{"id":2452,"date":"2026-11-12T16:58:32","date_gmt":"2026-11-12T08:58:32","guid":{"rendered":"https:\/\/www.yuanddu.cn\/?p=2452"},"modified":"2026-11-12T16:58:33","modified_gmt":"2026-11-12T08:58:33","slug":"%e5%ae%9c%e4%bf%a1%e6%8a%95%e8%bf%87-circle-%e5%92%8c-marqeta%ef%bc%8c%e8%bf%99%e7%ac%94%e9%9a%90%e5%bd%a2%e8%b5%84%e4%ba%a7%e8%bf%bd%e5%be%97%e5%9b%9e%e5%90%97","status":"publish","type":"post","link":"https:\/\/www.yuanddu.cn\/?p=2452","title":{"rendered":"\u5b9c\u4fe1\u6295\u8fc7 Circle \u548c Marqeta\uff0c\u8fd9\u7b14\u9690\u5f62\u8d44\u4ea7\u8ffd\u5f97\u56de\u5417"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u5b9c\u4fe1\u98ce\u6ce2\u95f9\u5230\u4eca\u5929\u8fd9\u4e2a\u5730\u6b65\uff0c\u6570\u767e\u4ebf\u7684\u7a9f\u7abf\u600e\u4e48\u586b\uff0c\u6210\u4e86\u51e0\u4e07\u540d\u6295\u8d44\u4eba\u591c\u4e0d\u80fd\u5bd0\u7684\u5fc3\u7ed3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c31\u5728\u5404\u65b9\u6b7b\u76ef\u7740\u56fd\u5185\u6709\u9650\u7684\u8d44\u4ea7\u6b8b\u5c40\u65f6\uff0c\u4e00\u6869\u5c18\u5c01\u7684\u65e7\u4e8b\u88ab\u91cd\u65b0\u7ffb\u4e86\u51fa\u6765\uff1a\u5728\u5f53\u5e74\u98ce\u5149\u65e0\u9650\u7684\u5168\u7403\u5316\u6269\u5f20\u671f\uff0c\u5b9c\u4fe1\u53ca\u5176\u5b9e\u63a7\u4eba\u5510\u5b81\u901a\u8fc7\u7f8e\u5143\u6bcd\u57fa\u91d1\u548c\u76f4\u6295\uff0c\u7adf\u7136\u8e29\u4e2d\u4e86\u5168\u7403\u6700\u9876\u5c16\u7684\u4e24\u5934\u91d1\u878d\u79d1\u6280\u5de8\u517d\u2014\u2014\u7a33\u5b9a\u5e01\u9f3b\u7956 Circle\uff0c\u4ee5\u53ca\u7f8e\u80a1\u4e0a\u5e02\u652f\u4ed8\u72ec\u89d2\u517d Marqeta\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u8fb9\u662f\u56fd\u5185\u7126\u707c\u7684\u503a\u6743\u4eba\uff0c\u4e00\u8fb9\u662f\u6d77\u5916\u4f30\u503c\u60ca\u4eba\u7684\u660e\u661f\u80a1\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u7b14\u4f20\u8bf4\u4e2d\u7684\u201c\u9690\u5f62\u8d44\u4ea7\u201d\uff0c\u5230\u5e95\u80fd\u4e0d\u80fd\u6210\u4e3a\u586b\u5e73\u503a\u52a1\u7684\u6551\u547d\u7a3b\u8349\uff1f\u8bf4\u5b9e\u8bdd\uff0c\u628a\u8fd9\u7b14\u8d26\u4ece\u7eb8\u9762\u4e0a\u7684\u5149\u9c9c\u4eae\u4e3d\u53d8\u6210\u771f\u91d1\u767d\u94f6\u7684\u507f\u503a\u8d44\u91d1\uff0c\u4e2d\u95f4\u9694\u7740\u5341\u4e07\u516b\u5343\u91cc\uff0c\u6bcf\u4e00\u6b65\u90fd\u662f\u786c\u9aa8\u5934\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u6e90\u81ea\u300c\u975e\u5438\u8bc8\u9a97\u5168\u7403\u8ffd\u7d22\u300d\u7cfb\u5217\uff0c\u7531\u675c\u56fd\u680b\u5f8b\u5e08\u9886\u5bfc\u7684\u5168\u7403\u8d44\u4ea7\u8ffd\u7d22\u56e2\u961f\u521b\u4f5c\uff0c\u805a\u7126\u975e\u6cd5\u5438\u6536\u516c\u4f17\u5b58\u6b3e\u3001\u96c6\u8d44\u8bc8\u9a97\u3001P2P\u7b49\u6848\u4ef6\u4e2d\u72af\u7f6a\u5acc\u7591\u4eba\u5c06\u8d44\u4ea7\u8f6c\u79fb\u81f3\u6d77\u5916\u540e\u7684\u8ffd\u8e2a\u4e0e\u8ffd\u56de\uff0c\u4f5c\u4e3a\u56fd\u9645\u5e9e\u6c0f\u6b3a\u8bc8\u8d44\u4ea7\u8ffd\u56de\u4e13\u4e1a\u56e2\u961f\u7684\u4e2d\u56fd\u987e\u95ee\uff0c\u4e3a\u4e2d\u56fd\u53d7\u5bb3\u4eba\u3001\u4e3b\u7ba1\u90e8\u95e8\u53ca\u7814\u7a76\u4eba\u5458\u63d0\u4f9b\u6d77\u5916\u8d44\u4ea7\u8ffd\u7d22\u7684\u4e13\u4e1a\u652f\u6301\uff0c\u52a9\u529b\u63d0\u5347\u53d7\u5bb3\u4eba\u5b9e\u9645\u53d7\u507f\u673a\u4f1a\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">\u6587\u7ae0\u76ee\u5f55<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.yuanddu.cn\/?p=2452\/#%E4%B8%80%E3%80%81_%E5%85%89%E9%B2%9C%E7%9A%84%E6%88%98%E7%BB%A9%E8%83%8C%E5%90%8E%EF%BC%9A%E8%82%A1%E6%9D%83%E5%88%B0%E5%BA%95%E5%9C%A8%E8%B0%81%E6%89%8B%E9%87%8C%EF%BC%9F\" >\u4e00\u3001 \u5149\u9c9c\u7684\u6218\u7ee9\u80cc\u540e\uff1a\u80a1\u6743\u5230\u5e95\u5728\u8c01\u624b\u91cc\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.yuanddu.cn\/?p=2452\/#%E4%BA%8C%E3%80%81_%E6%80%8E%E4%B9%88%E6%8A%8A%E8%BF%99%E7%AC%94%E6%B5%B7%E5%A4%96%E2%80%9C%E9%9A%90%E5%BD%A2%E8%B5%84%E4%BA%A7%E2%80%9D%E6%8F%AA%E5%87%BA%E6%9D%A5%EF%BC%9F\" >\u4e8c\u3001 \u600e\u4e48\u628a\u8fd9\u7b14\u6d77\u5916\u201c\u9690\u5f62\u8d44\u4ea7\u201d\u63ea\u51fa\u6765\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.yuanddu.cn\/?p=2452\/#%E4%B8%89%E3%80%81%E7%BB%93%E8%AF%AD\" >\u4e09\u3001\u7ed3\u8bed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%80%E3%80%81_%E5%85%89%E9%B2%9C%E7%9A%84%E6%88%98%E7%BB%A9%E8%83%8C%E5%90%8E%EF%BC%9A%E8%82%A1%E6%9D%83%E5%88%B0%E5%BA%95%E5%9C%A8%E8%B0%81%E6%89%8B%E9%87%8C%EF%BC%9F\"><\/span>\u4e00\u3001 \u5149\u9c9c\u7684\u6218\u7ee9\u80cc\u540e\uff1a\u80a1\u6743\u5230\u5e95\u5728\u8c01\u624b\u91cc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u5e74\u80fd\u6295\u8fdb Circle \u548c Marqeta\uff0c\u786e\u5b9e\u8bc1\u660e\u4e86\u5510\u5b81\u548c\u56e2\u961f\u5f53\u5e74\u7684\u773c\u5149\u548c\u51fa\u6d77\u91ce\u5fc3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Circle \u4f5c\u4e3a\u5982\u4eca\u5343\u4ebf\u7ea7\u522b\u7a33\u5b9a\u5e01 USDC \u7684\u5e55\u540e\u63a8\u7ba1\u5bb6\uff0c\u4f30\u503c\u6c34\u6da8\u8239\u9ad8\uff1bMarqeta \u66f4\u662f\u65e9\u65e9\u767b\u9646\u7f8e\u80a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u95ee\u9898\u5728\u4e8e\uff0cVC\/PE \u6295\u8d44\u7684\u5149\u73af\uff0c\u4ece\u6765\u4e0d\u7b49\u4e8e\u73b0\u6210\u7684\u73b0\u91d1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u60f3\u8981\u628a\u8fd9\u4e9b\u80a1\u6743\u8ddf\u56fd\u5185\u6295\u8d44\u4eba\u7684\u53e3\u888b\u5bf9\u4e0a\u53f7\uff0c\u73b0\u5b9e\u91cc\u6a2a\u4e98\u7740\u4e09\u9053\u6781\u96be\u8de8\u8d8a\u7684\u574e\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u5c42\u5c42\u5d4c\u5957\u7684\u79bb\u5cb8\u8ff7\u5bab<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u5185\u9ad8\u51c0\u503c\u5ba2\u6237\u4e70\u7684\u7406\u8d22\u4ea7\u54c1\uff0c\u548c\u5f53\u5e74\u6295\u5411\u6d77\u5916\u7684\u7f8e\u5143\u57fa\u91d1\u4e4b\u95f4\uff0c\u9694\u7740\u65e0\u6570\u4e2a\u5f00\u66fc SPV\uff08\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff09\u3001BVI \u516c\u53f8\u751a\u81f3\u5bb6\u65cf\u4fe1\u6258\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u5f88\u96be\u4e00\u773c\u770b\u51fa\uff0c\u5f53\u5e74\u90a3\u7b14\u6295\u8d44\u662f\u4ee5\u5b9c\u4fe1\u96c6\u56e2\u7684\u6cd5\u4eba\u540d\u4e49\u4e0b\u7684\u6ce8\uff0c\u8fd8\u662f\u5510\u5b81\u56e2\u961f\u901a\u8fc7\u79c1\u4eba\u7684\u79bb\u5cb8\u58f3\u516c\u53f8\u63e1\u5728\u624b\u91cc\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u9000\u51fa\u7684\u53d8\u73b0\u751f\u6b7b\u5c40<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u7ea7\u5e02\u573a\u7684\u65e9\u671f\u6295\u8d44\uff0c\u7eb8\u9762\u4f30\u503c\u558a\u5f97\u518d\u9ad8\u4e5f\u662f\u865a\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u5e74\u6295\u8fdb\u53bb\u7684\u4efd\u989d\uff0c\u5230\u5e95\u662f\u65e9\u5c31\u6084\u6084\u5728\u4e8c\u7ea7\u5e02\u573a\u51cf\u6301\u5957\u73b0\u3001\u8d44\u91d1\u6d41\u5411\u4e0d\u660e\uff0c\u8fd8\u662f\u81f3\u4eca\u6b7b\u6b7b\u9501\u5728\u672a\u4e0a\u5e02\u7684\u76f2\u76d2\u57fa\u91d1\u91cc\uff1f\u5982\u679c\u8fd8\u6ca1\u9000\u51fa\uff0c\u8c01\u53c8\u80fd\u914d\u5408\u4f60\u73b0\u5728\u53bb\u6572\u5b9a\u4e00\u7b14\u80a1\u6743\u4ea4\u6613\uff1f<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u9632\u706b\u5899\u4e0e\u63d0\u524d\u5207\u5272<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u771f\u5230\u4e86\u98ce\u96e8\u98d8\u6447\u7684\u65f6\u5019\uff0c\u6838\u5fc3\u64cd\u76d8\u624b\u4e0d\u53ef\u80fd\u6beb\u65e0\u9632\u5907\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d77\u5185\u5916\u7684\u80a1\u6743\u8d44\u4ea7\u5728\u5371\u673a\u7206\u53d1\u524d\u6709\u6ca1\u6709\u505a\u8fc7\u5207\u5272\u3001\u8d28\u62bc\u6216\u8005\u817e\u632a\uff1f\u8fd9\u662f\u6e05\u7b97\u8fdb\u573a\u65f6\u6700\u5934\u75bc\u7684\u9ed1\u7bb1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BA%8C%E3%80%81_%E6%80%8E%E4%B9%88%E6%8A%8A%E8%BF%99%E7%AC%94%E6%B5%B7%E5%A4%96%E2%80%9C%E9%9A%90%E5%BD%A2%E8%B5%84%E4%BA%A7%E2%80%9D%E6%8F%AA%E5%87%BA%E6%9D%A5%EF%BC%9F\"><\/span>\u4e8c\u3001 \u600e\u4e48\u628a\u8fd9\u7b14\u6d77\u5916\u201c\u9690\u5f62\u8d44\u4ea7\u201d\u63ea\u51fa\u6765\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u6700\u540e\u67e5\u660e\uff0c\u8fd9\u4e9b\u6d77\u5916\u80a1\u6743\u6216\u53d8\u73b0\u540e\u7684\u6536\u76ca\u786e\u5b9e\u5c5e\u4e8e\u5e94\u5f53\u9000\u51fa\u7684\u6d89\u6848\u6216\u7834\u4ea7\u8d22\u4ea7\uff0c\u9760\u56fd\u5185\u6cd5\u9662\u53d1\u4e2a\u534f\u52a9\u6267\u884c\u901a\u77e5\u4e66\uff0c\u5728\u5883\u5916\u57fa\u672c\u5c31\u662f\u5e9f\u7eb8\u4e00\u5f20\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u771f\u60f3\u6495\u5f00\u8fd9\u4e9b\u79bb\u5cb8\u5916\u8863\uff0c\u5f97\u7528\u6210\u719f\u7684\u56fd\u9645\u91d1\u878d\u8bc9\u8bbc\u548c\u7834\u4ea7\u6e05\u7b97\u624b\u6bb5\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u5168\u7403\u8ffd\u6536\u7684\u7b2c\u4e00\u6b65<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5883\u5916\u7834\u4ea7\u4e0e\u6e05\u7b97\u4eba\u63a5\u7ba1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5fc5\u987b\u901a\u8fc7\u5e73\u884c\u63a8\u8fdb\u7684\u5883\u5916\u7834\u4ea7\u7a0b\u5e8f\uff08\u6bd4\u5982\u5728\u9999\u6e2f\u3001\u5f00\u66fc\u6216\u901a\u8fc7\u7f8e\u56fd\u7834\u4ea7\u6cd5\u7b2c15\u7ae0\uff09\uff0c\u62ff\u5230\u5883\u5916\u6cd5\u9662\u7684\u6388\u6743\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65e6\u5408\u6cd5\u7684\u5883\u5916\u6e05\u7b97\u4eba\uff08Liquidator\uff09\u88ab\u59d4\u4efb\uff0c\u4ed6\u4eec\u5c31\u6709\u4e86\u6cd5\u5b9a\u6743\u529b\u53bb\u51bb\u7ed3\u548c\u63a5\u7ba1\u503a\u52a1\u4eba\u5728\u6d77\u5916\u76f4\u63a5\u6216\u95f4\u63a5\u63a7\u5236\u7684\u516c\u53f8\u53ca\u8d26\u6237\uff0c\u9632\u6b62\u8d44\u4ea7\u88ab\u6076\u610f\u8f6c\u79fb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u52a8\u7528\u201c\u62ab\u9732\u4ee4\u201d\u6495\u5f00\u80a1\u6743\u5e95\u724c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u80a1\u6743\u548c\u8d44\u91d1\u4e0d\u4f1a\u51ed\u7a7a\u84b8\u53d1\u3002<\/p>\n\n\n\n<p 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