As a crypto analyst rooted in Wall Street rigor and Web3 idealism, I watched Circle’s IPO unfold not as triumph, but as a calculated exit. Founders cashed out $5.95B at $31 while retail investors bet on $300+ valuations. This isn’t hype—it’s structural divergence: insiders took profit; the market bought fantasy. The real story? USDC isn’t just a stablecoin—it’s the plumbing of digital finance. And when regulators finally shine, only the disciplined survive.