Today I read this point in a Dune article, and it really surprised me: 'By token, USDC dominated with $8.3T — nearly 5x USDT's $1.7T — despite being 2.7x smaller in supply.' In terms of transaction volume, USDC is 5 times that of USDT — even though it's a stablecoin that's 2.7 times smaller in supply compared to USDT. In other words, USDC now feels more like 'money in motion,' leaning towards a transactional stablecoin; while USDT feels more like 'money sitting in wallets,' leaning towards a store-of-value stablecoin. This suddenly reminded me of the Fisher equation MV = PT. Even if M is smaller, as long as V is high enough, it can support a larger total transaction volume T. Circle's stock price has been surging recently. It feels like, aside from the financial report exceeding expectations, this 'crazy' USDC transaction volume/velocity might also be a key factor that the market is really buying into