CRCL's financial report numbers game is worth digging into. Out of the $214 million net profit, $153 million is 'non-recurring income,' leaving actual operating profit at just $61 million. This $153 million mainly comes from the fair value changes of Circle's reserve fund holdings. To put it bluntly, it's paper gains, not real cash business income. Based on an annualized profit of $244 million, the $16 billion market cap corresponds to a PE ratio of about 65x. It doesn’t look cheap, but if the stablecoin market continues to expand, this valuation might still be reasonable. The key is whether USDC can continue to grab market share from USDT during the compliance process.