$USDC $USDC

Massive surge: Circle's stock (ticker CRCL) debuted at $31, opened around $69, spiked above $100 intraday, and closed near $83—a gain of roughly 168% on Day 1, with a further ~30% rise the following day .

Market reaction: The wild rally pushed Circle’s market cap to around $18–22 billion, backed by strong investor enthusiasm .

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💰 Earnings & Interest Rate Sensitivity

Revenue backbone: In 2024, nearly 98% of Circle’s $1.7 billion revenue came from interest on USDC reserves held in U.S. Treasuries or similar assets .

Fed risk ahead: Analysts warn that each 25 bp cut by the Federal Reserve could slice about $100 million from Circle’s EBITDA, barring at least 10%