Circle's ability to rise back is mainly due to the Q4 earnings per share (EPS) significantly exceeding expectations, approximately three times the previous analysis forecast. Circle's profit margin has finally increased, and in the past, everyone was worried that they would lose money. In the past, Circle was heavily criticized for collaborating with distributors such as Coinbase and Binance to promote USDC. Now Circle is awesome, and they are starting to compete with various new L1 and L2 models. The serfs have turned over to become landlords, and their income here has increased significantly. Moreover, these various L1 and L2 have brought a large amount of CCTP cross chain revenue, and these two non interest income have made some contributions. In addition, in Q4, as it was the peak of the bull market in the cryptocurrency industry, it also brought some new issuance volume, which was an increase in profit income. PS: It's a wonder that top institutions like BlackRock's BUIDL and casinos like PolyMarket are using USDC harmoniously at the same time. Narratively: AI payment has indeed taken up a good share of the market; In addition, the ARC public chain is also expected to be launched this year.