稳定币第一股，大涨247%！

Core Viewpoint - Circle, the first stock of stablecoins, went public on June 5, 2025, with its stock price soaring to $107.7, a 247% increase from the issue price of $31, indicating high market enthusiasm for stablecoins [1][4][6]. Group 1: Market Performance - Circle's stock price increased nearly 170% on its first day, closing at $83.23, and rose another 24% the following day, attracting significant market attention [4][5]. - Many overseas institutions rushed to subscribe to Circle's shares, although some took profits on the first day of trading [5][6]. Group 2: Competitive Landscape - Circle's main advantage over Tether, the largest stablecoin issuer, is its compliance and transparency, especially with the upcoming implementation of the GENIUS Act in the U.S. [5][10]. - Circle's USDC has a circulation of over $61 billion, while Tether's USDT is around $150 billion, with USDC's volume growing by 40% last year compared to USDT's 10% [5][10]. Group 3: Financial Performance - Circle's revenue model primarily relies on interest income from USDC reserves, projected to generate approximately $1.676 billion in total revenue for 2024, with 99% coming from interest [6][10]. - The company's estimated net profit for 2024 is $156 million, leading to a high price-to-earnings (P/E) ratio of over 150, raising concerns about its valuation among long-term investors [9][10]. Group 4: Industry Outlook - The stablecoin sector is viewed as a high-growth area, especially with regulatory developments like the GENIUS Act and the Hong Kong government's stablecoin legislation [8][10]. - Despite the optimistic outlook, Circle's market share has decreased from 35% in early 2022 to below 20%, while USDT's share exceeds 70%, indicating increasing competition in the stablecoin market [10][11].