Well, folks, let me tell you, by sheer luck and a sprinkle of fairy dust, I had a media hit with NYSE TV last Thursday, the day Circle decided to strut its stuff as CRCL! The NYSE studio? Oh, it’s just a hop, skip, and a jump upstairs at gallery level. I remember my first visit to the NYSE, standing on that same balcony with my Dad, thinking, “Wow, IBM is a huge company! They must have a monopoly on future!” Spoiler alert: they don’t!
Circle’s crew and their entourage rolled in at 9:15, and let me tell you, it was like a wedding reception—way more guests than usual! The floor was packed tighter than a can of sardines, and both galleries were bursting at the seams. As the applause erupted at precisely 9:29:30, everything else just hit the brakes. This wasn’t your grandma’s opening bell tea party! NYSE President Lynn Martin was standing next to Circle’s CEO Jeremy Allaire, who was throwing air punches like he was in a boxing match. The floor brokers and specialists joined in, creating a symphony of chaos that felt downright electric! ⚡️
So, I cheekily asked the NYSE TV folks, “Which booth is trading CRCL?” They looked at me like I just asked them to explain quantum physics! The producer, in a moment of sheer brilliance, decided to move our segment to the floor with a handheld mic and switch our topic from bitcoin to stablecoins on the fly. No problem! I could talk about stablecoins until the cows come home! 🐄
Standing just a few feet from Jeremy Allaire, doing our five-minute segment, it was like being at a rock concert! You know that feeling when you finish a marathon and a volunteer slaps a medal around your neck? Yeah, that was me! 🏅
Accomplishment and validation, baby! This was a moment brought to you by a friendlier SEC and some fancy blockchain legislation. But let’s be real, it didn’t have the wild vibe of MSTR rapture or the youthful exuberance of DeFi. Nope, this was adults celebrating like they just found out their 401(k) is actually worth something!
A long time coming
USDC burst onto the scene in September 2018, just before U.S. interest rates peaked. Talk about timing! It was like launching a rocket just as the fireworks started! When COVID hit in 2020, ZIRP (Zero-Interest-Rate-Policy) came back like an unwanted relative at Thanksgiving, threatening the business model but also pushing crypto adoption like a kid on a swing! 🎢
When the Fed cranked up rates in 2022 to digest $5 trillion in COVID stimulus, stablecoins faced a wild mix of supportive and threatening forces: higher carry revenues but markets that were more traumatized than a cat in a dog park. 🐱🐶
Circle’s failed SPAC attempt was like a soap opera! Announced in July 2021 when 3-month yields were a whopping 0.05%, the Concord Acquisition deal was renegotiated in February 2022 (as rates started their historic climb) and ultimately terminated in December 2022—right when rates hit 4.42%! The SEC never gave the S-4 registration statement a thumbs up. The transaction “timed out” waiting for regulatory approval, just as Circle’s business was getting a boost from soaring rates. Talk about bad timing!
Like yields
Now, several years into a 4-5% rate environment, the model has adapted like a chameleon at a disco party! USDC holders can snag “rewards” on Coinbase that are like risk-free yields. On-chain cash holdings and collateral can be jazzed up with tokenized treasuries. The GENIUS Act on stablecoins is looking good for passage, opening the market for more stablecoin fun! 🎉
The U.S. government has a new potential multi-trillion dollar customer for U.S. treasuries, which is like finding a golden goose! Circle and other stablecoin issuers are enjoying a sweet carry scenario, although near-term profitability has significant interest rate risk, now under the watchful eyes of CRCL shareholders and analysts. Yikes!
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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2025-06-09 18:38