Coinbase (COIN) might be flying under the radar right now—especially in light of Circle’s explosive rally. Circle (CRCL), which went public earlier this month at $31, has surged over 750%, recently touching $299 before settling around $263. That puts its market cap near $60 billion, almost on par with the $61.3 billion supply of its USDC stablecoin—and closing in on Coinbase’s own $78 billion valuation.

Here’s where it gets interesting: Coinbase owns a minority stake in Circle and earns 50% of the interest income on USDC reserves, plus 100% of the interest on USDC held directly on its platform. So as Circle’s valuation skyrockets on stablecoin optimism and regulatory clarity (thanks to the GENIUS Act), Coinbase benefits too—without the same frothy price action.

In that context, Coinbase could be seen as a stealth stablecoin play—with broader crypto exposure, a growing institutional base, and a more diversified revenue stream. If Circle’s rally is a vote of confidence in the stablecoin ecosystem, Coinbase might just be the undervalued proxy hiding in plain sight.