This question from my friend is very good. If we look at it from the perspective of interest rates:

$80 billion in scale * 4% annualized = $3.2 billion in annual revenue

$800 billion in scale * 1% annualized = $8 billion in annual revenue

The increase in scale will definitely enhance the absolute returns of $CRCL, there is no doubt about that. However, the biggest question is how can the scale of USDC be increased from $80 billion to $800 billion?

It is important to note that the current scale of USDT is less than $190 billion, and the use cases for USDT are several times greater than those for USDC, especially in gray markets, cross-border transactions, and payment channels. How many of these uses are related to "compliance"?

Additionally, for USDC, a rate cut does not reduce the interest itself; one of the biggest effects of a rate cut is to accelerate the liquidity of USD. I can admit that USDC will increasingly resemble USD in the United States, but what USD can do, USDC can also do, and what USDC cannot do, USD can also do; it is merely a matter of efficiency.

Therefore, I find it a bit difficult to see a tenfold increase during a rate-cutting cycle.

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