Circle's (CRCL) stock briefly surged past $298, exceeding both its stablecoin USDC's market cap and that of Coinbase (COIN). This caused a stir, with experts like Two Prime CEO Alexander Blume questioning the fundamentals. He highlighted that Coinbase receives a significant portion of Circle's revenue and operates diverse businesses, suggesting the valuation was unsustainable. The Block Research pointed out that Coinbase benefits from USDC's success. Circle pays over 60% of its USDC reserve income to Coinbase. As USDC expands or interest rates rise, Coinbase's revenue increases. Currently, CRCL is trading at $263.25, a 9.5% increase from the previous day. While the initial surge raised eyebrows, the market will determine if this valuation shift reflects a lasting change or a temporary anomaly. Investors are watching closely to see if Circle can justify its brief dominance. ```

#USDC