Many people think that $CRCL gives too much to the channels and keeps too little for itself. But I actually think $CRCL should be operating at a loss right now to grow. They should return all U.S. Treasury earnings to the channels to maximize $USDC's market share. A stablecoin that returns all profits to the channels: 1. Channels won’t have the motivation to create their own stablecoins. The more they push, the more they earn for themselves, so they’ll only work harder to promote it. 2. Would other competitors dare to follow suit? $CRCL is a publicly listed company. It can keep raising funds by issuing more shares. Do other competitors even stand a chance of winning this battle? 3. $CRCL not making money now doesn’t mean it won’t in the future. When $USDC reaches a circulation of trillions of dollars, will anyone still care about the billions spent on channel fees this year? Contracts can be adjusted by then, and other revenue streams will also be significant. Even if channels keep getting this kind of return, there will still be plenty of ways for $CRCL to profit. 4. Is operating at a loss for growth a bad thing? Amazon lost money for over a decade, but it dominated the market, and now its strategy is a clear win. $TSLA and SpaceX also operated at a loss for a long time. Market share is king. 5. When can they start slowing down and focus on making money for shareholders? When $USDC’s issuance surpasses $USDT, and $USDC becomes the most widely adopted stablecoin.