Ryan and David discuss Circle's IPO and its implications for the crypto market, including its valuation and potential impact on other crypto IPOs. They analyze investor appetite for stablecoin exposure through Circle and compare Circle's economics to Tether's. The conversation shifts to macroeconomics, covering Trump's budget, Elon Musk's involvement, and Ray Dalio's portfolio recommendations, including Bitcoin. They also discuss PumpFun's potential token launch and valuation, the Ethereum Foundation's restructuring and treasury policy, and a Trump-related crypto wallet controversy. Finally, they touch on Michael Saylor's new stock offering, the upcoming Netflix series on SBF, and job opportunities at Bankless.
