Stablecoin issuer Circle's valuation gets big boost after Fed rate hike - WSJ

Circle Internet Financial, the issuer of USD stablecoin (USDC-USD), is expected to gain $2.3B more in interest income in the next two years following the Federal Reserve's decision to hike the policy rate, the Wall Street Journal reported Thursday. The figure is based on where interest rate futures stood in mid-January, as well as increased estimates of how much USDC (USDC-USD) will be in circulation by the end of next year, the WSJ noted. As of this writing, USDC has 52.45B coins in circulating supply, according to data from CoinMarketCap. Similar to a lender, Circle generally earns more yield when interest rates climb and vice versa. The crypto firm's reserve portfolio has about $53B in USDC (USDC-USD) outstanding, which is as big as a midsize bank, the WSJ highlighted. In mid-February, Circle's value doubled to $9B in a revised deal with special purpose acquisition company Concord Acquisition (CND), reflecting improvements