At the end of last year, apart from Google, the only Crypto concept stock that was bought also had a slight increase in holdings when it announced that AI+nano payments had surpassed 100, I think there is hope to double CRCL in the near future Previously, the market saw that Circle positioned him more as follows: 1) USDC issuer; 2) Collect interest on stablecoin reserves; 3) Highly influenced by interest rates, regulations, and Coinbase revenue sharing. In recent days, the market has suddenly started pricing it according to another story: stablecoin issuers+institutional level public chains+tokenization infrastructure+AI agent payment layer This is the core of the rise. one ️⃣ Where did the value restructuring lead to the market boom? Arc transforms Circle from a "stablecoin company" to a "public blockchain platform company" Especially yesterday, Arc @ arc Circle announced a pre-sale financing of $222 million for ARC Token, completely diluting the valuation of Arc Network to $3 billion, The participants have basically gathered the gathering numbers of the top experts in the circle, including: a16z crypto、BlackRock、Apollo Funds、ARK Invest、ICE、SBI、Standard Chartered Ventures Wait. BlackRock, Wood Sister, Standard Chartered SBI、ICE， Damn it! The stimulation to the market is very direct: the feeling of the USDC ecosystem's settlement chain about to emerge naturally made everyone climax. Arc is positioned as Layer 1 for institutions, compatible with EVM, and natively integrated with USDC. Its goal is to serve stablecoins, tokenized assets, on chain markets, and global settlements. Circle itself calls it the Economic OS of the Internet economy. This is where valuation restructuring comes in. If Arc really runs, Circle will not only earn reserve interest, but may also participate in stablecoin transfers, institutional settlements, on chain asset issuances, tokenization, AI agent payments, protocol fees, governance, staking, and ecological incentives. This is much more imaginative than 'stablecoin issuers'. So the series of actions taken by Circle before, including my analysis of their lightning transfer layout in AI Agent last year, and their compliance operation in stablecoins and institutional settlements, were all preparations in the early stage. two ️⃣ The market is trading the 'implied asset value' of ARC Token According to the published white paper, the initial supply of ARC is 10 billion pieces. The white paper states that 60% will be given to the ecosystem, 25% to Circle, and 15% to long-term reserves. Based on the rough calculation of the $3 billion FDV this time, Circle's 25% holding corresponds to approximately: 3 billion US dollars multiplied by 25%=750 million US dollars Is it expensive? So cheap! three ️⃣ What are we going to see next? Overall, the market is repricing Circle from a stablecoin company that collects US bond interest to a financial operating system company in the stablecoin era. But now the market's rise is more caused by emotions, and whether it can continue, I will mainly observe three points: 1) Can the USDC circulation continue to grow; 2) Can Circle maintain its RLDC/EBITDA profit margin; 3) Are there any real institutional assets and payment traffic after the launch of the Arc mainnet; 4) Implementation of regulatory and policy directions.