What're people's thoughts on circles IPO day so far? Why is trading up so dramatically? What does this mean for stables broadly?

memestock for stablecoin growth 

seems completely detached from the revenue/underlying business

Stay Curious // iixii // Head of Crypto at https://www.lazertechnologies.com/  // Prev: CoinDesk, Roc Nation // based @basedevo

Rome, Metropolitan City of Rome Capital, Italy

Maybe but the only revenue is interest revenue and Circle doesn’t even capture most of that revenue bc they have to pay distribution partners (Coinbase) 50%+ of the revenue 

It’s getting valued as if it were a tech stock and it’s much more like a bank

what happens when crypto behavior meets tradfi? makes sense.

perhaps market sees a networks business and think performance pre-ipo legitimization and is materially long on the stock now?