Fundamentals:
- Est P/E ratio = 46.6 (cb is ~46 but they are more than just a stablecoin)
- If/When trsy yield drops, they start losing money really fast
- Other stats (see pic below)

Degen/Hype/Growth:
- $7.2B market cap is basically free compared to Ethena or Maker.
- BlackRock and Ark need exposure to stablecoins
- Congress/gov is passing laws (GENIUS Act)
- Literally the ONLY stablecoin/crypto exposure institutions can access (aside from Coinbase — who gets paid by Circle anyway).

NFA

How on earth can you spend $250M on compensation? I legitimately can't comprehend where that money is going.