COINBASE ACQUIRING CIRCLE ISN'T CRAZY

Summary from the TLDR Crypto newsletter

Circle trades at a $5B market cap with $155M net income and a similar 32x P/E as Coinbase, but with USDC poised to grow alongside global dollar demand and regulatory clarity via the GENIUS Act, its future earnings potential is much larger. Even with falling interest rates, a $250B–$500B USDC supply at a 3% yield could generate $7.5B revenue and $2B+ net income, matching Coinbase's current run rate and justifying a $60B market cap boost.