CRCL Update: Current stock price is 78u, with a total market cap of $19.2 billion. 1. Total shares: 247 million, circulating shares: 206 million, circulation ratio: 83.4%. Remaining 40 million shares are mostly held by major shareholders (40%) and executives, directors, employees, etc. The large-scale unlocking period has already passed. 2. Secondary market fund buying activity: - ARK (Cathie Wood): Holding 4.5 million shares, portfolio value $430 million, 1.8% of holdings. - Average cost: around $80. Currently profitable. - Duan Yongping: Holding 200,000 shares, $19 million, cost $95/share. Small trial position. - Canada Pension Plan Investment Board (CPPIB): Holding 650,000 shares, portfolio value $62 million. - Average cost: $95/share. - Accounts for approximately 0.04% of CPPIB's total investment portfolio. - Dan Bin: Holding 30,000 shares, portfolio value $3 million, cost $95/share. Small trial position. 3. Key points to watch: - Progress of the Clarity Act. - USDC's market share, growth rate, and proportion of the stablecoin market. - Dependency on downstream players like Coinbase, Hype, etc. - Buying activity of secondary market giants like ARK. - Secondary offerings. - Stock reduction by core shareholders. Currently, the total stablecoin market cap is $315.617 billion, ranked as follows: - USDT: $186.444 billion, 59% share. - USDC: $74.914 billion, 23.7% share.