Analysts Offer Insights on Technology Companies: Pagseguro Digital (NYSE: PAGS) and Circle Internet Group, Inc. Class A (NYSE: CRCL)We think investors are beginning to appreciate that the stablecoin theme is much more than a token, but rather a thoughtfully developed infrastructure stack aimed to serve a complicated mix of use cases. We came away from 3Q more confident on Circle’s pole-position in enabling stablecoin adoption, as well as the platform’s defensible moat. We believe the stock is lower primarily in anticipation of the IPO lock-up expiration tomorrow, potentially offering an even more attractive entry point. Note we will be hosting Circle’s CEO a keynote discussion and Circle’s CFO Jeremy Fox-Geen for investor meetings at Conference next Wednesday (11/19) in NYC. Buy CRCL. Callback Themes — Organic investments, sizing CPN partner economic incentives, solving for last mile infrastructure, on platform growth trends, Arc token motivations, among others.