One of crypto’s most revered companies, Circle, has finally filed its S1 prospectus with the SEC ahead...The Circle story is really easy to grasp....But is Circle stock really the cleanest way to express a bullish view on stablecoins?  ...Circle seems to have done a good job of keeping OpEx fairly flat while revenue grew.

Especially considering Circle is paying a majority of its revenue directly to Coinbase as a distribution...If anything, Circle faces even more challenges if we assume banks will slowly begin to launch their own...

$75.15 million in fees — vaulting to 3rd place behind only stablecoin issuers Tether ($555 million) and Circle...

While Tether and Circle dominate the market today, I expect emerging issuers such as Paxos’ USDG, M^0...USDC seems best positioned today as Circle is launching developer-controlled wallets and stablecoin infrastructure...Today, @circle launched a guide to operating autonomous AI Agents with USDC on blockchain apps. https...

It will use CairoVM, Stwo (new prover from Starkware), Circle Starks and other improvements....This shift is enabled by major breakthroughs in proof systems: Circle Starks achieved 125x faster proving...Starks and Stwo The second most important development that happened this year was Circle starks.

The recent IPO of Circle illustrates this....As the issuer of USDC, Circle sits at the center of crypto’s stablecoin infrastructure....I think there exists the need for crypto-equity in some capacity – Circle and Coinbase being perfect...

Since Initia is natively integrated with Noble—the Cosmos chain that issues native USDC via Circle—users...

World App’s payment capabilities are expanding through partnerships with Circle and Visa, with World...

To circle back to my earlier point: onchain capital is still mercenary.

What’s particularly important here is the persistent divergence regime highlighted by the red circle.

Tether and Circle) and (2) stablecoin distributors (i.e., apps)....M^0’s “M”: Created by a team of ex-MakerDAO and ex-Circle veterans, M^0’s vision is to serve as a thin...

...stablecoin designed to keep capital in the ecosystem and redirect the yield that traditional issuers like Circle...passively generating around 4.3% in yield—over $129 million annually, most of which flows straight to Circle...

...be on like a real, uh, a real break, like a real all time high breakout. [00:21:45] Like volume is circle...Maybe everybody’s, you know, bidding circle....Like circle like all these companies to IPO as opposed to make a token....And then Circle [00:54:30] came out at four Bill or whatever and then everyone was like, oh, this is...

Circle launched native USDC on Sui on September 17th, 2024.

Users can set different prices for different entity types (mutuals, extended circle, randoms, companies...

...simply, when you lack an objective north star metric, price action gets reduced to one massive memetic circle...

...time until we start seeing restaking protocols allowing LRTs to be restaked, creating a never ending circle...

...cross-chain Splitwise that leverages the entire global network of payments, rather than an arm’s length circle...

Given Circle is the native issuer of USDC, they are in a uniquely privileged position where they can...

...of decentralization with HyperEVM, it is exciting to see these ideas and themes start to come full circle...