Circle is becoming unkillable.

• Trust bank license application = direct treasury access, no more middlemen

• OKX partnership = 60M+ instant distribution globally

• $1.7B revenue at risk from rate cuts? Now building fee-based revenue streams

• $135B in treasuries across stablecoin issuers = new shadow banking system

they're not defending market share anymore. they're building the infrastructure that replaces traditional correspondent banking.