# I Have a Different View on CRCL

Some people say that if CRCL’s profits are split, it loses its value. That logic doesn’t hold up.

In the stablecoin business, spending heavily on early-stage promotion is normal, but you shouldn’t treat promotional costs as a permanent burden. The key is whether network effects can be achieved—once user habits are formed and mindshare is captured, any money burned early on is a worthwhile investment.

More importantly, there’s a harsh reality in the stablecoin space: **this is a winner-takes-all game**. Whoever achieves scale first gains pricing power and the right to speak. Think about how USDT rose to the top—it made its pie bigger first, and then it became almost impossible for others to shake it.

What CRCL is fighting for now is exactly this—whoever reaches scale first gets the ticket to the future. As for profit distribution, that’s only something to worry about after you’ve established your foothold.