{"version":"market-claims.v1","asset":{"symbol":"CRCL","name":"CRCL","assetClass":"EQUITY"},"claims":[{"id":"mcl_f85c785ae6015faf1e","url":"/trace/claims/mcl_f85c785ae6015faf1e","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"Winning Hyperliquid plus a yield-friendly Clarity Act outcome makes Circle very attractive very fast","confidence":0.72,"expert":{"slug":"notthreadguy","displayName":"Notthreadguy","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/73b599a1-a","url":"/trace/experts/notthreadguy","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.twitch.tv/videos/2772001960?t=9891s","sourceUrl":"https://twitch.tv/videos/2772001960","timecode":"164:51","startMs":9891000,"endMs":null,"excerpt":"Circle is in a really tough spot against Tether... and they really need to win Hyperliquid"},"performance":{"entryPrice":123.99,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_90a644450abe719398","url":"/trace/claims/mcl_90a644450abe719398","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"USDC has already passed Tether in transaction volume and is becoming the money rails for AI agents, with the base headed from hundreds of billions to trillions.","confidence":0.72,"expert":{"slug":"jerallaire","displayName":"Jeremy Allaire - jerallaire.arc","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/7f863613-8","url":"/trace/experts/jerallaire","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=V78F9fA8Viw&t=8004s","sourceUrl":"https://youtube.com/watch?v=V78F9fA8Viw","timecode":"133:24","startMs":8004000,"endMs":null,"excerpt":"USDC has become the most widely transacted digital currency in the world, bigger than anything else basically, and has overpassed, overtaken Tether in terms of transaction volume."},"performance":{"entryPrice":90.475,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_29cc631f6c71a74239","url":"/trace/claims/mcl_29cc631f6c71a74239","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"Circle pulls in more revenue as autonomous AI agents move money in USDC, the dollar token they reach for because software cannot open a bank account, and that flow only compounds.","confidence":0.72,"expert":{"slug":"cz-binance","displayName":"Changpeng Zhao","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/daf3a799-e","url":"/trace/experts/cz-binance","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=DfJFeqhfkuI&t=7711s","sourceUrl":"https://youtube.com/watch?v=DfJFeqhfkuI","timecode":"128:31","startMs":7711000,"endMs":null,"excerpt":"How are you thinking about the interaction between AI AI and crypto generally. 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But I'm curious if what your overall view is and then if it's positive, some maybe specific examples of where you expect to see it manifest first."},"performance":{"entryPrice":85.622,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_a9c6ba334c8f34aef4","url":"/trace/claims/mcl_a9c6ba334c8f34aef4","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"USDC turns into the default plumbing for delivering dollar banking worldwide; as circulation and cross-border volume climb, the company minting it captures the spread on every dollar held.","confidence":0.72,"expert":{"slug":"victorcardenas","displayName":"Victor Cardenas","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/7dabaf15-e","url":"/trace/experts/victorcardenas","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=tvLfOb1oJDk&t=8913s","sourceUrl":"https://youtube.com/watch?v=tvLfOb1oJDk","timecode":"148:33","startMs":8913000,"endMs":null,"excerpt":"It used to be the case that if you were a fintech company and you wanted to expand internationally, you had to get licensed on a jurisdiction-by-jurisdiction basis. 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So a lot of this funding is going to go towards making Slash this global product and bringing the caliber of product we've given to American entrepreneurs, but to business owners all over the world as well."},"performance":{"entryPrice":106.76,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_47ba62ed1149d3defb","url":"/trace/claims/mcl_47ba62ed1149d3defb","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"SHORT","claimText":"Circle's stock takes the hit as bank consortia and JPMorgan roll their own stablecoins and Clarity Act yield curbs squeeze the reserve-income engine that USDC leans on.","confidence":0.72,"expert":{"slug":"tbpn","displayName":"TBPN","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/f01e70d9-d","url":"/trace/experts/tbpn","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=T6ZRmi7Iwzc&t=4792s","sourceUrl":"https://youtube.com/watch?v=T6ZRmi7Iwzc","timecode":"79:52","startMs":4792000,"endMs":null,"excerpt":"And they were like pretty well-versed. 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And we think that, you know, it has certainly put the banks and the more stablecoin-friendly folks at odds."},"performance":{"entryPrice":90.449,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_8406ab89f881a1771b","url":"/trace/claims/mcl_8406ab89f881a1771b","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"USDC volumes hit records and overtook Tether even as Bitcoin slid, lifting the dominant compliant issuer whose business rides adoption, not coin prices.","confidence":0.72,"expert":{"slug":"patrickc","displayName":"Patrick Collison","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/5375480b-3","url":"/trace/experts/patrickc","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=T6ZRmi7Iwzc&t=1878s","sourceUrl":"https://youtube.com/watch?v=T6ZRmi7Iwzc","timecode":"31:18","startMs":1878000,"endMs":null,"excerpt":"Are we in a stablecoin winter broadly? Are you seeing—"},"performance":{"entryPrice":91.724,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_8ed32f4bdd7daf2aae","url":"/trace/claims/mcl_8ed32f4bdd7daf2aae","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"Global dollar accounts go mainstream as the GENIUS Act and embedded wallets make compliant stablecoins real money, and the largest regulated US issuer of those digital dollars captures the wave.","confidence":0.72,"expert":{"slug":"tbpn","displayName":"TBPN","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/f01e70d9-d","url":"/trace/experts/tbpn","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=RQRqqbuDJp4&t=5094s","sourceUrl":"https://youtube.com/watch?v=RQRqqbuDJp4","timecode":"84:54","startMs":5094000,"endMs":null,"excerpt":"Very, very cool. So, uh, how, how, like, when, when did you guys start thinking about this opportunity? Obviously, uh, uh, you know, everyone's thinking about stablecoins. We have more regulatory clarity than ever. Was this always on the roadmap or did you guys start to get customers saying like, hey, we want support for stables and not just BTC-related products?"},"performance":{"entryPrice":99.433,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_ab467be26558a78d3e","url":"/trace/claims/mcl_ab467be26558a78d3e","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"The plumbing of money is moving on-chain: 24/7, global from day one, no banker's hours. The leading regulated digital-dollar issuer earns at every entry and exit as that volume swells past Visa and Mastercard.","confidence":0.72,"expert":{"slug":"tbpn","displayName":"TBPN","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/f01e70d9-d","url":"/trace/experts/tbpn","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=84D3FhfiPSg&t=8064s","sourceUrl":"https://youtube.com/watch?v=84D3FhfiPSg","timecode":"134:24","startMs":8064000,"endMs":null,"excerpt":"Yeah. So it's been 4 years since we launched on Ventures and, you know, the world looks a lot different 4 years later. And we're excited to have $1 billion in fresh funds to deploy behind founders. Oh, thank you. Even though it It wasn't the biggest of the day. Huge."},"performance":{"entryPrice":120.22,"currentPrice":null,"returnPct":null,"relativePct":null,"method":"PASTE_AUTHOR_PRICE"}},{"id":"mcl_e4780fe94df1aaeed3","url":"/trace/claims/mcl_e4780fe94df1aaeed3","status":"PUBLISHED","claimType":"DIRECTIONAL_THESIS","direction":"LONG","claimText":"Circle compounds as the world's hunger for digital dollars outside the US pours into USDC, growing the float it earns on and embedding it deeper into global payment rails.","confidence":0.72,"expert":{"slug":"tbpn","displayName":"TBPN","kind":"PERSON","status":"UNCLAIMED","avatarUrl":"/api/avatars/f01e70d9-d","url":"/trace/experts/tbpn","claimed":false},"primaryEntity":{"kind":"ASSET","assetClass":"EQUITY","symbol":"CRCL","name":"CRCL","exchange":null,"confidence":0.78},"evidence":{"evidenceUrl":"https://www.youtube.com/watch?v=UiAVylcHKfc&t=2506s","sourceUrl":"https://youtube.com/watch?v=UiAVylcHKfc","timecode":"41:46","startMs":2506000,"endMs":null,"excerpt":"Insane PMF. 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