Let's talk about the impact of the Clear Bill on Circle in the future. After the controversy over the stablecoin interest rate clause in the Clear Bill was exposed in late March, it plummeted. The market is concerned that this clause will cut off the core attractiveness of USDC, leading to a decrease in holding willingness, a slowdown in liquidity growth, and directly compressing Circle's interest income. But the latest clear bill regarding stablecoins prohibits passive interest generation and allows rewards based on actual usage, which personally appears to be beneficial for the circle. The passive interest generation ban will directly compress the scale of Circle's profit sharing to Coinbase, while forcing both parties to turn to "active/reactive rewards" (such as DeFi operations, trading, payments, etc.). Coinbase cannot use this profit sharing to subsidize "hold and earn" products, and its actual economic value from USDC will significantly decrease. Many people are concerned that the ban on passive interest rates will make users willing to lower their holdings of stablecoins, just like before here https://(x.com)/qinbafrank/status/2036609505522491527? What we talked about at s=20 is that we need to understand clearly that these provisions of the bill are not at all 'prohibiting profits', but forcing stablecoins to change from deposit substitutes to' payment+DeFi tools', because the banking industry opposes the previous provisions because they are concerned about the large-scale migration and relocation of deposits, from bank deposits to stablecoin reserves, but also do not engage in any real transactions or on chain activities. Issuers and distributors just need to shift towards incentives based on commercial activities and on chain behavior, not only compliance, but also regulatory satisfaction, and the banking industry won't say anything. Of course, for users, it may require several steps of operation, but it also indirectly cultivates their on chain usage habits, and the previous simple holding of coins and waiting for interest to accumulate is not conducive to expanding the user base. This further promotes the circulation of stablecoins From a personal perspective, Circle's bargaining power in the agreement renewal negotiations with Coinbase in August will also be enhanced. Circle is likely to strive for lower profit sharing ratios, fixed fee models, or more incentives and activity-based rewards in the renewal. Of course, there is another major update from Cricle recently, which is the launch of Nanopayments: thousands of nano payments are aggregated and settled on the blockchain at once through net positions. Circle bears the cost of bulk gas, and the user end always has zero gas, further eliminating the obstacles of high-frequency payments for small and micro enterprises.