The big picture: In an interview on CoinDesk’s Public Keys, Bitwise Head of Research Ryan Rasmussen said investors are underestimating Circle’s opportunity as stablecoins move toward a multi-trillion-dollar market. Rasmussen expects the stablecoin market to grow from roughly $300 billion to between $3 trillion and $5 trillion. Closer look: Rasmussen’s thesis isn’t just that more stablecoins mean more reserve revenue for Circle — he sees payments infrastructure becoming a major second business. Rasmussen said that expansion is being “very mispriced by the market,” as investors remain focused on Circle’s reserve-based business. The competition: Banks, consumer companies and other incumbents are preparing their own stablecoins, but Rasmussen doesn’t see that as a major threat to Circle.