Zaheer
Zaheer
USDT+0.01%
USDC+0.01%
The market showed its hand lately with the $CRCL IPO and the resounding success thus far. The verdict is obvious: everyone will fight over a liquid stablecoin proxy and no one has enough exposure to the space. Enter @PlasmaFDN with XPL
Zaheer
Zaheer
After the filing of the Circle S-1, everyone realized two things: 1) Circle makes almost no money and can’t find a reasonable way to make money in its current state 2) Tether is an incredible business and the two aren’t comparable at all.
When you see something so clearly…
Zaheer
Zaheer
You sometimes see an opportunity that you just have to spend all of your time on and every minute spent on something else becomes existential. From @chameleon_jeff:
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@0xBumzy @PlasmaFDN I only look at Plasma and spend time where it matters and this team has the right approach and temperament to win. We’ll see more folks start trying this narrative and path but I’m only focusing on the best.
Believe the Hype.
Matt Huang
Matt Huang
$CRCL being up 3x+ since IPO yesterday showing how much pent up demand there was for pure play stablecoin exposure… Congrats @jerallaire
I could keep going
Jon Ma
Jon Ma
If @Tether_to went public TODAY, Tether would be the 19th largest company in the world at $515B. That's ahead of Costco and Coca Cola. Here's why: - Circle is now public at $30B marketcap - Our financial model has Circle at $410B EBITDA in 2025 or 69.3x EBITDA - Tether claims $13B of net profits in 2024. $7B came from Treasuries and Repos -- the other $5B came from unrealized gains from Bitcoin and gold holdings which we don't include in EBITDA. - We assume Tether grows USDT supply by adding another $50-$60B of USDT and avg USDT supply in 2025 is $170B with avg Fed Funds Rate of 4.2% implies ~$7.4B 2025 EBITDA. - $7.4B of EBITDA * 69.3x EBITDA = $515B. Of course our core assumption is using the 69.3x EBITDA $CRCL multiple which is insane and unlikely to hold up. Sheesh.
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