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Circle’s $50B Valuation Logic: Market Misses Payment Network

Artemis Analytics argues Circle is undervalued as a full-stack money platform, not just a stablecoin issuer. Despite the threat from the Open Standard consortium, Circle’s moat from liquidity and network effects is underestimated. The report projects that with stablecoin supply reaching $1 trillion by 2030, Circle’s revenue could hit $5 billion, justifying a $50 billion market cap.

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