CompetitionThe potential for increased competition from other companies issuing stablecoins, such as PYPL, AMZN, and WMT, poses a threat to Circle Internet Group's market position.
Long-term ExpectationsInvestors may need to re-calibrate long-term EBITDA margin and market share expectations, putting pressure on CRCL's premium valuation.
ValuationCRCL's valuation could rerate lower regardless of the crypto cycle or Fed cuts.