Circle
The issuer of USDC — a dollar that settles at internet speed. A bet that regulated stablecoins become the rails of dollar-denominated value.
Circle issues USDC, the most credible fully-reserved, regulated stablecoin. The business is deceptively simple: hold the reserves backing every token in short-dated Treasuries and earn the yield. The position is a bet that a dollar which moves like a packet — final in seconds, programmable, borderless — becomes default infrastructure for payments, settlement, and on-chain finance, and that the issuer who stayed inside the regulatory perimeter is the one institutions trust to hold the float.
What has to be true: that stablecoins keep extending the reach of the dollar rather than being legislated into a corner, and that distribution compounds faster than the margin compresses. The two clear risks sit on either side of the float — rates falling takes the revenue with them, and regulation could either anoint Circle or commoditise it. CRCL came public on the NYSE in June 2025; this is a position in money becoming software.