Yesterday's vote on the Clarity bill was definitely beneficial for the long-term development of the stable cryptocurrency market in the cryptocurrency circle. Why did crcl fall and cryptocurrency rise in the short term? This is directly related to the distribution mechanism and business model of the stablecoin market. If CRCL is a money printer, then @ coinbase and @ HyperliquidX are distributors; How does USDC make money? Backed by US bond yields and bank interest rates, stablecoins are driven by economies of scale. Their core goal is to attract more users to use USDC, so they will seek platforms that gather traffic and clients. CRCL chooses to deeply bind with @ coinbase: Let's see how the profit is divided: on-site USDC profit of 100%+off-site profit of 50% Interpretation: Coinbase takes 100% of the profits generated by USDC within the platform, and distributes 50% of the profits outside the platform. In other words, CRCL only has 50% of the profits outside the platform Let's take a look at how much USDC profit @ coinbase has distributed throughout the year of 25? The total revenue of Coinbase in 25 years was 7.2 billion US dollars, of which subscription and service revenue was 2.8 billion US dollars, of which USDC interest income was 1.3 billion US dollars, accounting for about 19% of the total revenue, almost the backbone of the business; And Coinbase's net profit for 25 years was -394 million US dollars, which means it is not only the main profit driver, but also "covers" other operating expenses, Q4 non cash losses, and investment fluctuations; Let's take a look at the collaboration with @ HyperliquidX: 1. Hype abandons USDH and, following Coinbase, collaborates closely with USDDC to sell USDH brand assets to Coinbase; 2. Circle uses USDC as the treasury deployer in HyperEVM; 3. Circle directly invested in Hype as its verification node, purchasing at least 500000 Hypes; Summary in one sentence: Deep cooperation methods such as technology integration, capital binding, and ecological co construction Coinbase, Hype, and CRCL are deeply integrated, complementing each other's strengths and doing what they are good at. Coinbase and Hype are responsible for on-site users, while CRCL is responsible for compliance, issuance, etc; CRCL's net profit for 25 years was a loss of -70 million US dollars, and a large part of the expenses were on Coinbase's profit sharing, which is right; Summary: In the long run, the Clarity Act will benefit the cryptocurrency market and stabilize it. In the short term, CRCL will be negative, while Hype Coin will be positive. In the long run, both are positive; USD1 is also a stablecoin, and we can focus on cooperation with Binance. In the long run, it will be beneficial for the development of BNB WLFI;