Circle Internet Corp.（CRCL）今日盘中股价大跌5.08%，引起了市场的广泛关注。
消息面上，此次下跌主要源于市场对稳定币领域日益激烈的竞争以及Circle旗下核心产品USDC增长放缓的担忧。据相关报道，USDC的流通供应量自今年3月的高位以来已下降约700亿美元，同时，整个稳定币市场在6月出现了多年来较大的月度收缩。此外，像“Open USD”这样的新稳定币联盟的出现，加剧了市场对稳定币收益分成和支付场景竞争的讨论，给Circle带来了直接压力。
尽管Circle近期在合规化进程上取得进展，例如获准设立全国性数字货币信托银行，并在韩国等市场积极布局以寻求合作与扩张，但投资者的关注点似乎已从牌照进展转向更为实际的业务基本面。面对Tether等老对手的持续竞争以及新兴模式的挑战，市场正在重新评估Circle的增长前景与盈利能力。
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