币界网报道：Bitwise CIO Matt Hougan advocates for a diversified "complete crypto portfolio" that includes not only Bitcoin, Ethereum, Solana, and DeFi applications like Uniswap but also crypto-related stocks, citing Circle's recent IPO as a prime example. Circle, the issuer of USDC, went public last week under ticker CRCL in a highly oversubscribed offering priced at $31, soaring 167% on its first day and reaching a $28 billion market cap. Hougan highlights stablecoins as crypto's second killer app after Bitcoin, with their AUM growing from $4 billion to $250 billion in five years and potentially reaching $2 trillion by 2030. He notes that stablecoin issuers generate high-margin revenue from Treasury yields, projecting $80 billion annually if AUM hits $2 trillion. Hougan argues that while value accrual debates focus on base layers like Ethereum versus applications, crypto-related stocks like Circle leverage public blockchain infrastructure at minimal cost, benefiting from global accessibility and DeFi integration. Other examples include Coinbase's Base network, Galaxy's staking revenue, and Mastercard's blockchain-based payment solutions. Hougan concludes that both blockchain infrastructure and the companies building on them will thrive symbiotically, making exposure to both essential for long-term growth.