$Circle(CRCL.US)CRCL has fallen below 200. Market capitalization is proportional to scale * profit. The current decline is likely due to market concerns about profits, as Trump wants to cut interest rates. However, the scale of Circle's USDC is still not too large compared to USDT, and rushing to collect fees may harm its growth. The current situation is indeed difficult.

The key for the future is whether USDC can find more diversified profit models and seek sufficient scale advantages without sacrificing its core strengths.