Circle's first financial report shows that its stock price has surged by over 400% since its listing. The core revenue model of the company is to invest USDC reserves in treasury bond bonds to earn interest, which makes its profitability highly dependent on the interest rate policy of the Federal Reserve. Despite Wall Street's expectation of a loss in the second quarter, the overall performance of the financial report exceeded market expectations, rising to 170+before trading. The market is still more concerned about its growth trajectory and business model. There are divergent views in the market regarding Circle: Optimists see it as the "AWS of digital dollars" with huge potential markets and strong network effects. In addition, in the second quarter, it strengthened its strategic alliance with Binance, greatly expanding its distribution channels and market influence through cooperation with the world's largest exchange. Now, the annualized wealth management of USDC on Binance is close to 12%, which is the marketing cost that Circle has paid to expand its scale. The issuance of stablecoins has rapidly increased by billions of dollars. Pessimists are concerned about declining interest rates, competition from traditional finance and PayPal, high distribution costs, and regulatory uncertainty. The key to this financial report is whether Circle can prove itself as a "technology platform" capable of product diversification and international expansion, rather than just a "bond fund" affected by interest rates.