Circle’s IPO isn’t just another crypto company going public — it might be the clearest sign yet that stablecoins have gone fully institutional.   In this episode, we unpack what happens when a company that effectively prints dollars decides to list on Nasdaq. From the tangled incentives behind USDC, to Circle’s relationship with Coinbase, and the regulatory shift away from enforcement toward soft-power alignment, we ask the question: Is Circle becoming the new Fed — or just the world’s most boring hedge fund?   Also in this episode: Why stablecoins might soon pay yield The IPO mispricing debate: tactical or incompetent? How embedded Circle already is in the US financial machine Whether this is all just Lehman 2006… but tokenised