"Does War Not Only Drive Up Oil Prices but Also Send Circle's Stock Soaring?" (Author: Thejaswini M A, Translated by Block Unicorn) Circle's revenue depends on a single key factor: the federal funds rate. When interest rates are high, bond yields are high, and each USDC issued by Circle can generate more income. When rates are low, revenue decreases, and everything else is secondary; Circle has been expanding into transaction fees, enterprise services, payment networks, and Arc, but these businesses do not rely on the interest rate environment, and currently, their contributions are minimal. The interest rate trading argument suggests that Circle is a company betting on long-term rising interest rates, and its stock price already reflects the market’s expectation that the Federal Reserve will no longer cut rates significantly. Read more: