Recently, I noticed a pretty interesting phenomenon: Circle is quietly changing the landscape of the payment ecosystem.

When it comes to Circle, many people’s first reaction is the USDC stablecoin—but in reality, it’s long since gone beyond the crypto circle. Since this year, collaborations with traditional financial giants such as Visa and Intuit have been rolling out one after another, and it feels like Circle is hard-driving USDC from a purely crypto asset into a core position in mainstream finance. The successive international collaborations are even more interesting, as they directly connect the key nodes for cross-border payments.

I looked at some market data: supported by a valuation of $80 billion, Circle is building a completely new settlement infrastructure. Rather than calling it financial innovation, it’s more like redefining how the US dollar moves in the digital age. Institutional-level customers are increasing, and the growth momentum of non-interest income is also quite evident—this shows that Circle has evolved from simply a stablecoin issuer into a provider of financial infrastructure.

Of course, interest rate risk still needs to be watched, but in the long run, Circle’s “combo strategy” is very clear. The regulatory environment is improving, partners are expanding, and the user base is growing. If this trend continues to develop, the entire payments and settlement ecosystem could be reshaped.

I also took a look at the performance of related assets on Gate recently, and it feels like the market’s recognition of this kind of fintech company is increasing. If you’re interested, go and check the developments of Circle and its broader ecosystem on your own.