#Circle #CircleIPO (CRCL) - the first stablecoin to go

public on the NYSE at $31 per share with a $6.3B market cap and 25x oversubscription.

Key points:

Business model - crypto fund earning from US Treasury bill spreads, not pure crypto play.

Major players - ARK, #BlackRock hold 10%.

Risks - high operating costs, Coinbase takes 50% of $USDC revenue until 2026, Fed rate cuts pose threats.

Growth catalysts new GENIUS Act boosting adoption, first stablecoin IPO drives retail FOMO, growing mainstream interest.

Short-term - volatility expected due to retail vs institutional dynamics