Reporting on crypto in 2022 has felt like covering a train wreck—or, more accurately, a series of train wrecks with a new smash-up every week. The lending sector is decimated, exchanges are starving due to a lack of trading volume, and the once-promising metaverse has become a joke. It's pain and carnage as far as the eye can see. With one exception.
That exception is the stablecoin business, which is riding high even amid the worst Crypto Winter in memory. A case in point is Circle, which disclosed on Monday that it is now profitable, with third-quarter earnings of $43 million, and that it is sitting on $400 million. (Circle is a sponsor of Fortune Crypto.) The company revealed the figures at the same time it announced it has terminated an arrangement to go public via a SPAC—a termination that would have spelled disaster had it occurred a year ago but is now no big deal.
