Amid industry consolidation, Circle’s IPO choice tells a paradoxical yet imaginative story: despite declining net profit margins, it harbors immense growth potential. On one hand, it boasts high transparency, robust regulatory compliance, and stable reserve revenues; on the other, its profitability appears "modest" – with a 2024 net profit margin of just 9.3%. This "inefficiency" isn’t a failure of its business model but reveals a deeper growth logic: amid fading high-interest dividends and c...

Amid industry consolidation, Circle’s IPO choice tells a paradoxical yet imaginative story: despite declining net profit margins, it harbors immense growth potential. On one hand, it boasts high transparency, robust regulatory compliance, and stable reserve revenues; on the other, its profitability appears "modest" – with a 2024 net profit margin of just 9.3%. This "inefficiency" isn’t a failure of its business model but reveals a deeper growth logic: amid fading high-interest dividends and c...