CRCL now holds 77 billion USDC. Assuming all interest income goes to the company itself, the gross profit would be around $3 billion. Of course, they still need to share with users, Coinbase, and cover various expenses. Plus, stablecoins don’t really have much of a moat—whoever offers higher subsidies will attract users. In the best-case scenario, giving it a 10x PE would just match its current valuation. But after deducting costs, CRCL is still operating at a loss. All in all, this business model is pretty average. If it’s like USDT, with fewer people and larger scale, leveraging first-mover advantage might work. Otherwise, in my personal opinion, it’s just like a crypto stock—ride the crypto cycles and trade on sentiment, that’s about it. Just started learning how to trade U.S. stocks—what do you all think of this approach?