Circle Internet Corp.（CRCL）今日盘中大跌5.12%，引发了市场的广泛关注。
消息面上，市场对CRCL的盈利模式可持续性表示担忧。根据相关分析，CRCL的收入高度依赖美债收益率，且其利润分配结构极端不利于自身，约61%的利润需分给合作伙伴Coinbase。此外，在降息周期下，这种“吃利差”模型的脆弱性可能被放大，进一步压缩其利润空间。
同时，竞争格局的加剧也是市场关注的焦点。传统金融巨头如摩根大通等可能全面进入稳定币市场，CRCL在信用背书、渠道资源等方面面临挑战。这些因素共同导致了投资者对CRCL未来表现的担忧，从而引发股价下跌。
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