Before the LUNA crash, its market value was 22 billion, and the issuance of UST was 11 billion.

Now Circle has a market value of 40 billion, and the issuance of USDC is over 60 billion. If it continues to rise, it will approach the ratio of LUNA-UST.

In this case, if Circle adopts a strategy similar to MicroStrategy, by issuing new shares/convertible bonds to continue raising funds and converting them into USDC for self-holding, they would benefit from both USD interest rates and on-chain interest rates. Furthermore, they could package this portion of assets into ABS to continue leveraging. In a very short time, the issuance of USDC could surpass USDT, becoming the largest stablecoin.

It is a significant regret that the two crypto geniuses, DK and SBF, are still in prison during this cycle.