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Circle's USDC issuance will reach 300 billion USD within five years.
Based on an interest rate of 3.5%, gross revenue would be 10 billion USD.
In the long term, the proportion allocated to Coinbase will definitely decrease,
assuming it drops to 35% overall, with actual revenue at 6.5 billion USD.
Net profit margin at 45%, approximately 3 billion USD.
Using a PE ratio of 35 (slightly higher than Master’s 30),
the rough valuation is 100 billion USD (not including future impacts from the Arc chain, CPN issuance network, AI agent payment revenues, etc.).
Currently, it’s just over 20 billion USD.
Buy on dips, I will hold for a long time.