There is another important event next week for CircleIPO cryptocurrency stocks, as USDC issuer Circle has already started its IPO and is expected to successfully go public next week. I see a high level of enthusiasm in the cryptocurrency industry for this. They believe that raising only $100 million (planned) is too low and the stock price can easily rise, but the IPO amount may be higher than $100 million. At the same time, there are existing shareholders selling shares during the IPO process, with a larger proportion than the IPO portion, similar to Coinbase's non IPO direct listing in the past, where no existing shareholders expressed interest in purchasing additional shares during the IPO. This is not a good internal feedback. Circle's gross profit margin for 2024 is 39.31, with higher revenue than in 2023 but a decrease in profit. Circle is the first stablecoin stock and the second largest stablecoin operator in the world, so it's hard to say how its stock price will be in the market. But the plate is not big, be careful not to rush too high at the opening and fall into the trap (those who chased high after Coinbase's listing in 2021 are still trapped). Stablecoins are an industry that is heavily influenced by regulatory policies and interest rate fluctuations. In terms of regulation, the recently passed stablecoin bill is positive, but it means that industry competition will increase in the future. There are also risks. The main income of stable currency comes from treasury bond interest and transaction fees. The interest rate is now high. If the interest rate decreases in the future, the revenue may decline and the valuation will decline. The IPO pricing on Wall Street is definitely based on the accurate valuation of the existing scale. The short-term stock price trend of the listing mainly depends on market sentiment, and in the long run, it depends on the growth of scale and changes in interest rates. USDC USDT Circle The data comes from the financial statements in the SEC Circle prospectus