Circle

“The other idea that we were really excited about back then was this idea of programmable money and the idea that eventually these networks Blockchains would become like operating systems, and you could actually have machines that intermediate economic activity…”

“We have daily transparency on the most of it through a system we set up with BlackRock.”

“The average duration tends to be of, like, the, of the T-bills and that portfolio tends to be around, like, 13 days, so it's super, super liquid, and kind of, it sort of allows it to be treated as, like, a cash instrument.”

“And so with ARK, which we can come back to, you know, we now have an infrastructure where we can conduct transactions for a millionth of a penny which just was never feasible before.”

“It's actually a known validator set, and so the infrastructure operators of AHRQ are major financial infrastructure companies, and so, and those are companies that are held to these very high standards for InfoSec compliance, reliability, availability, et cete…”

“The other piece is that it's sort of designed with real money as the foundation. So there's not like a volatile gas token. USDC is actually the default native token.”

“There are tokenized stocks that are out there, and the most active tokenized stock today is not Tesla. It's not the S&P index. It's actually Circle.”

“We actually operate the largest tokenized treasury product called USYC, like, US Yield Coin that's grown quite fast as well and we run the largest tokenized euro as well EURC”

“The formation of these kind of on-chain organizations that have different forms of governance and contracting and a mixture of human and agentic actors, like that seems like we're going to have a lot more of that. We're going to probably have huge proliferatio…”

“The model that we built, which is fully reserved with, like, Ultra safe assets and, you know, have, we have regulators look after it and auditors look after it and make sure it's all done the right way.”

“Under the Genius Act, Circle, as a payment stablecoin issuer, we're prohibited from paying interest directly to stablecoin holders.”

“We're having more engagement with more banks In the world than we've ever had before.”

“There's a global systemically important bank we work with who's actually moving their own money between their own global branches using USDC, because it's faster than going through the correspondent banking system.”

“I think you know, we'll, we'll figure out this rewards thing. I'm very sure.”

“USDC, amongst the largest stablecoins, has been growing faster.”

“When interest rates were actually very low we saw a thousand percent year over year growth two years straight.”

“We've had a multi-hundred percent increase in the amount of USDC in circulation, and so there's an inverse correlation there.”

“We've received conditional approval for something called First National Digital Currency Bank, which is a national trust bank that we're setting up to be part of how we operate USDC as well.”

“The marginal value of a net new dollar stablecoin coming into the market is essentially zero.”

“Yeah, I don't see that. I think this is a lot like other internet platform markets. Like, everyone doesn't need their own data center. Everyone didn't need their own vertical search engines. Yeah. You know, everyone, you know, there are a lot of things that pe…”

“We have the largest euro-based stablecoin.”

“USDC is the largest regulated stablecoin, because it is compliant under Genius in the US, they're compliant under Mika in Europe, et cetera.”

“We don't have like an exclusive with circle or anything like that. We actually list other stable coins on our platform.”

“Our best companies that, you know, like Livongo and Circle and others, you know, Stripe and others, our first rounds were not 25 X. They were, you know, hundreds of X in terms of returns.”

“Yeah, that fund is one of our Two or three best funds, and just to tell you what was in it was Livongo was in that, Snap was in that, Circle was in that, Gusto I think I'm missing a few others. It's probably gonna end up being a, you know, 13 to 15 X fund.”

“This is a 13 year fund that is essentially going to do an extra three turns on the fund in its 13th year.”

“People are buying these stocks generally for a very different reason than, you know a meme coin, for example, or even GameStop back in 2021. I think they legitimately believe that these are going to be like gigantic industries.”

“Circle had net income of a hundred and fifty six million last year.”

“I don't for a second thinks any, I don't think anyone believes who's done any kind of math analysis that it's worth 57 times run rate 50 times run rate revenue. I don't think anyone thinks that.”

“And I've no doubt in my mind that when the other 80% of the stock comes off in six months, I don't think it'll be trading at 57 tons revenues.”

“Circles, the strongest IPO since 2020 and bluntly much needed positivity for the ecosystem in terms of public market response.”

“Like twenty million shares, I think, were secondary, And, you know, at 50, 60 bucks of extra dollars a share, that's a billion dollars that went to the buyers, not the sellers.”

“It's just Circle and CoreWeave are the crazy ones, and they're at, I think they're at the edge of meme stocks, right?”

“And I bet if circle was public at that point, they would have gotten a huge bump for no particular reason.”

“And so to me, I'm looking at circle and it's like, here's like the power law winner, the dominant, you know, they're 80, they have 80 times the circulating supply as their next like regulated, you know, Western institution.”

“There was like circle at the time kind of had some APIs, but they were really bad. And we realized there was no clean way for a developer Like a strike effectively a strike style API for a developer to come in and take a dollar and convert it into a stable.”

“Circle is, Has taken on thirty four billion dollars and is earning interest yield on that, which right now is somewhere around five percent.”

“So if you own USDT, you're taking tether counterparty risk. How do you price that? What return do you need to earn to make that worth your while? If you own USDC, you're taking kind of circle counterparty risk, and you're making a bet on their risk management.…”

“I think like circle mostly targets the creators in our case, like we mostly target businesses.”

“Anka has previously made investments in the likes of Rome Research, Ate Sleep, Circle, which we did together, actually, Hone Health, and Maven, to name a few”

“If he tried to move to Circle, or if he tried to move to another tool, it would probably, the community would probably die, in my opinion.”

“Oh, it's probably around 7030. When it comes to software to 30% harder if that makes sense.”

“So we actually have patented hardware with multiple radios inside of it, and those radios, when you place the devices in in the right configuration around a room or a space, hallways, whatever, a stadium, A hotel, a casino, a hospital, you name it, a retail st…”

“We do that without even having a need to opt-in. It's sort of like radio surveillance.”

“Nine million at a 20 pre, so about thirty million dollars is the valuation of the company.”

“15. 15. major, major customers. And like I said tens of thousands a month. Yep. upwards to hundreds of thousands.”

“We're basically around 25 to 30%. Year over year.”