It seems that public companies are treating the stablecoin narrative much like they did the metaverse back in the day. In this cycle, Circle is playing a similar role to what Roblox did during the metaverse hype—both had real users and real revenue, both captured high secondary market premiums at the peak of BTC, and both served as banner narratives of their time. That said, the stablecoin sector offers far greater demand and monetization potential compared to the metaverse. It’s clearly a more compelling space to invest in. There’s been a lot of talk around “use-case-driven” opportunities in stablecoins—but in practice, these often boil down to sales-driven and compliance-driven expansion, rather than genuine product-led growth. This makes it more difficult for startups to build uniquely compelling products in the space. For smaller teams, the more practical path likely lies on-chain—facilitating matching, building infrastructure, or selling picks and shovels. At present, it seems that listed companies are speculating on the concept of stablecoins as the concept of the metaverse at that time. Circle played the role of Roblox in this cycle. All have real income + real users, all of which have given a high premium to the secondary market at the stage of BTC's new high, and are used as a banner for the establishment of the narrative. However, the demand and monetization capacity of the stablecoin track are significantly higher than those of the metaverse track. This track is definitely worth investing in compared to the metaverse track, and the challenge is that the new opportunities for stablecoins that everyone is talking about are driven by scenarios. But I understand this more like a sales-driven + compliance-driven. It seems that stablecoin entrepreneurship itself does not have more product-driven possibilities (except that it is not a real stablecoin?). ), which is more challenging for smaller companies. Looking for opportunities on the chain, making matchmaking, and selling water should have a higher success rate for small teams.