隨著經濟不確定性的浪潮淹沒了市場，加密貨幣世界屏住呼吸

圈子是穩定空間中的巨人，在野心和謹慎之間搖擺。它的IPO項目雖然紮根，但可能會下沉

The world of crypto is holding its breath as waves of economic uncertainty continue to batter the markets.

隨著經濟不確定性的浪潮繼續打擊市場，加密世界正在屏住呼吸。

As Circle, a giant in the stablecoin space, prepares for its IPO, it finds itself swaying between ambition and caution.

作為穩定空間中的巨人圈子，為其IPO做準備，它發現自己在野心和謹慎之間搖擺。

With an impressive revenue of $1.67 billion in 2024, up 16% year-on-year, and a market capitalization that has surpassed $60 billion, Circle boasts an audacious health.

2024年的收入令人印象深刻，同比增長16％，市值超過了600億美元，Circle擁有大膽的健康狀況。

However, behind these figures lies a paradox: the company, issuer of the USDC, hesitates to cross the stock market Rubicon.

但是，這些數字的背後是一個悖論：USDC的發行人公司猶豫要越過Rubicon。

Registered with the SEC on April 1, it now skids, waiting for signals from a market in decay.

它於4月1日在美國證券交易委員會（SEC）註冊，現在滑行，等待腐爛市場的信號。

The announcement of Trump’s radical tariffs, on April 2, evaporated $2 trillion in valuation within 24 hours, a tsunami for investors.

4月2日，宣布特朗普的激進關稅，在24小時內蒸發了2萬億美元的估值，這是投資者的海嘯。

The VIX index, a gauge of fear, soars to 41, a level synonymous with panic. Traditional assets tremble, while cryptos oscillate between refuge and risk.

VIX索引（一量恐懼）飆升至41，這是恐慌的代名詞。傳統的資產顫抖，而加密在避難和風險之間振盪。

In this climate, Circle prefers to play the waiting game. Like Klarna and StubHub, who are also postponing their IPOs, the company fears its market entry might turn into a shipwreck.

在這種氣候下，Circle更喜歡玩等待遊戲。像克拉納（Klarna）和Stubhub一樣，他們也推遲了IPO，該公司擔心其市場進入可能會變成沉船。

The promising symbol CRCL remains in limbo, and no price or share volume has yet been set, in a move that could be seen as a strategic blur or an admission of vulnerability.

有希望的符號CRCL仍然處於困境，並且尚未設定任何價格或股份，這可以看作是戰略性的模糊或承認脆弱性。

Crypto at a Crossroads: Refuge or Scapegoat?

十字路口的加密：避難所還是替罪羊？

“We fear a recession,” alerts the founder of ARK Invest. Her diagnosis, shared by many players, resonates like a death knell.

“我們擔心經濟衰退，” ARK Invest的創始人提醒。她的診斷是由許多球員分享的，像死亡膝內一樣引起共鳴。

The speed of money circulation is slowing, foreign counter-tariffs threaten, and the USDC, although pegged to the dollar, is not immune to the turmoil.

貨幣循環的速度正在放緩，外國反校準威脅著，儘管固定在美元固定的情況下，但USDC並不能免疫動盪。

Stablecoins, designed to stabilize, are now shaken by political tremors. Trumpian tariffs are not just a trade war; they redefine the rules of the economic game.

旨在穩定的穩定幣現在被政治震顫所動搖。特朗普的關稅不僅是一場貿易戰。他們重新定義了經濟遊戲規則。

In reaction, investors flee to gold, government bonds… and paradoxically, to certain cryptos. The USDC, backed by liquid reserves, embodies this dual movement: both a victim and a beneficiary of distrust.

作為反應，投資者逃往黃金，政府債券……矛盾地逃往某些加密貨幣。在液體儲備的支持下，USDC體現了這一雙重運動：受害者和受益人不信任。

The postponement of Circle’s IPO is not an isolated incident but a symptom. It reveals a structural distrust towards public markets, perceived as too volatile arenas.

Circle IPO的推遲不是孤立的事件，而是一種症狀。它揭示了對公共市場的結構不信任，被認為是易變的舞台。

However, crypto has long dreamed of stock market legitimacy. Today, it hesitates: should it conquer traditional finance or cultivate its disruptive marginality?

但是，Crypto長期以來一直夢想著股票市場合法性。今天，它猶豫不決：它應該征服傳統的金融或培養其破壞性邊緣性嗎？

The recent drops in Bitcoin, followed by its rebounds, show that the answer is not clear-cut.

最近的比特幣下降，其次是籃板，表明答案並不明確。

If Circle takes the plunge despite the risks, its IPO could become a symbol of resilience. Conversely, a prolonged delay would signify the lasting grip of macroeconomic uncertainties on crypto.

如果Circle冒著風險，IPO可能會成為彈性的象徵。相反，長時間的延遲將表示宏觀經濟不確定性對加密貨幣的持久控制。

Between the two, a third path emerges: that of silent adaptation. Decentralized protocols, less dependent on political moods, are gaining ground.

在兩者之間，出現了第三條路徑：無聲適應。分散的協議，較少依賴政治情緒，正在逐步發展。

What if the real revolution was not in stock prices but in the escape from regulatory radars? Only time will tell.

如果真正的革命不是股票價格而是逃避監管雷達的股票怎麼辦？只有時間會證明。