Several Hedge Fund friends asked me if I wanted to buy it, and my reply was "average". It's too hard to be in the navy in an industry where there are pirates. First, P/E, expensive; Second, the distribution cost is high, 50% of the money is earned by Coinbase (just like a game studio paying taxes to Tencent), unlike USDT (they don't subsidize the traffic scene - exchanges, which is still the first in the industry); Third, compared with "offshore non-compliant players", the biggest price of "compliance" is "expensive", which ultimately affects net profit. Fourth, even in the "compliant" track, it seems that CIRCLE has not relied on more than 10 years of accumulation in exchange for a real moat. In the future, players with scenes and traffic will also send their own posts, PayPal have already sent them, and even several major Correspondent Banks (jp morgan, etc.) that handle >$5 trillion in transfers every day with swift may end up, and the "compliance track" is also an infinite game.