After reading many research reports about Circle, I actually think Sky is underestimated.

1. SKY is a crypto-native central bank + commercial bank (spark), with absolute control, whereas Circle is constrained by policies and competition from Tether and Web2 giants.

2. Circle's market size is $41 billion (USDC), while Sky currently has $65 billion (USDS+DAI), a 6.3X difference, but the market cap difference is 12 times.

3. Unique advantages:
- Sub-DAOs like Spark will increase market share and empower Sky
- Deflationary buybacks of stablecoins
- During rate-cut cycles, the crypto market is actually booming

4. Most importantly, Circle must share 30%-50% of US Treasury yields with channels like Coinbase, while Sky is also doing this. It operates with 100% self-managed profits that are fully allocated to the protocol, making it possible to distribute profits to users for marketing.