Circle surged last night! Dan Bin also wrote an article analyzing how the clear legislation impacts Circle. Previously, reports mentioned that Dan Bin's Eastern Harbor Fund had started building a position in Circle during Q1, though the scale is still relatively small. Personally, I think last night's surge was driven by three catalysts: First, of course, is the critical progress on the clear legislation (expected to pass the Senate vote in May and potentially signed into law by Trump in July). A few days ago, I discussed this here: https://((x.com))/qinbafrank/status/2050431475053691131?s=46&t=k6rimWsEbo2D2tXolYcM-A. Second, the tokenization of U.S. stocks is accelerating. Last night, DTCC announced the formation of a tokenization working group, and Circle is one of its members. DTCC's U.S. stock tokens will have limited trading in July and officially launch in October. https://((x.com))/qinbafrank/status/2051471017516941686?s=46&t=k6rimWsEbo2D2tXolYcM-A. This is even more significant—the launch of official U.S. stock tokens means there will be a large influx of high-quality assets on-chain in the future. On-chain trading will become more active, which is great news for stablecoins. Lastly, Circle introduced nano payments last week. Thousands of nano payments are aggregated and periodically settled on-chain (net positions) in one go → Circle absorbs the bulk Gas costs, while users enjoy zero Gas fees, further eliminating barriers for small, high-frequency payments. Agent pay is now smoother than ever!