This post analyzes the current fundamental changes and future potential of CRCL from various angles, including DeFi liquidation cascades, RWA capital inflows, highly compliant and transparent stablecoin hedging, tokenized treasury demand, institutions conducting cross-border payments and payroll settlements, institutional cash management tools replacing bank deposit services, on-chain U.S. Treasury notes, etc. As for when CRCL will decouple from BTC's price movements, it will take a few more months of observation.