There’s a lot of discussion about the synchronization between stablecoin growth and Circle’s valuation. What I care about most is how much of the relationship is actually directly reflected between two things: the incremental increase in USDC from 71.53B to 73.55B, and the valuation change for Circle from 54 to 90. Right now, it does seem the market is pricing in USDC’s expansion in advance, but as for how much can be directly mapped, I tend to focus first on changes in issuance rather than rushing to draw conclusions based on valuation.