TLDR
- Duan Yongping added CRCL shares despite earlier comments showing little interest in stablecoins and crypto.
- The position covered 200,000 shares and represented under 0.1% of his reported US equity portfolio.
- Circle’s USDC business gives traditional investors a listed route into stablecoin-linked revenue and payments growth.
- The filing followed Circle’s reported revenue growth and wider USDC use across blockchain transactions globally.
- Duan’s small allocation suggests caution yet places Circle inside a closely watched value investor portfolio.
Duan Yongping has taken a small new position in Circle Internet Group, the issuer of USDC. The purchase drew attention because he had earlier expressed doubts about stablecoins. The news centers on a quiet CRCL buy after his July 2025 stablecoin comments. Still, the holding is small compared with his reported U.S. equity portfolio.
Quiet CRCL Purchase Follows Stablecoin Doubts
H&H International Investment LLC reported the new holding in its Q1 2026 SEC 13F filing. The filing covered the period ending March 31, 2026, and showed 200,000 CRCL shares. The average cost was about $95.41, placing the purchase near $19.08 million. The filing lists the holding as a first position for the quarter.
The stake equals about 0.095% of the reported $20 billion portfolio. That size makes it a watch-list holding rather than a core position. Even so, the name gained attention because Circle links directly to the stablecoin market. It also keeps the risk low if the thesis changes.
Duan had said in July 2025 that he was “not interested in stablecoins.” His CRCL purchase came about nine months after that remark, which created the main news angle. Wu Blockchain first flagged the disclosure, according to the report cited in the market brief. The timing also makes the purchase hard to ignore for crypto traders.
Circle Gives Crypto A Listed Business Model
Circle runs USDC, which ranks among the largest dollar-linked stablecoins in the crypto market. Its business depends on reserves, and those reserves mainly sit in cash and Treasury assets. Circle earns interest on those assets, so the model looks clearer than many token projects. That structure separates Circle from projects built mainly around token price gains.
The company reported $694 million in total revenue for Q1 2026, according to the provided figures. Reserve income accounted for 94% of that revenue, which explains the focus on interest rates. Adjusted EBITDA reached $151 million, and management used it to show operating profit before certain costs. The figures show a business tied closely to demand for digital dollars.
USDC circulation reached $77 billion, based on the same set of reported numbers. On-chain USDC transaction volume reached $21.5 trillion, with a stated yearly rise of 263%. Those numbers give investors data points for comparing Circle with other crypto firms. They also show why CRCL can attract attention beyond native crypto investors.
Stablecoin Exposure Enters Traditional Portfolios
Duan built his reputation through long-term investing and close study of cash-generating companies. He is often called “China’s Buffett,” and investors follow his public filings closely. His portfolio has included Apple, Berkshire Hathaway, and Nvidia, based on the filing summary. This background explains why the small CRCL entry received broad market attention.
The Circle stake does not prove a wider shift toward all crypto assets. The filing places a stablecoin-linked stock inside a traditional value investor’s public holdings. However, the small allocation suggests caution, and it leaves room for later changes. The small size also limits what readers can infer from one filing.
Circle also remains tied to policy, rates, and trust in USDC reserves. Regulatory clarity in the United States has become an important part of the stablecoin story. For now, Duan Yongping’s quiet CRCL buy shows interest after a clear public doubt. Market watchers can compare future filings for additions, cuts, or an exit.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
