CRCL has returned to over 60, a few ideas: 1、 CRCL is like Tesla, stablecoin compliance is like open source. After open source, everyone can make electric cars, but it's best to benefit Tesla, because only in this way can people have the habit of electric cars, and the entire market will grow faster. In the growing market, everyone finds their own positioning and eats a piece of it, some people make TV sets and sofas, and some people make FSD. 2、 No matter how optimistic the target is, it's not about how you see it, but how the market sees it. 3、 The moat needs to be fought, and whether it can be fought or not depends on walking to see - but it must be fought. I tend to believe that challenging USDC is not an easy task. 4、 Value investing requires grasping, but where is the difficulty in grasping? Because there will always be various challenges and uncertainties. 5、 The level of investment is actually about how to view and act in the most difficult times - everyone has to pay for their own choices. 6、 There are three challenges for CRCL in the future: 1. Various stablecoins will continue to emerge, some for the B-end, some for internal investment banking, and USDC remains the most compliant in the public market. 2. The division of CB will still exist for a long time - if CB wants to introduce new ones, it would be better if everyone renegotiates the agreement; If you don't push, then you can continue to help expand the USDC share and give you the money. 3. The maximum amount of compliant B-end USDC that can be eaten in the future is a benefit - but it should be assumed that not much will be eaten, mainly in the C-end and open market, which is currently difficult to rely on in the cryptocurrency circle. Then there is the trading and forecasting market, and the most important variable in growth is which stablecoin to use on the compliant US stock chain. Theoretically, it will not be predetermined which one to use, such as USD1, but ultimately it depends on which one the user chooses. This is still to be observed and is the most worthwhile variable to observe in the medium term.