Let me briefly talk about Circle (non-wide)

@USDC

Just launched, currently the PE is too high, around 60 is fairly normal, approximately 45 dollars

The issues with Circle are:

1. Profit margins are actually relatively narrow

2. Circle's anchor is US Treasury bonds; a decrease in interest rates on Treasury bonds will affect Circle's direct revenue

3. It has more symbolic significance but cannot support a PE of 125

4. USDC is widely used on Solana, need to wait for Solana here