{"id":8692,"date":"2025-09-08T18:30:46","date_gmt":"2025-09-08T18:30:46","guid":{"rendered":"https:\/\/icobench.com\/fr\/?p=8692"},"modified":"2025-09-08T18:09:00","modified_gmt":"2025-09-08T18:09:00","slug":"usdc-circle-menaces-par-usdh-baisse-des-taux","status":"publish","type":"post","link":"https:\/\/icobench.com\/fr\/news\/usdc-circle-menaces-par-usdh-baisse-des-taux\/","title":{"rendered":"USDC et Circle menac\u00e9s par USDH et la baisse des taux"},"content":{"rendered":"<p>En avril dernier, l\u2019analyse d\u2019un investisseur avait d\u00e9j\u00e0 attir\u00e9 l\u2019attention sur les dangers d\u2019une baisse des taux pour Circle. Aujourd\u2019hui, alors que <strong>la probabilit\u00e9 d\u2019une baisse des taux en septembre grimpe<\/strong>, ces inqui\u00e9tudes reviennent au-devant de la sc\u00e8ne.<\/p>\n<p>Ceci intervient dans un contexte o\u00f9 les principales sources de revenus de la firme sont menac\u00e9es. Notamment, avec <strong>le d\u00e9ploiement futur de USDH sur Hyperliquid<\/strong>. Une plateforme sur laquelle USDC b\u00e9n\u00e9ficiait, jusque-l\u00e0, d\u2019un <strong>v\u00e9ritable monopole<\/strong>.<\/p>\n<h2><span id=\"circle_conscient_des_risques_dune_baisse_des_taux\">Circle, conscient des risques d\u2019une baisse des taux<\/span><\/h2>\n<p>Le mod\u00e8le \u00e9conomique de Circle est intimement li\u00e9 aux taux de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine. D\u2019apr\u00e8s l\u2019analyse de @<a href=\"https:\/\/x.com\/TheOneandOmsy\/status\/1955604246751072492\" target=\"_blank\" rel=\"noopener noreferrer\">TheOneandOmsy<\/a> en date du 13 ao\u00fbt 2025, le risque de perte de revenus est cons\u00e9quent.<\/p>\n<p>Apr\u00e8s tout, <strong>le rendement des titres du Tr\u00e9sor est la principale source de revenus de Circle<\/strong>. Autrement dit, Circle ach\u00e8te des bons du Tr\u00e9sor et les utilise pour garantir ses stablecoins. Circle Internet Group est ainsi r\u00e9mun\u00e9r\u00e9 gr\u00e2ce aux taux d\u2019int\u00e9r\u00eat sur lesdits titres du Tr\u00e9sor.<\/p>\n<p>Une baisse des taux de 100 bips repr\u00e9senterait <strong>une <\/strong><strong>baisse de 23 % du chiffre d\u2019affaires brut<\/strong>, tandis que <strong>la marge brute chuterait de 30 % environ<\/strong>. Ce serait une situation catastrophique qui mettrait le cours de Circle Internet Group en difficult\u00e9.<\/p>\n<figure id=\"attachment_8700\" aria-describedby=\"caption-attachment-8700\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-8700\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Circle-Resultats-2025-Q2.jpg\" alt=\"Circle R\u00e9sultats - 2025 Q2\" width=\"1200\" height=\"600\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Circle-Resultats-2025-Q2.jpg 1200w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Circle-Resultats-2025-Q2-300x150.jpg 300w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Circle-Resultats-2025-Q2-1024x512.jpg 1024w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Circle-Resultats-2025-Q2-768x384.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"><figcaption id=\"caption-attachment-8700\" class=\"wp-caption-text\"><a href=\"https:\/\/twitter.com\/circle\/status\/1955217346701955199\" target=\"_blank\" rel=\"noopener noreferrer\">Source : @circle sur X<\/a><\/figcaption><\/figure>\n<p>Ceci dit, la firme a bien conscience de ce risque. Elle en fait \u00e9tat dans ses rapports trimestriels et d\u00e9ploie d\u00e9j\u00e0 des strat\u00e9gies pour mitiger les effets de la baisse des taux de la Fed. Pour l\u2019\u00e9metteur d\u2019USDC, il est imp\u00e9ratif de <strong>d\u00e9velopper l\u2019offre de son <\/strong><strong>stablecoin de 28 milliards $ au moins<\/strong>.<\/p>\n<p>Mais, alors que Circle fait face \u00e0 <strong>la date butoir du 16 septembre<\/strong><strong> pour les taux de la Fed<\/strong>, une de ses principales sources de revenus risque de lui \u00e9chapper.<\/p>\n<h2><span id=\"circle_pourrait_perdre_son_hegemonie_sur_hyperliquid\">Circle pourrait perdre son h\u00e9g\u00e9monie sur Hyperliquid<\/span><\/h2>\n<p>La semaine derni\u00e8re, <a href=\"https:\/\/icobench.com\/fr\/news\/hyperliquid-lancera-stablecoin-quelle-incidence-hype\/\" rel=\"\">Hyperliquid a annonc\u00e9 son intention d\u2019\u00e9mettre son propre stablecoin<\/a>. Le projet est encore en phase d\u2019\u00e9tude et les propositions de plusieurs partenaires techniques affluent d\u00e9j\u00e0. Parmi ces propositions, on peut citer celles de <strong>Paxos<\/strong>, <strong>Agora<\/strong> ou encore <strong>Ethena<\/strong>.<\/p>\n<p>Dans l\u2019\u00e9ventualit\u00e9 o\u00f9 l\u2019un des candidats est d\u00e9sign\u00e9 pour d\u00e9velopper et d\u00e9ployer USDH sur Hyperliquid, <strong>USDC pourrait perdre sa position dominante<\/strong>. Il est certain qu\u2019en quelques mois, le stablecoin de Circle serait pouss\u00e9 vers la sortie.<\/p>\n<p>Ceci est particuli\u00e8rement inqui\u00e9tant pour la firme, \u00e9tant donn\u00e9 que les transactions sur Hyperliquid repr\u00e9sentent aujourd\u2019hui une part consid\u00e9rable de ses revenus. Par exemple, au cours des derni\u00e8res 24 heures, Hyperliquid a enregistr\u00e9 7,026 milliards $ en <a href=\"https:\/\/dune.com\/x3research\/hyperliquid\" target=\"_blank\" rel=\"noopener noreferrer\">volume de trading en USD<\/a>. Ceci <strong>repr\u00e9sente 10 % environ de la capitalisation totale d\u2019USDC<\/strong>.<\/p>\n<figure id=\"attachment_8697\" aria-describedby=\"caption-attachment-8697\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-8697\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Rob-Hadick-USDC-hyperliquid-tweet.jpg\" alt=\"Rob Hadick - USDC hyperliquid tweet\" width=\"600\" height=\"552\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Rob-Hadick-USDC-hyperliquid-tweet.jpg 600w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Rob-Hadick-USDC-hyperliquid-tweet-300x276.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\"><figcaption id=\"caption-attachment-8697\" class=\"wp-caption-text\"><a href=\"https:\/\/twitter.com\/HadickM\/status\/1964680638289809667\" target=\"_blank\" rel=\"noopener noreferrer\">Source : @HadickM sur X<\/a><\/figcaption><\/figure>\n<h2><span id=\"circle_prepare_sa_contre-offensive\">Circle pr\u00e9pare sa contre-offensive ?<\/span><\/h2>\n<p><strong>Circle ne souhaite pas entrer en concurrence pour d\u00e9ployer USDH<\/strong>. Cependant, la marque ne compte pas se laisser supplanter sur Hyperliquid. Pour prot\u00e9ger sa position dominante, Circle devra rendre son stablecoin plus attractif que les alternatives qui pourraient arriver.<\/p>\n<figure id=\"attachment_8696\" aria-describedby=\"caption-attachment-8696\" style=\"width: 591px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-8696\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Jeremy-Allaire-USDC-Hyperliquid-tweet.jpg\" alt=\"Jeremy Allaire - USDC Hyperliquid tweet\" width=\"591\" height=\"394\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Jeremy-Allaire-USDC-Hyperliquid-tweet.jpg 591w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/09\/Jeremy-Allaire-USDC-Hyperliquid-tweet-300x200.jpg 300w\" sizes=\"(max-width: 591px) 100vw, 591px\"><figcaption id=\"caption-attachment-8696\" class=\"wp-caption-text\"><a href=\"https:\/\/twitter.com\/jerallaire\/status\/1964837574167658870\" target=\"_blank\" rel=\"noopener noreferrer\">Source : @jerallaire sur X<\/a><\/figcaption><\/figure>\n<p>Pour ce faire, la firme a d\u00e9j\u00e0 annonc\u00e9 <a href=\"https:\/\/www.circle.com\/fr\/blog\/native-usdc-cctp-v2-are-coming-to-hyperliquid-what-you-need-to-know\" target=\"_blank\" rel=\"noopener noreferrer\">le d\u00e9ploiement prochain de CCTPv2 sur Hyperliquid<\/a>. Cette d\u00e9marche, en plus du <strong>CPN (Circle Payment Network)<\/strong>, compte parmi les strat\u00e9gies mises en place pour prot\u00e9ger les revenus de la firme.<\/p>\n<p>Notons que <strong>CCTPv2<\/strong> a le m\u00e9rite de rendre les transferts USDC <strong>peu co\u00fbteux et tr\u00e8s rapide<\/strong><strong>s<\/strong>, m\u00eame pour les transferts entre blockchains. Ceci pourrait rendre USDC plus attractif dans un contexte o\u00f9 le nouveau stablecoin <strong>USDH pourrait cruellement manquer de liquidit\u00e9 lors de son lancement<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En avril dernier, l\u2019analyse d\u2019un investisseur avait d\u00e9j\u00e0 attir\u00e9 l\u2019attention sur les dangers d\u2019une baisse des taux pour Circle&#8230;.<\/p>\n","protected":false},"author":224,"featured_media":8695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[12],"class_list":["post-8692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stablecoins","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDC et Circle menac\u00e9s par USDH 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