Circle's valuation near $90 reflects optimistic market expectations about USDC's expansion, manageable interest rate pressures, and stable profit margins. Despite improvements in USDC's transparency, institutional acceptance, and resilience during bear markets, Circle remains heavily reliant on reserve income, with 96% of its revenue derived from this source. The company is still deeply tied to interest rates and USDC reserves, rather than having transformed into a 'payment version of Visa.' Given the ongoing profit sharing with distribution channels like Coinbase and the critical role of interest rates, Circle is seen as a stable but not attractively valued asset at current levels, rather than a high-reward investment opportunity.