$USDC First, Circle enjoys unique compliance advantages, with its 100% cash and U.S. Treasury-backed model establishing a strong foundation of trust. After going public, USDC increased its market share from 29% to about 40% through capital market effects, and this trend of market concentration will become more evident over time.

Second, it is worth noting that Circle's revenue structure is far from being limited to the cryptocurrency sector. The crypto market is just one of its business carriers; as a truly compliant fintech company, Circle's larger target market lies in the traditional financial sector. With around $50 billion in reserve funds invested in Treasury bonds, it can generate substantial returns.

From a global market perspective, the scale of cross-border payments reaches up to $200 trillion. Even if stablecoins only capture 1% of this market, it presents a huge opportunity for USDC.