USDC’s parent company is trading at a $28bn market cap.

USDT has nearly 2.5x the cash under management of USDC.

The Plasma fundraise is one of the first ways to ostensibly get exposure to USDT

They were raising money at a fraction of CRCL’s valuation

Cobie and Founders Fund are involved

Crypto almost always gives higher valuations than stock markets

IMO they could have $500mn in a financial crisis. Not some big “we’re back” moment.

(To be clear, we’re back, this just isn’t that proof)