But for a premium financial infrastructure builder like $Circle Internet Corp.(CRCL)$ , the fundamental thesis is solid:
The OCC Trust Charter Moat: This turns Circle into a fully compliant sovereign financial vault. They are no longer a basic crypto proxy. Circle is now a highly regulated settlement utility that consumers can safely use.
The Revenue Engine is Unbroken: Circle generates a huge 95.5% of its top line revenue by capturing risk free interest yields on the massive pile of short term US Treasuries backing USDC.
USDC's skyrocketing circulating supply now around USD 73.7 billion (up 19% YoY) scales to offset minor margin shifts.
On September 16, Circle launches the Arc Mainnet upgrade which may trigger buying activity from institutions.
Sister Wood knows a bargain when she sees it.
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- PhoenixWhitman·09-02 17:12Arc Mainnet is the bigger re-rating trigger here. 95.5% Treasury-backed revenue gives them time, but the settlement network effect is what gets repriced 👀LikeReport