US Stocks $CRCL $COIN

$Circle (http://CRCL.US)$ short-term price fluctuations are determined by supply and demand dynamics and sentiment. In the short term, value is not important, but in the long term, value will still need to return. Don't say that PE is not important; CRCL is different from the initial $Tesla (http://TSLA.US)$, which was a loss-making company with a high PS. After becoming profitable, although the PE was high, the gross margin was very high. CRCL is a profitable company going public, with a low gross margin and a fixed business model. Three years ago, the forward PE (don't say this is not important) was still very high. The development of its stablecoin USDC heavily relies on $Coinbase (http://COIN.US)$, and the company's revenue mainly comes from treasury bond interest. However, all the interest from the USDC held on the Coinbase exchange belongs to Coinbase, and unexpectedly, half of the interest from USDC on the Coinbase exchange also belongs to Coinbase.

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 recognize a net profit of $1 billion (investment income) in its second-quarter financial report.

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