$CRCL $COIN $BLOK TON618 values Circle at $55.95 a share, from $50 in July, against the $75.22 close of November 3; the bull case is $152.60. On July's method the quarter's data alone take the value down to $34.06, and the rise comes from the cost of equity, the return holders require: July's multiple implied about 15.9%, and the note argues 13.0% falling to 10.4%. The price needs USDC to grow about 35% a year from 2028 to 2031: below the company's 40% framework, above the base case's 18%. On its side, USDC carried 79% of stablecoin onchain volume, the transfers recorded on blockchains, by Circle's count, the GENIUS rules start January 18, and rates rose instead of falling. If every case's fast-growth stage ran two years longer, to 2033, the value would be $78.41, above the price. #Circle #Stablecoins #Valuation