When USDC reaches a scale of 3 trillion, Circle's business model will far surpass simple interest income. On-chain payment networks, forex trading, enterprise-grade API services, asset management platforms—each of these could generate tens of billions in revenue. Especially with the forex market's daily trading volume at $7.5 trillion, Circle, as the issuer, holds the deepest liquidity pool, and the spread income alone could exceed U.S. Treasury interest. When USDC becomes the on-chain dollar standard, Circle is essentially building a monopoly in digital financial infrastructure.