this is not just a capital - raising exercise, but rather a demonstration of the previously unmet market demand for stablecoins in the public market. Introduction Circle's milestone - making public listing highlights the growing institutional demand for regulated crypto infrastructure. However, the sustainability of its valuation relies on the expansion of its core revenue engine, which is closely linked to the total supply of USDC. This article aims to shift from narrative to data - driven a...

this is not just a capital - raising exercise, but rather a demonstration of the previously unmet market demand for stablecoins in the public market. Introduction Circle's milestone - making public listing highlights the growing institutional demand for regulated crypto infrastructure. However, the sustainability of its valuation relies on the expansion of its core revenue engine, which is closely linked to the total supply of USDC. This article aims to shift from narrative to data - driven a...