Long-term thesis: Stablecoin utility (and thus Circle's core business) is structurally damaged by FedNow/real-time payments, limiting transactional growth.

Throwing that money in stable coins would have obviously been good for companies like Circle or Coinbase or whatever, and bad for banks.

You could see Circle is down about 10%, still up from its lows earlier. I will say I personally still believe that over time the usefulness of stablecoins has been damaged by FedNow and real-time payments.

I know that sounds like a weird claim, but I I that's a longer-term issue for actual transactional use growth. But in the short term, you know, Bitcoin has actually moved up quite a bit and that's driven up, as well as hope for the Clarity Act passing, has actually driven up Circle or coin or others uh on on enthusiasm that it could pass.