Tonight, Brother Sha and Brother Dayu had a call and talked about Circle for over 2 hours. We discussed a lot and looked into many things. Here’s a quick summary: 1. BTC is the endgame against all fiat currencies, while USDC is a patch for the US dollar at this stage. 2. USDC will eat into part of BTC’s market cap, specifically the payment and value transfer segments. 3. USDC will also take a portion of ETH’s market cap, particularly in clearing and settlement. 4. Whether it’s due to external factors like the poor monetary environments in hundreds of countries globally, or internal factors like optimizing the U.S. Treasury debt structure, the launch of stablecoins is bound to explode. 5. From the Q3 financial report, recurring operating profit is only $81 million, with a PE ratio of $20 billion / $310 million = 62. The profit feels much lower than expected, while the PE ratio is higher than expected. 6. Coinbase takes nearly 60% of Circle’s revenue share, which is essentially given back to users. So, this money isn’t really a channel cost but rather a narrowing of interest income due to market competition. 7. Whether it’s Build or Usdy, they are both interest-bearing stablecoins. The competition among interest-bearing stablecoins will push USDC to offer more interest subsidies to users, but not directly—this will be done through channels (for compliance reasons). 8. The stablecoin business has natural monopoly characteristics, but regulators don’t want U.S. Treasury and dollar risks concentrated in a single company. 9. Brother Sha believes the endgame for stablecoins is most likely an oligopoly. Brother Dayu thinks the most optimistic scenario is USDC capturing 80% of the market share. 10. In terms of price, there’s indeed a 50% downside risk right now. But for a good asset, even if it might drop 50%, it’s still worth buying first. It’s late, so let’s leave it at these 10 points.