<p>今年的资本市场可谓充满不确定性。截至 6 月 12 日收盘，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 年内分别仅上涨了 3% 和 2%。这些平淡的涨幅背后共同的线索就是不确定性。</p><p>从持续的关税谈判、经济数据的解读，到美联储可能改变的政策，再到欧洲和中东的地缘政治紧张局势，投资者们都在绞尽脑汁寻找现金的安全避风港。</p><p>尽管如此，今年股市中一个火热的领域是首次公开募股（IPO）。</p><p>在过去几周，金融科技公司 <strong>Circle Internet Group</strong>（CRCL 25.36%）和 <strong>Chime Financial</strong>（CHYM -6.25%）完成了它们的 IPO。尽管股市动荡不安，Circle 和 Chime 自上市以来股价均大幅上涨。</p><p>让我们来探讨一下这些公司所做的事情，并试图理解是什么推动了投资者的积极情绪。之后，我会给出我对这两只股票的长期看法。</p><h2 id="1r5rmyoq">Circle 是做什么的？</h2><p>Circle 在支付基础设施和加密货币的交汇处运作。更具体地说，该公司是 <strong>USDC</strong> 的发行者，这是一种与美元挂钩的稳定币。</p><p>虽然 Circle 确实在去中心化金融（DeFi）领域运作，但可以说对该公司的投资是比 <strong>比特币</strong> 或 <strong>以太坊</strong> 等加密货币更安全的选择。我之所以这样说，是因为 Circle 虽然在很大程度上依赖于加密货币的采用，但它在一定程度上提供了对加密代币通常表现出的波动性的保护。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/6fa8e5eb067654001bc739b38d883794?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/6fa8e5eb067654001bc739b38d883794"/></figure><p>图片来源：Getty Images。</p><h2 id="7jfnmpq4k">Chime 是做什么的？</h2><p>Chime 被称为新银行（neobank）。与 <strong>SoFi Technologies</strong> 类似，Chime 将自己定位为以技术为先的银行服务平台。</p><p>这是金融服务行业中的一种独特模式，该行业仍然主要依赖于实体网点来提供贷款和投资服务，这些服务也可以在线营销。</p><h2 id="avenfp7fi">Circle 与 Chime：哪只股票更好？</h2><p>自本月早些时候上市以来，Circle 的股价截至目前已上涨 50%。同样，Chime 的股票在其公开市场首秀中也上涨了近 40%。值得注意的是，Chime 的股票在 IPO 后的几天内有所回落，这并不罕见。</p><p>一方面，我认为 Circle 有潜力实现爆发式增长。尽管有 <strong>Tether</strong> 和 Ripple 等显著竞争对手，Circle 在数字美元使用日益增加的背景下处于良好位置。</p><p>然而，我对 Circle 的长期前景有一些担忧。尽管数字支付基础设施在结算交易或甚至在贸易谈判的政治环境中有几个有趣的应用场景，但围绕加密货币的监管环境仍在不断演变。因此，我质疑 Circle 所提供的服务在大型金融机构中的广泛采用程度。</p><p>另一方面，我认为 Chime 的业务有些商品化。虽然 Chime 或 SoFi 提供的技术原生应用已被年轻人群接受，但我认为这些业务的真正上限是有限的。像 <strong>富国银行</strong> 或 <strong>摩根大通</strong> 这样的传统客户可能会对更换平台感到犹豫。</p><p>目前，我会对 Chime 和 Circle 都持观望态度。两者都表现出动量股票的特征，这可能是风险投资。</p><p>如果让我在这两个金融科技机会中选择一个长期投资，我会选择 Chime。对我来说，围绕加密货币的监管环境存在太多不确定性，而加密货币行业整体上高度波动。这使得 Circle 对我的投资组合来说风险太大。</p><p>此外，在加密货币最终成为主流支付形式的情况下，我看到 Chime 有机会利用其数字基础设施与 Circle、Tether、Ripple 等进行战略合作，从而不局限于单一提供商。</p><p>基于这些原因，我认为 Chime 是更好的长期机会，但我会等待股价回调，而不是追随 IPO 驱动的波动。</p>

CRCL

<p>这篇文章在动荡的市场中比较了两只金融科技 IPO 股票，Circle 和 Chime。Circle 以其 USDC 稳定币而闻名，自 IPO 以来上涨了 50%，而 Chime 这家新银行则上涨了近 40%。作者对 Circle 的长期前景表示担忧，主要是由于加密货币的监管不确定性，同时认为 Chime 尽管其产品同质化，但仍然是一个更稳定的选择。最终，作者更倾向于将 Chime 作为长期投资，但建议在价格回调后再进行购买</p>

<p>The capital markets have been anything but predictable this year. As of the closing bell on June 12, the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> have gained just 3% and 2% on the year, respectively. The common thread stitching these mundane gains together is uncertainty.</p>
<div class="lb-trans"><p>今年的资本市场可谓充满不确定性。截至 6 月 12 日收盘，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 年内分别仅上涨了 3% 和 2%。这些平淡的涨幅背后共同的线索就是不确定性。</p>
</div><p>From ongoing tariff negotiations, interpretations of economic data, and how the Federal Reserve could alter its policies, to geopolitical tensions across Europe and the Middle East, investors have been left scratching their heads trying to find a safe haven for their cash.</p>
<div class="lb-trans"><p>从持续的关税谈判、经济数据的解读，到美联储可能改变的政策，再到欧洲和中东的地缘政治紧张局势，投资者们都在绞尽脑汁寻找现金的安全避风港。</p>
</div><p>Nevertheless, one pocket of the stock market that has been hot this year is initial public offerings (IPOs).</p>
<div class="lb-trans"><p>尽管如此，今年股市中一个火热的领域是首次公开募股（IPO）。</p>
</div><p>Over the last couple of weeks, fintech companies <strong>Circle Internet Group</strong>(CRCL 25.36%) and <strong>Chime Financial</strong>(CHYM -6.25%) completed their IPOs. Despite the turbulence weighing on the stock market, both Circle and Chime have witnessed skyrocketing share prices since going public.</p>
<div class="lb-trans"><p>在过去几周，金融科技公司 <strong>Circle Internet Group</strong>（CRCL 25.36%）和 <strong>Chime Financial</strong>（CHYM -6.25%）完成了它们的 IPO。尽管股市动荡不安，Circle 和 Chime 自上市以来股价均大幅上涨。</p>
</div><p>Let's explore what these companies do and try to understand what is driving the positive investor sentiment. From there, I'll give my opinion on which stock I like better for the long run.</p>
<div class="lb-trans"><p>让我们来探讨一下这些公司所做的事情，并试图理解是什么推动了投资者的积极情绪。之后，我会给出我对这两只股票的长期看法。</p>
</div><h2>What does Circle do?</h2>
<div class="lb-trans"><h2>Circle 是做什么的？</h2>
</div><p>Circle operates at the intersection of payments infrastructure and cryptocurrency. More specifically, the company is the issuer of <strong>USDC</strong>, a stablecoin that is pegged to the U.S. dollar.</p>
<div class="lb-trans"><p>Circle 在支付基础设施和加密货币的交汇处运作。更具体地说，该公司是 <strong>USDC</strong> 的发行者，这是一种与美元挂钩的稳定币。</p>
</div><p>While Circle very much operates in the decentralized finance (DeFi) realm, it could be argued that an investment in the company is a safer alternative to cryptocurrencies such as <strong>Bitcoin</strong> or <strong>Ethereum</strong>. The reason I say that is because Circle, while heavily dependent on crypto adoption, provides some degree of insulation from the volatility typically exhibited by crypto tokens.</p>
<div class="lb-trans"><p>虽然 Circle 确实在去中心化金融（DeFi）领域运作，但可以说对该公司的投资是比 <strong>比特币</strong> 或 <strong>以太坊</strong> 等加密货币更安全的选择。我之所以这样说，是因为 Circle 虽然在很大程度上依赖于加密货币的采用，但它在一定程度上提供了对加密代币通常表现出的波动性的保护。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3MjUvZ2V0dHlpbWFnZXMtMTI4MTI5NzQxNC0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821725%2Fgettyimages-1281297414-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What does Chime do?</h2>
<div class="lb-trans"><h2>Chime 是做什么的？</h2>
</div><p>Chime is what's known as a neobank. Like <strong>SoFi Technologies</strong>, Chime positions itself as a tech-first banking-as-a-service platform.</p>
<div class="lb-trans"><p>Chime 被称为新银行（neobank）。与 <strong>SoFi Technologies</strong> 类似，Chime 将自己定位为以技术为先的银行服务平台。</p>
</div><p>This is a unique model in the financial services industry, which still primarily relies heavily on physical brick-and-mortar locations to offer lending and investment services that can also be marketed online.</p>
<div class="lb-trans"><p>这是金融服务行业中的一种独特模式，该行业仍然主要依赖于实体网点来提供贷款和投资服务，这些服务也可以在线营销。</p>
</div><h2>Circle vs. Chime: Which is the better stock?</h2>
<div class="lb-trans"><h2>Circle 与 Chime：哪只股票更好？</h2>
</div><p>Since its IPO earlier this month, shares of Circle have risen by 50% as of this writing. Similarly, Chime stock popped by almost 40% in its public market debut. Of note, shares of Chime have sold off a bit in the days following its IPO, which is not atypical.</p>
<div class="lb-trans"><p>自本月早些时候上市以来，Circle 的股价截至目前已上涨 50%。同样，Chime 的股票在其公开市场首秀中也上涨了近 40%。值得注意的是，Chime 的股票在 IPO 后的几天内有所回落，这并不罕见。</p>
</div><p>On the one hand, I think Circle has the potential for some explosive upside. Despite notable competitors like <strong>Tether</strong> and Ripple, Circle is well-positioned from rising usage of digital dollars over fiat currency.</p>
<div class="lb-trans"><p>一方面，我认为 Circle 有潜力实现爆发式增长。尽管有 <strong>Tether</strong> 和 Ripple 等显著竞争对手，Circle 在数字美元使用日益增加的背景下处于良好位置。</p>
</div><p>However, I have some concerns about Circle's long-term prospects. Although digital payment infrastructure has several interesting use cases as it pertains to settling transactions or even in the political landscape regarding trade negotiations, the regulatory environment surrounding cryptocurrency is still evolving. For this reason, I question how widely adopted the services Circle offers could become within large financial institutions.</p>
<div class="lb-trans"><p>然而，我对 Circle 的长期前景有一些担忧。尽管数字支付基础设施在结算交易或甚至在贸易谈判的政治环境中有几个有趣的应用场景，但围绕加密货币的监管环境仍在不断演变。因此，我质疑 Circle 所提供的服务在大型金融机构中的广泛采用程度。</p>
</div><p>On the other hand, I see Chime's business as a bit commoditized. While technology-native applications offered by Chime or SoFi have been accepted by younger demographics, I think the true ceiling for these businesses is somewhat limited. Lifelong customers of incumbents such as <strong>Wells Fargo</strong> or <strong>JPMorgan Chase</strong> may be wary of changing platforms.</p>
<div class="lb-trans"><p>另一方面，我认为 Chime 的业务有些商品化。虽然 Chime 或 SoFi 提供的技术原生应用已被年轻人群接受，但我认为这些业务的真正上限是有限的。像 <strong>富国银行</strong> 或 <strong>摩根大通</strong> 这样的传统客户可能会对更换平台感到犹豫。</p>
</div><p>At the moment, I would pass on both Chime and Circle. Both are exhibiting characteristics of momentum stocks, which can be risky investments.</p>
<div class="lb-trans"><p>目前，我会对 Chime 和 Circle 都持观望态度。两者都表现出动量股票的特征，这可能是风险投资。</p>
</div><p>If I had to choose between these two fintech opportunities for the long run, though, I'd pick Chime. To me, there is too much uncertainty around the regulatory landscape for crypto, and the crypto industry more broadly is highly volatile. This makes Circle too much of a gamble for my investment profile.</p>
<div class="lb-trans"><p>如果让我在这两个金融科技机会中选择一个长期投资，我会选择 Chime。对我来说，围绕加密货币的监管环境存在太多不确定性，而加密货币行业整体上高度波动。这使得 Circle 对我的投资组合来说风险太大。</p>
</div><p>Moreover, in a scenario in which cryptocurrency does eventually become a mainstream form of payment, I see an opportunity for Chime to leverage its digital infrastructure to strategically partner with the likes of Circle, Tether, Ripple, and more -- thereby not limiting itself to one provider.</p>
<div class="lb-trans"><p>此外，在加密货币最终成为主流支付形式的情况下，我看到 Chime 有机会利用其数字基础设施与 Circle、Tether、Ripple 等进行战略合作，从而不局限于单一提供商。</p>
</div><p>For these reasons, I like Chime as the better long-term opportunity, but I would wait for a dip in the share price as opposed to following the IPO-driven volatility.</p>
<div class="lb-trans"><p>基于这些原因，我认为 Chime 是更好的长期机会，但我会等待股价回调，而不是追随 IPO 驱动的波动。</p>
</div>

Circle vs. Chime: Which Is the Better Fintech IPO Stock?

- 资本市场今年波动不定，S&P 500 和 Nasdaq 分别上涨 3% 和 2%。  
- Circle 和 Chime 最近完成 IPO，股价分别上涨 50% 和 40%。  
- 尽管对 Circle 的前景存疑，作者更看好 Chime 的长期投资机会。  

Circle 与 Chime：哪个是更好的金融科技 IPO 股票选择？