Circle will disclose its first post-IPO financial report tonight. The market generally expects the quarterly revenue to be approximately $647 million, with a loss of $0.08 per share.

Data and Analysis: Over the past three years, during the interest rate rising period, the company’s interest income reserves increased from $736 million to $1.4 billion to $1.7 billion, with the proportion of recurring revenue rising from 95% to 99%. The stablecoin business has a very strong "interest margin" attribute; the current sell-side rating structure is 9 Buy / 5 Hold / 4 Sell.