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Analyzes the business model of Circle as a stablecoin issuer, highlighting its market impact and connections to traditional finance.
This paper provides a brief overview of the current state of the stablecoin market, its major players, and future prospects. It then describes in detail and analyzes the business model of a stablecoin issuer, using Circle as an example. The author concludes that stablecoins as a phenomenon and their issuers are directly linked to traditional markets and are becoming increasingly widespread, and that their emergence is having a significant impact on the development of the financial system.
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Yaroslav Filip Skultety (2026) studied this question.
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