Is Chamath’s “Steal Deal” Suggesting Free Beer at the Stablecoin Gala?

In a display of bullish bravado bordering on the absurd, billionaire investor Chamath Palihapitiya has declared that acquiring Circle, the USDC stablecoin empire, would be a “steal deal” for corporations like Ripple or Coinbase. 🍾

As Circle prepares to unveil its grand IPO spectacle—aiming to raise a modest $1.1 billion with its shares priced at a tidy $31 and a valuation reaching a princely $8.1 billion—Chamath opines that even a purchase price of $12–13 billion would be merely a *bargain*, given what the company might be worth in the next two decades. Because nothing says confidence like betting the farm on a stablecoin, right? 💸💥

He lavishes praise on the company’s infrastructure and its fortuitous position ahead of the legislative fairy-tale, the GENIUS Act, which is sure to bring stability—if not chaos—to the US stablecoin scene. 📜

— Chamath Palihapitiya (@chamath) June 5, 2025

Circle’s USDC boasts a market share of 30%, a market cap of a hefty $60 billion, and some $2.3 trillion in transactions just last May. Meanwhile, Ripple’s boss Brad Garlinghouse dismisses the chatter of acquisitions, possibly because he’s too busy plotting world dominance or just ignoring the noise. 🤔

Crypto pundit Scott Melker warns that US regulatory mavens hold the key to USDC’s fate—with a chance to either elevate it to the galactic throne or push it gently into obscurity. “If Circle gets the green light, they’ll be tough to beat,” he claims, in a tone better suited for a children’s game show. 🎉

Not to be outdone, ex-BitMEX overlord Arthur Hayes suggests that the wall street money men’s move into stablecoins could threaten Circle’s fragile throne—though such threats are as numerous as the stars in the crypto night sky. Between 2022 and 2024, Circle saw a revenue boost of 118%, mainly thanks to the glittering allure of DeFi and payments—proof that Dom Perignon is still worth more than tap water. 🥂

USDC’s supply has ballooned from a humble $3 billion in 2020 to a staggering $60 billion today. Ethereum remains the blockchain darling for USDC, and activity on Coinbase’s Base Layer 2 is ramping up faster than a caffeinated squirrel. 🚀

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2025-06-05 09:59