Ok CRCL none meme squeeze bullcase thesis 1) Stop valuing it on P/E (currently 350), it's a 'growth stock' in a growth industry, not a value stock. Tech stocks get equally overvalued if the narrative/TAM/story is strong enough. 2) USDC is currently 60b mcap 3) Scott Bessentt said stablecoin mcap will be 3.5T by 2030. 4) Let say circle takes 1/4 of the stablecoin mcap (it's currently like 30%) 800b mcap USDC which is 13x growth 5) Now work P/E on that price with UST yields staying the same (lol they won't but market doesn't care or understand, just predicting earnings growth blindly) that would be 26 PE 6) Now consider there is NO public market pure stablecoin play out there, if you want exposure, it's just CRCL. Chances of a NEW company (not an entrenched bank or payment services provider) launching, getting a foothold, and going public in the US is extremely slim, and if possible, would be years off. NOW...now, it looks less ridiculous. disclaimer: No position in CRCL, I am coping with the rest