Circle's first financial report after going public: Revenue/reserve income increased by 53% year-on-year to $658 million, but affected by non-cash expenses related to the IPO, resulting in a net loss of $482 million; USDC circulation increased significantly year-on-year.

 

This is a typical report of "strong fundamentals + accounting expenses dragging down profits."

The market's reading is more focused on cash flow and growth rate, rather than one-time expenses.

If stablecoin legislation and compliance warm up, the bank-level integration scenarios for USDC will expand further.

In terms of rhythm, pay attention to the simultaneous changes in institutional target prices for CRCL and on-chain activity for USDC.