Why Circle Stock Lags Behind 200%+ Volume Growth ⚠️🔍 $USDC reports strong payment volume growth, yet equity valuations for public stablecoin issuers reflect investor caution over margin compression. The Equity Lag: Despite NOWPayments data showing a 209.02% surge in USDC business transaction counts, Circle Internet Group (NYSE: CRCL) equity trades near $76.53 - down 43% over the past 12 months. High transaction volume does not automatically convert into expanding profit margins. The Volume Scale Disparity: While USDC captured market share in small-to-medium B2B transactions, $USDT still controls 66.92% of total business transaction volume. USDT’s average transaction size remains significantly larger, confirming its hold on institutional liquidity. The Interest Rate Sensitivity: Yield compression on reserve backing assets poses a structural risk to issuance revenue, requiring payment networks to rely heavily on transaction fees rather than interest float income. My market view: Celebrating percentage transaction growth masks underlying scale realities. Until USDC can challenge USDT's dominant share of large-value liquidity transfers, public market equities will price in competitive fee pressure. ⚠️ #Altcoin Season# #Tether #Ad #USDT