Stewi

Non-stablecoin revenue - the most interesting part of Circle -> The market is pricing $CRCL as a stablecoin company. That means the multiple is anchored to USDC float revenue -which is essentially a leveraged bet on interest rates. Rate cuts = margin compression = multiple re-rating downward. But the "Other Revenue" line tells a completely different story: The math is compelling: ~$90-100M FY25 -> $150-170M guided FY26 That's ~60-70% YoY growth projected 20%+ QoQ consistently throughout 2025 means this isn't a one-quarter spike - it's a structural acceleration Why tokenization changes the calculus entirely: The non-stablecoin revenue (services, subscriptions, transaction fees) scales with adoption infrastructure - not rate environment. As tokenized assets go mainstream, Circle sits at a chokepoint. Every tokenized treasury, RWA, or on-chain settlement that touches USDC rails potentially generates fee revenue that has nothing to do with what the Fed does. The asymmetry: Bears are modeling $CRCL on NIM compression Bulls who see the Other Revenue line are essentially getting a high-growth fintech infrastructure play hidden inside a rate-sensitive stablecoin wrapper The IPO narrative will almost certainly center on USDC dominance. But the re-rating catalyst post-IPO is when the market realizes the fee-based revenue is compounding independently.

He is “Scam Altman”. Why? Because the pattern is obvious. • Founded OpenAI in 2015 as a nonprofit “for humanity” — Elon left in 2018 when it started going closed and profit-first. Now it’s basically a Microsoft subsidiary chasing billions while pretending it’s still open. • In 2023 the entire board fired him. Their words: “not consistently candid in his communications.” That’s corporate for “we can’t trust a word he says.” • Ilya Sutskever compiled 70 pages of internal docs — Slack messages, HR records — and the first line was “Sam exhibits a consistent pattern of… Lying.” • He lied to the board about safety reviews. Told them GPT-4 features were approved — they weren’t. Pushed product launches without proper checks. • Promised safety teams huge compute for alignment — they got scraps while the money went to shiny products. Top safety people quit saying the company went “off the rails.” • This isn’t new. Got pushed out of his first startup for “deceptive and chaotic behavior.” Same story at Y Combinator. • Uses harsh NDAs to silence ex-employees. Pits people against each other. Says whatever keeps him in power. The guy now running OpenAI has a long, documented history of not being straight with the people who are supposed to watch him. That’s why “Scam Altman” sticks. The New Yorker piece just put receipts on what Elon’s been saying for years. Read the article if you can. The stakes are too high for anything less than total honesty at the top.

The Musk v. OpenAI trial starts today After all these years of delays, I really hope we finally see justice. No one should be allowed to loot a charity like that and walk away with billions while abandoning the original mission for humanity. Praying for a fair jury 🤍

Something's curving into view. On April 27, 2026, Whistle AI goes live with the first bonding curve built for specialised agents - not memes, not vibes. Skills. Every token/twin minted, will mirror its creator and trade on a curve that covers compute costs, rewards creators, traders and $WHISTLE holders. More updates dropping daily. Stay close