Few crypto observers or traditional finance professionals anticipated the CRCL IPO would blow expectations out of the water to this degree, and while the market is never “wrong,” it is clear that Circle has big shoes to fill if it hopes to live up to a $20B valuation.

Critics may argue that Circle is less profitable than Tether and diverts too much revenue to Coinbase, but it is still the early days for stablecoin experimentation, and CRCL stands out as the clear best choice for equity investors seeking pure exposure to the stablecoin sector.

BlackRock’s MOU requiring prioritization of Circle stablecoins should help to provide a formidable edge once regulatory clarity clears the way for major financial institutions to use stablecoins in everyday operations, yet the entrance of traditional banks into the stablecoin sector also presents a formidable challenge.

These institutions are better positioned to absorb enhanced compliance burdens and could easily undercut the high cost structures of