The Circle/USDC model borrowed from LUNA/USDT is not valid: ▰▰▰ If bonds are issued, the risk-free return expected by the main body of bonds issued by CRCL should be greater than the yield of treasury bond, but CRCL can only buy treasury bond, and the flywheel can't turn If additional stocks are issued, such as selling out ATMs and issuing stablecoins, the order of magnitude that can be extracted from a virtual market value of 50 billion yuan is limited to 10%, making it difficult to have an impact on the issuance volume of 60 billion yuan If convertible bonds are issued, even MSTR, the current size of convertible bonds does not reach 10% of the market value (the 42B plan remains to be seen, at least not currently). Similarly, returning to the logic of issuing stocks - if the limit of this operation is to issue an additional 5 billion USDC, there is no need to take such risks