Arthur Hayes wrote an article today reviewing the history of stablecoins, which was very insightful and discussed Circle's stock price. While reading, he summarized: Initially, people used fiat currency to buy and sell coins. Bitfinex has long been the largest exchange outside of China, with a bank account in Hong Kong. Banks began to close accounts of cryptocurrency companies, so in 2015 Bitfinex created Tether/USDT, which became the preferred "USD bank account" in the Chinese cryptocurrency industry. In 2017, Tether achieved product and market fit. The rise of Ethereum and Binance has provided USDT with faster transfers and more trading scenarios. In addition to holding Bitcoin and other junk currencies, there are three business models that can create encrypted wealth. They are mining, operating exchanges, and issuing stablecoins. Circle's current valuation is severely overvalued. But never short Circle! New stocks will tear short sellers apart. If you think the Circle/Coinbase ratio is incorrect, perhaps you should buy Coinbase. Tether has proven that an on chain bank that only holds people's funds and allows them to transfer them can become the highest per capita profit financial institution in history. Stablecoins will eventually be adopted in a limited form in traditional banks. The situation for new stablecoin issuers is very severe due to the lack of distribution channels. Circle pays 50% of its net interest income to Coinbase in exchange for Coinbase's distribution throughout the network. Full text: https://cryptohayes. (substack.com)/p/assume-the-position