NYSE Announces Major U.S. Market Reform!

‘Bulls, return swiftly!’ The New York Stock Exchange (NYSE) has officially spoken: it plans to implement a ‘22-hour’ trading schedule. * The NYSE announced it intends to extend trading hours on its fully electronic exchange, NYSE Arca, to 22 hours per business day—subject to regulatory approval. NYSE: ‘No one’s getting any sleep.’ Currently, the NYSE’s trading hours run from 4:00 a.m. to 8:00 p.m. Eastern Time (ET), with the core, high-volume trading session occurring between 9:30 a.m. and 4:00 p.m. ET. Under the proposed plan, trading would begin daily at 1:30 a.m. ET and continue until 11:30 p.m. ET. Eligible products would include all U.S.-listed stocks, ETFs, and closed-end funds. 1) Is this good or bad for the market? For NYSE employees, the top concern is just how much overtime lies ahead. Kevin Tyrrell, NYSE’s Head of Markets (the man pictured below), told CNBC: ‘This extended-hours proposal stems from extensive engagement with market participants, as well as our own data and analysis. We believe our 22–5 (22-hour, 5-day) plan is the right step forward—given current investor demand levels and the availability of existing market infrastructure.’ We all know the real reason behind the extension: order surges. Confidently, Kevin Tyrrell added: ‘Interest in U.S. equities among both retail and institutional investors continues to grow—not only domestically but globally.’ Indeed, even before the U.S. presidential election results were finalized, so-called ‘Trump概念股’ had already surged wildly. Some are optimistic and aggressive; others remain calm and cautious. For instance, Jim Toes, CEO of the Security Traders Association, told CNBC: ‘Given that demand for overnight and weekend trading is largely speculative, this application appears premature.’ His phrasing was diplomatic. In contrast, Dennis Kelleher—the CEO of Better Markets, a nonprofit organization actively engaged in financial reform (pictured below)—filed an official briefing explicitly opposing the extended-hours proposal. His key objections: 1) Thin trading volume could widen bid-ask spreads; 2) Late-night impulsive trading would place retail investors at a disadvantage, while better-informed professional traders gain an edge. Nonetheless, several industry insiders stand firmly behind Kevin Tyrrell. Dmitri Galinov, formerly head of Credit Suisse’s dark pool trading, stated: ‘Overseas demand is undeniable—especially from South Korea, Japan, and parts of Europe. And some U.S. retail traders also want to trade after work. Many hold full-time jobs during the day and wish to trade after 8:00 p.m., when current trading ends.’

No One Understands Circle Better Than Me | From NYSE Star Stock to Over 70% Decline | The ‘Container Revolution’ in Digital Finance | If Circle’s Stock Falls to $41, Is It Time to Buy—or Bail?

VIII. Dragon vs. Tiger: Circle and Coinbase—Allies or Rivals? The relationship between Circle and Coinbase cannot be reduced to a simple binary of ‘ally’ or ‘rival’. Rather, it represents an ongoing ‘interplay of shared interests and power struggles’ spanning the entire lifecycle of USDC. Their collaboration began in 2018, when the crypto market lacked compliant stablecoins. Circle’s technical expertise and Coinbase’s distribution strength formed a perfect synergy: together, they established the joint venture Centre Consortium—each holding 50% voting rights—to jointly issue USDC, launching the ‘dual-power era’ in the stablecoin space. During the ‘equal-footing period’ from 2018 to 2023, this symbiotic relationship delivered powerful synergies. As America’s largest regulated crypto exchange, Coinbase provided USDC with critical trading venues and user access—its 120 million users, mature fiat on-ramps, and regulatory credibility enabled USDC to rapidly overcome the ‘trust barrier’ and carve out firm ground in a market long dominated by USDT. By mid-2023, USDC held in Coinbase’s custody accounted for 18% of total circulating supply—making Coinbase USDC’s most vital distribution channel. Meanwhile, Circle leveraged its technical capabilities to manage USDC issuance, maintain smart contracts, and develop cross-chain protocols—supplying Coinbase with stable, compliant underlying assets. Through Centre Consortium, the two achieved a closed loop of ‘issuance–distribution’, propelling USDC from zero to $40 billion in circulation by 2023. In August 2023, the Silicon Valley Bank (SVB) crisis became the turning point in their relationship. What had been an equal partnership began evolving into a new phase of ‘interest-driven negotiation’. At the time, USDC suffered a de-pegging crisis due to $3.3 billion of reserves being frozen. Circle urgently needed Coinbase’s ‘regulatory credibility’ to restore market confidence—a position of vulnerability that granted Coinbase decisive leverage in the subsequent protocol restructuring. Ultimately, the two reached an agreement: Circle acquired Coinbase’s entire 50% stake in Centre Consortium for $210 million in Circle stock, becoming USDC’s sole issuer and governance authority; in return, Coinbase received approximately 4% equity in Circle and signed a heavily skewed revenue-sharing agreement—the central flashpoint of their current rivalry. This three-year agreement (expiring in 2026) establishes Coinbase’s ‘revenue privilege’. Its terms comprise three components: First, interest earned on USDC reserves held *within each party’s own platform* accrues 100% to that platform—by Q3 2025, USDC held on Coinbase’s platform represented 25% of total circulation (~$18.4 billion), versus only 6% (~$4.4 billion) on Circle’s platform—meaning Coinbase’s internal revenue alone far exceeds Circle’s. Second, revenue generated from ‘off-platform USDC’—i.e., USDC held on third-party platforms and within DeFi ecosystems—is split evenly (50–50). This segment is growing fastest, accounting for 69% of total USDC circulation in 2025—again delivering massive revenue to Coinbase. Third, if Circle onboards new ecosystem partners (e.g., Binance), it must obtain Coinbase’s written approval—effectively granting Coinbase control over USDC’s broader ecosystem expansion.

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