China’s ‘Buffett’ Duan Yongping Buys Circle Shares in Stablecoin Bet
March 31, 2026 — Chinese investor Duan Yongping, often called “China’s Buffett,” has taken a small stake in Circle Internet Group, the issuer of USDC stablecoin, through his firm H&H International Investment. The position, worth approximately $19.08 million, represents just 0.10% of H&H’s reported $20 billion 13F portfolio, signaling measured exposure to stablecoin infrastructure rather than a major crypto pivot.
Immediate Details & Direct Quotes
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H&H International Investment disclosed purchasing 200,000 Circle shares in its first-quarter 2026 portfolio, according to Dataroma data. The average price per share was $95.41, placing the total value at roughly $19.08 million. The filing reflects a modest allocation to Circle within an otherwise traditional portfolio dominated by blue-chip stocks.
“The Circle stake does not show a large crypto bet by Duan,” the report noted. “Its small size suggests measured exposure to a listed company tied to stablecoin infrastructure, rather than a broad move into digital assets.”
Duan’s largest holdings remain Apple, Berkshire Hathaway, Nvidia, PDD Holdings, and Tesla —familiar names for the value-oriented investor. Circle shares trade under the ticker CRCL.
Circle is best known as the issuer of USDC, a dollar-backed stablecoin designed for payments, trading, and settlement. The company states USDC is redeemable 1:1 for U.S. dollars and maintains price equivalence with the dollar.
Market Context & Reaction
Circle shares have experienced sharp moves in 2026. The stock surged more than 15% after the company reported stronger financial results, supported by rising USDC circulation. That report noted USDC circulation jumped 72% year over year to more than $75.3 billion.
However, regulatory pressure has weighed on the stock. Circle fell about 22% following a tougher draft of the CLARITY Act, which raised concerns over possible limits on stablecoin yield and rewards. This volatility underscores the ongoing regulatory scrutiny facing the stablecoin sector.
As of March 31, 2026, Circle reported $694 million in first-quarter revenue and USDC circulation of $77 billion. The company also raised $222 million for its Arc blockchain at a $3 billion valuation.
Stablecoin adoption continues expanding. Recent reports highlighted Meta using USDC for creator payouts, Nium adding USDC payments through Coinbase, and Circle launching managed settlement tools for banks and fintechs.
Background & Historical Context
Duan Yongping gained his “China’s Buffett” moniker through a long-term, value-focused investment style that mirrors the Oracle of Omaha. His track record includes early bets on companies like Apple and Nvidia, making any new position noteworthy —even a small one.
Circle went public in 2024 via a SPAC merger, becoming one of the few publicly traded stablecoin companies. The firm’s core product, USDC, has grown to over $75 billion in circulation, making it the second-largest stablecoin by market cap behind Tether’s USDT.
The stablecoin market has drawn increasing attention from both traditional investors and regulators. The CLARITY Act discussions illustrate the balancing act between fostering innovation and imposing guardrails on digital dollar equivalents.
What This Means
For investors, Duan’s small Circle position signals that even cautious value investors are acknowledging stablecoins as infrastructure rather than speculative assets. The 0.10% allocation suggests a toe-in-the-water approach, not a conviction bet.
Short-term, regulatory developments remain the primary driver for Circle’s stock price. The CLARITY Act’s final language will determine whether stablecoin yields face restrictions, impacting business models.
Long-term, rising USDC circulation —now above $77 billion— indicates growing demand for regulated stablecoins in payments and blockchain settlement. Circle’s expansion into banking infrastructure tools positions it beyond just stablecoin issuance.
Traders should monitor quarterly filings for any position changes. A larger stake from Duan in future quarters could signal increasing confidence in the stablecoin thesis.