Recently, I’ve been somewhat drawn in by the game of Circle.

Previously, my understanding of this company was limited to the USDC stablecoin, but after taking a closer look at their recent moves, I realized that their ambitions go far beyond what I had imagined.

To be sure, Circle’s collaboration with Visa, Intuit, and Lianlian International doesn’t look like just simple technology integration—it looks like they’re redefining the underlying logic of payments. Especially in the area of U.S. dollar settlement, they’re building a fairly mature, institutional-grade architecture. My sense is that Circle is using growth in non-interest income to offset interest-rate risk; honestly, this strategy is pretty smart.

The market has given them an estimated valuation of around $80 billion—what does that figure reflect? I think it shows the market is starting to believe that stablecoins are no longer just companion tools for crypto assets, but rather foundational infrastructure that can enter mainstream financial systems directly.

What’s most interesting is that Circle is leveraging this wave of change in network economics to pry the payment system out of the traditional financial framework. The regulatory environment on their end is also gradually being sorted out, which is undoubtedly a positive for them.

Of course, interest-rate risk is still there, but based on their settlement architecture and the progress they’ve made in diversifying their revenue, it seems like they’re gradually working to address the issue. If this trend continues, Circle has the potential to become a leader in the digital dollar era. Worth keeping an eye on.