#贝莱德CEO Hey folks, the most explosive news in the crypto circle has arrived! The world's largest asset management giant BlackRock has surprisingly made a 'sweet deal' with USDC issuer Circle, directly shaking up the stablecoin landscape! Come, let me guide you through the highlights—

[Three elements of the shocking agreement]

1. 90% of reserve management rights transferred: Circle handed over 90% of its dollar reserves (excluding bank deposits) to BlackRock, which is equivalent to handing over the key to the printing press!

2. Four-year 'loyalty agreement': BlackRock promises not to develop its own dollar stablecoin for these four years and will focus on being Circle's 'reserve steward'.

3. Priority cooperation rights: All of BlackRock's dollar payment stablecoin business must use Circle's products, keeping the profits within!

[Circle's careful calculation]

- Holding onto a big leg for status: Although USDC firmly sits in second place, Tether and BUSD are closing in. Having BlackRock's support is like adding double insurance to reserve security, making institutional clients more at ease.

- Cost-saving and gaining attention: BlackRock's management fees are much cheaper than building its own team, and it can leverage its global channels to expand the influence of USDC.

- Preventing the giant from snatching: Directly buying out BlackRock's stablecoin ambitions for four years, eliminating the biggest potential rival.

[BlackRock's little tricks]

- Earning management fees effortlessly: At least $100 million in annual income is securely in hand, much easier than developing a stablecoin from scratch.

- Curved layout in crypto: Deep participation in the stablecoin ecosystem through reserve management paves the way for potential compliant crypto products in the future.

- Betting on regulatory trends: Stablecoins are about to be included in traditional financial regulation, with an early binding to leading projects to seize the opportunity.

[Industry earthquake warning]

- Stabilized stablecoin landscape: After the second USDC binds with a giant, it may accelerate the gap with the third and fourth places.

- Institutional entry signal: BlackRock's deep involvement as a 'behemoth' is equivalent to granting a trust pass for institutions to the stablecoin.

- Regulatory challenges escalate: 90% reserve management concentration may trigger antitrust investigations, and central banks around the world question their control over dollar stablecoins.

Here comes the key point! This agreement appears to be a commercial cooperation, but in fact, it is a deep binding of cryptocurrency with traditional finance. BlackRock controls the 'lifeline' of USDC through reserve management, while Circle has traded four years of freedom for the protection of the giant. In the next four years, the stablecoin landscape might witness a 'US-Soviet rivalry'—Tether vs USDC, with BlackRock being the crucial referee!

The IPO documents just submitted by Circle show that last year's reserves earned $1.7 billion, but sharing with Coinbase and BlackRock cost $1 billion... Is this a sweet trap of capital or a dimensionality reduction strike by the giant? Let's discuss your views in the comments!

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