There are quite a few companies worth hundreds of billions in the fintech space. ROE = Net Profit Margin × Asset Turnover × Equity Multiplier. The financial industry naturally has an advantage here. The most valuable ones are the pipeline companies: Visa/Mastercard/Stripe/Fiserv/Adyen. They don’t handle money directly but facilitate global capital flows. The fastest-growing are Neobanks: Revolut/Nubank, along with crypto/brokerage players like Coinbase/Robinhood. Circle sits somewhere in between. The stablecoin business model is solid, but it lacks differentiation, can’t completely block future competitors, and hasn’t yet built incremental revenue streams beyond reserves. Moats are built through competition. Agent payment penetration is still very low, and the ceiling is still very high. As long as there’s growth, nothing else is a problem.