies in the future.

SmartContractAuditor

2026-03-25 13:54:37

Abstract generation in progress

Odaily Planet Daily reports that 10x Research posted an analysis on the X platform indicating that the battle over the stablecoin economy has begun between Circle and Coinbase. Recently, Circle’s stock price dropped about 0% in a single day. Some investors attribute this to the uncertainty caused by the CLARITY Act, while others believe the bill could be a structural positive. Circle supports a federal-level stablecoin regulatory framework to gain institutional legitimacy and long-term growth potential for USDC, whereas Coinbase focuses more on short-term profits through yield-bearing balances, creating a business model conflict. Under the regulatory framework, Circle may abandon some high-margin distribution models but will gain more sustainable “regulatory certainty,” which could promote institutional adoption, global settlement scenarios, and deeper integration with traditional financial systems.

10x Research also added that, given the current market environment, they will reassess the previously proposed strategy of “going long on Circle and short on Coinbase” to evaluate whether it remains effective.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.