"Value growth stocks on addressable market, not current revenue When Coinbase and Circle stocks fell 11–15% on news that stablecoin passive yield would be blocked, many investors were confused — after all, blocking yield-sharing meant the companies would keep more revenue themselves. David Hoffman explained that the market was right: "Circle and Coinbase are valued by growth, not revenue. These are growth stocks. They are tech stocks that want to have hyper growth." Without yield, stablecoins are limited to a payments use case, capping their addressable market far below the savings-and-banking use case that yield would unlock. When evaluating any high-multiple tech or crypto company, the key question is total addressable market expansion, not short-term margin improvement. Source: David Hoffman, Bankless, Weekly Rollup – Iran War, Stablecoin Yield, NYSE Tokenization"