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老菜Sen
#Circle财报在即，稳定币增长能否兑现收益？
稳定币规模的持续增长是 Circle 的基本盘，但在当前的利率环境和渠道结构下，这种增长难以迅速、等比例地兑现为丰厚收益。Circle 能否真正打破“稳定币悖论”，取决于其非利息收入（如支付网络手续费）能否加速崛起，并成功降低对传统分销渠道的依赖。
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