$90 Circle: Can Stablecoin Companies Be "Unstable" Too?

When Circle's stock price hits $90, many people's first reaction is: a company that issues "stablecoins," and its stock price is so unstable? This contrast is somewhat adorable.
Let's look at the logic first. The core of Circle is the revenue from USDC issuance and custody, which is highly tied to interest rate environments and asset scale. As long as market trading remains active and funds are deposited within the stablecoin ecosystem, the interest spread becomes cash flow. The stock price soaring to $90 essentially reflects the capital market assigning a higher premium to the "compliant stablecoin leader."
But the issue lies here: if interest rates fall, the profit model will be compressed; if the crypto market cools down, the circulation scale of USDC may fluctuate. So, $90 is both a confidence vote and an expectation vote.
Humorously: what remains stable is the coin, not the stock price.
In summary: $90 indicates market recognition of the compliant path, but whether it can hold steady depends on the interest rate cycle and the activity level of the crypto ecosystem. #Circle股价触及90美元