At this price CRCL should just do at the money offerings, and use proceeds to buy back USDC. Mcap is $50b~ USDC in circulation is $61b. For each 1 of USDC they get like 0.03 of revenue, half of which basically ends up at Coinbase, then another 38%~ in operating costs. So they earn about 0.004~ per circulating dollar, even with overnight rates at a historically high 4%~ Buying back USDC with equity sells, could substantially expand that margin. Even 1B in at the money offerings, means they could bump that to 0.0046~ per USDC, and increase profitability by around 15%~