Circle's first financial report shows its stock price has soared over 400% since its IPO. The company's core revenue model involves investing USDC reserves in government bonds to earn interest, making its profitability highly dependent on the Federal Reserve's interest rate policy. Although Wall Street expects it to report losses in the second quarter, the overall performance of the financial report exceeded market expectations, with pre-market trading rising to over $170. The market remains more focused on its growth trajectory and business model. There are diverging views on Circle: optimists see it as the 'AWS of digital dollars,' with a huge potential market and strong network effects. Additionally, the second quarter strengthened its strategic alliance with Binance, significantly expanding its distribution channels and market influence by partnering with the world's largest exchange. Currently, USDC's annualized yield on Binance is approaching 12%, part of which is the marketing cost Circle incurred to scale up, leading to a rapid increase in the issuance of stablecoins by several billion dollars. Pessimists, however, are concerned about declining interest rates, competition from traditional finance and PayPal, high distribution costs, and regulatory uncertainty. The key takeaway from this financial report is whether Circle can prove itself as a 'technology platform' capable of product diversification and international expansion, rather than just an interest-rate-sensitive 'bond fund.'