My contrarian view is they will launch, barely reach scale outside their existing services and scale back to use a third-party stablecoin I am not convinced the cost-benefit is right for them to launch their own rather than using a regulated third party stablecoin like USDC. They do have the capital but lack human capital to handle another business line. Security and maintenance will be their biggest overheads. Once they scale back it then means Circle could also be valued as the AWS for stablecoins in the Western World. It’s hard to reach its scale as DeFi becomes more robust and eventually part of people’s daily lives too