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.
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- LouisLowell·09-16 12:42I 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.LikeReport