sören john
@sorenwrenn
What're people's thoughts on circles IPO day so far? Why is trading up so dramatically? What does this mean for stables broadly?
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Garrett
@garrett
memestock for stablecoin growth seems completely detached from the revenue/underlying business
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sören john
@sorenwrenn
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?
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Garrett
@garrett
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
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