At this price CRCL should just do at the money offerings, and use proceeds to buy back USDC.

Mcap is $50b~

USDC in circulation is $61b.

For each $1 of USDC they get like $0.03 of revenue, half of which basically ends up at Coinbase, then another 38%~ in operating costs.

So they earn about $0.004~ per circulating dollar, even with overnight rates at a historically high 4%~

Buying back USDC with equity sells, could substantially expand that margin.

Even $1B in at the money offerings, means they could bump that to $0.0046~ per USDC, and increase profitability by around 15%~