以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 本文播客版由豆包AI播客功能自动生成 作者｜Eastland 头图｜视觉中国 2025年6月5日，稳定币第一股Circle（ NTSE：CRCL ）以31美元发行价在纽交所上市，短短12个交 易日股价最高达299美元。 7月18日收盘价223.78美元，较发行价上涨622%，总市值接近500亿美元。虽然股价已从高点回落 25%，但风险依然很大。 稳定币=法币存托凭证 稳定币是锚定法币的加密货币，是法币的数字替身。为便于理解，可以做个类比—— 稳定币是法 币"存托凭证"。 在美上市的中概股，交易的是美国存托凭证ADR（ American Depositary Receipts )。例如，阿里 ADR代表1股普通股、百度ADR代表8股普通股、携程ADR代表1股普通股、京东ADR代表2股普通 股…… 稳定币与ADR有四点可以类比： 第一， 发行代表资产所有权的凭证。 ADR代表持有者获得与股票的所有权相关的权益，如分红、投票 等。稳定币发行机构发行的数字凭证，代表持有者对 ...

行业研究 证 券 研 究 报 告 非银行金融行业深度研究报告 详解 Circle：合规、技术与生态 推荐（维持） ——稳定币系列报告之三 非银行金融 2025 年 07 月 20 日 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：崔祎晴 邮箱：cuiyiqing@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 71 | 0.01 | | 总市值(亿元) | 73,991.69 | 6.91 | | 流通市值(亿元) | 57,194.57 | 6.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 10.8% | 47.3% | | 相对表现 | 3.5% | 4.3% | 32.0% | -10% 14% 38% 62% 24/07 24/10 24/12 25/02 25/05 25/07 2024-07-22~2025-07- ...

Circle Internet（CRCL）股价涨幅扩大至3.82%，最近五个交易日迄今累计上涨18.64% ...

值得一提的是，据中邮证券数据，仅今年上半年，中国创新药License out总金额已接近660亿美元，赶 超2024全年BD交易总额，MNC对中国创新药资产关注度有望延续。 3、 大麦娱乐(01060) 再涨超5%，公司成为苏超球赛官方渠道，关注体育票务增量。 4、 兆科眼科-B(06622) 盘中涨超5%，近日与法国药企FAREVA达成合作，进一步推动全球扩张战 略。 5、 美图公司(01357) 再涨超5%，公司生活场景出海、生产力场景开拓均取得较大进展，5月20日，美 图公告与阿里巴巴开展战略合作；6月美图秀秀更新"AI闪光灯"功能，登顶11国iOS摄像与录像免费榜 第一名，并取得欧洲市场突破。7月14日，公司官宣"一句话搞定影像生产力"的AI Agent，名为RoboN eo。 6、 腾盛博药-B(02137) 再涨超7%，近期向健康元集团授予新药BRII-693大中华区独家许可。 点击蓝字，关注我们 今日上午港股 1、 哔哩哔哩-W(09626) 涨超4%，游戏及广告业务增量体现，美银上调公司目标价至211港元。 2、 创新药继续受资金追捧，三生制药(01530) 涨超8%、 康方生物(09926) ...

Group 1 - Circle Internet Group's stock has experienced volatility during the ongoing "crypto week" in Washington, D.C., with a notable 4.6% drop on Tuesday followed by a 17.1% increase on Wednesday as procedural issues regarding cryptocurrency regulation bills were addressed [1][2] - The company closely monitors Federal Reserve interest rate adjustments, as its earnings are primarily derived from interest on cash reserves backing the USDC stablecoin, with a potential $500 million earnings decrease for every 1 percentage point reduction in federal interest rates based on $44 billion held in reserve by the end of 2024 [3][4] - The market value of USDC has increased to $63.3 billion, amplifying the impact of Federal interest rates on Circle's financial results, with the recent stock price surge indicating investor expectations of potential turmoil and higher interest rates if Trump acts against Fed Chairman Powell [4][6] Group 2 - The political landscape surrounding the Federal Reserve and potential changes in leadership may influence interest rate policies, with ongoing speculation affecting market sentiment and stock performance [6][7] - Circle is set to release its first financial report as a public company on August 12, which will provide insights into the company's performance and the stability of its operations in the cryptocurrency market [8]

Group 1: Circle Internet Group - Circle Internet Group (CRCL) is the leading stablecoin issuer in the United States, managing USD Coin (USDC) in partnership with Coinbase Global (COIN) [1] - The company experienced a rise in early trading following President Donald Trump's announcement that 11 of 12 House representatives support the GENIUS Act, which aims to establish a regulatory framework for stablecoins [1] - The GENIUS Act vote is expected to take place on Wednesday afternoon, potentially impacting the regulatory landscape for stablecoins [1] Group 2: Unity Software - Unity Software (U) received an upgrade from Jefferies, with a new price target set at $35, driven by the launch of its AI platform 'Vector' [2] - The 'Vector' platform focuses on optimizing advertising and user acquisition in the mobile gaming industry by analyzing in-game behavior and user patterns [2] - Analysts expect robust double-digit EPS growth for Unity through 2026, indicating strong future performance [2] Group 3: Rigetti Computing - Rigetti Computing (RGTI) achieved a significant performance milestone in quantum computing, reaching a 99.5% median fidelity rate for two-qubit gates on its 36-qubit modular system [4] - This breakthrough represents a twofold improvement in quantum computing capabilities, crucial for developing reliable quantum systems [4] - RGTI shares are anticipated to rise to multi-month highs, potentially influenced by a short squeeze, as approximately 20% of the RGTI float is currently short [4]

Core Insights - Circle's CEO Jeremy Allaire presents a vision for stablecoins as a transformative element in digital finance, emphasizing their growing acceptance in both retail and institutional transactions [1][2] - Stablecoins are described as a significant enhancement to the financial system, enabling instant, low-cost, and borderless payments, with increasing adoption among households, businesses, and governments [2][3] - Allaire envisions a future where stablecoins become the primary medium for online transactions, supported by major financial institutions integrating USDC for cross-border settlements [3][4] Industry Trends - The market for stablecoins is projected to expand into the trillions as traditional banks and payment providers begin to adopt these digital currencies [3][4] - JPMorgan Chase's CEO suggests that banks may need to collaborate on a digital solution to remain competitive against digital finance companies like Circle [4] - Allaire notes that stablecoins are still in their early stages, indicating significant growth potential for Circle as the financial sector increasingly embraces them [4][5] Company Performance - Circle's stock (CRCL) experienced a decline of 4.58%, closing at $195.33 [5]

她强调，特朗普在1月23日的行政命令中已明确要求禁止CBDC，因此"国会也必须在《GENIUS法案》 中体现这一禁令"。 特朗普周二在其社交平台Truth Social上发文，称"众议院即将投票通过一项重大法案，将使美国在数字 资产领域成为毋庸置疑的世界第一"。 然而，众议院共和党的分歧却让特朗普在"加密周"高调支持的立法行动遭遇打击。 Circle作为USDC稳定币的发行方，占据全球美元挂钩稳定币市场约24%的份额。本轮法案原本被视为推 动稳定币主流化、提升美国数字资产监管清晰度的关键一步，也被认为是加密行业力争"合规上岸"的重 大突破。 智通财经APP获悉，美国总统特朗普力挺的多项加密货币监管法案周二在众议院未能通过关键程序性投 票，令整个加密行业遭遇重大挫折。 此次投票结果为196票赞成、223票反对，其中有13位共和党议员与民主党人站在同一阵线，否决了这项 议案的程序性动议(rule vote)。由于未能通过程序性规则，法案无法进入正式辩论和表决阶段。 此举不仅罕见地显示出众议院共和党议员对特朗普的"反抗"，也令原本被市场广泛预期将顺利通过的法 案陷入停滞。众议院领导层计划最早于周二晚间再次尝试推动投 ...

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.Circle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.The move dealt a major setback to the digital asset industry, which had cast this week as a turning point for regulatory clarity in Washington, D.C.Circle, the stablecoin issuer that's soared in value since its public mar ...

Shares of Circle Internet Group (CRCL 9.27%) jumped today, finishing the day up 9.3%, but were up as much as 10.4% earlier in the day. The spike came as the S&P 500 and Nasdaq Composite rose modestly.A wave of positive sentiment within the world of crypto helped lift Circle stock just a month after its initial public offering.A week of mostly positive news wasn't enoughBitcoin raced past the $120,000 mark for the first time ever as lawmakers in Washington kicked off "Crypto Week." The U.S. House of Represen ...