According to online reports, after stablecoin issuer Circle was listed in the United States, its profit model was disclosed, which showed that 98% of the company's revenue last year came from investment income in reserve assets. Reserves usually require high-quality, short-term and highly liquid assets, but data provided by Circle shows that the yield on its reserve assets in the past three years has ranged from 0.14% to 5.17%, indicating that its income driving force at this stage is quite focused on the interest rate trend of assets such as short-term bonds. In addition, Circle also faces a potential market competition risk, that is, once a sovereign-level institution participates in the issuance of stablecoins in the future, it may quickly gain a certain market share by virtue of the "zero counterparty risk" advantage. Analysts believe that it is necessary for Circle to expand its crypto ecosystem.