Circle dropped by seven or eight basis points; as Bitcoin pulls back, the beta of the first stablecoin stock is higher than anyone else's.

Since its IPO, its valuation has been swinging between 'payment infrastructure' and 'crypto shadow stock'. When risk appetite contracts, the market clearly cuts it based on the latter narrative.

The interest rate cut cycle is a direct negative for its reserve income, yet this logic is rarely discussed. Should the valuation anchor be tied to the payment narrative or the net interest margin narrative? I guess the market will choose the latter, which implies the current price is not cheap.