Let's take a look at $CRCL 's financial report.

If we only look at Q1 total revenue and reserve income of $694 million,
that's slightly below market expectations.
What truly matters is the usage data behind USDC.
According to @MSX_CN's research report,
USDC circulation has reached $77 billion, a year-over-year increase of 28%.
On-chain transaction volume is $21.5 trillion, a year-over-year increase of 263%.
Stablecoins are already heading towards financial infrastructure.
Previously, stablecoins were more like pipes in exchanges,
now they are increasingly like highways for on-chain finance,
payments, clearing, cross-border transfers, DeFi settlements,
many things are starting to run on this system.
So the key point of this financial report is:
The USDC network is still expanding,
real demand is still growing stronger.
In the short term, the market is looking at expectations gaps,
this table of stablecoins is just beginning to serve dishes.
Looking at the K-line:
Honestly, $CRCL didn't perform as expected.
Far less lively than some storage sectors with many players.
Here, it has actually reached the daily supply zone,
and has not broken previous highs.
Long-position traders must be cautious of risks.
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