1/ We’ve created an entirely new metric to measure the total size and economic activity of blockchains. It is flexible and widely applicable to chains with various use cases and user behaviors. It also has a strong relationship with Market Cap:

Circle $CRCL is now a $56B company... Circle trades at 24.5x rev, 61.4x GP, 219x earnings. You can make money on Circle if you believe 1. With the passage of the GENIUS bill, stablecoins can reach at least $3T in 2030. 2. Circle takes up 29% of total supply and doesn't lose significant share to other issuers and banks. 3. Circle pays no more than 70% of revenue as distribution costs. 4. Fed Funds rate are no lower than 2.8% (Market consensus for July 2027 rates is 3.24% 5. Circle only grows headcount by 70%. That implies in 2030 Cirlce does $20B of revenue, $6.2B of gross profit, $4B net income. Circle made me realize public companies clearly trade on narrative + fundamentals given how high their multiples are.. Just be careful for when lock ups end in December 2025.

Fintech Multiples growing as well. $HOOD now trades at 26.1x annualized revenue and 72x earnings at $96B marketcap $COIN now trades at 13.1x annualized revenue and 50.7x earnings at $106B marketcap. $CRCL now trades at 24.6x annualized revenue and 219x earnings at $56B marketcap Growing demand for high quality SaaS / AI / Fintech + Macro Set Up = we are going back to all time highs in multiples. This bodes well for DeFi like $HYPE that ~$936M annualized revenue and 15.8x MC/Revenue.

🚨 Ep. 2 of Stablecoin Stats: Are Onchain Stocks the Next Stablecoin Adoption Driver? With hosts: 🔢 @ElBarto_Crypto, Data Scientist @ Artemis 💳 @anthonyyim, Co-Founder @ Artemis In this episode, Andrew and Anthony (A^2) discuss: 🪙 OTC desk experience with Tether on Tron in Hong Kong 📊 Tron's dominance in P2P stablecoin transfer volume 🌏 Regional differences in stablecoin usage and time zones 🚀 Velocity of stablecoins as a key metric for payments 📈 Stellar's growth in remittance volume with Felix Pago 🟣 Solana's stablecoin supply growth due to DEX trading 💸 Tokenized stocks as a new use case for USDC *** Timestamps: 0:00 Introduction 1:01 OTC desk experience with Tether on Tron in Hong Kong 4:14 Tron's dominance in P2P stablecoin transfer volume 6:57 Regional differences in stablecoin usage and time zones 9:29 Non-USD stablecoins and their growing transfer volume 12:07 Velocity of stablecoins as a key metric for payments 14:01 Stellar's growth in remittance volume with Felix Pago 16:35 Solana's stablecoin supply growth due to DEX trading 19:22 Tokenized stocks as a new use case for USDC 21:55 Ripple USD's growth driven by DeFi incentives and Curve pools *** 👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈

Team just shipped something pretty major on Artemis Terminal. Hint you can't see it but you can feel it 👀

Anyone use @HingeHealth ? Love to chat with you as a member. Preparing a bull case on why $HNGE is one of the best apps to benefit from AI in an unsexy industry.

Sheesh. Circle MC > Coinbase MC on a fully diluted basis. Who is going to buy who 🤣

Circle is now ~$74B enterprise value. Circle is now more valuable than Robinhood ($68B), Nubank ($59B), Block ($38B), and just $4B shy of Coinbase ($78B). Circle now trades at: - 32x revenue - 80x gross profit - 152x EBITDA - 285x earnings In comparison, USDC is $60B of marketcap growing 90% YoY. We'll soon be able to estimate Q2'25 Circle numbers based on onchain stablecoin supply.

Circle keeps getting crazier now ~$65B. In comparison - Robinhood ~$69B, $1.3B of net income, 51.5x NI - Coinbase is ~$78B, $2B of net income, 37.3x NI - Circle is ~$65B, $259M of net income, 216x NI Circle now trades for: - 24.2x Q1'25 revenue run rate - 60.7x Q1'25 gross profit run rate - 216x Q1'25 net income run rate. Investors clearly want stablecoin bets.

Imagine if Stripe went public what valuation it would fetch.