US stock CRCL COIN Circle ( http://CRCL.US ）The short-term price fluctuations of new stocks are determined by supply and demand as well as emotions. In the short term, value is not important, but in the long run, value must return. Don't say PE is not important, CRCL is like Tesla back then（ http://TSLA.US ）Different, Tesla was initially a loss making company but had high PS, and after making a profit, although its PE was high, its gross profit margin was very high. CRCL is a profitable company listed on the stock market, with a low gross profit margin and a fixed business model. Three years ago, its forward-looking PE (don't say it's not important) was still very high. The development of its stablecoin USDC heavily relies on Coinbase（ http://COIN.US ）$, the company's revenue mainly depends on the interest of treasury bond, but all the interest of USDC in coinbase exchange belongs to coinbase company, and half of the unexpected USDC interest in coinbase exchange belongs to coinbase company. If the scale of USDC continues to grow significantly in the future, the biggest beneficiary will be Coinbase. Based on the current market value of CRCL, Coinbase will provide a net profit of $1 billion (investment income) in the second quarter financial report