I've been watching CRCL from a distance. And I'm curious if other people are interested around these prices, or if you would not touch it due to political tailwinds?
What I like:
* Growing revenue. (+64% YoY)
* Growing FCF (+80% YoY)
* Low P/S among peers
* CRCL, 8.03
* V, 13.87
* MA, 12.75
* COIN, 5.92
* PYPL, 1.21
* Brand recognition. I used to be more heavily in the crypto space, and it seemed USDC was seen as the "less-sketchy" alternative to Tether.
* Growing on-chain transactions volume (this is a bit messy since it includes bots), 2025 annual volumes:
* USDC, $18.3 trillions, \~55% market share
* USDT, $13.3 trillions, \~40% market share
* All others combined (DAI, PYUSD, etc), $2 trillion, \~5% market share.
What I don't like:
* Effected by things like CLARITY act. (depending on the outcome)
* The business model in theory is not hard to replicate. The largest barrier would be a new stablecoin gaining trust.
* It is exposed to crypto fluctuations. I.e, if crypto enters a bear market there is less trading overall in stablecoins.
* For better or worse, largely exposed to interest rates.