circle IPO:

• $31 → $82 close (171% day one)

• hit $93 intraday

• 25x oversubscribed

• $17-20B market cap now vs $6.9B at open

context:

• USDC has $60.3B supply, 66% vs tether

• tether still does $1T monthly volume (33x more profitable)

• uber announces stablecoin payments same day

• stablecoin regulation bill advancing to vote

crypto ETFs can now buy $CRCL. blackrock and ark already in. expect more stablecoin stocks soon.

tether's regulatory arbitrage looking expensive at these multiples