$CRCL short thesis: 1) $CRCL only makes money on interest from USDC 2) They give like 70% of all their profit to Coinbase 3) USDC issuance is ~$0 in the last month while USDT is up $4b in market cap 4) Current p/e ratio is 2,600 When you buy $CRCL, you're effectively buying bonds except they get taxed at 70% (by Coinbase) and the underlying dollar amount can go up or down depending on crypto volatility. It's hard to see how they stay dominant when they need to pay most of their revenue out for distribution purposes. JPM's stablecoin (JPMD) won't have the same issues since they own massive distribution and money already. There isn't much growth to look forward to IMO, especially as more tradfi incumbents see what's happening and want a piece of the action. I think $CRCL goes to like $6-10b mcap (almost -90%). I don't really do tradfi stuff but this feels like the first time crypto people have an edge because they actually understand how Circle works. Tradfi is just "OMG LETS LONG STABLECOINS".