Western Union is - A $4.2bn revenue business - Revenue down 3.2% YoY - $150bn annual volume Meanwhile Visa estimates "Retail-sized stablecoin transactions" - $4.8bn monthly volume - $57.6bn annualized - Growing 1x to 4x YoY (if not much higher)

At 2.6bn Market Cap Western Union trades below its top line revenue ($4.2bn) Contrast this with Circle trading at $48bn market cap - trading at 20x+ revenue, and 70x+ earnings Clearly, CRCL is crowded, and there's hype. But can the incumbent get innovation before the innovator gets distribution?

Excited to chat more about this on @TokenizedPod this coming week