#3.However, as Circle issues stablecoins and reserves cash for liquidity management, it may also be viewed as a money market fund for US Treasuries - its return should be linked with the yields of US Treasuries and valuation could fall way below.

#2.The current pricing of Circle is way beyond its current operational capabilities, an over 300x P/E reflecting more on market frenzy rather than intrinsic value. Given that it is the only stablecoin stock, the investors have offered Circle a significant premium.

#1.Beyond regulation drivers like the GENIUS Act and CLARITY Act, the recent price hike is also due to the short-squeeze, as liquidation of short positions accelerated the hike. Market hype in re-recognizing crypto, combined with the demand for stablecoin target, moved price.

Following its NYSE listing, Circle @circle has seen a skyrocket climb of its stock price, all the way up from $60 to ~$300. While some researchers shared negative views about its reasonable pricing, Circle has seen another momentum last week to ~$260. What has contributed to its

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