<p><strong>Circle Internet Group</strong>(CRCL -9.45%) 的股票今天下跌，截至东部时间下午 2:57 下跌了 9.1%。这一下跌发生在 <strong>标准普尔 500 指数</strong>(^GSPC 0.07%) 和 <strong>纳斯达克综合指数</strong>(^IXIC 0.25%) 相对平稳的情况下。</p><p>这家公司本月早些时候进行了首次公开募股（IPO），是 <strong>USDC</strong> 的唯一发行者，USDC 是市场上最受欢迎的稳定币之一。Circle 股票最近的大幅上涨在一份国际银行组织发布的对稳定币持批评态度的报告后有所减缓。</p><h2 id="8urf54pkda">BIS 对稳定币的批评</h2><p>国际清算银行（BIS）由来自全球 63 个中央银行拥有，昨天发布了一份报告，质疑稳定币作为现代经济数字解决方案的主导地位。该报告鼓励使用 “代币化” 和货币数字化，但表示稳定币在重要方面存在不足。</p><p>根据报告，&#34;稳定币在代币化方面提供了一些希望，但在单一性、弹性和完整性这三项关键测试中，未能满足成为货币体系支柱的要求。&#34;</p><h2 id="rh55a5otk">Circle 股票火热，但存在问题</h2><p>Circle 的市值接近 600 亿美元，去年销售额为 17 亿美元，Circle 股票已经反映了大量的增长预期，但投资者应注意一些关键问题。</p><p>其一，该公司的收入直接与当前较高的利率挂钩。随着美联储预计在今年晚些时候降息，每降息 0.25%，公司的底线将受到多达 10% 的影响。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/af182b9bb5c15bd9b89e0c38188efac8?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/af182b9bb5c15bd9b89e0c38188efac8"/></figure><p>图片来源：Getty Images。</p><p>其二，Circle 大约 50% 的收入来自于与 <strong>Coinbase</strong> 的关系。这个比例会根据 Coinbase 在其交易所持有的 USDC 数量而变化。这意味着 Circle 的命运直接与另一家公司所做的决定相关。我会暂时不考虑投资 Circle 股票。</p>

COIN

CRCL

<p>Circle Internet Group (CRCL) 的股票今天下跌了 9.1%，原因是国际清算银行 (BIS) 发布了一份关于稳定币的批评报告。该报告质疑了稳定币作为主要货币系统的可行性，强调了关键领域的不足。Circle 的股票此前曾大幅上涨，但面临挑战，包括对利率的收入依赖以及与 Coinbase 相关的显著收入部分。投资者被建议对 Circle 股票保持谨慎</p>

<p>Shares of <strong>Circle Internet Group</strong>(CRCL -9.45%) are falling today, down 9.1% as of 2:57 p.m. ET. The drop comes as the <strong>S&amp;P 500</strong>(^GSPC 0.07%) and <strong>Nasdaq Composite</strong>(^IXIC 0.25%) were relatively flat.</p>
<div class="lb-trans"><p><strong>Circle Internet Group</strong>(CRCL -9.45%) 的股票今天下跌，截至东部时间下午 2:57 下跌了 9.1%。这一下跌发生在 <strong>标准普尔 500 指数</strong>(^GSPC 0.07%) 和 <strong>纳斯达克综合指数</strong>(^IXIC 0.25%) 相对平稳的情况下。</p>
</div><p>The company, which IPO'd earlier this month, is the sole issuer of <strong>USDC</strong>, one of the most popular stablecoins on the market. Circle stock's recent massive run-up was tempered after a report critical of stablecoins was released from an international banking organization.</p>
<div class="lb-trans"><p>这家公司本月早些时候进行了首次公开募股（IPO），是 <strong>USDC</strong> 的唯一发行者，USDC 是市场上最受欢迎的稳定币之一。Circle 股票最近的大幅上涨在一份国际银行组织发布的对稳定币持批评态度的报告后有所减缓。</p>
</div><h2>BIS disses stablecoins</h2>
<div class="lb-trans"><h2>BIS 对稳定币的批评</h2>
</div><p>The Bank for International Settlements (BIS), owned by 63 central banks from around the world, issued a report yesterday that questioned the supremacy of stablecoins as the digital answer for the modern economy. The report was encouraging of the use of &#34;tokenization&#34; and the digitalization of money, but said that stablecoins fall short in important ways.</p>
<div class="lb-trans"><p>国际清算银行（BIS）由来自全球 63 个中央银行拥有，昨天发布了一份报告，质疑稳定币作为现代经济数字解决方案的主导地位。该报告鼓励使用 “代币化” 和货币数字化，但表示稳定币在重要方面存在不足。</p>
</div><p>According to the report, &#34;stablecoins offer some promise on tokenization, but fall short of requirements to be the mainstay of the monetary system when set against the three key tests of singleness, elasticity, and integrity.&#34;</p>
<div class="lb-trans"><p>根据报告，&#34;稳定币在代币化方面提供了一些希望，但在单一性、弹性和完整性这三项关键测试中，未能满足成为货币体系支柱的要求。&#34;</p>
</div><h2>Circle Stock is hot, but there are issues</h2>
<div class="lb-trans"><h2>Circle 股票火热，但存在问题</h2>
</div><p>With a market cap of nearly $60 billion and sales last year of $1.7 billion, there is a lot of growth priced in already for Circle stock, and there are some key issues investors should be aware of.</p>
<div class="lb-trans"><p>Circle 的市值接近 600 亿美元，去年销售额为 17 亿美元，Circle 股票已经反映了大量的增长预期，但投资者应注意一些关键问题。</p>
</div><p>One, the company's revenue is directly tied to interest rates, which are currently elevated. As the Federal Reserve cuts rates, which they are expected to do later this year, the company's bottom line will be hit by as much as 10% for each 0.25% cut.</p>
<div class="lb-trans"><p>其一，该公司的收入直接与当前较高的利率挂钩。随着美联储预计在今年晚些时候降息，每降息 0.25%，公司的底线将受到多达 10% 的影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MjQvY2lyY2xlLXJlZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822924%2Fcircle-red.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><p>Two, a significant chunk -- roughly 50% -- of Circle's revenue is owed to <strong>Coinbase</strong> as part of the two companies' relationship. That percentage can change based on how much USDC Coinbase holds on its exchange. That means Circle's fate is directly tied to decisions made at another company. I would hold off on Circle stock.</p>
<div class="lb-trans"><p>其二，Circle 大约 50% 的收入来自于与 <strong>Coinbase</strong> 的关系。这个比例会根据 Coinbase 在其交易所持有的 USDC 数量而变化。这意味着 Circle 的命运直接与另一家公司所做的决定相关。我会暂时不考虑投资 Circle 股票。</p>
</div>

Why Circle Internet Stock Is Plummeting Today

- Circle Internet Group 股价下跌 9.1%，与 S&P 500 和 Nasdaq 指数相对平稳。  
- 国际清算银行发布报告质疑稳定币的主导地位，指出其在货币系统中的不足。  
- Circle 的收入与利率直接相关，预计利率下调将影响其盈利。  

为什么 Circle 互联网股票今天大幅下跌