10x Research: The economic competition surrounding stablecoins intensifies, and the divergence between Circle and Coinbase widens.

10x Research, in an analysis published on the X platform, points out that the battle for stablecoin economics has begun between Circle and Coinbase. Circle's stock price recently fell by approximately 0% in a single day, with some investors attributing this to the uncertainty brought about by the CLARITY Act, while others believe the act will constitute a structural benefit. Circle supports a federal-level stablecoin regulatory framework in exchange for USDC's institutional legitimacy and long-term expansion space, while Coinbase focuses more on achieving short-term profits through yield-based balances, creating a conflict in their business models. Under the regulatory framework, Circle may abandon some high-profit distribution models but will gain more sustainable "regulatory certainty," potentially driving institutional adoption, global settlement scenarios, and deeper integration with the traditional financial system. 10x Research adds that, given the current market environment, they will re-examine their previous "long Circle, short Coinbase" view and assess whether this strategy remains effective.