<p>今年的資本市場可謂充滿不確定性。截至 6 月 12 日收盤，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 年內分別僅上漲了 3% 和 2%。這些平淡的漲幅背後共同的線索就是不確定性。</p><p>從持續的關税談判、經濟數據的解讀，到美聯儲可能改變的政策，再到歐洲和中東的地緣政治緊張局勢，投資者們都在絞盡腦汁尋找現金的安全避風港。</p><p>儘管如此，今年股市中一個火熱的領域是首次公開募股（IPO）。</p><p>在過去幾周，金融科技公司 <strong>Circle Internet Group</strong>（CRCL 25.36%）和 <strong>Chime Financial</strong>（CHYM -6.25%）完成了它們的 IPO。儘管股市動盪不安，Circle 和 Chime 自上市以來股價均大幅上漲。</p><p>讓我們來探討一下這些公司所做的事情，並試圖理解是什麼推動了投資者的積極情緒。之後，我會給出我對這兩隻股票的長期看法。</p><h2 id="1r5rmyoq">Circle 是做什麼的？</h2><p>Circle 在支付基礎設施和加密貨幣的交匯處運作。更具體地説，該公司是 <strong>USDC</strong> 的發行者，這是一種與美元掛鈎的穩定幣。</p><p>雖然 Circle 確實在去中心化金融（DeFi）領域運作，但可以説對該公司的投資是比 <strong>比特幣</strong> 或 <strong>以太坊</strong> 等加密貨幣更安全的選擇。我之所以這樣説，是因為 Circle 雖然在很大程度上依賴於加密貨幣的採用，但它在一定程度上提供了對加密代幣通常表現出的波動性的保護。</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>圖片來源：Getty Images。</p><h2 id="7jfnmpq4k">Chime 是做什麼的？</h2><p>Chime 被稱為新銀行（neobank）。與 <strong>SoFi Technologies</strong> 類似，Chime 將自己定位為以技術為先的銀行服務平台。</p><p>這是金融服務行業中的一種獨特模式，該行業仍然主要依賴於實體網點來提供貸款和投資服務，這些服務也可以在線營銷。</p><h2 id="avenfp7fi">Circle 與 Chime：哪隻股票更好？</h2><p>自本月早些時候上市以來，Circle 的股價截至目前已上漲 50%。同樣，Chime 的股票在其公開市場首秀中也上漲了近 40%。值得注意的是，Chime 的股票在 IPO 後的幾天內有所回落，這並不罕見。</p><p>一方面，我認為 Circle 有潛力實現爆發式增長。儘管有 <strong>Tether</strong> 和 Ripple 等顯著競爭對手，Circle 在數字美元使用日益增加的背景下處於良好位置。</p><p>然而，我對 Circle 的長期前景有一些擔憂。儘管數字支付基礎設施在結算交易或甚至在貿易談判的政治環境中有幾個有趣的應用場景，但圍繞加密貨幣的監管環境仍在不斷演變。因此，我質疑 Circle 所提供的服務在大型金融機構中的廣泛採用程度。</p><p>另一方面，我認為 Chime 的業務有些商品化。雖然 Chime 或 SoFi 提供的技術原生應用已被年輕人羣接受，但我認為這些業務的真正上限是有限的。像 <strong>富國銀行</strong> 或 <strong>摩根大通</strong> 這樣的傳統客户可能會對更換平台感到猶豫。</p><p>目前，我會對 Chime 和 Circle 都持觀望態度。兩者都表現出動量股票的特徵，這可能是風險投資。</p><p>如果讓我在這兩個金融科技機會中選擇一個長期投資，我會選擇 Chime。對我來説，圍繞加密貨幣的監管環境存在太多不確定性，而加密貨幣行業整體上高度波動。這使得 Circle 對我的投資組合來説風險太大。</p><p>此外，在加密貨幣最終成為主流支付形式的情況下，我看到 Chime 有機會利用其數字基礎設施與 Circle、Tether、Ripple 等進行戰略合作，從而不侷限於單一提供商。</p><p>基於這些原因，我認為 Chime 是更好的長期機會，但我會等待股價回調，而不是追隨 IPO 驅動的波動。</p>

CRCL

<p>這篇文章在動盪的市場中比較了兩隻金融科技 IPO 股票，Circle 和 Chime。Circle 以其 USDC 穩定幣而聞名，自 IPO 以來上漲了 50%，而 Chime 這家新銀行則上漲了近 40%。作者對 Circle 的長期前景表示擔憂，主要是由於加密貨幣的監管不確定性，同時認為 Chime 儘管其產品同質化，但仍然是一個更穩定的選擇。最終，作者更傾向於將 Chime 作為長期投資，但建議在價格回調後再進行購買</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>今年的資本市場可謂充滿不確定性。截至 6 月 12 日收盤，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 年內分別僅上漲了 3% 和 2%。這些平淡的漲幅背後共同的線索就是不確定性。</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>從持續的關税談判、經濟數據的解讀，到美聯儲可能改變的政策，再到歐洲和中東的地緣政治緊張局勢，投資者們都在絞盡腦汁尋找現金的安全避風港。</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>儘管如此，今年股市中一個火熱的領域是首次公開募股（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>在過去幾周，金融科技公司 <strong>Circle Internet Group</strong>（CRCL 25.36%）和 <strong>Chime Financial</strong>（CHYM -6.25%）完成了它們的 IPO。儘管股市動盪不安，Circle 和 Chime 自上市以來股價均大幅上漲。</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>讓我們來探討一下這些公司所做的事情，並試圖理解是什麼推動了投資者的積極情緒。之後，我會給出我對這兩隻股票的長期看法。</p>
</div><h2>What does Circle do?</h2>
<div class="lb-trans"><h2>Circle 是做什麼的？</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 在支付基礎設施和加密貨幣的交匯處運作。更具體地説，該公司是 <strong>USDC</strong> 的發行者，這是一種與美元掛鈎的穩定幣。</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>雖然 Circle 確實在去中心化金融（DeFi）領域運作，但可以説對該公司的投資是比 <strong>比特幣</strong> 或 <strong>以太坊</strong> 等加密貨幣更安全的選擇。我之所以這樣説，是因為 Circle 雖然在很大程度上依賴於加密貨幣的採用，但它在一定程度上提供了對加密代幣通常表現出的波動性的保護。</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>圖片來源：Getty Images。</p>
</div><h2>What does Chime do?</h2>
<div class="lb-trans"><h2>Chime 是做什麼的？</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 被稱為新銀行（neobank）。與 <strong>SoFi Technologies</strong> 類似，Chime 將自己定位為以技術為先的銀行服務平台。</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>這是金融服務行業中的一種獨特模式，該行業仍然主要依賴於實體網點來提供貸款和投資服務，這些服務也可以在線營銷。</p>
</div><h2>Circle vs. Chime: Which is the better stock?</h2>
<div class="lb-trans"><h2>Circle 與 Chime：哪隻股票更好？</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>自本月早些時候上市以來，Circle 的股價截至目前已上漲 50%。同樣，Chime 的股票在其公開市場首秀中也上漲了近 40%。值得注意的是，Chime 的股票在 IPO 後的幾天內有所回落，這並不罕見。</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，我認為 Circle 有潛力實現爆發式增長。儘管有 <strong>Tether</strong> 和 Ripple 等顯著競爭對手，Circle 在數字美元使用日益增加的背景下處於良好位置。</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，我對 Circle 的長期前景有一些擔憂。儘管數字支付基礎設施在結算交易或甚至在貿易談判的政治環境中有幾個有趣的應用場景，但圍繞加密貨幣的監管環境仍在不斷演變。因此，我質疑 Circle 所提供的服務在大型金融機構中的廣泛採用程度。</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，我認為 Chime 的業務有些商品化。雖然 Chime 或 SoFi 提供的技術原生應用已被年輕人羣接受，但我認為這些業務的真正上限是有限的。像 <strong>富國銀行</strong> 或 <strong>摩根大通</strong> 這樣的傳統客户可能會對更換平台感到猶豫。</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，我會對 Chime 和 Circle 都持觀望態度。兩者都表現出動量股票的特徵，這可能是風險投資。</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>如果讓我在這兩個金融科技機會中選擇一個長期投資，我會選擇 Chime。對我來説，圍繞加密貨幣的監管環境存在太多不確定性，而加密貨幣行業整體上高度波動。這使得 Circle 對我的投資組合來説風險太大。</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，在加密貨幣最終成為主流支付形式的情況下，我看到 Chime 有機會利用其數字基礎設施與 Circle、Tether、Ripple 等進行戰略合作，從而不侷限於單一提供商。</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>基於這些原因，我認為 Chime 是更好的長期機會，但我會等待股價回調，而不是追隨 IPO 驅動的波動。</p>
</div>

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

- 資本市場今年波動不定，S&P 500 和 Nasdaq 分別上漲 3% 和 2%。  
- Circle 和 Chime 最近完成 IPO，股價分別上漲 50% 和 40%。  
- 儘管對 Circle 的前景存疑，作者更看好 Chime 的長期投資機會。  

Circle 與 Chime：哪個是更好的金融科技 IPO 股票選擇？