A Brief Discussion on the Surge of Circle ($CRCL):

There are many logical reasons behind the surge of $CRCL. I am not a professional U.S. stock researcher; the following analysis of Circle's surge logic is merely from the perspective of arbitrage.

In my opinion, a stablecoin is essentially you providing a company like Circle with a free dollar financing using your fiat currency, and in return, they give you a tokenized debt certificate.

This debt certificate can be circulated, traded, staked, arbitraged, or even consumed.

You provide cash, sacrificing interest, in exchange for higher capital efficiency, while the issuer enjoys the interest through a stable mechanism.

From the arbitrage perspective, this is based on the opportunity cost of capital.

Thus, from this angle, the greatest value of stablecoins, apart from stability, is their significant role in enhancing the efficiency of the entire financial system.

Or, to put it more simply, it is like an efficiency booster for the dollar, akin to equipping the dollar with a nitrous oxide tank.

Therefore, the most essential future scenarios will undoubtedly emerge in places that pursue capital efficiency to the extreme, such as payments, settlements, and, further down the line, the tokenization of everything.

That is why I believe this is where the imagination lies for the stablecoin and the sky-high stock price of Circle.