#Circle财务状况和IPO计划# Reviewing Circle's recent financial report, it inevitably reminds me of the IPO frenzy of many projects during the 2018 bull run in Crypto Assets. At that time, many projects were willing to bear huge losses just to keep up with the market pace and push forward their listing plans. Now seeing Circle's net loss reach $482 million, primarily due to non-cash expenses related to the IPO, it must be said that history is always remarkably similar.

However, a closer look at the financial report data reveals that Circle's fundamentals are actually quite strong. The circulation of USDC increased by 90% year-on-year to 61.3 billion coins, and total revenue and reserve income grew by 53% to $658 million; these figures reflect the robust development of the stablecoin market. The adjusted EBITDA rose by 52% year-on-year to $126 million, indicating that its core business profitability is continuously improving.

Historically, significant losses prior to an IPO are not uncommon, especially in rapidly developing emerging industries. Reflecting on the internet bubble around the year 2000, many companies that later became giants also suffered huge losses during their initial public offerings. The key lies in whether the company can quickly turn the situation around after going public and convert market influence into actual profits.

For Circle, the current challenge lies in how to maintain the market share and user trust of USDC in an increasingly stringent regulatory environment. In the long run, stablecoins, as a bridge between Crypto Assets and the traditional financial system, will only grow in importance. If Circle can find a balance between compliance and innovation, its future development potential will still be immense.

This financial report reminds us that when evaluating a project, we cannot just look at surface numbers; we must analyze the underlying industry trends and long-term development strategies. For us investors who have experienced multiple market cycles, it is especially important to remain calm and rational. After all, the projects that can truly survive in this industry for the long term often go through the test of painful periods.