The stock price of Circle (CRCL) has recently soared an astonishing 700%, with its market capitalization climbing directly to $60 billion, and market valuations reaching high levels. However, behind this magnificent rise lies not only the numbers but also a little-known chain of profit distribution.

Upon careful examination of this USDC stablecoin issuer, we find that Circle has actually been operating in the crypto market for quite some time, ranking second in the stablecoin sector. Interestingly, the cryptocurrency exchange platform Coinbase established a deep strategic partnership with Circle early on, under which Coinbase is able to share up to 50% of Circle's revenue. This means that as Circle's stock price continues to rise, Coinbase is effectively enjoying half of the profit feast in silence.

However, the market capitalization does not seem to fully reflect this relationship: Circle has reached a market capitalization of $60.2 billion, while Coinbase is only $78.2 billion. This valuation gap actually reveals a different understanding of the value anchors of these two crypto giants—who is the real revenue creator, who shares the profits, and whose value is underestimated.

Analyzing this phenomenon reveals that:

The surge in Circle's stock price is mainly due to the market's optimistic expectation that USDC will become a dominant force in the compliant payment sector.

Although Coinbase enjoys half of Circle's profits, the market has not yet fully regarded it as a "stablecoin revenue sharing party";

If you believe that Circle has a bright future, then the value of Coinbase is not limited to being a trading platform; it is more like a core partner of the "stablecoin regular army."

This relationship is similar to investing in a tech giant while also receiving additional dividend income from its investment company. Although Circle has become the focus of the market, Coinbase is the behind-the-scenes winner that consistently shares massive profits.