According to Bijie.com, due to the turbulent Trump's tariff policy, the expected probability of Circle IPO has dropped sharply. According to Polymarket forecast market data, the probability of Circle successfully listing by the end of 2025 has plummeted from 45% to 28%, hit by news that the United States may impose tariffs on cryptocurrency mining equipment made in China. The market is concerned that the move will aggravate industry regulatory uncertainty and affect the listing prospects of stablecoin issuers. Affected by this, the valuation expectations of USDC issuer Circle are under pressure to lower the valuation.