Dolphin Research
2025.06.06 03:42

IX. Downstream: Exchanges, Payments, Cards

a. Exchanges:

Provide stablecoin trading services, earning transaction fees and demand deposit interest. Binance purchases large amounts of stablecoins and earns fees through trading; competition is fierce.

b. Decentralized Projects:

Such as lending protocols, using stablecoins as underlying assets.

c. Payment Companies and Wallets:

Manage cryptocurrency assets, charging transfer or exchange fees. In the future, they may resemble Alipay, charging merchants transaction fees.

$Coinbase(COIN.US) $Circle(CRCL.US) $Robinhood(HOOD.US) $Digital currency concept(CP00079.US)

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