Circle is indeed very profitable, but a price-to-earnings ratio of 145 times is too exaggerated.

First of all, its growth is quite average; in the last round, the market cap of stablecoins peaked at 54 billion, and this round has only reached 60 billion so far.

Secondly, it clearly loses market share to USDT.

Revenue may increase rapidly, but this mainly relies on the Federal Reserve's interest rate hikes; in the future, there will definitely be a scenario of rate cuts - which means Circle's future revenue will decline.

Are you happy? 😂