Core Viewpoint - The stability of stablecoins relies heavily on real-world financial order, legal structures, and monetary policies rather than solely on blockchain technology. Their stability will ultimately be tested by market pricing, regulatory frameworks, and user trust [1][29]. Group 1: Circle's IPO and Market Position - Circle went public on June 5, 2025, on the NYSE, becoming the first publicly traded stablecoin company, with an initial stock price of $83.23, a 168.48% increase from its offering price, and a total market capitalization of $18.4 billion [2][7]. - The IPO signifies a shift towards regulatory compliance, as Circle has obtained licenses in key jurisdictions, including Singapore and the EU, and will now adhere to higher standards of information disclosure and governance [8]. - Circle's primary revenue model involves earning interest from user deposits by investing in money market funds and government bonds, similar to traditional banks, which raises questions about its sustainability in a changing interest rate environment [8][15]. Group 2: Competitive Landscape and Regulatory Environment - The stablecoin market is dominated by USDT and USDC, which together account for over 86% of the market, highlighting the competitive pressures and regulatory uncertainties that Circle faces [3][4]. - The recent passage of the GENIUS Act in the U.S. Senate and the Stablecoin Ordinance in Hong Kong indicates a global acceleration in stablecoin regulation, which could impact Circle's operations and market positioning [32][33]. Group 3: Financial Performance and Risks - Circle reported a net profit of approximately $157 million for 2024, primarily from interest income, but its profitability is highly dependent on the prevailing interest rates set by the Federal Reserve [8][17]. - The company faces systemic risks, including its strong reliance on interest rates, market concentration with USDT, and regulatory gray areas due to its non-bank financial institution status [17][18]. - The governance structure of Circle raises concerns about decision-making centralization and potential conflicts of interest, as key executives hold significant voting power and have ties to other crypto entities [14][29]. Group 4: Market Dynamics and User Trust - The stability of USDC is demonstrated by its trading range, which remained close to $1, indicating strong price anchoring, while USDT exhibited more volatility [23][24]. - The true stability of stablecoins is influenced by liquidity limits, jurisdictional risks, and governance transparency, emphasizing the importance of real-world financial systems in maintaining their value [27][28][29].

Core Viewpoint - Circle Internet Group's IPO marks a significant milestone as it becomes the first publicly traded company focused on stablecoins, with its stock debuting at $83.23, a 168.48% increase from the offering price, resulting in a market capitalization of $18.4 billion [2]. Group 1: IPO Significance - The IPO represents a pivotal moment for the stablecoin sector, being the first public offering for a core issuer of "digital dollars" [4]. - It signals a transformation towards regulatory compliance, as Circle has obtained necessary licenses in key markets like Singapore and the EU [4]. - The business model of Circle, which involves earning interest from user deposits, mirrors traditional banking practices, indicating a blend of fintech and conventional finance [4]. Group 2: Financial Performance and Risks - Circle reported a net profit of approximately $157 million for 2024, primarily from interest income generated by investing USDC reserves in short-term U.S. Treasury bonds [5]. - The company's profitability is highly dependent on interest rates; a shift to a lower rate environment could significantly compress profit margins [12]. - The concentration of the stablecoin market, dominated by USDT and USDC, poses systemic risks, as issues with either could destabilize the entire market [13]. Group 3: Governance and Market Dynamics - Circle's governance structure features a dual-class share system, allowing founders to maintain significant control post-IPO, which raises concerns about decision-making centralization [9]. - The involvement of major asset management firms like BlackRock and Ark Invest in the IPO indicates strong institutional interest in the stablecoin market [9]. - The stablecoin's operational model is akin to a "shadow banking" system, lacking traditional banking protections, which could lead to liquidity risks during market stress [15]. Group 4: Regulatory Landscape - The IPO coincides with a global push for stablecoin regulation, highlighted by the U.S. Senate's passage of the GENIUS Act, which establishes a regulatory framework for payment stablecoins [18]. - Asian financial hubs are exploring regulatory frameworks to enhance cross-border payment efficiency, indicating a growing acceptance of stablecoins in traditional finance [19].

华夏时报（www.chinatimes.net.cn）记者 赵奕 上海报道 稳定币领域迎来首个IPO。 当地时间6月5日，全球第二大稳定币USDC发行商Circle在纽交所正式挂牌上市，股票代码为CRCL，发 行价为每股31美元。美股行情信息显示，Circle开盘多次触发熔断，上市首日涨幅168.48%，收盘价报 83.23美元，当日成交量达4710.9万股，约合39.41亿美元。 目前全球稳定币总市值已达2480亿美元，其中Circle的USDC占据约25%的市场份额，总市值达600亿美 元，仅次于Tether的USDT的61%。 Circle成立于2013年10月，由Jeremy Allaire和Sean Neville创立，专注于区块链技术和稳定币。2018年， Circle与Coinbase共同创立Centre联盟并推出稳定币USDC。2023年，Centre联盟解散，Circle成为USDC 唯一的发行方和管理方。 不过，分家之后，Coinbase依旧瓜分了USDC的大部分收入。根据备案文件，Coinbase平台上的USDC， 由Coinbase获得100%的储备收益；非Coinbase平台上的US ...

Market Overview - The Hang Seng Index closed at 23,907, up 1.07% for the day and 19.18% year-to-date[3] - The Hang Seng China Enterprises Index rose 1.26% to 8,685, with a year-to-date increase of 19.13%[3] - The Hang Seng Tech Index increased by 1.93% to 5,320, marking a 19.07% rise year-to-date[3] US Market Performance - The Dow Jones Industrial Average fell by 0.25% to 42,320, with a year-to-date decline of 0.53%[3] - The S&P 500 decreased by 0.53% to 5,939, showing a slight year-to-date increase of 0.98%[3] - The Nasdaq Composite dropped 0.83% to 19,298, with a year-to-date change of -0.06%[3] Sector Highlights - Southbound capital recorded a net inflow of HKD 741 million, indicating positive market sentiment[8] - Technology stocks led the market rally, with Kuaishou up 5%, Alibaba rising over 3%, and Meituan increasing by 2.6%[8] - Rare earth stocks saw significant gains, with Jinli Permanent Magnet up 12.1%[8] IPO Performance - Circle's IPO on June 5, 2025, opened at USD 83.23, a 168.48% increase from its initial offering price of USD 31, raising approximately USD 1.1 billion[9][13] - Circle's market valuation exceeded USD 18 billion on its first trading day, marking a significant event in the cryptocurrency sector[13] Economic Indicators - The US jobless claims rose to the highest level since October, reflecting a cooling job market[12] - The European Central Bank cut interest rates by 25 basis points to 2%, signaling a potential end to the easing cycle[12]

收评：沪指缩量窄幅震荡 有色、化工等周期股逆势活跃 智通财经6月6日电，市场全天震荡分化，三大指数涨跌不一。沪深两市全天成交额1.15万亿，较上个交 易日缩量1384亿。盘面上，市场热点较为杂乱，个股上涨和下跌家数基本相当。从板块来看，化工、有 色等周期股逆势活跃，盛达资源等涨停。算力概念股一度冲高，美利云等涨停。ST板块震荡走强，ST 百利等10余股涨停。下跌方面，稳定币概念股集体调整，雄帝科技跌超10%。板块方面，有色金属、民 爆、农药、海南等板块涨幅居前，美容护理、IP经济、稳定币概念、证券等板块跌幅居前。截至收盘， 沪指涨0.04%，深成指跌0.19%，创业板指跌0.45%。 ...

Core Insights - The article discusses the recent downturn in the stock prices of companies related to stablecoins in both Hong Kong and A-share markets, following the IPO of Circle, a major stablecoin issuer, which saw significant initial trading gains [1][2][3]. Market Reaction - In the Hong Kong market, notable declines were observed in stablecoin-related stocks, with companies like Lianlian Technology dropping over 12% and China Everbright Holdings falling more than 14% [1]. - The A-share market mirrored this trend, with Sifang Jingchuang decreasing nearly 7% and other companies like Yuxin Technology and Zhongke Jincai also experiencing declines exceeding 5% [2]. Regulatory Developments - The recent enactment of the "Stablecoin Regulation" in Hong Kong on May 30 has been a significant catalyst for market interest, prompting a surge in research and analysis from brokerage firms [2]. - Following the regulation's implementation, 22 brokerage firms released 30 research reports and organized over 20 conference calls, indicating strong institutional interest in the stablecoin sector [2]. Investment Sentiment - The article highlights a dual driver for the recent market activity: the acceptance of stablecoins within mainstream financial systems due to new regulations and the recognition of stablecoins as essential financial infrastructure [3]. - Analysts note that while the current market enthusiasm reflects the long-term value of stablecoins, there is a structural mismatch as many companies are still at the application level without engaging in core aspects like issuance rights or reserve management [3]. Market Dynamics - The volatility in the digital currency sector has led to speculative trading in stablecoin stocks, with some investors potentially overlooking the actual business fundamentals in favor of market sentiment [4]. - The gradual clarification of global stablecoin regulatory policies is seen as providing a supportive environment for industry growth, benefiting companies with established operations in the stablecoin space [4]. Risks and Considerations - The article mentions potential risks associated with stablecoin investments, including regulatory changes, market volatility, technological vulnerabilities, and credit risks related to the issuers [5][6].

从财务数据看，Circle近年来营收呈现增长态势。2022年、2023年和2024年的营收分别为7.72亿美元、 14.5亿美元和16.76亿美元。2024年总收入中，储备收入占比达99%，显示其对利率环境的高度依赖。然 而净利润出现波动，2024年净利润为1.56亿美元，较2023年的2.68亿美元有所下降。 监管环境变化推动行业发展 Circle此次成功上市背后，监管环境的变化起到关键推动作用。近期，香港特别行政区立法会通过《稳 定币条例草案》，标志着香港成为全球首个针对法币稳定币建立全面监管框架的司法管辖区。该草案预 计将在今年内生效，要求任何人在香港发行法币稳定币必须向金融管理专员申领牌照。 美国方面，《GENIUS法案》在参议院取得重要进展。该法案全称为《引导和建立美国稳定币国家创新 法案》，一旦通过可能推动机构对稳定币的投资增长。这些政策变化为稳定币行业提供了更加明确的监 管框架，增强了投资者信心。 美东时间6月5日，全球第二大美元稳定币USDC发行商Circle正式在纽约证券交易所挂牌上市。这标志 着稳定币领域迎来首个IPO，股票代码为"CRCL"。Circle以每股31美元的发行价完成上市，超 ...

美东时间6月5日，全球第二大美元稳定币USDC发行商Circle以"CRCL"为股票代码正式登陆纽交所，其IPO首日表现堪称惊艳，开盘即较31美元发 行价暴涨122.58%，盘中最高触及103.75美元，触发临时熔断后涨幅持续扩大，最终收于83.23美元，单日涨幅达168.48%，市值飙升至183.56亿美 元。这一表现不仅刷新了2021年以来美国超亿美元IPO的首日涨幅纪录，更标志着稳定币行业首次获得传统资本市场的全面认可。 二、市场争议与潜在风险 2. 行业地位与合规优势 作为USDC的发行方，Circle控制着超600亿美元的美元储备资产（85%为短期美债，15%存于全球系统重要性银行），USDC流通量达601亿美元， 占据稳定币市场29%的份额，仅次于USDT的67%。Circle的合规策略——每月审计、纽约州信托牌照、与贝莱德合作管理储备资产——使其成为 《GENIUS法案》框架下的标杆企业。该法案已于2025年5月通过参议院表决，明确要求稳定币发行方必须100%储备现金或短期美债，这进一步巩 固了Circle的竞争优势。 3. 商业模式的稀缺性 Circle的核心收入来自USDC储备金的利息收益（ ...

Core Viewpoint - Circle Internet Group has officially gone public on June 5, 2025, under the ticker "CRCL," marking itself as the world's first publicly traded stablecoin company [2][4]. Group 1: IPO Details - Circle adjusted its IPO price from an initial range of $24 to $26 to $31 per share, increasing the total shares offered from 24 million to 34 million, raising $1.1 billion with over 25 times oversubscription [2]. - On its first trading day, Circle's stock opened 122% higher and peaked at nearly 235%, closing at $83.23, which is a 168.48% increase from the IPO price, giving it a market capitalization of $18.356 billion [2]. Group 2: Company Overview - Founded in 2013, Circle focuses on fiat currency transfer services and issues two stablecoins: USDC (pegged to the US dollar) and EUDC (pegged to the euro), with USDC holding approximately 29% market share as of March 2025 [4]. - Circle's total revenue and reserve income for 2024 were $1.676 billion, with a net profit of $156 million [4]. Group 3: Investment Background - Huaxing Capital's New Economy Fund invested in Circle in 2018, recognizing its technological, compliance, and ecosystem advantages in the stablecoin sector [6]. - Huaxing Capital has been actively investing in blockchain technology and digital assets, with notable investments including the IPO assistance for various tech companies and digital asset firms [6]. Group 4: Industry Outlook - The global regulatory framework for digital currencies is evolving, with many countries incorporating digital currencies into their reserve assets [7]. - Huaxing Capital emphasizes the importance of integrating cutting-edge technology with financial services to enhance financial efficiency and asset liquidity, positioning itself as a leader in the financial innovation landscape [7][8].

Group 1 - Circle Internet Group has officially listed on the New York Stock Exchange under the ticker symbol CRCL, marking the first IPO in the global stablecoin sector [1] - The IPO price was adjusted from the initial range of $24-$26 to $31 per share, with the total number of shares increased from 24 million to 34 million, raising $1.1 billion and achieving over 25 times oversubscription [1] - On the IPO day, Circle's opening price was $69.32, representing a 123.61% increase from the issue price, with an intraday high of $103.75 [1] Group 2 - Circle is one of the largest and most widely used stablecoin network operators globally, primarily issuing the USD Coin (USDC) pegged to the US dollar [2] - Since its establishment in 2013, Circle has provided various services, including stablecoin infrastructure, digital finance, reserve management infrastructure, blockchain technology solutions, and developer service platforms [2] - The listing is expected to enhance Circle's technological research and development, expand market share, and improve user service experience, thereby injecting strong momentum into its business expansion and technological innovation [3] Group 3 - Circle aims to leverage capital market strength to accelerate its global expansion and solidify its leading position in the stablecoin sector, contributing to the integration and development of traditional and digital finance [3] - Recent legislative developments, such as the US GENIUS Act and Hong Kong's Stablecoin Regulation Draft, are anticipated to promote faster growth in the stablecoin sector [3] - Compared to Tether, Circle's significant advantage lies in its compliance, with USDC's reserves consisting of cash and short-term government bonds, aligning with the requirements of the new US stablecoin legislation [3]