My take: The public-market winners in crypto look like regulated picks-and-shovels: fiat ramps, stablecoin rails, and tokenization plumbing.
Gemini: exchange + custody + compliance DNA—key is fee take-rate durability and jurisdictions.
Figure: on-chain lending + securitization; the question is cost of capital vs. traditional rails and true capital-markets adoption.
Next Circle - playbook: audited reserves, regulator-friendly footprint, net interest on float, and enterprise partnerships.
What I’m grading: proof of profitability through cycles, attested reserves, regulatory clarity, and concentration risk (one geo, one partner).
Trade plan: If/when they list, wait for first earnings and lockup calendar; price quality at a discount to fintech comps unless growth + margins justify a premium.
Risk: rule changes, bank partner concentration, stablecoin spread compression.
One-liner: “The next Circle isn’t ‘degen’; it’s a boring, cash-printing, regulator-approved money-plumbing machine.”
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
