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@草凡借箭：$Circle Internet Corp.(CRCL)$CRCL 的长期价值，有点像包含了一个“美元数字化路径”的看涨期权。 USDC 体量和利率，共同决定这张期权有多厚的“内在价值” GENIUS Act 和各国监管进展，决定这张期权的“剩余期限”和“执行条件”；媒体叙事、机构仓位与散户情绪，则决定这张期权阶段性的隐含波动率。

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