Circle's valuation is approaching the total amount of USDC, and the 'wind vane' of the crypto world is quietly shifting towards infrastructure!
Matrixport's chart today highlights the core logic:
Circle's latest valuation has reached 60 billion US dollars, almost equal to its circulating total of USDC (61.2 billion), and has remained steady as a rock over the past three months.
In contrast, Coinbase has a market capitalization of 78.3 billion US dollars, which looks high, but the structure is complex and highly volatile.
