Lanceljx
09-16 12:14

The stablecoin story can keep growing, but the valuation story just became harder.


CLARITY failing does not stop USDC adoption. Circle still reported USDC circulation +19% YoY and on-chain volume +151%. What disappeared is the near-term regulatory catalyst that could justify institutions committing more capital with confidence.


So I’d separate adoption from the stocks. Stablecoins can keep expanding while CRCL and COIN multiples compress. The next leg needs evidence: continued USDC growth, institutional adoption and eventually a durable regulatory framework. Until then, regulatory uncertainty deserves a discount.

BlackRock and Mastercard Endorse Circle — So Why Is the Stock Still Falling?
Circle fell 6.78% to $80.45 Wednesday, the worst name in the session for a second straight day, on a day of nothing but good news: BlackRock, Mastercard and Visa each disclosed partnerships, and Circle bought cross-border payments firm Tazapay, which handles over $25bn in annualized volume. Three of the biggest names in payments put their logos on the platform and the stock still fell. That gap is the story: an endorsement answers whether the compliance path works, not whether institutional money is allowed down it. Until the rules land, a signed partner is not a flow. Does the model hold up?
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Comments

  • LouisLowell
    09-16 12:42
    LouisLowell
    I think the missing catalyst premise is a bit early. The 21st Century bill path matters more than CLARITY here, it just still is not priced into CRCL and COIN yet.
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