Daewoo is absolutely right. This is indeed an opportunity for CRCL at present, but the road ahead is not smooth sailing. Firstly, if we do this, the underlying logic of USDC is clearing, not payment. While users may not be aware of this, it also means that they do not need to use USDC for settlement. Stripe and Shopify are traditional payment and settlement conditions, and the integration and use of fiat currency have already run smoothly. Even Twitter's advertising settlement is settled in Stripe's fiat currency, theoretically allowing merchants to pay for advertising fees in USDC, but why not? Because for merchants and platforms, USD is the most direct way to receive payments, accounting processing is the most worry free, and does not trigger IRS tax complexity. Bank and tax reports are all based on the traditional USD system, so settlement can indeed be done in USDC. But the significance of using USDC is not as convenient as using USD for both the front-end and back-end. Of course, the biggest advantage of USDC is cross-border, which is not too troublesome for the current USD system. Most large enterprises are already using mature systems such as Stripe Treasury, Wise, SWIFT gpi, Payoneer, etc. For them, the marginal efficiency improvement brought by USDC is not enough to bear additional compliance costs. On the contrary, USDC still needs to do KYC work, and stablecoins will inevitably require full chain regulatory KYC as the requirements of GENIUS Act, FIT21, and OFAC become increasingly strict. Originally, settlement could be done normally using USD, but if we switch to USDC, not only will it not lower the regulatory threshold, but it may also increase an additional layer of review costs. So, the most crucial thing is that USDC's backend clearing provides incremental value to Stripe, but has zero perceived value to ordinary merchants and users. Although USDC can enter the traditional payment system as a result, users do not hold it and merchants do not need it. USDC cannot form a bilateral network effect and will not generate a positive feedback payment flywheel. Ultimately, it will become a USD clearing API rather than a digital USD in the general sense. For a company that does infrastructure, this is certainly not a problem, but for stablecoins themselves, it is almost fatal because once it cannot enter the C-end, cannot enter the consumer layer, and cannot form a demand for holding coins, its narrative will be forever locked in "financial backend tools" rather than "widely used digital currencies". Without circulation scenarios, consensus will not be formed, and without consensus, there will be no value spillover of payment currencies. Ultimately, it can only be a clearing plugin for Stripe and Shopify services. Bitget VIP， Lower rates and more generous benefits