<p><strong>Circle Internet</strong>（CRCL 0.26%）于 6 月 5 日上市，取得了立竿见影的成功，股价在几周内上涨了 750%。随后，热潮消退，这家稳定币公司股价暴跌超过 50%。</p>
<p>如果你错过了首次公开募股（IPO），是否也错过了购买 Circle 的机会？如果稳定币市场如分析师预期那样增长，那么并没有。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI3MjIvZ2V0dHlpbWFnZXMtMjE1NDY3ODM4My0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI3MjIvZ2V0dHlpbWFnZXMtMjE1NDY3ODM4My0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>随着稳定币的普及，Circle 的收入可能会激增</h2>
<p>Circle 拥有简单明了的商业模式。它发行稳定币，其中最成功的是 <strong>USDC</strong>，并用储备资金支持每个代币。这些储备大部分存放在美国国债中。Circle 的主要收入来源是从这些储备中获得的利息。在 2025 年前六个月，Circle 的总收入为 12 亿美元，其中 96% 来自储备收入。</p>
<p>截至 10 月 6 日，整个稳定币市场的总值约为 3130 亿美元，其中 USDC 占 750 亿美元。到本十年末，市场可能价值数万亿。<strong>花旗集团</strong> 上个月发布了一份报告，预测稳定币市场的基本情况为 1.9 万亿美元，乐观情况为 4 万亿美元。</p>
<p>Circle 的股票迄今为止波动性很大，由于与加密市场相关，因此风险较高。不过，稳定币市场正在获得关注。如果对稳定币的需求如预期那样持续增长，Circle 将需要发行更多代币并增强其储备。这对其收入和股价都应该是有利的。</p>

CRCL

<p>Circle Internet Group 于 6 月 5 日上市，最初股价上涨 750%，但随后下跌超过 50%。尽管经历了这种波动，分析师预测稳定币市场将显著增长，可能在本十年末达到数万亿美元。Circle 的收入主要来自于储备的利息，随着对其 USDC 稳定币需求的增加，收入可能会增长。花旗集团预测稳定币市场价值将达到 1.9 万亿美元，乐观情况下可达 4 万亿美元，这表明如果市场趋势持续向好，Circle 的股价有可能反弹</p>

<p><strong>Circle Internet</strong>(CRCL 0.26%) went public on June 5 and had immediate success, with its share price rising by 750% in a few weeks. Then, the hype wore off, and this stablecoin company saw its stock plunge by over 50%.</p>
<div class="lb-trans"><p><strong>Circle Internet</strong>（CRCL 0.26%）于 6 月 5 日上市，取得了立竿见影的成功，股价在几周内上涨了 750%。随后，热潮消退，这家稳定币公司股价暴跌超过 50%。</p>
</div><p>If you missed the initial public offering (IPO), did you also miss your chance to buy Circle? Not if the stablecoin market grows like analysts are expecting.</p>
<div class="lb-trans"><p>如果你错过了首次公开募股（IPO），是否也错过了购买 Circle 的机会？如果稳定币市场如分析师预期那样增长，那么并没有。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI3MjIvZ2V0dHlpbWFnZXMtMjE1NDY3ODM4My0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832722%2Fgettyimages-2154678383-1200x800-5b2df79.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>Circle's revenue could explode as stablecoin adoption rises</h2>
<div class="lb-trans"><h2>随着稳定币的普及，Circle 的收入可能会激增</h2>
</div><p>Circle has a straightforward business model. It issues stablecoins, with its most successful being <strong>USDC</strong>, and backs up each token with reserve funds. Most of these reserves are in U.S Treasuries. Circle's primary source of revenue is the interest it earns from these reserves. Over the first six months of 2025, Circle made $1.2 billion total, and 96% of that was reserve income.</p>
<div class="lb-trans"><p>Circle 拥有简单明了的商业模式。它发行稳定币，其中最成功的是 <strong>USDC</strong>，并用储备资金支持每个代币。这些储备大部分存放在美国国债中。Circle 的主要收入来源是从这些储备中获得的利息。在 2025 年前六个月，Circle 的总收入为 12 亿美元，其中 96% 来自储备收入。</p>
</div><p>The total stablecoin market is worth about $313 billion, as of Oct. 6, and USDC makes up $75 billion of it. By the end of this decade, the market could be worth trillions. <strong>Citigroup</strong> released a report last month forecasting a $1.9 trillion base case for the stablecoin market, with a bull case of $4 trillion.</p>
<div class="lb-trans"><p>截至 10 月 6 日，整个稳定币市场的总值约为 3130 亿美元，其中 USDC 占 750 亿美元。到本十年末，市场可能价值数万亿。<strong>花旗集团</strong> 上个月发布了一份报告，预测稳定币市场的基本情况为 1.9 万亿美元，乐观情况为 4 万亿美元。</p>
</div><p>Circle stock has been highly volatile so far, and since it's connected to the crypto market, it's risky. Still, the stablecoin market has been gaining traction. If demand for stablecoins continues to increase as projected, Circle will need to issue more tokens and bolster its reserves. That should be good for its revenue and likely its share price, as well.</p>
<div class="lb-trans"><p>Circle 的股票迄今为止波动性很大，由于与加密市场相关，因此风险较高。不过，稳定币市场正在获得关注。如果对稳定币的需求如预期那样持续增长，Circle 将需要发行更多代币并增强其储备。这对其收入和股价都应该是有利的。</p>
</div>

认为现在购买 Circle Internet Group 为时已晚？这里有一个理由说明仍然有机会