Analysts split on 2025's most subscribed IPO stock

Circle’s long-term payments ambitions are effectively dead now that its own partner, Coinbase, is backing the rival OUSD stablecoin. Trading at a massive 32x EBITDA, Circle’s valuation is completely unjustifiable given this betrayal and the looming threat of obsolescence. While some call the recent sell-off "excessive," the reality is that USDC is losing its moat to a network of 140+ partners. Is Circle’s IPO already doomed before it even starts? What’s your take?
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