Closer look: Rasmussen’s thesis isn’t just that more stablecoins mean more reserve revenue for Circle — he sees payments infrastructure becoming a major second business.
The competition: Banks, consumer companies and other incumbents are preparing their own stablecoins, but Rasmussen doesn’t see that as a major threat to Circle.
What comes next: Circle’s Arc blockchain could test whether the company can successfully expand beyond issuing stablecoins and into the infrastructure that moves them.