2026-02-27 23:13:28

Is the stablecoin leader going crazy? Don't forget about the cycle

Seeing Circle's stock price surge to $90, some are shouting "The new financial era is here." But calmly looking at it, there are two main drivers behind this rise: one is the crypto market warming up; the other is the reserve income generated by high interest rates.
Circle's model is simple and transparent—users deposit USD in exchange for USDC, and the company invests the reserves in safe assets to earn interest spread. Profits are stable but sensitive to macroeconomic conditions. If trading volume in crypto increases, demand for USDC rises, and revenue naturally grows.
Where are the risks? If market volatility or regulatory changes impact stablecoin use cases, valuations could pull back.
Humorous summary: Stablecoins are like reservoirs—water levels rise when the market is hot, and fall when it's cold. #Circle股价触及90美元

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