#稳定币业务 CRCL financial report 66% rise yet 20% fall? This is ridiculous 🤦‍♂️

After carefully analyzing the data, the problem lies here – 71% of the profit comes from fluctuations in investment income, while the actual operating profit has been eaten away by channel fees and Coinbase's share. In other words, it's taking advantage of the interest spread under the bonus of U.S. Treasury bond rates; once the rate-cutting cycle arrives, this model could collapse in no time. Moreover, now entering the lock-up period, executives and employees are all selling, and the downward pressure on the stock price is far from over.

But the interesting part here is that if you really have confidence in the stablecoin sector, CRCL is indeed the most compliant one, backed by Coinbase and recognized by institutions. The problem is that the market valuation has fallen from 298 to 64, and this price can no longer be driven up. In the short term, I'm not so optimistic; I'll wait until the release of unlock pressure and the uncertainty dissipates before making any judgments. In the long term, stablecoins are indeed a tenfold sector, but betting on CRCL is not as good as waiting for clearer trading opportunities to appear 🎲.