2月26日消息，稳定币发行商Circle Internet Group（NASDAQ:CRCL）股价周三大涨35.5%，收报83.14美元，此前公司公布的第四季度财报显著超出市场预期。在加密概念股经历波动调整后，这一强劲反弹令Circle重新成为数字资产板块焦点。
财报数据显示，USDC流通量同比增长72%，直接推动储备收入与整体营收同步攀升。季度总营收达7.7亿美元，同比增长77%，其中7.33亿美元来自储备资产收益。持续经营业务净利润为1.33亿美元，调整后EBITDA达到1.67亿美元，显示稳定币储备收入模式在当前利率环境下仍具盈利弹性。Seaport Research Partners分析师Jeff Cantwell指出，USDC的持续扩张表明市场对美元挂钩数字资产需求依旧旺盛。首席执行官Jeremy Allaire则表示，若未来出现降息周期，将有助于提升货币流通效率和稳定币采用率。
市场层面，分析人士认为此次上涨不仅源于业绩改善，也包含技术性突破因素。部分机构指出，数字商务与人工智能驱动支付应用前景改善，提振了投资者情绪。William Blair的Andrew Jeffrey建议投资者关注Circle的长期增长逻辑，瑞穗银行分析师Dan Dolev则强调，稳定币在数字支付体系中的角色正持续强化。
在业务拓展方面，Circle加快平台生态布局，包括推进Arc区块链测试网络及Circle支付网络，并扩大与Visa的合作，将USDC整合进结算体系，同时与Polymarket开展协作，推动链上支付场景落地。这些举措有助于分散对单一储备利息收入的依赖。
不过风险依然存在。若利率下行速度超预期，储备收益可能收窄；监管政策变化或稳定币赎回压力也可能影响盈利能力。随着更多稳定币发行方进入市场，竞争环境趋于激烈。接下来，投资者将关注美联储3月议息会议释放的政策信号，以及宏观数据对稳定币收益结构的潜在影响。
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