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GM. This is Milk Road, the newsletter that keeps you stable when markets are choppy!

Here’s what we got for you today:

• ✍️ Circle is planning to IPO in Q2

• ✍️ Stable assets could soon return massive gains

• 🥛 Milk Road PRO Portfolio updates

• 🎙️ The Milk Road Show: The Only Indicator That Actually Matters Right Now in Crypto w/ Jesse Eckel

• 🍪 “Tokenization will revolutionize investing”

$USDC ISSUER ‘CIRCLE’ IS PLANNING TO IPO IN Q2 📊

This is a bigger deal than it appears at first glance. 👇

Not just because Circle has attempted to go public with an IPO twice already, and is only now able to do so with some level of certainty thanks to the easing US regulatory environment…

It’s a big deal because it reaffirms the incentive to build crypto products in the world’s largest economy! 

An incentive that was all but snuffed out over the last four years…

Mergers, acquisitions, and/or public offerings from US-based crypto companies have been rarer than hen's teeth since 2020 because these kinds of actions previously attracted harsh regulatory scrutiny.

(Aka: they brought on the threat of getting sued into oblivion by the SEC.)

Need a clearer picture? Here’s how things used to look:

Build a crypto company → find product-market-fit → attract the attention of the SEC → get the pants sued off you (signalling to builders that “US-based crypto companies are a bad idea”).

Here’s how things could look if/when Circle becomes the second US-based crypto company to successfully IPO after Coinbase…

Build a crypto company → find product-market-fit → IPO → attract TradFi investors → make your millions/billions → inspire others to build US crypto companies → grow the crypto market.

Ok – but for the latter scenario to play out, Circle is going to have to be an attractive ‘buy’ for investors. 

…so how do we get there?

Keep scrolling to the next article and I’ll draw you a picture of how that happens, like Jack drawing one of his French girls. 👇

HOW STABLE ASSETS COULD SOON RETURN MASSIVE GAINS 💰

What do you want to see as a stock investor? Idk, maybe a company with: 

• Growing revenue

• A large Total Addressable Market (with room to run)

• And no obvious roadblocks

That’s stablecoins in a nutshell…well, almost.

1/ Growing Revenue ✅

Stablecoin issuers make most of their money from bond yields. 

I.e. They loan their holders’ USD to the US government by purchasing treasury bonds – and the US government pays interest on that loan (which averaged 4.20% in 2024).

This time last year, $USDC’s total supply was ~$32B (eventually growing to $60B) – meaning Circle could have collected $1B+ from bond yields in 2024.

More demand for $USDC = a growing $USDC supply = increased yield revenue = happy investors.

2/ A large Total Addressable Market (with room to run) ✅

Right now, $USDC’s current total supply is $60B – meanwhile, there’s $2.37T worth of US currency in circulation. 👇

HUGE total addressable market 🤝 room to run.

3/ No obvious roadblocks ❌

Right now, stablecoins exist in a regulatory grey area. 

For investors to feel confident in a company like Circle, they’re going to want regulatory clarity.

Good news is, it looks like that clarity is on its way!

The takeaway:

From where everything stands right now, Circle is largely set up to win when it IPOs in Q2 – and a win for Circle is a win for the broader crypto industry.

Chills, literal chills.

DOES YOUR DEX GO ‘MOO!’ WHEN YOU USE IT? OURS DOES! 🐄

Milk Road Swap is the only DEX that: 

👉 Allows you to trade both Ethereum and Solana-based tokens

👉 Goes ‘Mooo!’ every time you place a trade

Ready to consolidate your Ethereum, Base, Arbitrum and Solana trading into a single platform – AND save money in the process? 👇

Check out Milk Road Swap!

MILK ROAD PRO PORTFOLIO UPDATES 📊

We just ran our weekly checkup on the Milk Road PRO Portfolio and (no surprise) everything’s in the red. 

…well, almost everything.

There’s one token in our portfolio that is refusing to quit right now!

Want to know what it is? Go PRO and keep scrolling to find out. 👇

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How To Build a Crypto Portfolio” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw a moderate decrease over the past 7 days. Our portfolio value is at $74.8K, down 10.5% since last week.

Another brutal week in the markets—everything's sinking except for gold. Kinda makes you wish we’d gone old-school and bought real gold instead of the digital version of it aka Bitcoin. 🤣

Kyle’s starting to feel a bit more bullish these days. Yields on the US 10-year bonds are sliding—just like Trump and Bessent were hoping for. Plus, Truflation dropped sharply in March to 1.3%, which could mean official inflation numbers follow suit later this month.

I’m still not fully sold on the optimism, but hey—wanted to throw in some positive vibes anyway. 😄

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Only 11 spots left in the private investment group! CoinAvenueCapital, run by fund managers who did a 50x, are reopening their private group for anyone and everyone.*

8888 - that’s how much Bitcoin Tether scooped up in Q1. This is just the latest addition to their growing stash (they buy Bitcoin every quarter).

NFT marketplace, X2Y2, is shutting down. Just another sign of how rough the NFT market has been recently.

“Tokenization will revolutionize investing”. In his annual chairman letter, Larry dropped his thoughts on why he’s mega bullish on tokenization.

The Ledger Flex now comes with $70 worth of Bitcoin. On top of getting top-tier security for your crypto, you also score some free $BTC along with it. If you ask us, that’s a pretty sweet deal.**

*this is sponsored content.
**this is partner content.

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