随着经济不确定性的浪潮淹没了市场，加密货币世界屏住呼吸

圈子是稳定空间中的巨人，在野心和谨慎之间摇摆。它的IPO项目虽然扎根，但可能会下沉

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

随着经济不确定性的浪潮继续打击市场，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.

作为稳定空间中的巨人圈子，为其IPO做准备，它发现自己在野心和谨慎之间摇摆。

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，同比增长16％，市值超过了600亿美元，Circle拥有大胆的健康状况。

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

但是，这些数字的背后是一个悖论：USDC的发行人公司犹豫要越过Rubicon。

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

它于4月1日在美国证券交易委员会（SEC）注册，现在滑行，等待腐烂市场的信号。

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，宣布特朗普的激进关税，在24小时内蒸发了2万亿美元的估值，这是投资者的海啸。

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（一量恐惧）飙升至41，这是恐慌的代名词。传统的资产颤抖，而加密在避难和风险之间振荡。

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.

在这种气候下，Circle更喜欢玩等待游戏。像克拉纳（Klarna）和Stubhub一样，他们也推迟了IPO，该公司担心其市场进入可能会变成沉船。

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.

有希望的符号CRCL仍然处于困境，尚未设定任何价格或股份量，而这可以看作是战略性的模糊或承认脆弱性。

Crypto at a Crossroads: Refuge or Scapegoat?

十字路口的加密：避难所还是替罪羊？

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

“我们担心经济衰退，” ARK Invest的创始人提醒。她的诊断是由许多球员分享的，像死亡膝内一样引起共鸣。

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.

货币循环的速度正在放缓，外国反校准威胁着，尽管固定在美元固定的情况下，但USDC并不能免疫动荡。

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.

旨在稳定的稳定币现在被政治震颤所动摇。特朗普的关税不仅是一场贸易战。他们重新定义了经济游戏规则。

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.

作为反应，投资者逃往黄金，政府债券……矛盾地逃往某些加密货币。在液体储备的支持下，USDC体现了这一双重运动：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的推迟不是孤立的事件，而是一种症状。它揭示了对公共市场的结构不信任，被认为是易变的舞台。

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长期以来一直梦想着股票市场合法性。今天，它犹豫不决：它应该征服传统的金融或培养其破坏性边缘性吗？

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

最近的比特币下降，其次是篮板，表明答案并不明确。

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冒着风险，IPO可能会成为弹性的象征。相反，长时间的延迟将表示宏观经济不确定性对加密货币的持久控制。

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

在两者之间，出现了第三条路径：无声适应。分散的协议，较少依赖政治情绪，正在逐步发展。

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价格而是逃避监管雷达的股票怎么办？只有时间会证明。