[Circle Executive: Approximately 90% of USDC Reserve Assets Custodied by BlackRock] According to a report by Jinse Finance, citing Caixin, David A. Katz, Vice President of Strategy and Public Policy for the Asia-Pacific region at Circle, stated during a forum event in Singapore that digital assets must first ensure network security so that trading systems are not vulnerable to hacker attacks. Secondly, digital assets must be backed one-to-one by real, high-quality, and highly liquid assets, which should be custodied by appropriate institutions. For example, approximately 90% of the reserve assets backing USDC are custodied by BlackRock. Circle currently has over 900 employees, of which around 300 are lawyers and compliance personnel. Additionally, stablecoins and other digital assets require government regulation to become part of the international financial system.