Circle's IPO and the New Crypto Valuation Playbook: Why Wall Street Got It Wrong
When Stablecoins Become Meme Stocks
Let me paint you a crypto Rorschach test: What do you see when a “boring” stablecoin issuer rockets to 160x earnings multiples? A pricing error? Institutional FOMO? Or proof we’ve finally succeeded in our secret mission to turn TradFi into a speculative casino?
Circle’s IPO was supposed to be another sleepy banking ritual - the kind where underwriters whisper sweet nothings about “reasonable valuations” while discreetly pocketing bonuses. Instead, we witnessed history’s most aggressive case of spreadsheet rebellion since Michael Burry shorted mortgage bonds. That 250% two-day surge didn’t just embarrass Goldman’s models; it exposed how profoundly institutions misunderstand crypto economics.
The Hidden Alchemy of Stablecoin Math
Here’s what your MBA won’t teach you: Circle isn’t valued like a company - it’s priced as monetary policy infrastructure. When analysts gawk at its \(1.2T annual transaction volume (Visa territory) versus puny \)6B market cap, they’re missing the dark calculus. Controlling even 10% of global dollar settlements could justify valuations that make Nvidia look quaint.
The real joke? Coinbase skims half of Circle’s revenue through their USDC partnership. Imagine if JPMorgan had to give 50% of credit card fees to… actually, don’t imagine that - Jamie Dimon might spontaneously combust.
Regulatory Jiu-Jitsu and Tether’s Exit
With the Clarity Act looming, Tether’s threat to exit America reveals brilliant game theory. By refusing to disclose reserves or submit to audits, they’ve maintained plausible deniability as the offshore dollar of choice. Meanwhile, Circle willingly plays Washington’s compliance kabuki theater - but at what cost? Their IPO prospectus reads like a hostage note penned by SEC regulators.
Bank consortiums are circling (pun intended), but here’s my prediction: Legacy finance will replicate crypto rails about as gracefully as your dad trying TikTok dances. Watching Wells Fargo build a stablecoin is like observing Neanderthals discovering fire - impressive effort, but we’ve moved on to fusion reactors.
The Coming Stablecoin Wars
The next battlefront? Yield-bearing instruments masquerading as stablecoins. Projects like Superstate are tokenizing T-bills faster than the Fed can print money. We’re witnessing the birth of decentralized Eurodollars - shadow banking with better UX and worse compliance departments.
As for those questioning if Circle is overvalued… friend, in a world where CoreWeave trades at cloud-computing P/E ratios that violate laws of physics, asking about fundamentals is like bringing algebra to a rave. The market has spoken: Monetary sovereignty now comes with a growth multiple.
ZKProofLover
Hot comment (7)
ธนาคารกรุงเทพ vs บล็อกเชน: ศึกชิงเจ้าพ่อสเตเบิลคอยน์
เมื่อ Circle เปิดตัว IPO ทะลุ 160 เท่าของรายได้ นี่ไม่ใช่แค่การประเมินมูลค่าผิด แต่คือโมเม้นต์ “หมีพูห์เล่นหุ้น” แบบเต็มๆ!
คณิตศาสตร์แปลกๆ ของเงินดิจิทัล
MBA สอนไว้ว่ายอดทำการ 1.2 ล้านล้านควร市值เท่าไร? แต่ crypto world ตอบง่ายๆ : “เลขนี้เอาไปแลกไข่ไก่ไม่ได้นะจ๊ะ”
ถึงเวลาที่ Wells Fargo จะร้องเพลง “ลุงทุนอยากลอง”
เห็นแบงค์ legacy พยายามสร้างสเตเบิลคอยน์แล้ว นึกภาพลุงใส่สูทโบราณพยายามแดนซ์ท่า Gangnam Style เลยจ้า!
ปล. Coinbase ได้ค่าคอม 50% จาก USDC… เหมือนให้ JPMorgan แบ่งครึ่งกำไรบัตรเครดิตเลยอ่ะ (แหม่..Dimon นายโอเคมั้ย?)
वॉल स्ट्रीट को समझ नहीं आया क्रिप्टो का मजाक!
क्या आपने कभी सोचा है कि एक ‘बोरिंग’ स्टेबलकॉइन कंपनी 160x अर्निंग्स पर कैसे पहुंच गई? वॉल स्ट्रीट के लोगों को लगता है यह एक गणित की गलती है, पर असली मजा तो अभी बाकी है! Circle का IPO देखकर लगता है जैसे ट्रेडिशनल फाइनेंस अब क्रिप्टो के कैसीनो में खेल रहा है।
RBI और SEC की कहानी
Tether अमेरिका से भाग रहा है, और Circle SEC के साथ नाच रहा है। यह देखना बिल्कुल वैसा ही है जैसे आपका दादाजी TikTok डांस करने की कोशिश करें!
क्या आपको लगता है वॉल स्ट्रीट अब भी क्रिप्टो को समझ पाएगी? कमेंट में बताइए!
স্টেবলকয়েন এখন মেমে স্টকের মতো!
Circle-এর IPO দেখে ওয়াল স্ট্রিটের ব্রোকাররা ভাবছে এটা কোন গণিতের ভুল নাকি আসলেই ক্রিপ্টো ইকোনমিক্স বুঝতে তাদের অক্ষমতা? ২৫০% লাফ দেখে গোল্ডম্যান সাচসের মডেলও লজ্জা পেয়েছে!
ট্রাডফাই বনাম ডিফাই: শেষ হাসি কে?
ব্যাংকাররা যখন ক্রিপ্টো রেইল বানানোর চেষ্টা করবে, তখন তা দেখতে হবে ঠিক যেমন আপনার বাবা টিকটক ড্যান্স শিখছেন - প্রচুর চেষ্টা, কিন্তু ফলাফল হাস্যকর!
কমেন্টে জানাও তুমি কার দলে আছ - পুরানো ব্যাংকিং সিস্টেম নাকি নতুন ক্রিপ্টো জগৎ?
Stablecoins als Meme-Aktien? 🤯
Circle’s IPO hat gezeigt, dass selbst die langweiligsten Finanzinstrumente zum Spekulationsfieber führen können. 160x Earnings Multiple? Das ist kein Pricing Error, das ist pure Crypto-Alchemie!
Die neue Mathematik der Stablecoins
Wall Street versteht einfach nicht, dass Circle nicht wie ein Unternehmen bewertet wird, sondern wie eine monetäre Infrastruktur. 1,2 Billionen Transaktionen? Da wirkt selbst Visa wie ein Dorfladen.
Regulatorisches Theater
Tether spielt “Flucht vor dem Regulator”, während Circle sich freiwillig in SEC-Haft begibt. Banken, die Stablecoins bauen? Das ist wie wenn Opa versucht, TikTok-Tänze zu lernen – süß, aber völlig daneben.
Was denkt ihr? Ist Circle überbewertet oder sind wir einfach noch nicht bereit für die neue Finanzrealität? 🚀 #CryptoClowns
Toán học stablecoin: 160x PE vẫn là rẻ!
Khi Circle IPO với bội số thu nhập gấp 160 lần mà phố Wall còn ngã ngửa, thì đủ hiểu crypto đang chơi trò chơi kinh tế nào rồi. Các nhà phân tích truyền thống tính toán kiểu “cầm đèn chạy trước ô tô” khi đánh giá stablecoin như ngân hàng thường.
Món hời của Coinbase
Vui nhất là Coinbase hưởng tới 50% doanh thu USDC của Circle. Cứ tưởng tượng JPMorgan phải chia nửa phí thẻ cho ai đó… à mà thôi, kẻo Jamie Dimon đọc được lại lên cơn.
Ai còn hỏi có bong bóng không? Trong thế giới mà CoreWeave định giá như siêu máy tính lượng tử thì stablecoin chỉ là trò trẻ con. Bàn về fundamentals lúc này khác gì mang máy tính bỏ túi vào sòng casino?
Các bác nghĩ sao? Phố Wall sẽ học được bài toán crypto hay tiếp tục làm trò cười?
월가 분석가들 ‘멘붕’ 오늘의 현장
서클의 IPO를 보고 트래디파이 애널리스트들이 계산기를 던지는 소리가 들리네요. 160배 P/E라니… 이제 은행원들도 ‘HODL’을 외쳐야 할 때가 온 걸까요?
안정폰이 멤주식 되다
USDC가 갑자기 게임스톡 급등세? 월가는 “회계 오류인가” 하지만 우리는 압니다. 이것이 바로 디지털 화폐 전쟁의 시작이라는 걸요!
여러분도 이 ‘미친 평가’에 동의하시나요? 코멘트로 의견 배틀 시작해봅시다! (참고: 제 예측은 2024년까지 스테이블코인 시총 5조 달러 돌파입니다)
- NEM (XEM) 24-Hour Market Analysis: Volatility, Volume, and What It Means for TradersAs a blockchain analyst with 5 years in DeFi and NFT markets, I dissect NEM's (XEM) wild 24-hour ride: an 18.8% swing, $6M+ volume spikes, and turnover rates hitting 34%. We'll decode whether this is whale manipulation or organic momentum - with Python charts to back my thesis. Pro tip: Watch the $0.0024 resistance like I watch my vintage Game Boy collection.
- BarnBridge (BOND) 24-Hour Market Analysis: Volatility, Volume, and What It Means for Crypto InvestorsAs a fintech analyst with a keen eye on cryptocurrency trends, I break down BarnBridge's (BOND) recent 24-hour performance. With a 4.46% swing, trading volume fluctuations, and shifting turnover rates, this token is showing classic signs of mid-cap crypto volatility. I'll analyze the numbers, contextualize the movements, and offer insights for investors navigating these choppy waters. Spoiler: it's not just about the price—it's about understanding the underlying market mechanics.
- Reserve Rights (RSR) Price Analysis: A 7-Day Rollercoaster with 17.8% SurgeAs a fintech analyst, I dissect Reserve Rights (RSR)'s volatile week - from a 17.8% price surge to fluctuating trading volumes. This report examines key metrics like the $23.6M daily turnover and 31.65% exchange rate, offering data-driven insights for crypto investors navigating this unstable asset class. Spoiler: don't bet your tea money on single-day performances.
- SafePal (SFP) 7-Day Market Analysis: Volatility, Volume, and What It Means for Crypto InvestorsAs a seasoned fintech analyst, I delve into SafePal's recent 7-day performance, breaking down key metrics like price fluctuations, trading volume, and turnover rates. With a 3.37% peak gain and notable volatility, this analysis offers actionable insights for crypto investors navigating the current market landscape. Perfect for those who prefer data-driven decisions over hype.