I chatted with the PR director of Baidu about why Circle has been able to surge so much recently.

1. Exclusive compliance dividends, 100% cash + top-tier U.S. Treasury issuers, after going public, USDC's market share increased from around 29% to about 40% due to capital market effects, and the longer it lasts, the stronger the market benefits will be.

2. Most of Circle's revenue does not come from the crypto space; the crypto space is just one of its vehicles. Since they are truly compliant, the market they want to target must be outside of crypto. USDC has about 50 billion in cash reserves, and if this money is only used to buy Treasuries, it will yield a significant profit.

3. The global cross-border payment scale is 200 trillion. Even if we only count stablecoins reaching 1% of that scale, it would be enough for USDC to thrive.