Circle's market cap is $27.4 billion after going public, but the stablecoin reserves it manages are as high as $64.4 billion. mNAV is only 0.43—meaning if you spend $1 to buy Circle's stock, it corresponds to $2.30 in reserve assets. Today, the stock price rose 5% to $132, but this discount is still wild. For comparison, MicroStrategy's mNAV is 0.96, almost at parity. Is the 'money printer' of the stablecoin sector being undervalued by the market? Or is the market pricing in regulatory risks?