Key Takeaways
- • Duan Yongping's H&H International Investment disclosed a 200,000-share position in Circle Internet Group worth approximately $19.08 million at an average price of $95.41 per share in Q1 2026.
- • The Circle stake represents a modest 0.10% allocation within H&H International's $20 billion 13F portfolio, indicating measured rather than aggressive exposure to stablecoin infrastructure.
- • Circle's position as the primary issuer of USDC—a dollar-backed stablecoin with $75.3 billion in circulation (up 72% year-over-year)—provides portfolio exposure to the fast-growing digital payment and settlement infrastructure segment.
- • H&H International's largest holdings remain diversified across traditional equities, including Apple, Berkshire Hathaway, Nvidia, PDD Holdings, and Tesla, with the Circle addition marking selective entry into cryptocurrency-adjacent assets.
- • Circle shares experienced material volatility in 2026, rising more than 15% following stronger financial results but declining approximately 22% following regulatory concerns tied to the CLARITY Act draft proposal.
Summary
Duan Yongping, the prominent Chinese investor known for value-oriented stock picking comparable to Warren Buffett's methodology, has added stablecoin infrastructure exposure to his portfolio through H&H International Investment's disclosure of a 200,000-share position in Circle Internet Group during Q1 2026. The stake, valued at approximately $19.08 million based on an average purchase price of $95.41 per share, represents a small but deliberate allocation within the investor's broader $20 billion portfolio.
The investment provides diversified exposure to Circle, which operates as the primary issuer of USDC, a dollar-backed stablecoin designed for payments, trading, and settlement applications. USDC maintains 1:1 redemption parity with U.S. dollars and has experienced substantial growth momentum, with circulation reaching $75.3 billion as of early 2026—a 72% year-over-year increase. By allocating approximately 0.10% of portfolio capital to Circle, H&H International gains measured participation in digital payment infrastructure without overweighting digital assets relative to its broader equity allocation.
The addition of Circle reflects a calculated approach rather than an aggressive cryptocurrency bet. H&H International's core portfolio remains anchored in established equities, with top positions including Apple, Berkshire Hathaway, Nvidia, PDD Holdings, and Tesla. This positioning suggests the investor views stablecoin infrastructure as a selective opportunities area within a fundamentally traditional public-equity framework.
Circle shares exhibited pronounced volatility throughout 2026. Following the company's report of stronger financial results supported by USDC circulation growth, CRCL rose more than 15%. However, the stock subsequently declined approximately 22% after draft legislation on the CLARITY Act raised concerns regarding potential restrictions on stablecoin yield mechanisms and rewards structures. This regulatory sensitivity underscores the execution risks inherent to stablecoin-issuer investments and suggests H&H International is accepting meaningful regulatory and competitive exposure as part of the position rationale.
The investment provides diversified exposure to Circle, which operates as the primary issuer of USDC, a dollar-backed stablecoin designed for payments, trading, and settlement applications. USDC maintains 1:1 redemption parity with U.S. dollars and has experienced substantial growth momentum, with circulation reaching $75.3 billion as of early 2026—a 72% year-over-year increase. By allocating approximately 0.10% of portfolio capital to Circle, H&H International gains measured participation in digital payment infrastructure without overweighting digital assets relative to its broader equity allocation.
The addition of Circle reflects a calculated approach rather than an aggressive cryptocurrency bet. H&H International's core portfolio remains anchored in established equities, with top positions including Apple, Berkshire Hathaway, Nvidia, PDD Holdings, and Tesla. This positioning suggests the investor views stablecoin infrastructure as a selective opportunities area within a fundamentally traditional public-equity framework.
Circle shares exhibited pronounced volatility throughout 2026. Following the company's report of stronger financial results supported by USDC circulation growth, CRCL rose more than 15%. However, the stock subsequently declined approximately 22% after draft legislation on the CLARITY Act raised concerns regarding potential restrictions on stablecoin yield mechanisms and rewards structures. This regulatory sensitivity underscores the execution risks inherent to stablecoin-issuer investments and suggests H&H International is accepting meaningful regulatory and competitive exposure as part of the position rationale.
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