Circle's Q1 EPS exceeded expectations, with the stock surging nearly 16% in a single day. Two factors driving market sentiment: USDC on-chain transaction volume skyrocketed 263% year-over-year, and the ARC token completed a $222 million presale, with a16z, BlackRock, and ARK all participating. Reserve rates continue to decline, and the ARC public chain is Circle's next big revenue bet.