Wild split in how the market values stablecoin revs 👀

Circle $CRCL opened at a ~$32B EV → 34.8x ’25 net rev.

If $COIN keeps its ~53.5% cut of reserve income, that’s ~$1.29B in revs → implies $44.9B of COIN’s $60.5B EV is just from USDC.

That means the rest of Coinbase is trading at <2.5x net rev, below tradfi.

So either:

https://t.co/d8DBT7wAkZ demand for non-stablecoin crypto biz,

https://t.co/OLMGS4RgmH’s valuation is way too rich,

3.Or $COIN is due for a major re-rate.

Data and image credits to @HadickM from Dragonfly