X @BREAD | ∑:

Competitive Landscape - Regulatory moat for Circle is evaporating due to USA₮ approval [1] - Native stables like USDH and USDm are internalizing yield, posing a threat [1] Financial Performance & Profitability - Rate cuts directly impact Circle's profit margins as it is based on tbills (Treasury Bills) [1] - Circle gives approximately 50% of its revenue to Coinbase [1] Investment Recommendation - Bearish outlook on CRCL, suggesting a potential shift from COIN calls to CRCL LEAP puts [1] - Industry anticipates a long-term downward trend for Circle due to lack of moats [1]